Form N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23148

Guardian Variable Products Trust

(Exact name of registrant as specified in charter)

10 Hudson Yards New York, N.Y. 10001

(Address of principal executive offices) (Zip code)

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: June 30, 2024

Item 1.

Reports to Stockholders.

(a)

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

Semi-Annual Shareholder Report

June 30, 2024

Guardian Core Fixed Income VIP Fund

This semi-annual shareholder report contains important information about Guardian Core Fixed Income VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Core Fixed Income VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$25	0.51%

The table above does not reflect charges, fees or expenses that are, or may be, imposed under your variable annuity contract or variable life insurance policy through which Fund shares are offered as an investment option. If those charges, fees or expenses were reflected, the costs shown in the table above would be higher.

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$401,207,789
Total # of Portfolio Holdings	226
Portfolio Turnover Rate	122%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Bond Sector Allocation

(% of Total Net Assets)

Corporate Bonds & Notes	26.1
Asset-Backed Securities	20.5
U.S. Government Securities	18.8
Agency Mortgage-Backed Securities	15.6
Non-Agency Mortgage-Backed Securities	9.1
Exchange-Traded Funds	4.0
Senior Secured Loans	3.2
Commercial Paper	1.6
Cash/Other Assets and Liabilities	1.1
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

U.S. Treasury Bonds, 4.625%, due 5/15/2044	8.3
U.S. Treasury Notes, 4.500%, due 5/31/2029	5.3
U.S. Treasury Bonds, 4.625%, due 5/15/2054	4.8
iShares MBS ETF	2.0
Vanguard Mortgage-Backed Securities ETF	2.0
Federal National Mortgage Association, 3.000%, due 5/1/2052	1.9
Florida Power & Light Co., 5.376%, due 7/1/2024	1.6
Federal Home Loan Mortgage Corp., 3.500%, due 6/1/2052	1.4
Federal National Mortgage Association, 4.000%, due 10/1/2052	1.1
Federal National Mortgage Association, 4.500%, due 10/1/2053	1.1
Total	29.5

Guardian Core Fixed Income VIP Fund

Availability of Additional Information

The Fund’s Prospectus, Summary Prospectus, Statement of Additional Information, and other regulatory documents, as well as other information such as the Fund's financial statements, portfolio holdings, and proxy voting information, are available, free of charge, on the Fund’s website at https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

Householding

Unless you have instructed the Fund otherwise, only one copy of this shareholder report may be mailed to multiple contract owners who share a mailing address (a “Household”). If you do not want the mailing of your shareholder reports to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for your Household, please contact us at the address or telephone number listed above.

Scan for additional information.

An image of a QR code that, when scanned, navigates the user to the following URL: http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses

Guardian Core Fixed Income VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Core Plus Fixed Income VIP Fund

This semi-annual shareholder report contains important information about Guardian Core Plus Fixed Income VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Core Plus Fixed Income VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$40	0.81%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$200,155,306
Total # of Portfolio Holdings	418
Portfolio Turnover Rate	70%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Bond Sector Allocation

(% of Total Net Assets)

Corporate Bonds & Notes	43.8
Agency Mortgage-Backed Securities	27.3
Asset-Backed Securities	18.9
U.S. Government Securities	9.8
Non-Agency Mortgage-Backed Securities	8.7
Foreign Government	2.9
U.S. Treasury Bills	1.5
Cash/Other Assets and Liabilities	(12.9)
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

U.S. Treasury Notes, 4.250%, due 6/30/2029	2.3
U.S. Treasury Bonds, 3.875%, due 2/15/2043	1.9
U.S. Treasury Bonds, 4.250%, due 2/15/2054	1.9
U.S. Treasury Bonds, 4.375%, due 8/15/2043	1.6
U.S. Treasury Bills, 5.348%, due 7/5/2024	1.5
U.S. Treasury Bonds, 4.500%, due 2/15/2044	1.5
Federal National Mortgage Association, 2.500%, due 8/1/2050	1.4
Uniform Mortgage-Backed Security, 6.000%, due 8/1/2039	1.3
Japan Finance Organization for Municipalities, 5.000%, due 4/23/2029	1.2
Federal National Mortgage Association, 2.500%, due 9/1/2050	1.0
Total	15.6

Guardian Core Plus Fixed Income VIP Fund

Availability of Additional Information

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Guardian Core Plus Fixed Income VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Diversified Research VIP Fund

This semi-annual shareholder report contains important information about Guardian Diversified Research VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Diversified Research VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$52	0.96%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$132,166,877
Total # of Portfolio Holdings	130
Portfolio Turnover Rate	26%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Information Technology	30.5
Health Care	12.1
Financials	11.5
Consumer Discretionary	10.8
Communication Services	9.6
Industrials	7.2
Consumer Staples	6.3
Energy	4.3
Materials	3.5
Utilities	2.6
Real Estate	1.0
Cash/Other Assets and Liabilities	0.6
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Microsoft Corp.	7.7
Apple, Inc.	6.1
NVIDIA Corp.	5.5
Amazon.com, Inc.	4.5
Alphabet, Inc., Class A	4.2
Meta Platforms, Inc., Class A	2.8
Advanced Micro Devices, Inc.	2.5
Oracle Corp.	2.3
Broadcom, Inc.	1.9
Exxon Mobil Corp.	1.9
Total	39.4

Guardian Diversified Research VIP Fund

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Guardian Diversified Research VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Global Utilities VIP Fund

This semi-annual shareholder report contains important information about Guardian Global Utilities VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Global Utilities VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$53	1.04%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$53,495,943
Total # of Portfolio Holdings	25
Portfolio Turnover Rate	17%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Geographic Region/Country Allocation

(% of Total Net Assets)

North America	63.8
Europe	20.8
Asia-Pacific	7.1
United Kingdom	4.8
South America	2.6
Cash/Other Assets and Liabilities	0.9
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Vistra Corp.	8.2
American Electric Power Co., Inc.	7.4
Sempra	6.9
Atmos Energy Corp.	5.0
Iberdrola SA	4.8
National Grid PLC	4.8
PG&E Corp.	4.8
Engie SA	4.7
NextEra Energy, Inc.	4.7
Duke Energy Corp.	4.6
Total	55.9

Guardian Global Utilities VIP Fund

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Guardian Global Utilities VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Growth & Income VIP Fund

This semi-annual shareholder report contains important information about Guardian Growth & Income VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Growth & Income VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$50	0.96%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$124,786,938
Total # of Portfolio Holdings	70
Portfolio Turnover Rate	20%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Financials	21.0
Health Care	18.6
Industrials	18.2
Information Technology	10.6
Energy	9.0
Communication Services	6.2
Consumer Staples	6.2
Consumer Discretionary	4.8
Materials	3.5
Real Estate	0.6
Cash/Other Assets and Liabilities	1.3
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Berkshire Hathaway, Inc., Class B	3.9
Elevance Health, Inc.	3.7
JPMorgan Chase & Co.	3.7
Regeneron Pharmaceuticals, Inc.	3.6
Wells Fargo & Co.	3.6
QUALCOMM, Inc.	3.2
Philip Morris International, Inc.	3.0
Walmart, Inc.	2.7
Cencora, Inc.	2.6
Comcast Corp., Class A	2.5
Total	32.5

Guardian Growth & Income VIP Fund

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Guardian Growth & Income VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian All Cap Core VIP Fund

This semi-annual shareholder report contains important information about Guardian All Cap Core VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian All Cap Core VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$42	0.80%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$180,040,588
Total # of Portfolio Holdings	191
Portfolio Turnover Rate	16%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Information Technology	26.9
Financials	13.3
Health Care	12.6
Industrials	11.5
Communication Services	9.7
Consumer Discretionary	9.5
Consumer Staples	4.7
Energy	4.1
Materials	2.8
Utilities	2.2
Real Estate	2.0
Cash/Other Assets and Liabilities	0.7
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Microsoft Corp.	7.7
NVIDIA Corp.	4.5
Amazon.com, Inc.	4.4
Alphabet, Inc., Class A	4.1
Apple, Inc.	3.6
Meta Platforms, Inc., Class A	2.5
JPMorgan Chase & Co.	1.7
Visa, Inc., Class A	1.6
Exxon Mobil Corp.	1.6
Johnson & Johnson	1.6
Total	33.3

Guardian All Cap Core VIP Fund

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Guardian All Cap Core VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Balanced Allocation VIP Fund

This semi-annual shareholder report contains important information about Guardian Balanced Allocation VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Balanced Allocation VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$46	0.88%

*Annualized

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$223,917,915
Total # of Portfolio Holdings	477
Portfolio Turnover Rate	43%

What were the Fund’s portfolio holdings? (as of June 30, 2024)

Top Ten Holdings

(% of Total Net Assets)

Apple, Inc.	4.1
Microsoft Corp.	3.9
Amazon.com, Inc.	3.6
Alphabet, Inc., Class A	3.4
NVIDIA Corp.	3.4
Eli Lilly & Co.	1.4
Exxon Mobil Corp.	1.3
Adobe, Inc.	1.2
TJX Cos., Inc.	1.0
Advanced Micro Devices, Inc.	1.0
Total	24.3

Portfolio Compositions

(% of Total Net Assets)

Value	Value
Equities	65.8
Fixed Income	34.3
Cash/Other Assets and Liabilities	(0.1)

Guardian Balanced Allocation VIP Fund

Equity Sector Allocation

(% of Total Net Assets)

Information Technology	19.3
Health Care	9.2
Financials	8.8
Consumer Discretionary	7.4
Communication Services	6.2
Industrials	4.8
Energy	3.0
Consumer Staples	2.9
Utilities	1.6
Materials	1.5
Real Estate	1.1

Bond Sector Allocation

(% of Total Net Assets)

U.S. Government Securities	13.2
Agency Mortgage-Backed Securities	9.5
Corporate Bonds & Notes	8.7
Asset-Backed Securities	1.4
Non-Agency Mortgage-Backed Securities	0.5
Municipals	0.4
U.S. Treasury Bills	0.4
Foreign Government	0.2
Cash/Other Assets and Liabilities	(0.1)

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Guardian Balanced Allocation VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Equity Income VIP Fund

This semi-annual shareholder report contains important information about Guardian Equity Income VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Equity Income VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$30	0.59%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$130,451,475
Total # of Portfolio Holdings	73
Portfolio Turnover Rate	18%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Financials	18.8
Health Care	16.1
Industrials	12.3
Energy	9.4
Consumer Staples	9.3
Information Technology	9.1
Utilities	7.8
Real Estate	5.5
Consumer Discretionary	4.5
Materials	4.3
Communication Services	1.6
Cash/Other Assets and Liabilities	1.3
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

JPMorgan Chase & Co.	3.6
Pfizer, Inc.	3.0
UnitedHealth Group, Inc.	2.9
Johnson & Johnson	2.5
EOG Resources, Inc.	2.2
ConocoPhillips	2.2
Philip Morris International, Inc.	2.1
Cisco Systems, Inc.	2.0
Unilever PLC	1.9
Merck & Co., Inc.	1.9
Total	24.3

Guardian Equity Income VIP Fund

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Guardian Equity Income VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Select Mid Cap Core VIP Fund

This semi-annual shareholder report contains important information about Guardian Select Mid Cap Core VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Select Mid Cap Core VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$45	0.89%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$199,822,152
Total # of Portfolio Holdings	203
Portfolio Turnover Rate	22%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Industrials	22.0
Financials	16.2
Consumer Discretionary	14.4
Information Technology	9.5
Health Care	7.4
Real Estate	7.4
Materials	6.8
Energy	5.6
Consumer Staples	5.1
Utilities	2.5
Communication Services	1.5
U.S. Treasury Bills	0.1
Cash/Other Assets and Liabilities	1.5
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Bancorp, Inc.	2.0
Carlisle Cos., Inc.	1.5
KBR, Inc.	1.3
CACI International, Inc., Class A	1.3
Baldwin Insurance Group, Inc., Class A	1.2
XPO, Inc.	1.2
Popular, Inc.	1.1
HEICO Corp., Class A	1.1
Kirby Corp.	1.1
Reliance, Inc.	1.0
Total	12.8

Guardian Select Mid Cap Core VIP Fund

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Guardian Select Mid Cap Core VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Small-Mid Cap Core VIP Fund

This semi-annual shareholder report contains important information about Guardian Small-Mid Cap Core VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Small-Mid Cap Core VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$48	0.96%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$256,477,470
Total # of Portfolio Holdings	79
Portfolio Turnover Rate	23%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Industrials	20.7
Information Technology	18.0
Financials	17.0
Health Care	12.0
Consumer Discretionary	10.9
Real Estate	8.8
Materials	8.5
Consumer Staples	2.7
Communication Services	0.7
Cash/Other Assets and Liabilities	0.7
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Burlington Stores, Inc.	2.2
Ashland, Inc.	2.1
Teledyne Technologies, Inc.	2.0
Atkore, Inc.	2.0
Melrose Industries PLC	1.9
Marvell Technology, Inc.	1.9
Regal Rexnord Corp.	1.9
Sun Communities, Inc.	1.8
Okta, Inc.	1.8
HealthEquity, Inc.	1.8
Total	19.4

Guardian Small-Mid Cap Core VIP Fund

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Guardian Small-Mid Cap Core VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Strategic Large Cap Core VIP Fund

This semi-annual shareholder report contains important information about Guardian Strategic Large Cap Core VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Strategic Large Cap Core VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$46	0.86%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$243,812,836
Total # of Portfolio Holdings	78
Portfolio Turnover Rate	18%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Information Technology	32.0
Health Care	15.0
Financials	13.8
Communication Services	10.2
Consumer Discretionary	7.0
Industrials	6.8
Consumer Staples	6.5
Utilities	3.4
Energy	2.6
Real Estate	1.1
Materials	0.5
Cash/Other Assets and Liabilities	1.1
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Microsoft Corp.	9.1
Alphabet, Inc., Class C	5.2
Apple, Inc.	4.3
Broadcom, Inc.	4.1
Merck & Co., Inc.	2.5
UnitedHealth Group, Inc.	2.3
AbbVie, Inc.	2.2
Visa, Inc., Class A	2.0
Shell PLC	1.9
NVIDIA Corp.	1.9
Total	35.5

Guardian Strategic Large Cap Core VIP Fund

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Guardian Strategic Large Cap Core VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Integrated Research VIP Fund

This semi-annual shareholder report contains important information about Guardian Integrated Research VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Integrated Research VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$45	0.84%

*Annualized

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$322,708,236
Total # of Portfolio Holdings	71
Portfolio Turnover Rate	15%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Information Technology	32.2
Health Care	12.5
Financials	12.2
Consumer Discretionary	10.5
Communication Services	9.7
Industrials	9.2
Consumer Staples	4.4
Energy	3.4
Utilities	2.3
Real Estate	1.6
Materials	1.6
Cash/Other Assets and Liabilities	0.4
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Microsoft Corp.	7.6
Apple, Inc.	7.4
NVIDIA Corp.	7.1
Amazon.com, Inc.	5.1
Alphabet, Inc., Class A	4.7
Meta Platforms, Inc., Class A	3.1
Eli Lilly & Co.	2.6
Broadcom, Inc.	2.5
JPMorgan Chase & Co.	2.4
Procter & Gamble Co.	2.0
Total	44.5

Guardian Integrated Research VIP Fund

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Guardian Integrated Research VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian International Equity VIP Fund

This semi-annual shareholder report contains important information about Guardian International Equity VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian International Equity VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$56	1.10%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$260,275,590
Total # of Portfolio Holdings	99
Portfolio Turnover Rate	17%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Top Ten Holdings

(% of Total Net Assets)

SAP SE (Germany)	3.6
Novo Nordisk AS, Class B (Denmark)	3.5
ASML Holding NV (Netherlands)	2.8
Shell PLC (United Kingdom)	2.7
Mitsubishi UFJ Financial Group, Inc. (Japan)	2.5
Unilever PLC (United Kingdom)	2.4
AstraZeneca PLC (United Kingdom)	2.1
GSK PLC (United Kingdom)	2.0
Schneider Electric SE (France)	1.9
Siemens AG, Reg S (Germany)	1.8
Total	25.3

Industrials	18.4
Financials	18.0
Health Care	16.4
Information Technology	12.9
Consumer Discretionary	11.6
Consumer Staples	7.9
Communication Services	4.2
Energy	3.9
Materials	3.4
Utilities	2.1
Real Estate	0.6
Cash/Other Assets and Liabilities	0.6
Total	100.0

Guardian International Equity VIP Fund

Geographic Region/Country Allocation

(% of Total Net Assets)

Europe	46.5
Asia-Pacific	27.3
United Kingdom	21.1
North America	4.5
Cash/Other Assets and Liabilities	0.6
Total	100.0

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Guardian International Equity VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian International Growth VIP Fund

This semi-annual shareholder report contains important information about Guardian International Growth VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian International Growth VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$61	1.18%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$93,182,460
Total # of Portfolio Holdings	64
Portfolio Turnover Rate	12%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Top Ten Holdings

(% of Total Net Assets)

ASML Holding NV (Netherlands)	6.3
Novo Nordisk AS, Class B (Denmark)	6.0
Nestle SA, Reg S (Switzerland)	3.6
Safran SA (France)	3.3
LVMH Moet Hennessy Louis Vuitton SE (France)	3.1
Recruit Holdings Co. Ltd. (Japan)	3.0
RELX PLC (United Kingdom)	2.8
InterContinental Hotels Group PLC (United Kingdom)	2.6
Air Liquide SA (France)	2.6
Keyence Corp. (Japan)	2.5
Total	35.8

Industrials	24.3
Consumer Discretionary	16.6
Information Technology	16.0
Health Care	14.0
Financials	12.6
Materials	6.4
Consumer Staples	6.1
Communication Services	1.1
Utilities	1.0
Real Estate	0.8
Cash/Other Assets and Liabilities	1.1
Total	100.0

Guardian International Growth VIP Fund

Geographic Region/Country Allocation

(% of Total Net Assets)

Europe	51.9
Asia-Pacific	29.8
United Kingdom	14.8
North America	2.4
Cash/Other Assets and Liabilities	1.1
Total	100.0

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Guardian International Growth VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Large Cap Disciplined Growth VIP Fund

This semi-annual shareholder report contains important information about Guardian Large Cap Disciplined Growth VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Large Cap Disciplined Growth VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$47	0.87%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$433,597,501
Total # of Portfolio Holdings	68
Portfolio Turnover Rate	22%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Information Technology	47.4
Communication Services	13.4
Consumer Discretionary	12.3
Health Care	9.6
Financials	7.1
Industrials	4.5
Consumer Staples	2.7
Materials	1.0
Real Estate	0.7
Utilities	0.4
Energy	0.4
Cash/Other Assets and Liabilities	0.5
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

NVIDIA Corp.	9.0
Microsoft Corp.	8.0
Apple, Inc.	7.9
Amazon.com, Inc.	5.0
Alphabet, Inc., Class A	4.9
Meta Platforms, Inc., Class A	4.7
Broadcom, Inc.	4.0
Eli Lilly & Co.	3.9
Mastercard, Inc., Class A	2.8
Netflix, Inc.	2.3
Total	52.5

Guardian Large Cap Disciplined Growth VIP Fund

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Guardian Large Cap Disciplined Growth VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Large Cap Disciplined Value VIP Fund

This semi-annual shareholder report contains important information about Guardian Large Cap Disciplined Value VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Large Cap Disciplined Value VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$51	0.97%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$116,224,392
Total # of Portfolio Holdings	89
Portfolio Turnover Rate	26%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Financials	23.5
Information Technology	14.2
Industrials	13.2
Health Care	12.9
Energy	9.9
Consumer Staples	8.0
Communication Services	6.3
Consumer Discretionary	6.2
Materials	2.5
Utilities	1.3
Real Estate	0.7
Cash/Other Assets and Liabilities	1.3
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

JPMorgan Chase & Co.	4.4
Alphabet, Inc., Class A	3.6
Berkshire Hathaway, Inc., Class B	3.5
Oracle Corp.	2.7
Morgan Stanley	2.2
Wells Fargo & Co.	1.9
Walmart, Inc.	1.8
UnitedHealth Group, Inc.	1.8
Philip Morris International, Inc.	1.8
AutoZone, Inc.	1.7
Total	25.4

Guardian Large Cap Disciplined Value VIP Fund

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Guardian Large Cap Disciplined Value VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Large Cap Fundamental Growth VIP Fund

This semi-annual shareholder report contains important information about Guardian Large Cap Fundamental Growth VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Large Cap Fundamental Growth VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$54	0.97%

*Annualized

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$232,002,875
Total # of Portfolio Holdings	124
Portfolio Turnover Rate	25%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Information Technology	44.2
Health Care	14.7
Industrials	12.3
Communication Services	10.8
Consumer Discretionary	9.0
Financials	5.6
Energy	2.4
Consumer Staples	0.6
Materials	0.2
Cash/Other Assets and Liabilities	0.2
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Microsoft Corp.	12.7
Apple, Inc.	12.2
Alphabet, Inc., Class A	5.0
Amazon.com, Inc.	4.9
NVIDIA Corp.	4.7
Uber Technologies, Inc.	4.0
Eli Lilly & Co.	2.8
Boston Scientific Corp.	2.5
Taiwan Semiconductor Manufacturing Co. Ltd.	2.3
Netflix, Inc.	1.9
Total	53.0

Guardian Large Cap Fundamental Growth VIP Fund

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Guardian Large Cap Fundamental Growth VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Mid Cap Relative Value VIP Fund

This semi-annual shareholder report contains important information about Guardian Mid Cap Relative Value VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Mid Cap Relative Value VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$55	1.08%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$132,557,861
Total # of Portfolio Holdings	66
Portfolio Turnover Rate	7%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Industrials	22.0
Financials	19.8
Materials	9.7
Real Estate	9.1
Health Care	9.0
Consumer Staples	7.3
Utilities	6.3
Energy	5.8
Consumer Discretionary	5.6
Information Technology	4.5
Cash/Other Assets and Liabilities	0.9
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

AerCap Holdings NV	3.7
CBRE Group, Inc., Class A	3.3
Arch Capital Group Ltd.	3.3
Carlisle Cos., Inc.	3.1
Keurig Dr Pepper, Inc.	3.0
Jacobs Solutions, Inc.	2.9
Republic Services, Inc.	2.8
L3Harris Technologies, Inc.	2.7
Vulcan Materials Co.	2.7
Allstate Corp.	2.6
Total	30.1

Guardian Mid Cap Relative Value VIP Fund

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Guardian Mid Cap Relative Value VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Mid Cap Traditional Growth VIP Fund

This semi-annual shareholder report contains important information about Guardian Mid Cap Traditional Growth VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Mid Cap Traditional Growth VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$56	1.09%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$61,975,832
Total # of Portfolio Holdings	76
Portfolio Turnover Rate	6%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Industrials	27.7
Information Technology	25.9
Health Care	17.0
Financials	12.8
Consumer Discretionary	6.7
Utilities	4.2
Communication Services	2.5
Real Estate	1.4
Materials	1.3
Consumer Staples	0.7
Cash/Other Assets and Liabilities	(0.2)
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Constellation Software, Inc.	5.1
GoDaddy, Inc., Class A	4.2
Boston Scientific Corp.	3.9
Intact Financial Corp.	2.8
SS&C Technologies Holdings, Inc.	2.8
Teleflex, Inc.	2.8
NXP Semiconductors NV	2.6
WEX, Inc.	2.5
Flex Ltd.	2.4
W.R. Berkley Corp.	2.4
Total	31.5

Guardian Mid Cap Traditional Growth VIP Fund

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Guardian Mid Cap Traditional Growth VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Multi-Sector Bond VIP Fund

This semi-annual shareholder report contains important information about Guardian Multi-Sector Bond VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Multi-Sector Bond VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$46	0.92%

*Annualized

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$203,184,182
Total # of Portfolio Holdings	232
Portfolio Turnover Rate	99%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Bond Sector Allocation

(% of Total Net Assets)

Corporate Bonds & Notes	28.9
Asset-Backed Securities	20.1
Agency Mortgage-Backed Securities	17.6
Non-Agency Mortgage-Backed Securities	14.1
U.S. Government Securities	9.1
Senior Secured Loans	3.9
Exchange-Traded Funds	3.6
Commercial Paper	2.0
Cash/Other Assets and Liabilities	0.7
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

U.S. Treasury Bonds, 4.625%, due 5/15/2044	6.6
U.S. Treasury Bonds, 4.625%, due 5/15/2054	2.5
Federal National Mortgage Association, 3.500%, due 6/1/2052	2.0
Florida Power & Light Co., 5.376%, due 7/1/2024	2.0
iShares MBS ETF	1.8
Vanguard Mortgage-Backed Securities ETF	1.8
Federal Home Loan Mortgage Corp., 4.000%, due 6/1/2052	1.8
Federal National Mortgage Association, 3.000%, due 3/1/2052	1.6
Federal Home Loan Mortgage Corp., 2.500%, due 9/1/2052	1.4
Federal Home Loan Mortgage Corp., 3.500%, due 6/1/2052	1.2
Total	22.7

Guardian Multi-Sector Bond VIP Fund

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Semi-Annual Shareholder Report

June 30, 2024

Guardian Short Duration Bond VIP Fund

This semi-annual shareholder report contains important information about Guardian Short Duration Bond VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Short Duration Bond VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$25	0.49%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$162,757,163
Total # of Portfolio Holdings	169
Portfolio Turnover Rate	106%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Bond Sector Allocation

(% of Total Net Assets)

Corporate Bonds & Notes	30.4
Asset-Backed Securities	25.0
U.S. Treasury Bills	14.3
U.S. Government Securities	13.2
Non-Agency Mortgage-Backed Securities	8.9
Senior Secured Loans	3.8
U.S. Government Agencies	2.4
Commercial Paper	1.1
Cash/Other Assets and Liabilities	0.9
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

U.S. Treasury Bills, 5.419%, due 11/29/2024	14.3
U.S. Treasury Notes, 4.875%, due 5/31/2026	13.2
Federal Farm Credit Banks Funding Corp., 2.640%, due 4/8/2026	2.4
American Express Credit Account Master Trust, Class A, 3.750%, due 8/15/2027	1.2
Florida Power & Light Co., 5.376%, due 7/1/2024	1.1
Toyota Auto Loan Extended Note Trust, Class A, 1.070%, due 2/27/2034	1.0
Midocean Credit CLO VIII, Class A2, 6.887%, due 2/20/2031	0.9
AT&T, Inc., 1.700%, due 3/25/2026	0.9
Wells Fargo Commercial Mortgage Trust, Class A4, 3.718%, due 12/15/2048	0.8
KKR CLO 38 Ltd., Class A1, 6.649%, due 4/15/2033	0.8
Total	36.6

Guardian Short Duration Bond VIP Fund

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Semi-Annual Shareholder Report

June 30, 2024

Guardian Small Cap Core VIP Fund

This semi-annual shareholder report contains important information about Guardian Small Cap Core VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Small Cap Core VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$52	1.05%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$209,998,411
Total # of Portfolio Holdings	96
Portfolio Turnover Rate	11%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Sector Allocation

(% of Total Net Assets)

Industrials	17.9
Financials	16.8
Health Care	12.7
Consumer Discretionary	12.0
Information Technology	10.3
Energy	8.4
Materials	7.1
Real Estate	6.1
Communication Services	3.8
Utilities	2.5
Consumer Staples	0.9
Cash/Other Assets and Liabilities	1.5
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Murphy USA, Inc.	2.4
Wintrust Financial Corp.	1.8
Century Communities, Inc.	1.7
Everi Holdings, Inc.	1.7
Matador Resources Co.	1.7
Euronet Worldwide, Inc.	1.6
HealthEquity, Inc.	1.5
OneMain Holdings, Inc.	1.5
Home Bancshares, Inc.	1.5
ICF International, Inc.	1.5
Total	16.9

Guardian Small Cap Core VIP Fund

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Guardian Small Cap Core VIP Fund

Semi-Annual Shareholder Report

June 30, 2024

Guardian Total Return Bond VIP Fund

This semi-annual shareholder report contains important information about Guardian Total Return Bond VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian Total Return Bond VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$39	0.79%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$240,692,840
Total # of Portfolio Holdings	230
Portfolio Turnover Rate	114%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Bond Sector Allocation

(% of Total Net Assets)

Corporate Bonds & Notes	29.5
Asset-Backed Securities	21.6
Agency Mortgage-Backed Securities	16.7
U.S. Government Securities	14.0
Non-Agency Mortgage-Backed Securities	9.3
Exchange-Traded Funds	3.6
Senior Secured Loans	3.4
Commercial Paper	1.8
Cash/Other Assets and Liabilities	0.1
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

U.S. Treasury Bonds, 4.625%, due 5/15/2044	7.9
U.S. Treasury Bonds, 4.625%, due 5/15/2054	3.8
U.S. Treasury Notes, 4.500%, due 5/31/2029	2.3
iShares MBS ETF	1.8
Florida Power & Light Co., 5.376%, due 7/1/2024	1.8
Vanguard Mortgage-Backed Securities ETF	1.8
Federal National Mortgage Association, 3.000%, due 5/1/2052	1.6
Federal National Mortgage Association, 3.500%, due 6/1/2052	1.5
Octagon Loan Funding Ltd., Class CRR, 7.787%, due 11/18/2031	1.3
Federal Home Loan Mortgage Corp., 3.500%, due 6/1/2052	1.3
Total	25.1

Guardian Total Return Bond VIP Fund

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Semi-Annual Shareholder Report

June 30, 2024

Guardian U.S. Government Securities VIP Fund

This semi-annual shareholder report contains important information about Guardian U.S. Government Securities VIP Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by sending an email request to GIAC_CRU@glic.com, or by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Guardian U.S. Government Securities VIP Fund	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
	$37	0.75%

*Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

Fund Statistics

(as of June 30, 2024)

FUND STATISTICS
Total Net Assets	$173,786,348
Total # of Portfolio Holdings	65
Portfolio Turnover Rate	146%

What were the Fund’s portfolio holdings?

(as of June 30, 2024)

Bond Sector Allocation

(% of Total Net Assets)

Agency Mortgage-Backed Securities	49.7
U.S. Government Securities	28.8
Exchange-Traded Funds	9.2
Asset-Backed Securities	4.3
U.S. Government Agencies	4.0
Non-Agency Mortgage-Backed Securities	2.1
Cash/Other Assets and Liabilities	1.9
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

U.S. Treasury Notes, 4.500%, due 5/31/2029	12.9
U.S. Treasury Notes, 4.875%, due 5/31/2026	11.8
Vanguard Mortgage-Backed Securities ETF	4.6
iShares MBS ETF	4.6
U.S. Treasury Notes, 4.375%, due 5/15/2034	4.1
Federal Home Loan Bank Discount Notes, 5.289%, due 7/1/2024	4.0
Fannie Mae ACES, Class A2, 3.610%, due 2/25/2031	3.8
Federal National Mortgage Association, 2.500%, due 7/1/2052	3.4
Federal National Mortgage Association, 3.000%, due 11/1/2052	2.1
Freddie Mac Multifamily Structured Pass-Through Certificates, Class A2, 3.590%, due 1/25/2025	2.1
Total	53.4

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Item 1. (continued)

(b) Not applicable.

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

(a)

The Schedule of Investments is included as part of Item 7 of this Form N-CSR.

(b)

None.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Core Fixed Income VIP Fund

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TABLE OF CONTENTS

Guardian Core Fixed Income VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			10

Statement of Operations			10

Statements of Changes in Net Assets			11

Financial Highlights			12

Notes to Financial Statements			14

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			21

Item 9. Proxy Disclosures for Open-End Management Investment Companies			21

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			21

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2024. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 15.6%

Federal Home Loan Mortgage Corp. 3.00% due 3/1/2052	$	2,558,243	$	2,178,799
3.50% due 6/1/2052		6,238,457		5,522,343
4.00% due 10/1/2037		377,321		362,684
4.00% due 6/1/2052		2,951,386		2,700,629
4.50% due 8/1/2052		3,629,702		3,424,547
4.50% due 9/1/2052		454,067		428,278
5.50% due 9/1/2053		4,068,717		4,018,636
6.00% due 8/1/2053		2,009,702		2,015,345
6.00% due 10/1/2053		3,927,735		3,937,116
6.00% due 3/1/2054		1,994,397		2,004,057

Federal National Mortgage Association 3.00% due 7/1/2051		3,406,592		2,896,447
3.00% due 5/1/2052		9,110,397		7,756,098
3.50% due 6/1/2052		4,635,521		4,103,408
3.50% due 9/1/2052		3,642,279		3,228,122
3.50% due 10/1/2052		3,798,376		3,361,477
4.00% due 6/1/2052		4,564,995		4,182,401
4.00% due 10/1/2052		4,734,906		4,332,618
4.50% due 10/1/2053		4,595,389		4,330,637
5.00% due 2/1/2053		295,348		285,573
5.50% due 1/1/2054		1,066,467		1,051,246
6.00% due 9/1/2053		286,710		287,423


Total Agency Mortgage-Backed Securities (Cost $65,141,011)				62,407,884
Asset-Backed Securities – 20.5%

AGL CLO 17 Ltd. Series 2022-17A, Class A 6.655% (3 mo. USD Term SOFR + 1.33%) due 1/21/2035⁽¹⁾⁽²⁾		1,200,000		1,199,400

Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 1.937% due 8/15/2046⁽¹⁾		2,016,000		1,857,234

Allegro CLO VI Ltd. Series 2017-2A, Class B 7.079% (3 mo. USD Term SOFR + 1.76%) due 1/17/2031⁽¹⁾⁽²⁾		2,000,000		1,997,400

Ally Auto Receivables Trust Series 2022-1, Class A3 3.31% due 11/15/2026		2,394,102		2,364,198

AmeriCredit Automobile Receivables Trust Series 2020-3, Class C 1.06% due 8/18/2026		2,227,411		2,186,991

Anchorage Capital CLO 17 Ltd. Series 2021-17A, Class A1 6.76% (3 mo. USD Term SOFR + 1.43%) due 7/15/2034⁽¹⁾⁽²⁾		2,800,000		2,798,040

Anchorage Capital CLO 21 Ltd. Series 2021-21A, Class B 7.336% (3 mo. USD Term SOFR + 2.01%) due 10/20/2034⁽¹⁾⁽²⁾		1,750,000		1,748,600


June 30, 2024 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Ares XXVII CLO Ltd. Series 2013-2A, Class BR2 7.237% (3 mo. USD Term SOFR + 1.91%) due 10/28/2034⁽¹⁾⁽²⁾	$	2,000,000	$	2,000,928

Avis Budget Rental Car Funding AESOP LLC Series 2019-3A, Class A 2.36% due 3/20/2026⁽¹⁾		2,440,000		2,396,046

Barings CLO Ltd. Series 2020-1A, Class AR 6.74% (3 mo. USD Term SOFR + 1.41%) due 10/15/2036⁽¹⁾⁽²⁾		2,800,000		2,802,125

Battalion CLO X Ltd. Series 2016-10A, Class A2R2 7.135% (3 mo. USD Term SOFR + 1.81%) due 1/25/2035⁽¹⁾⁽²⁾		1,000,000		999,000

Battery Park CLO II Ltd. Series 2022-1A, Class A1 7.535% (3 mo. USD Term SOFR + 2.21%) due 10/20/2035⁽¹⁾⁽²⁾		3,550,000		3,563,135

Benefit Street Partners CLO XVI Ltd. Series 2018-16A, Class BR 7.129% (3 mo. USD Term SOFR + 1.81%) due 1/17/2032⁽¹⁾⁽²⁾		2,800,000		2,797,200

Canyon Capital CLO Ltd. Series 2022-1A, Class B 7.178% (3 mo. USD Term SOFR + 1.85%) due 4/15/2035⁽¹⁾⁽²⁾		2,000,000		1,998,934

CarMax Auto Owner Trust Series 2020-4, Class B 0.85% due 6/15/2026		2,200,000		2,148,362

Cathedral Lake VI Ltd. Series 2021-6A, Class AN 6.835% (3 mo. USD Term SOFR + 1.51%) due 4/25/2034⁽¹⁾⁽²⁾		2,500,000		2,503,868

CIFC Funding Ltd. Series 2013-4A, Class BRR 7.187% (3 mo. USD Term SOFR + 1.86%) due 4/27/2031⁽¹⁾⁽²⁾		2,000,000		1,998,200

Dryden 80 CLO Ltd. Series 2019-80A, Class AR 6.567% (3 mo. USD Term SOFR + 1.25%) due 1/17/2033⁽¹⁾⁽²⁾		3,350,000		3,345,645

Dryden Senior Loan Fund Series 2017-47A, Class CR 7.64% (3 mo. USD Term SOFR + 2.31%) due 4/15/2028⁽¹⁾⁽²⁾		2,100,000		2,098,320


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Ford Credit Auto Owner Trust Series 2020-1, Class A 2.04% due 8/15/2031⁽¹⁾	$	2,400,000	$	2,347,134

GM Financial Consumer Automobile Receivables Trust Series 2020-4, Class A4 0.50% due 2/17/2026		2,625,200		2,602,178

Hyundai Auto Lease Securitization Trust Series 2022-B, Class A3 3.35% due 6/16/2025⁽¹⁾		417,345		416,817

ICG U.S. CLO Ltd. Series 2022-1A, Class A1 6.865% (3 mo. USD Term SOFR + 1.54%) due 7/20/2035⁽¹⁾⁽²⁾		2,500,000		2,499,000

Jamestown CLO XI Ltd. Series 2018-11A, Class A2 7.29% (3 mo. USD Term SOFR + 1.96%) due 7/14/2031⁽¹⁾⁽²⁾		2,800,000		2,797,480

KKR CLO 38 Ltd. Series 38A, Class A1 6.649% (3 mo. USD Term SOFR + 1.32%) due 4/15/2033⁽¹⁾⁽²⁾		2,800,000		2,799,350

Marble Point CLO XVIII Ltd. Series 2020-2A, Class A1R 6.80% (3 mo. USD Term SOFR + 1.47%) due 10/15/2034⁽¹⁾⁽²⁾		2,500,000		2,497,250

Midocean Credit CLO VIII Series 2018-8A, Class A2 6.887% (3 mo. USD Term SOFR + 1.56%) due 2/20/2031⁽¹⁾⁽²⁾		700,000		700,280

Neuberger Berman Loan Advisers CLO 26 Ltd. Series 2017-26A, Class BR 6.989% (3 mo. USD Term SOFR + 1.66%) due 10/18/2030⁽¹⁾⁽²⁾		1,050,000		1,049,895

Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class A 6.649% (3 mo. USD Term SOFR + 1.32%) due 4/16/2033⁽¹⁾⁽²⁾		2,900,000		2,904,350

NextGear Floorplan Master Owner Trust Series 2024-1A, Class A2 5.12% due 3/15/2029⁽¹⁾		2,500,000		2,491,881

Nissan Auto Lease Trust Series 2023-A, Class A4 4.80% due 7/15/2027		1,600,000		1,590,513


June 30, 2024 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Octagon Investment Partners 45 Ltd. Series 2019-1A, Class BR 7.179% (3 mo. USD Term SOFR + 1.85%) due 4/15/2035⁽¹⁾⁽²⁾	$	1,200,000	$	1,199,640

OHA Credit Partners XIV Ltd. Series 2017-14A, Class B 7.086% (3 mo. USD Term SOFR + 1.76%) due 1/21/2030⁽¹⁾⁽²⁾		2,000,000		2,000,000

Oscar U.S. Funding XV LLC Series 2023-1A, Class A3 5.81% due 12/10/2027⁽¹⁾		1,300,000		1,304,586

RRX 6 Ltd. Series 2021-6A, Class A1 6.78% (3 mo. USD Term SOFR + 1.45%) due 1/15/2037⁽¹⁾⁽²⁾		1,800,000		1,799,100

Santander Drive Auto Receivables Trust Series 2022-3, Class A3 3.40% due 12/15/2026		346,701		345,953

TCW CLO Ltd. Series 2021-1A, Class A 6.756% (3 mo. USD Term SOFR + 1.43%) due 3/18/2034⁽¹⁾⁽²⁾		850,000		850,255

TIAA CLO IV Ltd. Series 2018-1A, Class A2 7.286% (3 mo. USD Term SOFR + 1.96%) due 1/20/2032⁽¹⁾⁽²⁾		1,240,000		1,238,884
Series 2018-1A, Class A2R 7.075% (3 mo. USD Term SOFR + 1.75%) due 1/20/2032⁽¹⁾⁽²⁾		1,240,000		1,240,000

Toyota Auto Loan Extended Note Trust Series 2021-1A, Class A 1.07% due 2/27/2034⁽¹⁾		2,175,000		2,028,727

World Omni Auto Receivables Trust Series 2021-B, Class A4 0.69% due 6/15/2027		2,800,000		2,681,598


Total Asset-Backed Securities (Cost $81,882,762)				82,188,497
Corporate Bonds & Notes – 26.1%
Aerospace & Defense – 0.6%

L3Harris Technologies, Inc. 5.35% due 6/1/2034		400,000		397,072

RTX Corp. 5.75% due 1/15/2029		800,000		821,056
6.10% due 3/15/2034		1,000,000		1,053,000


				2,271,128


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Agriculture – 0.1%

Philip Morris International, Inc. 5.125% due 2/13/2031	$	500,000	$	493,600


				493,600
Apparel – 0.2%

Tapestry, Inc. 7.35% due 11/27/2028		700,000		726,285


				726,285
Auto Manufacturers – 0.4%

Hyundai Capital America 5.30% due 6/24/2029⁽¹⁾		1,500,000		1,493,055


				1,493,055
Beverages – 0.8%

Anheuser-Busch InBev Worldwide, Inc. 4.95% due 1/15/2042		600,000		562,494

PepsiCo, Inc. 3.90% due 7/18/2032		2,700,000		2,520,666


				3,083,160
Biotechnology – 0.0%

Gilead Sciences, Inc. 5.55% due 10/15/2053		100,000		99,820


				99,820
Building Materials – 0.4%

Carrier Global Corp. 3.377% due 4/5/2040		500,000		387,195

CRH America Finance, Inc. 5.40% due 5/21/2034		1,200,000		1,188,180


				1,575,375
Chemicals – 0.2%

Nutrien Ltd. 5.40% due 6/21/2034		800,000		788,584


				788,584
Commercial Banks – 6.8%

AIB Group PLC 5.871% (5.871% fixed rate until 3/28/2034; 1 day USD SOFR + 1.91% thereafter) due 3/28/2035⁽¹⁾⁽²⁾		500,000		496,855

Bank of America Corp. 1.898% (1.898% fixed rate until 7/23/2030; 1 day USD SOFR + 1.53% thereafter) due 7/23/2031⁽²⁾		1,000,000		823,140
4.271% (4.271% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.57% thereafter) due 7/23/2029⁽²⁾		2,900,000		2,793,628

Barclays PLC 4.972% (4.972% fixed rate until 5/16/2028; 3 mo. USD Term SOFR + 2.16% thereafter) due 5/16/2029⁽²⁾		600,000		587,136


June 30, 2024 (unaudited)	Principal Amount		Value
Commercial Banks (continued)

BNP Paribas SA 5.497% (5.497% fixed rate until 5/20/2029; 1 day USD SOFR + 1.59% thereafter) due 5/20/2030⁽¹⁾⁽²⁾	$	800,000	$	796,928

Citibank NA 5.57% due 4/30/2034		800,000		813,256

Comerica, Inc. 5.982% (5.982% fixed rate until 1/30/2029; 1 day USD SOFR + 2.16% thereafter) due 1/30/2030⁽²⁾		1,500,000		1,478,265

Deutsche Bank AG 2.311% (2.311% fixed rate until 11/16/2026; 1 day USD SOFR + 1.22% thereafter) due 11/16/2027⁽²⁾		3,900,000		3,598,764

JPMorgan Chase & Co. 4.493% (4.493% fixed rate until 3/24/2030; 3 mo. USD Term SOFR + 3.79% thereafter) due 3/24/2031⁽²⁾		1,900,000		1,831,942
5.04% (5.04% fixed rate until 1/23/2027; 1 day USD SOFR + 1.19% thereafter) due 1/23/2028⁽²⁾		700,000		696,409
5.581% (5.581% fixed rate until 4/22/2029; 1 day USD SOFR + 1.16% thereafter) due 4/22/2030⁽²⁾		1,000,000		1,015,840

Lloyds Banking Group PLC 3.574% (3.574% fixed rate until 11/7/2027; 3 mo. USD Term SOFR + 1.47% thereafter) due 11/7/2028⁽²⁾		1,400,000		1,316,994

Mitsubishi UFJ Financial Group, Inc. 5.258% (5.258% fixed rate until 4/17/2029; 1 yr. CMT rate + 0.82% thereafter) due 4/17/2030⁽²⁾		1,500,000		1,496,400

Morgan Stanley 2.239% (2.239% fixed rate until 7/21/2031; 1 day USD SOFR + 1.18% thereafter) due 7/21/2032⁽²⁾		900,000		736,254
5.123% (5.123% fixed rate until 2/1/2028; 1 day USD SOFR + 1.73% thereafter) due 2/1/2029⁽²⁾		1,000,000		996,070
5.173% (5.173% fixed rate until 1/16/2029; 1 day USD SOFR + 1.45% thereafter) due 1/16/2030⁽²⁾		1,500,000		1,495,485

NatWest Group PLC 5.808% (5.808% fixed rate until 9/13/2028; 1 yr. CMT rate + 1.95% thereafter) due 9/13/2029⁽²⁾		2,500,000		2,531,850


The accompanying notes are an integral part of these financial statements.				3

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Commercial Banks (continued)

Sumitomo Mitsui Trust Bank Ltd. 5.20% due 3/7/2029⁽¹⁾	$	400,000	$	402,624

Truist Bank 2.636% (2.636% fixed rate until 9/17/2024; 5 yr. CMT rate + 1.15% thereafter) due 9/17/2029⁽²⁾		800,000		783,624

Wells Fargo & Co. 2.879% (2.879% fixed rate until 10/30/2029; 3 mo. USD Term SOFR + 1.43% thereafter) due 10/30/2030⁽²⁾		2,800,000		2,482,452


				27,173,916
Computers – 0.0%

Apple, Inc. 3.25% due 8/8/2029		100,000		93,626


				93,626
Cosmetics & Personal Care – 0.5%

Estee Lauder Cos., Inc. 4.65% due 5/15/2033		500,000		482,785

Haleon U.S. Capital LLC 3.625% due 3/24/2032		700,000		626,689

Kenvue, Inc. 4.90% due 3/22/2033		1,000,000		988,750


				2,098,224
Diversified Financial Services – 0.5%

Charles Schwab Corp. 6.136% (6.136% fixed rate until 8/24/2033; 1 day USD SOFR + 2.01% thereafter) due 8/24/2034⁽²⁾		700,000		729,022

Jefferies Financial Group, Inc. 5.875% due 7/21/2028		400,000		403,940
6.20% due 4/14/2034		800,000		810,736

Mastercard, Inc. 4.85% due 3/9/2033		200,000		199,024


				2,142,722
Electric – 2.0%

Alabama Power Co. 3.94% due 9/1/2032		1,000,000		918,860

Constellation Energy Generation LLC 5.75% due 3/15/2054		600,000		581,634

DTE Energy Co. 5.85% due 6/1/2034		2,000,000		2,029,120

Public Service Co. of Colorado 5.75% due 5/15/2054		500,000		494,250

Public Service Electric & Gas Co. 5.45% due 8/1/2053		300,000		295,557

Public Service Enterprise Group, Inc. 5.45% due 4/1/2034		700,000		694,260

Vistra Operations Co. LLC 6.00% due 4/15/2034⁽¹⁾		500,000		500,550


June 30, 2024 (unaudited)	Principal Amount		Value
Electric (continued)

Wisconsin Public Service Corp. 2.85% due 12/1/2051	$	400,000	$	247,012

Xcel Energy, Inc. 5.50% due 3/15/2034		2,200,000		2,167,440


				7,928,683
Electronics – 0.3%

Honeywell International, Inc. 1.95% due 6/1/2030		1,400,000		1,193,360


				1,193,360
Environmental Control – 1.0%

Waste Management, Inc. 4.15% due 4/15/2032		3,300,000		3,109,392
4.95% due 7/3/2031		800,000		794,600


				3,903,992
Food – 0.2%

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 5.75% due 4/1/2033		727,000		723,009


				723,009
Gas – 0.3%

CenterPoint Energy Resources Corp. 5.40% due 3/1/2033		1,100,000		1,099,406


				1,099,406
Healthcare-Services – 0.7%

Elevance Health, Inc. 4.75% due 2/15/2033		800,000		772,224
5.125% due 2/15/2053		200,000		184,008

HCA, Inc. 5.25% due 6/15/2026		600,000		597,648
5.50% due 6/15/2047		500,000		461,510
5.60% due 4/1/2034		500,000		496,765

UnitedHealth Group, Inc. 5.15% due 10/15/2025		200,000		199,780


				2,711,935
Insurance – 0.6%

Aon North America, Inc. 5.45% due 3/1/2034		800,000		796,440
5.75% due 3/1/2054		100,000		97,715

Assurant, Inc. 3.70% due 2/22/2030		800,000		723,480

Chubb INA Holdings LLC 5.00% due 3/15/2034		1,000,000		990,770


				2,608,405
Internet – 0.3%

Amazon.com, Inc. 4.80% due 12/5/2034		1,300,000		1,290,757


				1,290,757
Machinery-Diversified – 0.6%

Deere & Co. 3.90% due 6/9/2042		200,000		166,936

John Deere Capital Corp. 5.10% due 4/11/2034		900,000		897,255


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Machinery-Diversified (continued)
Series I 5.15% due 9/8/2033	$	1,500,000	$	1,503,615


				2,567,806
Media – 0.7%

Charter Communications Operating LLC/Charter Communications Operating Capital 6.10% due 6/1/2029		1,000,000		1,003,670

Comcast Corp. 2.65% due 2/1/2030		500,000		442,630
3.75% due 4/1/2040		400,000		325,048
4.25% due 1/15/2033		500,000		467,320
5.35% due 5/15/2053		400,000		383,240


				2,621,908
Oil & Gas – 1.2%

BP Capital Markets America, Inc. 3.633% due 4/6/2030		1,900,000		1,771,009
4.812% due 2/13/2033		1,300,000		1,260,454

Cenovus Energy, Inc. 2.65% due 1/15/2032		400,000		330,912

Diamondback Energy, Inc. 5.40% due 4/18/2034		500,000		494,925
5.75% due 4/18/2054		500,000		484,460

Exxon Mobil Corp. 3.482% due 3/19/2030		600,000		559,350


				4,901,110
Packaging & Containers – 0.4%

Berry Global, Inc. 5.80% due 6/15/2031⁽¹⁾		600,000		600,096

Packaging Corp. of America 5.70% due 12/1/2033		1,000,000		1,016,250


				1,616,346
Pharmaceuticals – 3.1%

AbbVie, Inc. 4.05% due 11/21/2039		800,000		694,224
5.05% due 3/15/2034		1,500,000		1,495,365
5.40% due 3/15/2054		500,000		494,720

Astrazeneca Finance LLC 5.00% due 2/26/2034		1,200,000		1,193,064

AstraZeneca PLC 6.45% due 9/15/2037		800,000		890,224

Becton Dickinson & Co. 4.298% due 8/22/2032		500,000		468,665

Cigna Group 5.40% due 3/15/2033		1,400,000		1,404,886

CVS Health Corp. 5.00% due 2/20/2026		700,000		694,701
5.30% due 6/1/2033		1,400,000		1,366,946

Eli Lilly & Co. 4.70% due 2/9/2034		1,100,000		1,078,484

Pfizer Investment Enterprises Pte. Ltd. 4.75% due 5/19/2033		1,400,000		1,364,006


June 30, 2024 (unaudited)	Principal Amount		Value
Pharmaceuticals (continued)

Takeda Pharmaceutical Co. Ltd. 5.30% due 7/5/2034	$	1,200,000	$	1,193,124


				12,338,409
Pipelines – 0.6%

Cheniere Energy Partners LP 5.95% due 6/30/2033		800,000		810,008

Enterprise Products Operating LLC 4.85% due 1/31/2034		800,000		776,992
4.85% due 3/15/2044		400,000		360,760

MPLX LP 5.50% due 6/1/2034		600,000		590,838


				2,538,598
Real Estate Investment Trusts – 0.9%

American Homes 4 Rent LP 5.50% due 7/15/2034		300,000		295,566

AvalonBay Communities, Inc. 5.35% due 6/1/2034		400,000		400,056

Crown Castle, Inc. 3.30% due 7/1/2030		1,000,000		891,480
5.80% due 3/1/2034		800,000		807,968

Extra Space Storage LP 5.40% due 2/1/2034		1,200,000		1,174,524


				3,569,594
Retail – 0.9%

Darden Restaurants, Inc. 6.30% due 10/10/2033		700,000		722,673

Home Depot, Inc. 4.95% due 6/25/2034		1,400,000		1,387,316

Lowe’s Cos., Inc. 3.70% due 4/15/2046		600,000		440,586
5.15% due 7/1/2033		400,000		398,012

Target Corp. 4.50% due 9/15/2032		900,000		867,105


				3,815,692
Software – 0.4%

Oracle Corp. 6.25% due 11/9/2032		1,700,000		1,799,790


				1,799,790
Telecommunications – 0.9%

Cisco Systems, Inc. 5.05% due 2/26/2034		1,000,000		999,040
5.30% due 2/26/2054		500,000		490,250

Rogers Communications, Inc. 5.30% due 2/15/2034		1,300,000		1,275,365

T-Mobile USA, Inc. 2.70% due 3/15/2032		300,000		250,854
3.00% due 2/15/2041		600,000		428,790
3.40% due 10/15/2052		200,000		136,512


				3,580,811


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Transportation – 0.3%

Burlington Northern Santa Fe LLC 5.50% due 3/15/2055	$	200,000	$	201,082

Norfolk Southern Corp. 5.35% due 8/1/2054		500,000		476,500
5.55% due 3/15/2034		500,000		509,750


				1,187,332
Trucking & Leasing – 0.2%

SMBC Aviation Capital Finance DAC 5.55% due 4/3/2034⁽¹⁾		700,000		686,581


				686,581

Total Corporate Bonds & Notes (Cost $104,822,995)				104,723,019
Non-Agency Mortgage-Backed Securities – 9.1%

1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.901% due 8/10/2035⁽¹⁾		1,400,000		1,351,100

Benchmark Mortgage Trust Series 2018-B3, Class AS 4.195% due 4/10/2051⁽²⁾⁽³⁾		2,550,000		2,379,906
Series 2024-V5, Class AM 6.417% due 1/10/2057⁽²⁾⁽³⁾		1,430,000		1,472,240
Series 2024-V5, Class B 6.059% due 1/10/2057⁽²⁾⁽³⁾		600,000		603,603

BMO Mortgage Trust Series 2023-C6, Class AS 6.55% due 9/15/2056⁽²⁾⁽³⁾		1,600,000		1,694,285

BX Trust Series 2019-OC11, Class A 3.202% due 12/9/2041⁽¹⁾		2,000,000		1,777,866

Citigroup Commercial Mortgage Trust Series 2014-GC23, Class AS 3.863% due 7/10/2047		2,750,000		2,738,626

Commercial Mortgage Trust Series 2017-COR2, Class A3 3.51% due 9/10/2050		2,920,000		2,733,440
Series 2019-GC44, Class AM 3.263% due 8/15/2057		2,415,000		2,106,646

DBGS Mortgage Trust Series 2018-C1, Class AM 4.775% due 10/15/2051⁽²⁾⁽³⁾		2,400,000		2,189,395

DBUBS Mortgage Trust Series 2017-BRBK, Class A 3.452% due 10/10/2034⁽¹⁾		1,760,000		1,672,722

Freddie Mac STACR REMIC Trust Series 2021-DNA7, Class M2 7.135% due 11/25/2041^(1)(2)(3)		2,200,000		2,222,175
Series 2021-HQA4, Class M1 6.285% due 12/25/2041^(1)(2)(3)		1,156,096		1,153,108
Series 2022-DNA1, Class M1A 6.335% due 1/25/2042^(1)(2)(3)		937,752		938,000
Series 2022-HQA3, Class M1A 7.635% due 8/25/2042^(1)(2)(3)		2,100,779		2,150,485


June 30, 2024 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

Hilton USA Trust Series 2016-HHV, Class A 3.719% due 11/5/2038⁽¹⁾	$	1,875,000	$	1,786,211

Jackson Park Trust Series 2019-LIC, Class A 2.766% due 10/14/2039⁽¹⁾		2,000,000		1,713,703

Wells Fargo Commercial Mortgage Trust Series 2015-NXS4, Class A4 3.718% due 12/15/2048		3,120,000		3,043,678
Series 2018-C43, Class A4 4.012% due 3/15/2051⁽²⁾⁽³⁾		3,000,000		2,847,165


Total Non-Agency Mortgage-Backed Securities (Cost $37,383,656)				36,574,354
Senior Secured Loans – 3.2%

Advertising – 0.1%

Outfront Media Capital LLC 2019 Term Loan B 7.095% (1 mo. USD Term SOFR + 1.75%) due 11/18/2026⁽²⁾		588,050		587,609


				587,609
Airlines – 0.6%

Air Canada 2024 Term Loan B 7.847% (3 mo. USD Term SOFR + 2.50%) due 3/21/2031⁽²⁾		623,438		623,631

United Airlines, Inc. 2024 Term Loan B 8.094% (1 mo. USD Term SOFR + 2.75%) due 2/24/2031⁽²⁾		548,625		549,113

WestJet Loyalty LP Term Loan B 9.048% (3 mo. USD Term SOFR + 3.75%) due 2/14/2031⁽²⁾		1,150,000		1,154,600


				2,327,344
Commercial Services – 0.1%

Vestis Corp. Term Loan 7.577% (3 mo. USD Term SOFR + 2.25%) due 2/22/2031⁽²⁾		249,375		247,921


				247,921
Distribution/Wholesale – 0.2%

Core & Main LP 2024 Incremental Term Loan B 7.589% (3 mo. USD Term SOFR + 2.25%) due 2/10/2031⁽²⁾		648,375		648,783


				648,783


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value

Electric – 0.2%

ExGen Renewables IV LLC 2020 Term Loan 8.109% (3 mo. USD Term SOFR + 2.50%) due 12/15/2027⁽²⁾	$	724,351	$	724,952


				724,952
Entertainment – 0.6%

Caesars Entertainment, Inc. 2024 Term Loan B1 8.097% (3 mo. USD Term SOFR + 2.75%) due 2/6/2031⁽²⁾		1,246,875		1,245,703

Flutter Financing BV Term Loan B 7.585% (3 mo. USD Term SOFR + 2.25%) due 11/25/2030⁽²⁾		1,119,375		1,118,681


				2,364,384
Healthcare-Services – 0.1%

DaVita, Inc. 2020 Term Loan B 7.208% (1 mo. USD Term SOFR + 1.75%) due 8/12/2026⁽²⁾		440,050		439,667

ICON Luxembourg SARL 2024 LUX Term Loan B 7.335% (3 mo. USD Term SOFR + 2.00%) due 7/3/2028⁽²⁾		118,367		118,704

PRA Health Sciences, Inc. 2024 US Term Loan B 7.335% (3 mo. USD Term SOFR + 2.00%) due 7/3/2028⁽²⁾		29,491		29,575


				587,946
Leisure Time – 0.1%

Alterra Mountain Co. 2024 Add-on Term Loan B 0.00% due 5/31/2030⁽²⁾⁽⁴⁾		400,000		401,752


				401,752
Lodging – 0.6%

Fertitta Entertainment LLC 2022 Term Loan B 9.081% (1 mo. USD Term SOFR + 3.75%) due 1/29/2029⁽²⁾		403,934		404,188

Hilton Grand Vacations Borrower LLC 2024 Incremental Term Loan B 8.095% (1 mo. USD Term SOFR + 2.75%) due 1/17/2031⁽²⁾		748,125		747,564

Station Casinos LLC 2024 Term Loan B 7.594% (1 mo. USD Term SOFR + 2.25%) due 3/14/2031⁽²⁾		1,122,188		1,120,886


				2,272,638


June 30, 2024 (unaudited)	Principal Amount		Value

Media – 0.3%

Nexstar Broadcasting, Inc. 2019 Term Loan B4 7.958% (1 mo. USD Term SOFR + 2.50%) due 9/18/2026⁽²⁾	$	1,100,000	$	1,102,134


				1,102,134
Software – 0.2%

Dun & Bradstreet Corp. 2024 Term Loan B 8.098% (3 mo. USD Term SOFR + 2.75%) due 1/18/2029⁽²⁾		997,500		997,500


				997,500
Telecommunications – 0.1%

Frontier Communications Corp. 2024 Term Loan B 0.00% due 6/20/2031⁽²⁾⁽⁴⁾		500,000		498,750


				498,750

Total Senior Secured Loans (Cost $12,722,366)				12,761,713
U.S. Government Securities – 18.8%

U.S. Treasury Bonds 4.625% due 5/15/2044		33,500,000		33,437,187
4.625% due 5/15/2054		19,000,000		19,267,188

U.S. Treasury Notes 4.50% due 5/31/2029		21,000,000		21,144,375
4.875% due 5/31/2026		1,500,000		1,503,047


Total U.S. Government Securities (Cost $74,451,469)				75,351,797
Commercial Paper – 1.6%

Florida Power & Light Co. 5.376% due 7/1/2024		6,500,000		6,500,000


Total Commercial Paper (Cost $6,500,000)				6,500,000

	Shares		Value
Exchange-Traded Funds – 4.0%

iShares MBS ETF		90,140		8,275,753

Vanguard Mortgage-Backed Securities ETF		175,580		7,971,332


Total Exchange–Traded Funds (Cost $15,612,871)				16,247,085

	Principal Amount		Value
Repurchase Agreements – 0.1%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $551,022, due 7/1/2024⁽⁵⁾	$	550,949		550,949

Total Repurchase Agreements (Cost $550,949)				550,949


The accompanying notes are an integral part of these financial statements.				7

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Value

Total Investments – 99.0% (Cost $399,068,079)	$	397,305,298

Assets in excess of other liabilities – 1.0%		3,902,491

Total Net Assets – 100.0%	$	401,207,789

⁽¹⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2024, the aggregate market value of these securities amounted to $88,010,763, representing 21.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2024.

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

⁽⁴⁾	Represents an unsettled loan commitment. The coupon rate will be determined at time of settlement.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		0.75%		3/31/2026	$	601,600	$	562,070

Open futures contracts at June 30, 2024:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. 2-Year Treasury Note		September 2024		538		Long	$	109,805,054	$	109,869,688	$	64,634
U.S. 5-Year Treasury Note		September 2024		319		Long		33,795,731		33,998,422		202,691
U.S. Long Bond		September 2024		30		Long		3,694,112		3,549,375		(144,737	)
U.S. Ultra Bond		September 2024		32		Long		3,984,608		4,011,000		26,392
Total							$	151,279,505	$	151,428,485	$	148,980


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S. Ultra 10-Year Treasury Note		September 2024		132		Short	$	(15,142,438	)	$	(14,986,125	)	$	156,313
Total							$	(15,142,438	)	$	(14,986,125	)	$	156,313

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STACR — Structured Agency Credit Risk

USD — United States Dollar


8				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 June 30, 2024 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—		$	62,407,884	$	—	$	62,407,884
Asset-Backed Securities		—			82,188,497		—		82,188,497
Corporate Bonds & Notes		—			104,723,019		—		104,723,019
Non-Agency Mortgage-Backed Securities		—			36,574,354		—		36,574,354
Senior Secured Loans		—			12,761,713		—		12,761,713
U.S. Government Securities		—			75,351,797		—		75,351,797
Commercial Paper		—			6,500,000		—		6,500,000
Exchange-Traded Funds		16,247,085			—		—		16,247,085
Repurchase Agreements		—			550,949		—		550,949
Total	$	16,247,085		$	381,058,213	$	—	$	397,305,298
Other Financial Instruments
Futures Contracts
Assets	$	450,030		$	—	$	—	$	450,030
Liabilities		(144,737	)		—		—		(144,737	)
Total	$	305,293		$	—	$	—	$	305,293


The accompanying notes are an integral part of these financial statements.				9

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	397,305,298

Cash		2,103,562

Interest receivable		2,979,058

Receivable for investments sold		2,887,436

Cash deposits with brokers for futures contracts		1,043,520

Receivable for variation margin on futures contracts		271,580

Reimbursement receivable from adviser		6,579

Receivable for fund shares subscribed		10

Prepaid expenses		5,007


Total Assets		406,602,050


Liabilities

Payable for investments purchased		4,829,087

Payable for fund shares redeemed		355,239

Investment advisory fees payable		145,444

Accrued audit fees		15,763

Accrued trustees’ and officers’ fees		4,304

Accrued expenses and other liabilities		44,424


Total Liabilities		5,394,261


Total Net Assets	$	401,207,789


Net Assets Consist of:

Paid-in capital	$	400,030,690

Distributable earnings		1,177,099


Total Net Assets	$	401,207,789

Investments, at Cost	$	399,068,079


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		39,762,857

Net Asset Value Per Share		$10.09


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Interest	$	10,404,969

Dividends		181,779


Total Investment Income		10,586,748


Expenses

Investment advisory fees		895,366

Professional fees		66,230

Trustees’ and officers’ fees		61,678

Administrative fees		40,198

Custodian and accounting fees		30,382

Transfer agent fees		10,776

Shareholder reports		6,237

Other expenses		12,349


Total Expenses		1,123,216

Less: Fees waived		(76,931	)


Total Expenses, Net		1,046,285


Net Investment Income/(Loss)		9,540,463


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts

Net realized gain/(loss) from investments		643,140

Net realized gain/(loss) from futures contracts		(691,635	)

Net realized gain/(loss) from swap contracts		(266,558	)

Net change in unrealized appreciation/(depreciation) on investments		(10,537,703	)

Net change in unrealized appreciation/(depreciation) on futures contracts		(935,895	)

Net change in unrealized appreciation/(depreciation) on swap contracts		128,533


Net Loss on Investments and Derivative Contracts		(11,660,118	)


Net Decrease in Net Assets Resulting From Operations	$	(2,119,655	)


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

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	9,540,463		$	18,116,419

Net realized gain/(loss) from investments and derivative contracts		(315,053	)		(32,907,044	)

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(11,345,065	)		37,348,689


Net Increase/(Decrease) in Net Assets Resulting from Operations		(2,119,655	)		22,558,064


Capital Share Transactions

Proceeds from sales of shares		30,908,818			36,651,130

Cost of shares redeemed		(52,134,926	)		(84,460,527	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(21,226,108	)		(47,809,397	)


Net Decrease in Net Assets		(23,345,763	)		(25,251,333	)


Net Assets

Beginning of period		424,553,552			449,804,885


End of period	$	401,207,789		$	424,553,552


Other Information:

Shares

Sold		3,084,345			3,747,836

Redeemed		(5,210,115	)		(8,649,366	)


Net Decrease		(2,125,770	)		(4,901,530	)


The accompanying notes are an integral part of these financial statements.				11

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 six reporting periods (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.


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	10.14	$	0.23	$	(0.28)	$	(0.05)	$	10.09		(0.49)%	⁽⁴⁾

Year Ended 12/31/23		9.61		0.40		0.13		0.53		10.14		5.52%

Period Ended 12/31/22⁽⁵⁾		10.00		0.22		(0.61)		(0.39)		9.61		(3.90)%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	401,208		0.51%	⁽⁴⁾		0.55%	⁽⁴⁾		4.65%	⁽⁴⁾		4.61%	⁽⁴⁾		122%	⁽⁴⁾

	424,554		0.50%			0.54%			4.13%			4.09%			316%

	449,805		0.50%	⁽⁴⁾		0.52%	⁽⁴⁾		3.41%	⁽⁴⁾		3.39%	⁽⁴⁾		90%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2022, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾	Commenced operations on May 2, 2022.


The accompanying notes are an integral part of these financial statements.				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

June 30, 2024 (unaudited)

1. Organization

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

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

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

2. Significant Accounting Policies

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

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

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

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

Equity securities traded on an exchange other than 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.


14

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 six months ended June 30, 2024, 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 June 30, 2024 is included in the Schedule of Investments.

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 June 30, 2024, 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


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME 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 (i) as alternatives to direct long or short investment in a particular security or securities, (ii) to adjust the Fund’s asset allocation or risk exposure, (iii) to enhance potential return, or (iv) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

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

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.

The Fund may also enter into cleared swaps with a central clearinghouse. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty serving as the clearinghouse, and performance of the transaction is effectively guaranteed against default by such counterparty, thereby reducing or eliminating the Fund’s exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. During the six months ended June 30, 2024, the Fund entered into credit default swaps for risk exposure management and to enhance potential return. There were no credit default swaps held as of June 30, 2024.

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 June 30, 2024.


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

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

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

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, 2025 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 0.53% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2024, the expense limitation was 0.50%. 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $76,931.

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 six months ended June 30, 2024, were as follows:



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	217,361,727	$	273,691,442
Sales		188,799,558		318,799,439

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.


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

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 June 30, 2024, the Fund did not hold any restricted, other than 144A restricted securities or illiquid 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. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as “prepayment risk”) or later (known as “extension risk”) than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

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


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

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. Derivative Instruments Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2024 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange traded futures, the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

Under certain market conditions, the Fund may use credit default swaps to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve exposure, (iii) manage risk, (iv) enhance returns, or (v) as substitutes for permitted Fund investments. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities.

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

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 June 30, 2024, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts

Asset Derivatives
Futures Contracts¹	$	450,030


Liability Derivatives
Futures Contracts¹	$	(144,737	)

¹	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 six months ended June 30, 2024 were as follows:



	Interest Rate Contracts			Credit Default Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(691,635	)	$	—
Swap Contracts²		—			(266,558	)


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts³	$	(935,895	)	$	—
Swap Contracts⁴		—			128,533


Average Number of Notional Amounts
Futures Contracts⁵		742			—
Swap Contracts – Buy/Sell Protection	$	—		$	6,257,143

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

²	Statement of Operations location: Net realized gain/(loss) from swap contracts.

³	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

⁴	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on swap contracts.

⁵	Amount represents number of contracts.


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

j. Market Risk An investment in the Fund is based on the values of the Fund’s investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 3, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2024.

7. Indemnifications

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


20

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 27-28, 2024 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund;

Guardian Short Duration Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iv) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (v) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vi) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (viii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (ix) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (x) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; and (xi) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-Adviser) with respect to Guardian International Equity VIP Fund for a one-year term.


				21

The Board is responsible for overseeing the management of each Fund. In determining whether to renew its approval of the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Agreements. The Trustees received written responses from the Manager and each Sub-Adviser to a series of questions and requests for information encompassing a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Independent Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-Advisers.

During the course of their deliberations, the Independent Trustees met twice to discuss and evaluate the materials, information and Agreements in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or any Sub-Adviser.

In reaching its decisions to renew its approval of the Agreements, the Board took into account the materials and information described above, as well as other materials and information provided to the Board throughout the year. Individual Trustees may have given different weight to different factors and information with respect to each Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreements. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to renew its approval of the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and to the Sub-advised Funds by the Sub-Advisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Sub-Advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Sub-Adviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board received information regarding the response of the Manager and the Sub-Advisers to the continuation of remote work arrangements and return-to-office plans. The Board also received information about the Manager’s role as administrator of the Funds’ derivatives risk and liquidity risk management programs, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-Advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including


22

investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-Advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations, that the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advised Funds by each respective Sub-Adviser were appropriate.

Investment Performance

In connection with each of its regular quarterly meetings, the Board receives information on the performance of each Fund, including net performance, relative performance rankings within the relevant Morningstar peer group, and performance as compared to benchmark index returns. At each quarterly Board meeting, members of the Manager’s funds management team review with the Board the economic and market environment, absolute and relative performance of each Fund, and any relevant information about risk management and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

The Board received and considered the Manager’s estimate of its profitability, which included allocations by the Manager of its costs in providing management services to the Funds. The Board considered the estimated profitability of the Manager both overall and on a Fund-by-Fund basis.

The Board received and considered profitability information from most of the Sub-Advisers, but noted that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Sub-Advisers is a less relevant factor than Manager profitability.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the management fees and actual expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the


				23

reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

Ancillary Benefits

The Board considered the potential benefits, other than management fees, that the Manager and/or its affiliates may receive because of the Manager’s relationship with the Funds. The Trustees considered that the Funds were designed to serve as investment options under variable contracts issued by affiliates of the Manager that would receive fees under those contracts and that Park Avenue Securities LLC, an affiliate of the Manager and principal underwriter of the Funds, and participating insurance companies, including insurance companies affiliated with the Manager, would be entitled to receive fees from the Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that

the Sub-advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is considered “in line with” the benchmark index if it is within 0.20%.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile for its performance universe for the 5-year period, in the 3^rd quintile for the 3-year period and in the 2^nd quintile for the 1-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 3-year and 5-year periods and higher than the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee and actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 2^nd quintile for the 5-year period and 3^rd quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile for the 1-year and 5-year periods and in the 5^th quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.


24

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year and 5-year periods and in the 2^nd quintile for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was below the benchmark index for the 3-year period.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board noted that the Fund’s performance was below the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year and 5-year periods and in the 1^st quintile for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group, the actual management fee was in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

•

Guardian Growth & Income VIP Fund

•

Fund’s performance was higher than the benchmark index for the 3-year and 5-year periods and in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board noted that the Fund’s performance was below the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 5-year period, in the 1^st quintile for the 3-year period and in the 5^th quintile for 1-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year and 5-year periods and higher than the benchmark index for the 3-year period.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, that the actual management fee was in the 1^st quintile and that the actual total expenses were in the 4^th quintile.


				25

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board noted that the Fund’s performance was in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 3-year and 5-year periods and in the 5^th quintile for the 1-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 3-year and 5-year periods and below the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the actual total expenses were in the 3^rd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board noted that the Fund’s performance was below the benchmark index for the 1-year period.

•

Guardian Small Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 3-year period and in the 2^nd quintile for the 1-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period and in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 5-year period and in the 3^rd quintile of its performance universe for the 1- and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 5-year period.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group, the actual management fee was in the 2^nd quintile of the expense group and that the actual total expenses were in the 4^th quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 3-year and 5-year periods and in the 4^th quintile for the 1-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual total expenses were in the 2^nd quintile of the expense group and the actual management fee was in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 1-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 1-year and 3-year periods.

•

Guardian Balanced Allocation VIP Fund

•


26

in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board noted that the Fund’s performance was below the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 5-year periods and in the 2^nd quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year and 5-year periods.

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group, the actual management fee was in the 1^st quintile of the expense group and the actual total expenses were in the 4^th quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 3-year period and in the 4^th quintile of its performance universe for the 1-year period. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period and in line with the benchmark index for the 3-year period.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the actual total expenses were in the 3^rd quintile of the expense group.

Conclusion

Based on a comprehensive consideration and evaluation of all of the information and factors summarized above, among others, the Board as a whole, including the Independent Trustees, approved the Agreements.


				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.

LOGO

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

PUB11740

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Core Plus Fixed Income VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Core Plus Fixed Income VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			12

Statement of Operations			12

Statements of Changes in Net Assets			13

Financial Highlights			14

Notes to Financial Statements			16

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			23

Item 9. Proxy Disclosures for Open-End Management Investment Companies			23

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			23

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			23

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 27.3%

Federal Home Loan Mortgage Corp. 4.50% due 8/1/2052	$	1,153,966	$	1,099,649
5.00% due 7/1/2052		511,388		499,659
5.00% due 8/1/2052		779,514		763,608

Federal National Mortgage Association 2.00% due 6/1/2051		491,445		386,123
2.00% due 11/1/2051		383,145		303,741
2.50% due 8/1/2050		3,299,794		2,763,659
2.50% due 9/1/2050		2,484,327		2,075,424
2.50% due 1/1/2051		1,112,617		928,714
2.50% due 6/1/2051		756,360		627,303
2.50% due 8/1/2051		250,597		209,164
2.50% due 9/1/2051		391,181		325,366
2.50% due 12/1/2051		2,350,899		1,953,106
3.00% due 12/1/2048		1,822,962		1,592,471
3.00% due 1/1/2051		506,435		438,672
3.50% due 7/1/2045		517,910		469,034
3.50% due 9/1/2051		220,397		198,131
3.50% due 4/1/2052		933,496		836,153
4.00% due 5/1/2052		957,761		888,577
4.00% due 6/1/2052		1,005,156		927,703
5.00% due 7/1/2052		677,360		663,369
5.00% due 8/1/2052		1,042,221		1,016,673

Freddie Mac Multifamily Structured Pass-Through Certificates Series K143, Class A2 2.35% due 3/25/2032		680,000		574,017
Series K145, Class A2 2.58% due 5/25/2032		641,000		548,774
Series KG07, Class A2 3.123% due 8/25/2032⁽¹⁾⁽²⁾		1,146,000		1,019,873

Government National Mortgage Association 2.00% due 7/20/2054⁽³⁾		572,000		462,928
2.50% due 8/20/2054⁽³⁾		1,490,000		1,253,331
3.00% due 7/20/2054⁽³⁾		1,389,000		1,209,976
3.00% due 8/20/2054⁽³⁾		1,612,000		1,404,937
3.50% due 7/20/2054⁽³⁾		1,850,000		1,661,590
3.50% due 8/20/2054⁽³⁾		1,201,000		1,079,250
4.00% due 7/20/2054⁽³⁾		1,338,000		1,236,170
4.00% due 8/20/2054⁽³⁾		1,009,000		932,837
4.50% due 7/20/2054⁽³⁾		1,050,000		997,970
5.00% due 7/20/2054⁽³⁾		1,001,000		974,645
5.00% due 8/20/2054⁽³⁾		612,000		596,005
5.50% due 7/20/2054⁽³⁾		1,262,000		1,252,135
5.50% due 8/20/2054⁽³⁾		824,000		817,204
6.00% due 7/20/2054⁽³⁾		366,000		367,501
6.00% due 8/20/2054⁽³⁾		448,000		449,559
6.50% due 7/20/2054⁽³⁾		791,000		801,947
6.50% due 8/20/2054⁽³⁾		1,441,000		1,459,474

Uniform Mortgage-Backed Security 2.00% due 8/1/2054⁽³⁾		1,453,000		1,137,430
2.50% due 8/1/2054⁽³⁾		651,000		532,047
3.00% due 8/1/2054⁽³⁾		297,000		252,773
5.00% due 7/1/2054⁽³⁾		1,182,000		1,142,115
5.50% due 8/1/2039⁽³⁾		1,890,000		1,893,194


June 30, 2024 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities (continued)
5.50% due 7/1/2054⁽³⁾	$	1,537,000	$	1,515,328
5.50% due 8/1/2054⁽³⁾		1,251,000		1,233,462
6.00% due 8/1/2039⁽³⁾		2,530,000		2,556,894
6.00% due 7/1/2054⁽³⁾		2,002,000		2,007,265
6.00% due 8/1/2054⁽³⁾		974,000		976,425
6.50% due 7/1/2054⁽³⁾		641,000		652,294
6.50% due 8/1/2054⁽³⁾		976,000		992,904
7.00% due 8/1/2054⁽³⁾		1,674,000		1,720,470


Total Agency Mortgage-Backed Securities (Cost $56,419,301)				54,679,023
Asset-Backed Securities – 18.9%

Affirm Asset Securitization Trust Series 2023-B, Class A 6.82% due 9/15/2028⁽⁴⁾		945,000		955,931
Series 2024-A, Class 1A 5.61% due 2/15/2029⁽⁴⁾		355,000		353,843

American Express Credit Account Master Trust Series 2024-2, Class A 5.24% due 4/15/2031		445,000		452,856

Avant Loans Funding Trust Series 2022-REV1, Class A 6.54% due 9/15/2031⁽⁴⁾		644,117		644,519

Avid Automobile Receivables Trust Series 2021-1, Class E 3.39% due 4/17/2028⁽⁴⁾		830,000		804,036

Avis Budget Rental Car Funding AESOP LLC Series 2019-3A, Class A 2.36% due 3/20/2026⁽⁴⁾		1,545,000		1,517,169

Bain Capital Credit CLO Ltd. Series 2023-4A, Class C 8.225% (3 mo. USD Term SOFR + 2.90%) due 10/21/2036⁽²⁾⁽⁴⁾		250,000		251,750
Series 2023-4A, Class D 10.325% (3 mo. USD Term SOFR + 5.00%) due 10/21/2036⁽²⁾⁽⁴⁾		540,000		552,418

Ballyrock CLO 23 Ltd. Series 2023-23A, Class A1 7.304% (3 mo. USD Term SOFR + 1.98%) due 4/25/2036⁽²⁾⁽⁴⁾		250,000		252,651

Ballyrock CLO 25 Ltd. Series 2023-25A, Class A2 7.774% (3 mo. USD Term SOFR + 2.45%) due 1/25/2036⁽²⁾⁽⁴⁾		500,000		501,272

Bank of America Auto Trust Series 2023-1A, Class A3 5.53% due 2/15/2028⁽⁴⁾		545,000		545,764
Series 2024-1A, Class A3 5.35% due 11/15/2028⁽⁴⁾		395,000		396,001

Barings CLO Ltd. Series 2019-3A, Class A1R 6.656% (3 mo. USD Term SOFR + 1.33%) due 4/20/2031⁽²⁾⁽⁴⁾		500,000		500,250


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1R 6.862% (3 mo. USD Term SOFR + 1.53%) due 7/20/2037⁽²⁾⁽⁴⁾	$	880,000	$	880,000

Capital One Multi-Asset Execution Trust Series 2022-A1, Class A1 2.80% due 3/15/2027		1,025,000		1,005,677

Carlyle Global Market Strategies CLO Ltd. Series 2012-3A, Class A1A2 6.77% (3 mo. USD Term SOFR + 1.44%) due 1/14/2032⁽²⁾⁽⁴⁾		284,416		284,814

Carlyle U.S. CLO Ltd. Series 2021-1A, Class A1 6.73% (3 mo. USD Term SOFR + 1.40%) due 4/15/2034⁽²⁾⁽⁴⁾		1,400,000		1,398,880
Series 2024-1A, Class B 7.294% (3 mo. USD Term SOFR + 2.00%) due 4/15/2037⁽²⁾⁽⁴⁾		450,000		450,763

CarMax Auto Owner Trust Series 2023-1, Class B 4.98% due 1/16/2029		850,000		841,052

CarMax Select Receivables Trust Series 2024-A, Class A3 5.40% due 11/15/2028		380,000		379,687

Chase Auto Owner Trust Series 2024-1A, Class A3 5.13% due 5/25/2029⁽⁴⁾		890,000		889,440

CIFC Funding Ltd. Series 2021-4A, Class A 6.64% (3 mo. USD Term SOFR + 1.31%) due 7/15/2033⁽²⁾⁽⁴⁾		1,000,000		1,000,500

Citizens Auto Receivables Trust Series 2023-1, Class A3 5.84% due 1/18/2028⁽⁴⁾		1,005,000		1,009,450
Series 2024-2, Class A4 5.26% due 4/15/2031⁽⁴⁾		545,000		547,364

Driven Brands Funding LLC Series 2020-1A, Class A2 3.786% due 7/20/2050⁽⁴⁾		221,375		205,867

Elmwood CLO 24 Ltd. Series 2023-3A, Class B 7.683% (3 mo. USD Term SOFR + 2.35%) due 12/11/2033⁽²⁾⁽⁴⁾		470,000		470,478

Exeter Automobile Receivables Trust Series 2020-2A, Class E 7.19% due 9/15/2027⁽⁴⁾		1,100,000		1,103,071
Series 2022-2A, Class B 3.65% due 10/15/2026		152,945		152,790

First National Master Note Trust Series 2024-1, Class A 5.34% due 5/15/2030		805,000		807,207


June 30, 2024 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

GLS Auto Receivables Issuer Trust Series 2024-2A, Class D 6.19% due 2/15/2030⁽⁴⁾	$	285,000	$	289,317

GLS Auto Select Receivables Trust Series 2024-2A, Class A2 5.58% due 6/17/2030⁽⁴⁾		520,000		520,182

GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class C 7.671% (3 mo. USD Term SOFR + 2.35%) due 4/20/2037⁽²⁾⁽⁴⁾		330,000		329,978

HPEFS Equipment Trust Series 2024-2A, Class A3 5.36% due 10/20/2031⁽⁴⁾		420,000		419,681

Kubota Credit Owner Trust Series 2024-2A, Class A3 5.26% due 11/15/2028⁽⁴⁾		805,000		804,028

Lending Funding Trust Series 2020-2A, Class A 2.32% due 4/21/2031⁽⁴⁾		936,000		875,437

Lendmark Funding Trust Series 2021-1A, Class A 1.90% due 11/20/2031⁽⁴⁾		750,000		686,770

LoanCore Issuer Ltd. Series 2022-CRE7, Class A 6.883% (30 day SOFR + 1.55%) due 1/17/2037⁽²⁾⁽⁴⁾		478,427		476,013

Madison Park Funding LVIII Ltd. Series 2024-58A, Class D 8.973% (3 mo. USD Term SOFR + 3.65%) due 4/25/2037⁽²⁾⁽⁴⁾		320,000		322,660

Magnetite XXXVIII Ltd. Series 2024-38A, Class B 7.294% (3 mo. USD Term SOFR + 2.00%) due 4/15/2037⁽²⁾⁽⁴⁾		420,000		420,762

Marble Point CLO XVII Ltd. Series 2020-1A, Class A 6.886% (3 mo. USD Term SOFR + 1.56%) due 4/20/2033⁽²⁾⁽⁴⁾		613,030		612,785

Marlette Funding Trust Series 2020-2A, Class D 4.65% due 9/16/2030⁽⁴⁾		160,676		160,167

Mercury Financial Credit Card Master Trust Series 2024-2A, Class A 6.56% due 7/20/2029⁽⁴⁾		360,000		360,748

MF1 LLC Series 2024-FL14, Class A 7.076% (1 mo. USD Term SOFR + 1.74%) due 3/19/2039⁽²⁾⁽⁴⁾		490,000		489,835

Mountain View CLO LLC Series 2017-1A, Class AR 6.679% (3 mo. USD Term SOFR + 1.35%) due 10/16/2029⁽²⁾⁽⁴⁾		124,704		124,704


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

OCP CLO Ltd. Series 2014-7A, Class A1RR 6.706% (3 mo. USD Term SOFR + 1.38%) due 7/20/2029⁽²⁾⁽⁴⁾	$	222,933	$	223,201

Palmer Square CLO Ltd. Series 2024-2A, Class A1 5.65% (3 mo. USD Term SOFR + 1.40%) due 7/20/2037⁽²⁾⁽⁴⁾		530,000		530,000

Peebles Park CLO Ltd. Series 2024-1A, Class B1 7.304% (3 mo. USD Term SOFR + 2.00%) due 4/21/2037⁽²⁾⁽⁴⁾		350,000		350,842

Rad CLO 24 Ltd. Series 2024-24A, Class B 2.053% (3 mo. USD Term SOFR + 2.00%) due 7/20/2037⁽²⁾⁽⁴⁾		390,000		389,505

RR 24 Ltd. Series 2022-24A, Class A2R 7.729% (3 mo. USD Term SOFR + 2.40%) due 1/15/2036⁽²⁾⁽⁴⁾		530,000		534,743

Santander Consumer Auto Receivables Trust Series 2020-BA, Class D 2.14% due 12/15/2026⁽⁴⁾		1,115,599		1,106,416

Santander Drive Auto Receivables Trust Series 2022-7, Class C 6.69% due 3/17/2031		1,060,000		1,077,368
Series 2024-2, Class D 6.28% due 8/15/2031		530,000		533,084

SBNA Auto Receivables Trust Series 2024-A, Class A3 5.32% due 12/15/2028⁽⁴⁾		660,000		658,026

SCF Equipment Leasing LLC Series 2021-1A, Class C 1.54% due 10/21/2030⁽⁴⁾		1,000,000		946,215

SEB Funding LLC Series 2021-1A, Class A2 4.969% due 1/30/2052⁽⁴⁾		371,070		352,837

Signal Peak CLO 8 Ltd. Series 2020-8A, Class A 6.856% (3 mo. USD Term SOFR + 1.53%) due 4/20/2033⁽²⁾⁽⁴⁾		1,003,948		1,003,546

Sunrun Demeter Issuer LLC Series 2021-2A, Class A 2.27% due 1/30/2057⁽⁴⁾		435,090		355,939

Texas Debt Capital CLO Ltd. Series 2024-1A, Class B 7.22% (3 mo. USD Term SOFR + 1.95%) due 4/22/2037⁽²⁾⁽⁴⁾		560,000		561,194

Valley Stream Park CLO Ltd. Series 2022-1A, Class BR 7.575% (3 mo. USD Term SOFR + 2.25%) due 10/20/2034⁽²⁾⁽⁴⁾		470,000		469,931


June 30, 2024 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Voya CLO Ltd. Series 2018-1A, Class A2 6.888% (3 mo. USD Term SOFR + 1.56%) due 4/19/2031⁽²⁾⁽⁴⁾	$	320,000	$	318,432

Westlake Automobile Receivables Trust Series 2020-3A, Class E 3.34% due 6/15/2026⁽⁴⁾		750,000		745,438
Series 2023-1A, Class C 5.74% due 8/15/2028⁽⁴⁾		1,015,000		1,010,214

World Financial Network Credit Card Master Trust Series 2024-A, Class A 5.47% due 2/17/2031		600,000		603,043


Total Asset-Backed Securities (Cost $38,116,356)				37,818,541
Corporate Bonds & Notes – 43.8%

Aerospace & Defense – 0.4%

Boeing Co. 6.528% due 5/1/2034⁽⁴⁾		299,000		306,101
6.858% due 5/1/2054⁽⁴⁾		225,000		230,688

Bombardier, Inc. 7.25% due 7/1/2031⁽⁴⁾		206,000		211,490


				748,279
Agriculture – 1.3%

BAT Capital Corp. 3.222% due 8/15/2024		833,000		829,835
5.834% due 2/20/2031		211,000		213,882
6.343% due 8/2/2030		500,000		522,150

Imperial Brands Finance PLC 5.50% due 2/1/2030⁽⁴⁾		627,000		621,508

Viterra Finance BV 4.90% due 4/21/2027⁽⁴⁾		398,000		391,158


				2,578,533
Airlines – 0.2%

American Airlines, Inc. 7.25% due 2/15/2028⁽⁴⁾		210,000		210,000

VistaJet Malta Finance PLC/Vista Management Holding, Inc. 7.875% due 5/1/2027⁽⁴⁾		267,000		235,886


				445,886
Auto Manufacturers – 1.6%

Ford Motor Co. 9.625% due 4/22/2030		288,000		334,970

Ford Motor Credit Co. LLC 2.70% due 8/10/2026		200,000		187,886
3.375% due 11/13/2025		275,000		266,139
4.134% due 8/4/2025		253,000		248,254
6.125% due 3/8/2034		356,000		352,693

Ford Otomotiv Sanayi AS 7.125% due 4/25/2029⁽⁴⁾		200,000		201,820

General Motors Financial Co., Inc. 5.60% due 6/18/2031		408,000		405,328

Hyundai Capital America 1.80% due 10/15/2025⁽⁴⁾		402,000		383,021
5.40% due 1/8/2031⁽⁴⁾		332,000		329,769
5.80% due 6/26/2025⁽⁴⁾		278,000		278,361

JB Poindexter & Co., Inc. 8.75% due 12/15/2031⁽⁴⁾		272,000		282,045


				3,270,286


The accompanying notes are an integral part of these financial statements.				3

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Beverages – 0.1%

Coca-Cola Consolidated, Inc. 5.45% due 6/1/2034	$	218,000	$	219,945


				219,945
Biotechnology – 0.1%

Baxalta, Inc. 4.00% due 6/23/2025		175,000		172,426


				172,426
Building Materials – 0.5%

EMRLD Borrower LP/Emerald Co-Issuer, Inc. 6.75% due 7/15/2031⁽⁴⁾		204,000		206,670

Sisecam U.K. PLC 8.625% due 5/2/2032⁽⁴⁾		200,000		203,308

Smyrna Ready Mix Concrete LLC 6.00% due 11/1/2028⁽⁴⁾		249,000		243,253

Standard Industries, Inc. 4.375% due 7/15/2030⁽⁴⁾		303,000		273,733


				926,964
Chemicals – 1.3%

Celanese U.S. Holdings LLC 6.05% due 3/15/2025		810,000		810,356

CVR Partners LP/CVR Nitrogen Finance Corp. 6.125% due 6/15/2028⁽⁴⁾		265,000		254,702

International Flavors & Fragrances, Inc. 1.23% due 10/1/2025⁽⁴⁾		1,008,000		953,639

NOVA Chemicals Corp. 9.00% due 2/15/2030⁽⁴⁾		295,000		311,750

Rain Carbon, Inc. 12.25% due 9/1/2029⁽⁴⁾		249,000		268,345

Rain CII Carbon LLC/CII Carbon Corp. 7.25% due 4/1/2025⁽⁴⁾		6,000		5,863


				2,604,655
Coal – 0.1%

SunCoke Energy, Inc. 4.875% due 6/30/2029⁽⁴⁾		263,000		238,415


				238,415
Commercial Banks – 10.6%

ABN AMRO Bank NV 3.324% (3.324% fixed rate until 12/13/2031; 5 yr. CMT rate+ 1.90% thereafter) due 3/13/2037⁽²⁾⁽⁴⁾		400,000		328,812

AIB Group PLC 6.608% (6.608% fixed rate until 9/13/2028; 1 day USD SOFR + 2.33% thereafter) due 9/13/2029⁽²⁾⁽⁴⁾		389,000		401,397

Akbank TAS 7.498% due 1/20/2030⁽⁴⁾		200,000		199,022

Bank of America Corp. 2.087% (2.087% fixed rate until 6/14/2028; 1 day USD SOFR + 1.06% thereafter) due 6/14/2029⁽²⁾		769,000		682,334


June 30, 2024 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
3.593% (3.593% fixed rate until 7/21/2027; 3 mo. USD Term SOFR + 1.63% thereafter) due 7/21/2028⁽²⁾	$	987,000	$	939,328

BankUnited, Inc. 5.125% due 6/11/2030		613,000		551,651

BBVA Bancomer SA 8.125% (8.125% fixed rate until 1/8/2034; 5 yr. CMT rate + 4.21% thereafter) due 1/8/2039⁽²⁾⁽⁴⁾		400,000		405,144

BNP Paribas SA 2.219% (2.219% fixed rate until 6/9/2025; 1 day USD SOFR + 2.07% thereafter) due 6/9/2026⁽²⁾⁽⁴⁾		1,019,000		985,220
4.375% (4.375% fixed rate until 3/1/2028; 5 yr. USD Swap rate + 1.48% thereafter) due 3/1/2033⁽²⁾⁽⁴⁾		599,000		565,210
5.738% (5.738% fixed rate until 2/20/2034; 1 day USD SOFR + 1.88% thereafter) due 2/20/2035⁽²⁾⁽⁴⁾		200,000		199,134

BPCE SA 5.936% (5.936% fixed rate until 5/30/2034; 1 day USD SOFR + 1.85% thereafter) due 5/30/2035⁽²⁾⁽⁴⁾		500,000		498,300

Citigroup, Inc. 3.887% (3.887% fixed rate until 1/10/2027; 3 mo. USD Term SOFR + 1.82% thereafter) due 1/10/2028⁽²⁾		963,000		930,037
3.98% (3.98% fixed rate until 3/20/2029; 3 mo. USD Term SOFR + 1.60% thereafter) due 3/20/2030⁽²⁾		750,000		707,617
5.827% (5.827% fixed rate until 2/13/2034; 1 day USD SOFR + 2.06% thereafter) due 2/13/2035⁽²⁾		953,000		944,623

Danske Bank AS 6.466% (6.466% fixed rate until 1/9/2025; 1 yr. CMT rate + 2.10% thereafter) due 1/9/2026⁽²⁾⁽⁴⁾		434,000		435,176

First-Citizens Bank & Trust Co. 2.969% (2.969% fixed rate until 9/27/2024; 3 mo. USD Term SOFR + 1.72% thereafter) due 9/27/2025⁽²⁾		518,000		512,545

Freedom Mortgage Corp. 12.25% due 10/1/2030⁽⁴⁾		200,000		215,412

Intesa Sanpaolo SpA 6.625% due 6/20/2033⁽⁴⁾		440,000		454,903

M&T Bank Corp. 5.053% (5.053% fixed rate until 1/27/2033; 1 day USD SOFR + 1.85% thereafter) due 1/27/2034⁽²⁾		376,000		347,883


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Commercial Banks (continued)

Macquarie Bank Ltd. 3.624% due 6/3/2030⁽⁴⁾	$	203,000	$	180,573

Macquarie Group Ltd. 2.691% (2.691% fixed rate until 6/23/2031; 1 day USD SOFR + 1.44% thereafter) due 6/23/2032⁽²⁾⁽⁴⁾		678,000		561,777
4.654% (4.654% fixed rate until 3/27/2028; 3 mo. USD Term SOFR + 1.99% thereafter) due 3/27/2029⁽²⁾⁽⁴⁾		700,000		684,768

Mitsubishi UFJ Financial Group, Inc. 5.541% (5.541% fixed rate until 4/17/2025; 1 yr. CMT rate + 1.50% thereafter) due 4/17/2026⁽²⁾		320,000		319,594

Morgan Stanley 4.431% (4.431% fixed rate until 1/23/2029; 3 mo. USD Term SOFR + 1.89% thereafter) due 1/23/2030⁽²⁾		500,000		483,365
5.297% (5.297% fixed rate until 4/20/2032; 1 day USD SOFR + 2.62% thereafter) due 4/20/2037⁽²⁾		1,004,000		961,581

NatWest Group PLC 5.808% (5.808% fixed rate until 9/13/2028; 1 yr. CMT rate + 1.95% thereafter) due 9/13/2029⁽²⁾		327,000		331,166
8.125% (8.125% fixed rate until 11/10/2033; 5 yr. CMT rate + 3.75% thereafter) due 11/10/2033⁽²⁾		200,000		202,514

Truist Financial Corp. 5.711% (5.711% fixed rate until 1/24/2034; 1 day USD SOFR + 1.92% thereafter) due 1/24/2035⁽²⁾		466,000		464,057

U.S. Bancorp 4.967% (4.967% fixed rate until 7/22/2032; 1 day USD SOFR + 2.11% thereafter) due 7/22/2033⁽²⁾		785,000		743,952
5.678% (5.678% fixed rate until 1/23/2034; 1 day USD SOFR + 1.86% thereafter) due 1/23/2035⁽²⁾		472,000		474,209

UBS Group AG 1.364% (1.364% fixed rate until 1/30/2026; 1 yr. CMT rate + 1.08% thereafter) due 1/30/2027⁽²⁾⁽⁴⁾		473,000		441,560
1.494% (1.494% fixed rate until 8/10/2026; 1 yr. CMT rate + 0.85% thereafter) due 8/10/2027⁽²⁾⁽⁴⁾		504,000		462,329
4.703% (4.703% fixed rate until 8/5/2026; 1 yr. CMT rate + 2.05% thereafter) due 8/5/2027⁽²⁾⁽⁴⁾		365,000		358,273


June 30, 2024 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
4.988% (4.988% fixed rate until 8/5/2032; 1 yr. CMT rate + 2.40% thereafter) due 8/5/2033⁽²⁾⁽⁴⁾	$	449,000	$	428,279
6.327% (6.327% fixed rate until 12/22/2026; 1 yr. CMT rate + 1.60% thereafter) due 12/22/2027⁽²⁾⁽⁴⁾		403,000		409,363
6.373% (6.373% fixed rate until 7/15/2025; 1 day USD SOFR + 3.34% thereafter) due 7/15/2026⁽²⁾⁽⁴⁾		690,000		693,491
6.442% (6.442% fixed rate until 8/11/2027; 1 day USD SOFR + 3.70% thereafter) due 8/11/2028⁽²⁾⁽⁴⁾		509,000		521,934

Wells Fargo & Co. 2.188% (2.188% fixed rate until 4/30/2025; 1 day USD SOFR + 2.00% thereafter) due 4/30/2026⁽²⁾		652,000		633,144
2.393% (2.393% fixed rate until 6/2/2027; 1 day USD SOFR + 2.10% thereafter) due 6/2/2028⁽²⁾		864,000		796,064
3.584% (3.584% fixed rate until 5/22/2027; 3 mo. USD Term SOFR + 1.57% thereafter) due 5/22/2028⁽²⁾		723,000		688,535


				21,144,276
Commercial Services – 0.7%

Adani Ports & Special Economic Zone Ltd. 4.00% due 7/30/2027		300,000		276,648

Allied Universal Holdco LLC 7.875% due 2/15/2031⁽⁴⁾		348,000		349,249

Block, Inc. 6.50% due 5/15/2032⁽⁴⁾		246,000		249,336

GXO Logistics, Inc. 6.50% due 5/6/2034		521,000		529,143


				1,404,376
Diversified Financial Services – 3.5%

Air Lease Corp. 5.20% due 7/15/2031		288,000		281,822

Aircastle Ltd. 2.85% due 1/26/2028⁽⁴⁾		600,000		542,406

Aviation Capital Group LLC 1.95% due 1/30/2026⁽⁴⁾		408,000		383,932
5.50% due 12/15/2024⁽⁴⁾		767,000		764,952
6.375% due 7/15/2030⁽⁴⁾		805,000		832,233

Avolon Holdings Funding Ltd. 2.125% due 2/21/2026⁽⁴⁾		800,000		752,104
4.25% due 4/15/2026⁽⁴⁾		800,000		776,776
5.75% due 11/15/2029⁽⁴⁾		312,000		310,493

Blue Owl Finance LLC 6.25% due 4/18/2034⁽⁴⁾		135,000		135,466


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Diversified Financial Services (continued)

Capital One Financial Corp. 5.70% (5.70% fixed rate until 2/1/2029; 1 day USD SOFR + 1.91% thereafter) due 2/1/2030⁽²⁾	$	303,000	$	304,221

GGAM Finance Ltd. 8.00% due 2/15/2027⁽⁴⁾		221,000		228,496

LPL Holdings, Inc. 4.00% due 3/15/2029⁽⁴⁾		672,000		627,635

Navient Corp. 4.875% due 3/15/2028		221,000		202,155

Neuberger Berman Group LLC/Neuberger Berman Finance Corp. 4.50% due 3/15/2027⁽⁴⁾		365,000		350,499
4.875% due 4/15/2045⁽⁴⁾		198,000		158,731

Nuveen LLC 5.85% due 4/15/2034⁽⁴⁾		304,000		305,429


				6,957,350
Electric – 3.3%

AES Corp. 3.95% due 7/15/2030⁽⁴⁾		525,000		480,154

Alfa Desarrollo SpA 4.55% due 9/27/2051⁽⁴⁾		292,918		220,145

American Transmission Systems, Inc. 2.65% due 1/15/2032⁽⁴⁾		238,000		197,840

Appalachian Power Co. 5.65% due 4/1/2034		334,000		330,870

Ausgrid Finance Pty. Ltd. 4.35% due 8/1/2028⁽⁴⁾		580,000		557,090

Dominion Energy, Inc. Series A 6.875% (6.875% fixed rate until 11/3/2029; 5 yr. CMT rate + 2.39% thereafter) due 2/1/2055⁽²⁾		145,000		148,181

Duke Energy Indiana LLC 5.40% due 4/1/2053		236,000		223,133

Enel Finance International NV 5.125% due 6/26/2029⁽⁴⁾		287,000		282,767

Entergy Louisiana LLC 5.70% due 3/15/2054		327,000		322,285

Indianapolis Power & Light Co. 5.65% due 12/1/2032⁽⁴⁾		500,000		502,535

Minejesa Capital BV 4.625% due 8/10/2030⁽⁴⁾		440,725		421,576

Narragansett Electric Co. 5.35% due 5/1/2034⁽⁴⁾		333,000		329,717

NRG Energy, Inc. 4.45% due 6/15/2029⁽⁴⁾		280,000		264,200

Oglethorpe Power Corp. 5.80% due 6/1/2054⁽⁴⁾		194,000		190,304

Southern Co. 4.475% due 8/1/2024⁽²⁾		1,156,000		1,153,341

Vistra Operations Co. LLC 3.55% due 7/15/2024⁽⁴⁾		841,000		839,907
7.75% due 10/15/2031⁽⁴⁾		198,000		206,237


				6,670,282


June 30, 2024 (unaudited)	Principal Amount		Value
Electronics – 0.2%

EquipmentShare.com, Inc. 9.00% due 5/15/2028⁽⁴⁾	$	337,000	$	348,104


				348,104
Energy-Alternate Sources – 0.2%

Greenko Dutch BV 3.85% due 3/29/2026⁽⁴⁾		358,540		338,415


				338,415
Engineering & Construction – 0.4%

Aeropuertos Dominicanos Siglo XXI SA 7.00% due 6/30/2034⁽⁴⁾		200,000		202,350

IRB Infrastructure Developers Ltd. 7.11% due 3/11/2032⁽⁴⁾		266,000		266,226

Weekley Homes LLC/Weekley Finance Corp. 4.875% due 9/15/2028⁽⁴⁾		361,000		334,376


				802,952
Entertainment – 0.3%

Jacobs Entertainment, Inc. 6.75% due 2/15/2029⁽⁴⁾		255,000		237,242

Warnermedia Holdings, Inc. 3.788% due 3/15/2025		442,000		435,692


				672,934
Gas – 0.4%

CenterPoint Energy Resources Corp. 1.75% due 10/1/2030		301,000		245,472

National Fuel Gas Co. 5.50% due 1/15/2026		554,000		551,889


				797,361
Hand & Machine Tools – 0.3%

Regal Rexnord Corp. 6.05% due 2/15/2026		541,000		543,380


				543,380
Healthcare-Products – 0.6%

Revvity, Inc. 0.85% due 9/15/2024		750,000		742,305

Solventum Corp. 5.45% due 3/13/2031⁽⁴⁾		443,000		437,520


				1,179,825
Healthcare-Services – 1.4%

Centene Corp. 2.45% due 7/15/2028		536,000		475,984
3.375% due 2/15/2030		383,000		339,851
4.25% due 12/15/2027		419,000		400,061

CHS/Community Health Systems, Inc. 5.25% due 5/15/2030⁽⁴⁾		472,000		389,447

Concentra Escrow Issuer Corp. 6.875% due 7/15/2032⁽⁴⁾		58,000		58,859

DaVita, Inc. 4.625% due 6/1/2030⁽⁴⁾		238,000		215,364

Humana, Inc. 1.35% due 2/3/2027		375,000		339,852

LifePoint Health, Inc. 9.875% due 8/15/2030⁽⁴⁾		302,000		322,267

Molina Healthcare, Inc. 4.375% due 6/15/2028⁽⁴⁾		247,000		232,279


				2,773,964


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Holding Companies-Diversified – 0.1%

Stena International SA 7.25% due 1/15/2031⁽⁴⁾	$	207,000	$	211,411


				211,411
Insurance – 2.1%

Athene Global Funding 5.62% due 5/8/2026⁽⁴⁾		710,000		710,469

Brighthouse Financial Global Funding 5.65% due 6/10/2029⁽⁴⁾		408,000		408,102

Brown & Brown, Inc. 5.65% due 6/11/2034		363,000		361,044

CNO Global Funding 5.875% due 6/4/2027⁽⁴⁾		362,000		363,231

GA Global Funding Trust 3.85% due 4/11/2025⁽⁴⁾		898,000		883,659

Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC 7.25% due 2/15/2031⁽⁴⁾		251,000		249,288

HUB International Ltd. 7.375% due 1/31/2032⁽⁴⁾		307,000		311,442

Metropolitan Life Global Funding I 4.05% due 8/25/2025⁽⁴⁾		302,000		297,793

New York Life Global Funding 4.55% due 1/28/2033⁽⁴⁾		187,000		177,702

Principal Life Global Funding II 5.10% due 1/25/2029⁽⁴⁾		433,000		430,415


				4,193,145
Internet – 0.2%

Prosus NV 3.257% due 1/19/2027⁽⁴⁾		500,000		467,210


				467,210
Iron & Steel – 0.1%

ATI, Inc. 7.25% due 8/15/2030		197,000		203,962


				203,962
Leisure Time – 0.1%

Royal Caribbean Cruises Ltd. 6.25% due 3/15/2032⁽⁴⁾		243,000		244,835


				244,835
Lodging – 0.2%

MGM China Holdings Ltd. 4.75% due 2/1/2027		240,000		228,487

Wynn Macau Ltd. 5.625% due 8/26/2028⁽⁴⁾		250,000		234,313


				462,800
Machinery-Diversified – 0.4%

nVent Finance SARL 4.55% due 4/15/2028		818,000		795,096


				795,096
Media – 0.7%

CCO Holdings LLC/CCO Holdings Capital Corp. 4.50% due 5/1/2032		653,000		526,618


June 30, 2024 (unaudited)	Principal Amount		Value
Media (continued)

FactSet Research Systems, Inc. 3.45% due 3/1/2032	$	600,000	$	522,906

Globo Comunicacao e Participacoes SA 4.875% due 1/22/2030⁽⁴⁾		275,000		243,172

Gray Television, Inc. 7.00% due 5/15/2027⁽⁴⁾		226,000		207,990


				1,500,686
Mining – 1.2%

Anglo American Capital PLC 3.875% due 3/16/2029⁽⁴⁾		340,000		318,471

Antofagasta PLC 6.25% due 5/2/2034⁽⁴⁾		200,000		206,768

FMG Resources August 2006 Pty. Ltd. 4.375% due 4/1/2031⁽⁴⁾		280,000		250,267

Freeport Indonesia PT 6.20% due 4/14/2052		270,000		261,784

Glencore Funding LLC 5.371% due 4/4/2029⁽⁴⁾		342,000		340,269
5.634% due 4/4/2034⁽⁴⁾		483,000		475,639
6.375% due 10/6/2030⁽⁴⁾		216,000		225,219

Hecla Mining Co. 7.25% due 2/15/2028		246,000		246,576


				2,324,993
Miscellaneous Manufacturing – 0.1%

LSB Industries, Inc. 6.25% due 10/15/2028⁽⁴⁾		257,000		247,928


				247,928
Oil & Gas – 4.6%

Antero Resources Corp. 7.625% due 2/1/2029⁽⁴⁾		449,000		462,174

Apache Corp. 4.25% due 1/15/2030		268,000		248,712

Baytex Energy Corp. 8.50% due 4/30/2030⁽⁴⁾		200,000		209,168

California Resources Corp. 8.25% due 6/15/2029⁽⁴⁾		203,000		207,182

CITGO Petroleum Corp. 8.375% due 1/15/2029⁽⁴⁾		245,000		252,534

Civitas Resources, Inc. 8.375% due 7/1/2028⁽⁴⁾		194,000		203,549

CNX Resources Corp. 6.00% due 1/15/2029⁽⁴⁾		229,000		224,566

Comstock Resources, Inc. 6.75% due 3/1/2029⁽⁴⁾		361,000		349,813

Continental Resources, Inc. 5.75% due 1/15/2031⁽⁴⁾		1,333,000		1,310,885

Cosan Luxembourg SA 7.25% due 6/27/2031⁽⁴⁾		200,000		202,460

Coterra Energy, Inc. 5.60% due 3/15/2034		524,000		522,742

Crescent Energy Finance LLC 7.375% due 1/15/2033⁽⁴⁾		204,000		204,777

Diamond Foreign Asset Co./Diamond Finance LLC 8.50% due 10/1/2030⁽⁴⁾		230,000		241,192


The accompanying notes are an integral part of these financial statements.				7

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Oil & Gas (continued)

Ecopetrol SA 8.375% due 1/19/2036	$	324,000	$	318,609

Encino Acquisition Partners Holdings LLC 8.75% due 5/1/2031⁽⁴⁾		196,000		204,352

EQT Corp. 5.75% due 2/1/2034		345,000		341,484
7.00% due 2/1/2030		891,000		945,289

Medco Maple Tree Pte. Ltd. 8.96% due 4/27/2029⁽⁴⁾		250,000		261,265

Occidental Petroleum Corp. 6.625% due 9/1/2030		734,000		769,489

Ovintiv, Inc. 6.50% due 2/1/2038		400,000		410,644

Patterson-UTI Energy, Inc. 3.95% due 2/1/2028		175,000		164,626

Rockcliff Energy II LLC 5.50% due 10/15/2029⁽⁴⁾		240,000		224,654

Transocean, Inc. 8.50% due 5/15/2031⁽⁴⁾		413,000		412,591

Valaris Ltd. 8.375% due 4/30/2030⁽⁴⁾		207,000		214,276

Vital Energy, Inc. 7.875% due 4/15/2032⁽⁴⁾		216,000		219,305


				9,126,338
Oil & Gas Services – 0.1%

Kodiak Gas Services LLC 7.25% due 2/15/2029⁽⁴⁾		216,000		221,523


				221,523
Packaging & Containers – 0.2%

LABL, Inc. 9.50% due 11/1/2028⁽⁴⁾		226,000		228,352

Mauser Packaging Solutions Holding Co. 7.875% due 8/15/2026⁽⁴⁾		214,000		215,098


				443,450
Pharmaceuticals – 0.5%

Bayer Corp. 6.65% due 2/15/2028⁽⁴⁾		343,000		354,360

Bayer U.S. Finance LLC 6.375% due 11/21/2030⁽⁴⁾		400,000		409,876

Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125% due 4/30/2031⁽⁴⁾		226,000		202,917


				967,153
Pipelines – 2.2%

Cheniere Energy Partners LP 3.25% due 1/31/2032		344,000		293,343

Columbia Pipeline Group, Inc. 4.50% due 6/1/2025		339,000		334,891

Eastern Gas Transmission & Storage, Inc. 3.00% due 11/15/2029		428,000		382,944

EIG Pearl Holdings SARL 3.545% due 8/31/2036⁽⁴⁾		299,000		257,059


June 30, 2024 (unaudited)	Principal Amount		Value
Pipelines (continued)

Enbridge, Inc. 8.50% (8.50% fixed rate until 10/15/2033; 5 yr. CMT rate + 4.43% thereafter) due 1/15/2084⁽²⁾	$	512,000	$	552,566

EQM Midstream Partners LP 7.50% due 6/1/2030⁽⁴⁾		231,000		246,193

Galaxy Pipeline Assets Bidco Ltd. 3.25% due 9/30/2040⁽⁴⁾		276,000		210,668

Genesis Energy LP/Genesis Energy Finance Corp. 8.25% due 1/15/2029		205,000		211,538

Kinder Morgan Energy Partners LP 4.25% due 9/1/2024		643,000		641,000

NGL Energy Operating LLC/NGL Energy Finance Corp. 8.375% due 2/15/2032⁽⁴⁾		276,000		280,179

NGPL PipeCo LLC 3.25% due 7/15/2031⁽⁴⁾		314,000		268,074

Sabine Pass Liquefaction LLC 5.625% due 3/1/2025		278,000		277,455

Venture Global LNG, Inc. 8.375% due 6/1/2031⁽⁴⁾		367,000		380,539


				4,336,449
Real Estate Investment Trusts – 1.5%

American Tower Corp. 2.40% due 3/15/2025		448,000		437,391
2.95% due 1/15/2025		235,000		231,315
3.80% due 8/15/2029		616,000		572,591

Crown Castle, Inc. 3.30% due 7/1/2030		491,000		437,717

EPR Properties 4.50% due 6/1/2027		180,000		172,271
4.95% due 4/15/2028		344,000		329,322

Iron Mountain Information Management Services, Inc. 5.00% due 7/15/2032⁽⁴⁾		225,000		205,661

VICI Properties LP 6.125% due 4/1/2054		332,000		317,770

VICI Properties LP/VICI Note Co., Inc. 4.625% due 12/1/2029⁽⁴⁾		314,000		296,560


				3,000,598
Retail – 0.5%

Home Depot, Inc. 4.875% due 6/25/2027		274,000		273,647
5.30% due 6/25/2054		179,000		174,983

Macy’s Retail Holdings LLC 5.875% due 4/1/2029⁽⁴⁾		235,000		227,715

PetSmart, Inc./PetSmart Finance Corp. 7.75% due 2/15/2029⁽⁴⁾		250,000		243,230


				919,575
Semiconductors – 0.3%

Broadcom, Inc. 4.15% due 4/15/2032⁽⁴⁾		427,000		393,382

SK Hynix, Inc. 5.50% due 1/16/2029⁽⁴⁾		308,000		307,754


				701,136


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Software – 0.4%

Atlassian Corp. 5.50% due 5/15/2034	$	269,000	$	266,466

Cloud Software Group, Inc. 6.50% due 3/31/2029⁽⁴⁾		213,000		204,619
9.00% due 9/30/2029⁽⁴⁾		424,000		411,178


				882,263
Telecommunications – 0.7%

Frontier Communications Holdings LLC 5.00% due 5/1/2028⁽⁴⁾		238,000		224,284
5.875% due 11/1/2029		385,000		335,246

Sprint Capital Corp. 8.75% due 3/15/2032		212,000		254,934

T-Mobile USA, Inc. 3.875% due 4/15/2030		572,000		534,746


				1,349,210
Transportation – 0.1%

Rand Parent LLC 8.50% due 2/15/2030⁽⁴⁾		206,000		208,361


				208,361

Total Corporate Bonds & Notes (Cost $88,842,412)				87,646,730
Non-Agency Mortgage-Backed Securities – 8.7%

Angel Oak Mortgage Trust Series 2020-1, Class A1 2.466% due 12/25/2059^(1)(2)(4)		25,465		23,960

ARZ Trust Series 2024-BILT, Class A 5.772% due 6/11/2029⁽⁴⁾		150,000		150,466

Bank5 Series 2023-5YR2, Class A3 6.656% due 7/15/2056⁽¹⁾⁽²⁾		260,000		270,678

BBCMS Mortgage Trust Series 2019-BWAY, Class B 6.754% due 11/15/2034^(1)(2)(4)		160,000		48,186

Benchmark Mortgage Trust Series 2024-V7, Class A3 6.228% due 5/15/2056⁽¹⁾⁽²⁾		250,000		258,398

BMO Mortgage Trust Series 2023-C5, Class A4 5.494% due 6/15/2056		220,000		222,352

BRAVO Residential Funding Trust Series 2021-NQM2, Class A1 0.97% due 3/25/2060^(1)(2)(4)		514,834		485,122

BSPRT Issuer Ltd. Series 2022-FL8, Class A 6.833% due 2/15/2037^(1)(2)(4)		192,115		191,679

BX Commercial Mortgage Trust Series 2021-XL2, Class A 6.132% due 10/15/2038^(1)(2)(4)		161,195		159,157
Series 2024-XL4, Class A 6.771% due 2/15/2039^(1)(2)(4)		541,726		539,939
Series 2024-XL5, Class A 6.721% due 3/15/2041^(1)(2)(4)		268,515		267,265

BX Trust Series 2024-VLT4, Class A 6.811% due 7/15/2029^(1)(2)(4)		150,000		149,476


June 30, 2024 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

Chase Home Lending Mortgage Trust Series 2024-RPL2, Class A1A 3.25% due 8/25/2064^(1)(2)(4)	$	228,369	$	196,255

CIM Trust Series 2021-J3, Class A1 2.50% due 6/25/2051^(1)(2)(4)		851,563		689,725

Commercial Mortgage Trust Series 2014-CR17, Class AM 4.174% due 5/10/2047		620,000		610,610
Series 2015-LC21, Class AM 4.043% due 7/10/2048⁽¹⁾⁽²⁾		522,000		507,421

Connecticut Avenue Securities Trust Series 2022-R02, Class 2M1 6.535% due 1/25/2042^(1)(2)(4)		325,991		326,030
Series 2023-R01, Class 1M1 7.735% due 12/25/2042^(1)(2)(4)		912,276		938,497
Series 2023-R02, Class 1M1 7.635% due 1/25/2043^(1)(2)(4)		425,056		436,175
Series 2023-R03, Class 2M2 9.235% due 4/25/2043^(1)(2)(4)		400,000		428,498
Series 2023-R04, Class 1M1 7.635% due 5/25/2043^(1)(2)(4)		287,582		294,804
Series 2023-R07, Class 2M1 7.285% due 9/25/2043^(1)(2)(4)		167,092		168,373
Series 2024-R03, Class 2M2 7.285% due 3/25/2044^(1)(2)(4)		350,000		351,805
Series 2024-R04, Class 1M2 6.974% due 5/25/2044^(1)(2)(4)		165,000		165,453

Deephaven Residential Mortgage Trust Series 2021-3, Class A1 1.194% due 8/25/2066^(1)(2)(4)		146,994		124,607

EQUS Mortgage Trust Series 2021-EQAZ, Class A 6.198% due 10/15/2038^(1)(2)(4)		237,995		235,819

Flagstar Mortgage Trust Series 2021-3INV, Class A2 2.50% due 6/25/2051^(1)(2)(4)		585,156		471,650
Series 2021-7, Class A1 2.50% due 8/25/2051^(1)(2)(4)		545,608		438,228

Freddie Mac STACR REMIC Trust Series 2022-DNA1, Class M2 7.835% due 1/25/2042^(1)(2)(4)		365,000		371,407
Series 2022-HQA3, Class M1A 7.635% due 8/25/2042^(1)(2)(4)		187,570		192,008
Series 2023-DNA2, Class M1A 7.435% due 4/25/2043^(1)(2)(4)		486,812		495,964
Series 2024-DNA1, Class A1 6.685% due 2/25/2044^(1)(2)(4)		578,852		580,667
Series 2024-DNA2, Class M1 6.535% due 5/25/2044^(1)(2)(4)		235,886		236,280

GS Mortgage Securities Corp. Trust Series 2021-ROSS, Class G 10.244% due 5/15/2026^(1)(2)(4)		660,000		205,654

GS Mortgage-Backed Securities Trust Series 2021-PJ2, Class A2 2.50% due 7/25/2051^(1)(2)(4)		450,963		364,801
Series 2021-PJ8, Class A2 2.50% due 1/25/2052^(1)(2)(4)		608,396		482,775
Series 2022-PJ6, Class A4 3.00% due 1/25/2053^(1)(2)(4)		538,768		451,321


The accompanying notes are an integral part of these financial statements.				9

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-MINN, Class A 6.646% due 11/15/2035^(1)(2)(4)	$	339,000	$	315,331

JP Morgan Mortgage Trust Series 2021-13, Class A3 2.50% due 4/25/2052^(1)(2)(4)		473,212		376,732
Series 2021-15, Class A2 3.00% due 6/25/2052^(1)(2)(4)		787,225		663,272
Series 2021-INV8, Class A2 3.00% due 5/25/2052^(1)(2)(4)		444,377		370,863
Series 2022-4, Class A3 3.00% due 10/25/2052^(1)(2)(4)		349,710		290,528

PFP Ltd. Series 2023-10, Class A 7.694% due 9/16/2038^(1)(2)(4)		400,000		402,249

Rate Mortgage Trust Series 2024-J1, Class A1 6.00% due 7/25/2054^(1)(2)(4)		630,000		624,148

RCKT Mortgage Trust Series 2024-INV1, Class A1 6.50% due 6/25/2054^(1)(2)(4)		200,000		200,705

Ready Capital Mortgage Financing LLC Series 2022-FL8, Class A 6.985% due 1/25/2037^(1)(2)(4)		861,661		861,287

Starwood Mortgage Residential Trust Series 2020-3, Class A1 1.486% due 4/25/2065^(1)(2)(4)		135,978		128,152

Towd Point Mortgage Trust Series 2019-HY1, Class M2 7.46% due 10/25/2048^(1)(2)(4)		210,000		220,978

Verus Securitization Trust Series 2020-1, Class A1 3.417% due 1/25/2060^(1)(2)(4)		45,366		43,416

Vista Point Securitization Trust Series 2020-2, Class A1 1.475% due 4/25/2065^(1)(2)(4)		98,344		91,288

Wells Fargo Mortgage-Backed Securities Trust Series 2021-INV2, Class A2 2.50% due 9/25/2051^(1)(2)(4)		395,808		319,033


Total Non-Agency Mortgage-Backed Securities (Cost $18,230,097)				17,439,487
Foreign Government – 2.9%

Angola Government International Bonds 8.25% due 5/9/2028⁽⁴⁾	USD	314,000		294,231

Brazil Government International Bonds 6.125% due 3/15/2034	USD	313,000		300,708

Colombia Government International Bonds 7.50% due 2/2/2034	USD	326,000		325,579


June 30, 2024 (unaudited)	Principal Amount		Value
Foreign Government (continued)

Japan Finance Organization for Municipalities 5.00% due 4/23/2029⁽⁴⁾	USD	2,350,000	$	2,375,780

Mexico Government International Bonds 4.875% due 5/19/2033	USD	470,000		433,020

Ontario Teachers’ Finance Trust 4.625% due 4/10/2029⁽⁴⁾	USD	1,881,000		1,874,868

Senegal Government International Bonds 6.25% due 5/23/2033⁽⁴⁾	USD	290,000		242,379


Total Foreign Government (Cost $5,875,557)				5,846,565
U.S. Government Securities – 9.8%

U.S. Treasury Bonds 3.875% due 2/15/2043	$	4,234,000		3,827,801
4.25% due 2/15/2054		3,995,200		3,805,428
4.375% due 8/15/2043		3,309,600		3,195,315
4.50% due 2/15/2044		2,914,000		2,859,362
4.625% due 5/15/2054		1,230,000		1,247,297

U.S. Treasury Notes 4.25% due 6/30/2029		4,652,000		4,632,556


Total U.S. Government Securities (Cost $19,784,592)				19,567,759
U.S. Treasury Bills – 1.5%

U.S. Treasury Bills 5.348% due 7/5/2024⁽⁵⁾		3,057,000		3,055,220


Total U.S. Treasury Bills (Cost $3,055,219)				3,055,220
Repurchase Agreements – 3.3%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $6,500,856, due 7/1/2024⁽⁶⁾		6,499,989		6,499,989

Total Repurchase Agreements (Cost $6,499,989)				6,499,989

Total Investments – 116.2% (Cost $236,823,523)				232,553,314

Liabilities in excess of other assets – (16.2)%				(32,398,008	)

Total Net Assets – 100.0%			$	200,155,306

⁽¹⁾	Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽²⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2024.

⁽³⁾	TBA — To be announced.


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

⁽⁴⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2024, the aggregate market value of these securities amounted to $101,945,241, representing 50.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽⁵⁾	Interest rate shown reflects the discount rate at time of purchase.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.50%		3/31/2026	$	6,592,400	$	6,630,073

Open futures contracts at June 30, 2024:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation
U.S. 2-Year Treasury Note		September 2024		257		Long	$	52,447,644	$	52,484,219	$	36,575
U.S. 5-Year Treasury Note		September 2024		19		Long		2,016,098		2,024,984		8,886
U.S. Ultra Bond		September 2024		71		Long		8,809,527		8,899,406		89,879
Total							$	63,273,269	$	63,408,609	$	135,340

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STACR — Structured Agency Credit Risk

USD — United States Dollar


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—	$	54,679,023	$	—	$	54,679,023
Asset-Backed Securities		—		37,818,541		—		37,818,541
Corporate Bonds & Notes		—		87,646,730		—		87,646,730
Non-Agency Mortgage-Backed Securities		—		17,439,487		—		17,439,487
Foreign Government		—		5,846,565		—		5,846,565
U.S. Government Securities		—		19,567,759		—		19,567,759
U.S. Treasury Bills		—		3,055,220		—		3,055,220
Repurchase Agreements		—		6,499,989		—		6,499,989
Total	$	—	$	232,553,314	$	—	$	232,553,314
Other Financial Instruments
Futures Contracts
Assets	$	135,340	$	—	$	—	$	135,340
Total	$	135,340	$	—	$	—	$	135,340


The accompanying notes are an integral part of these financial statements.				11

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	232,553,314

Cash		20

Receivable for investments sold		33,208,902

Interest receivable		1,956,201

Cash deposits with brokers for futures contracts		685,050

Reimbursement receivable from adviser		9,622

Prepaid expenses		2,623


Total Assets		268,415,732


Liabilities

Payable for investments purchased		67,867,956

Payable for variation margin on futures contracts		112,911

Payable for fund shares redeemed		98,737

Investment advisory fees payable		74,997

Distribution fees payable		41,665

Accrued audit fees		17,523

Accrued custodian and accounting fees		9,598

Accrued trustees’ and officers’ fees		2,892

Accrued expenses and other liabilities		34,147


Total Liabilities		68,260,426


Total Net Assets	$	200,155,306


Net Assets Consist of:

Paid-in capital	$	181,591,501

Distributable earnings		18,563,805


Total Net Assets	$	200,155,306


Investments, at Cost	$	236,823,523


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		19,062,971

Net Asset Value Per Share		$10.50


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Interest	$	5,590,833


Total Investment Income		5,590,833


Expenses

Investment advisory fees		473,185

Distribution fees		262,881

Custodian and accounting fees		47,405

Professional fees		43,340

Trustees’ and officers’ fees		32,704

Administrative fees		27,808

Transfer agent fees		7,198

Shareholder reports		4,237

Other expenses		6,897


Total Expenses		905,655

Less: Fees waived		(53,922	)


Total Expenses, Net		851,733


Net Investment Income/(Loss)		4,739,100


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts

Net realized gain/(loss) from investments		(1,423,971	)

Net realized gain/(loss) from futures contracts		(423,109	)

Net change in unrealized appreciation/(depreciation) on investments		(1,841,398	)

Net change in unrealized appreciation/(depreciation) on futures contracts		(1,365,605	)


Net Loss on Investments and Derivative Contracts		(5,054,083	)


Net Decrease in Net Assets Resulting From Operations	$	(314,983	)


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

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	4,739,100		$	9,723,654

Net realized gain/(loss) from investments and derivative contracts		(1,847,080	)		(12,403,543	)

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(3,207,003	)		15,399,657


Net Increase/(Decrease) in Net Assets Resulting from Operations		(314,983	)		12,719,768


Capital Share Transactions

Proceeds from sales of shares		16,058,794			21,664,266

Cost of shares redeemed		(40,233,528	)		(62,872,005	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(24,174,734	)		(41,207,739	)


Net Decrease in Net Assets		(24,489,717	)		(28,487,971	)


Net Assets

Beginning of period		224,645,023			253,132,994


End of period	$	200,155,306		$	224,645,023


Other Information:

Shares

Sold		1,543,211			2,138,054

Redeemed		(3,868,874	)		(6,235,297	)


Net Decrease		(2,325,663	)		(4,097,243	)


The accompanying notes are an integral part of these financial statements.				13

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 six reporting periods. 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.


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	10.50	$	0.23	$	(0.23)	$	0.00		$	10.50		0.00%	⁽⁴⁾

Year Ended 12/31/23		9.93		0.41		0.16		0.57			10.50		5.74%

Year Ended 12/31/22		11.58		0.26		(1.91)		(1.65	)		9.93		(14.25)%

Year Ended 12/31/21		11.58		0.16		(0.16)		0.00			11.58		0.00%

Year Ended 12/31/20		10.78		0.24		0.56		0.80			11.58		7.42%

Year Ended 12/31/19		9.95		0.26		0.57		0.83			10.78		8.34%


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

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	200,155		0.81%	⁽⁴⁾		0.86%	⁽⁴⁾		4.51%	⁽⁴⁾		4.46%	⁽⁴⁾		70%	⁽⁴⁾

	224,645		0.81%			0.84%			4.02%			3.99%			137%

	253,133		0.81%			0.81%			2.46%			2.46%			198%

	345,332		0.80%			0.80%			1.42%			1.42%			181%

	341,827		0.80%			0.83%			2.12%			2.09%			183%

	350,049		0.79%			0.84%			2.53%			2.48%			211%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


The accompanying notes are an integral part of these financial statements.				15

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

June 30, 2024 (unaudited)

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

2. Significant Accounting Policies

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

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


16

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


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS 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 for hedging and non-hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps held as of June 30, 2024.


18

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

3. Transactions with Affiliates

Park Avenue has contractually agreed through April 30, 2025 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $53,922.

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.

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 six months ended June 30, 2024, the Fund incurred distribution fees in the amount of $262,881 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


				19

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

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	71,455,449	$	72,401,601
Sales		88,355,701		75,275,607

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.

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. 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.


20

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

Loan Mortgage Corporation, commonly known as “Fannie Mae” and “Freddie Mac”), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as “prepayment risk”) or later (known as “extension risk”) than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

As of June 30, 2024, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts

Asset Derivatives
Futures Contracts¹	$	135,340

¹	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 six months ended June 30, 2024 were as follows:



	Interest Rate Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(423,109	)


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	(1,365,605	)


Average Number of Notional Amounts
Futures Contracts³		409

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

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

³	Amount represents number of contracts.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.


				21

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

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund,

each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 3, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2024.

7. Indemnifications


22

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.


				23

Nature, Extent and Quality of Services


24

administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Investment Performance

The Manager discussed with the Board factors contributing to the Funds’ performance results. In

addition, for certain Funds, the Manager provided to the Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also


				25

considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Economies of Scale

Ancillary Benefits

the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-Adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•


26

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 5-year periods and in the 2^nd quintile for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark

index for the 3-year and 5-year periods and in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the


				27

1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board noted that the Fund’s performance was in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board


28

noted that the Fund’s performance was below the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				29

LOGO

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

PUB8167

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Diversified Research VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Diversified Research VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 99.4%

Aerospace & Defense – 1.5%

Boeing Co.⁽¹⁾		724	$	131,775

Howmet Aerospace, Inc.		5,790		449,478

L3Harris Technologies, Inc.		825		185,279

Northrop Grumman Corp.		1,593		694,468

RTX Corp.		4,677		469,524


				1,930,524
Air Freight & Logistics – 1.1%

FedEx Corp.		4,779		1,432,935


				1,432,935
Automobiles – 1.1%

General Motors Co.		4,962		230,535

Tesla, Inc.⁽¹⁾		6,324		1,251,393


				1,481,928
Banks – 2.9%

Bank of America Corp.		47,502		1,889,155

Citigroup, Inc.		30,539		1,938,005


				3,827,160
Beverages – 2.3%

Coca-Cola Co.		20,728		1,319,337

Monster Beverage Corp.⁽¹⁾		4,723		235,914

PepsiCo, Inc.		9,356		1,543,085


				3,098,336
Biotechnology – 2.1%

AbbVie, Inc.		9,752		1,672,663

Ascendis Pharma AS, ADR⁽¹⁾		5,047		688,310

Exact Sciences Corp.⁽¹⁾		1,736		73,346

Regeneron Pharmaceuticals, Inc.⁽¹⁾		387		406,749


				2,841,068
Broadline Retail – 4.5%

Amazon.com, Inc.⁽¹⁾		31,048		6,000,026


				6,000,026
Capital Markets – 1.7%

BlackRock, Inc.		202		159,039

Charles Schwab Corp.		15,513		1,143,153

CME Group, Inc.		1,102		216,653

KKR & Co., Inc.		5,473		575,978

Quilter PLC (United Kingdom)⁽²⁾		124,315		188,479


				2,283,302
Chemicals – 2.3%

Corteva, Inc.		18,657		1,006,359

DuPont de Nemours, Inc.		5,653		455,010

Eastman Chemical Co.		3,394		332,510

Linde PLC		738		323,842

PPG Industries, Inc.		2,505		315,354

Sherwin-Williams Co.		1,922		573,582


				3,006,657
Construction Materials – 0.4%

CRH PLC		6,443		483,096


				483,096
Consumer Finance – 1.1%

Capital One Financial Corp.		10,207		1,413,159


				1,413,159


June 30, 2024 (unaudited)	Shares		Value
Consumer Staples Distribution & Retail – 2.2%

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		2,610	$	229,263

Costco Wholesale Corp.		894		759,891

Target Corp.		3,580		529,983

Walmart, Inc.		20,700		1,401,597


				2,920,734
Containers & Packaging – 0.5%

Avery Dennison Corp.		1,419		310,264

Ball Corp.		1,722		103,354

Berry Global Group, Inc.		3,297		194,029


				607,647
Electric Utilities – 2.3%

Exelon Corp.		14,546		503,437

NextEra Energy, Inc.		9,893		700,523

NRG Energy, Inc.		13,712		1,067,616

PG&E Corp.		22,732		396,901

PPL Corp.		13,309		367,994


				3,036,471
Electrical Equipment – 0.4%

Vertiv Holdings Co.		6,717		581,491


				581,491
Electronic Equipment, Instruments & Components – 0.4%

Vontier Corp.		13,194		504,011


				504,011
Energy Equipment & Services – 0.6%

Diamond Offshore Drilling, Inc.⁽¹⁾		47,594		737,231


				737,231
Entertainment – 0.9%

Netflix, Inc.⁽¹⁾		1,120		755,865

Walt Disney Co.		4,885		485,032


				1,240,897
Financial Services – 3.9%

Apollo Global Management, Inc.		9,740		1,150,002

Berkshire Hathaway, Inc., Class B⁽¹⁾		2,130		866,484

Mastercard, Inc., Class A		4,527		1,997,131

Visa, Inc., Class A		4,205		1,103,687


				5,117,304
Food Products – 0.2%

General Mills, Inc.		4,587		290,174


				290,174
Ground Transportation – 1.3%

Canadian Pacific Kansas City Ltd.		5,616		442,148

Hertz Global Holdings, Inc.⁽¹⁾		3,033		10,707

Old Dominion Freight Line, Inc.		1,749		308,873

Uber Technologies, Inc.⁽¹⁾		4,424		321,536

Union Pacific Corp.		2,873		650,045


				1,733,309
Health Care Equipment & Supplies – 2.1%

Abbott Laboratories		3,603		374,388

Becton Dickinson & Co.		432		100,963

Boston Scientific Corp.⁽¹⁾		10,278		791,509

Dexcom, Inc.⁽¹⁾		2,921		331,183

Intuitive Surgical, Inc.⁽¹⁾		1,771		787,829

Medtronic PLC		3,197		251,636

Stryker Corp.		494		168,083


				2,805,591


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Health Care Providers & Services – 3.0%

Cigna Group		1,688	$	558,002

Elevance Health, Inc.		345		186,942

McKesson Corp.		1,745		1,019,150

UnitedHealth Group, Inc.		4,252		2,165,373


				3,929,467
Hotels, Restaurants & Leisure – 2.0%

Booking Holdings, Inc.		259		1,026,028

Chipotle Mexican Grill, Inc.⁽¹⁾		13,500		845,775

Hilton Worldwide Holdings, Inc.		2,810		613,142

Vail Resorts, Inc.		661		119,066


				2,604,011
Household Durables – 0.8%

PulteGroup, Inc.		9,077		999,378


				999,378
Household Products – 1.5%

Clorox Co.		1,019		139,063

Procter & Gamble Co.		11,144		1,837,868


				1,976,931
Independent Power and Renewable Electricity Producers – 0.1%

Vistra Corp.		887		76,264


				76,264
Industrial Conglomerates – 0.6%

Honeywell International, Inc.		3,998		853,733


				853,733
Insurance – 1.9%

AIA Group Ltd. (Hong Kong)		103,800		703,863

Assured Guaranty Ltd.		8,514		656,855

AXA SA (France)		26,134		860,523

Prudential PLC (United Kingdom)		36,159		328,031


				2,549,272
Interactive Media & Services – 7.1%

Alphabet, Inc., Class A		30,773		5,605,302

Meta Platforms, Inc., Class A		7,473		3,768,036


				9,373,338
Life Sciences Tools & Services – 1.5%

Bio-Rad Laboratories, Inc., Class A⁽¹⁾		1,913		522,459

Danaher Corp.		2,534		633,120

Thermo Fisher Scientific, Inc.		1,572		869,316


				2,024,895
Machinery – 1.7%

Fortive Corp.		10,996		814,804

Ingersoll Rand, Inc.		4,990		453,292

Otis Worldwide Corp.		9,656		929,486


				2,197,582
Media – 0.8%

Charter Communications, Inc., Class A⁽¹⁾		3,334		996,733


				996,733
Metals & Mining – 0.5%

Agnico Eagle Mines Ltd. (Canada)		4,545		297,274

Glencore PLC (Australia)		54,454		310,485


				607,759


June 30, 2024 (unaudited)	Shares		Value
Multi-Utilities – 0.2%

CenterPoint Energy, Inc.		10,629	$	329,286


				329,286
Office REITs – 0.2%

Vornado Realty Trust		10,583		278,227


				278,227
Oil, Gas & Consumable Fuels – 3.7%

BP PLC (United Kingdom)		55,664		335,403

Cenovus Energy, Inc. (Canada)		37,283		732,824

ConocoPhillips		5,977		683,649

Exxon Mobil Corp.		22,240		2,560,269

Shell PLC (United Kingdom)		16,821		604,503


				4,916,648
Passenger Airlines – 0.2%

Southwest Airlines Co.		10,922		312,478


				312,478
Pharmaceuticals – 3.3%

4Front Ventures Corp.⁽¹⁾		491,328		42,254

Eli Lilly & Co.		1,938		1,754,627

Innoviva, Inc.⁽¹⁾		43,580		714,712

Johnson & Johnson		4,668		682,275

Merck & Co., Inc.		8,006		991,143

Zoetis, Inc.		990		171,626


				4,356,637
Semiconductors & Semiconductor Equipment – 11.5%

Advanced Micro Devices, Inc.⁽¹⁾		20,461		3,318,979

Broadcom, Inc.		1,605		2,576,876

NVIDIA Corp.		58,466		7,222,889

QUALCOMM, Inc.		10,389		2,069,281


				15,188,025
Software – 10.9%

Fair Isaac Corp.⁽¹⁾		343		510,610

Microsoft Corp.		22,801		10,190,907

Nutanix, Inc., Class A⁽¹⁾		7,016		398,860

Oracle Corp.		21,442		3,027,611

Salesforce, Inc.		1,082		278,182


				14,406,170
Specialized REITs – 0.8%

American Tower Corp.		1,533		297,984

Gaming & Leisure Properties, Inc.		16,313		737,511


				1,035,495
Specialty Retail – 1.9%

Home Depot, Inc.		5,485		1,888,157

O’Reilly Automotive, Inc.⁽¹⁾		173		182,698

TJX Cos., Inc.		4,180		460,218


				2,531,073
Technology Hardware, Storage & Peripherals – 7.7%

Apple, Inc.		38,433		8,094,759

Seagate Technology Holdings PLC		20,282		2,094,522


				10,189,281


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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Textiles, Apparel & Luxury Goods – 0.5%

Levi Strauss & Co., Class A		8,082	$	155,821

Lululemon Athletica, Inc.⁽¹⁾		892		266,440

NIKE, Inc., Class B		1,461		110,116

On Holding AG, Class A⁽¹⁾		3,420		132,696


				665,073
Trading Companies & Distributors – 0.4%

United Rentals, Inc.		843		545,193


				545,193
Wireless Telecommunication Services – 0.8%

T-Mobile U.S., Inc.		5,841		1,029,067


				1,029,067

Total Common Stocks (Cost $78,219,505)				131,345,067

	Principal Amount		Value
Repurchase Agreements – 0.7%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $893,390, due 7/1/2024⁽³⁾	$	893,271		893,271

Total Repurchase Agreements (Cost $893,271)				893,271


June 30, 2024 (unaudited)	Value

Total Investments – 100.1% (Cost $79,112,776)	$	132,238,338

Liabilities in excess of other assets – (0.1)%		(71,461	)

Total Net Assets – 100.0%	$	132,166,877

⁽¹⁾	Non–income–producing security.

⁽²⁾

Security that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2024, the aggregate market value of the security amounted to $188,479, representing 0.1% of net assets. This security has been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.50%		3/31/2026	$	906,000	$	911,207

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	128,013,780	$	3,331,287	*	$	—	$	131,345,067
Repurchase Agreements		—		893,271			—		893,271
Total	$	128,013,780	$	4,224,558		$	—	$	132,238,338

*	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.				3

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	132,238,338

Foreign currency, at value		7,769

Dividends/interest receivable		57,345

Receivable for investments sold		9,422

Reimbursement receivable from adviser		5,619

Foreign tax reclaims receivable		1,336

Prepaid expenses		1,819


Total Assets		132,321,648


Liabilities

Investment advisory fees payable		64,962

Distribution fees payable		27,067

Payable for fund shares redeemed		20,458

Accrued audit fees		13,278

Accrued legal fees		10,980

Accrued custodian and accounting fees		5,579

Accrued trustees’ and officers’ fees		1,370

Accrued expenses and other liabilities		11,077


Total Liabilities		154,771


Total Net Assets	$	132,166,877


Net Assets Consist of:

Paid-in capital	$	(15,820,472	)

Distributable earnings		147,987,349


Total Net Assets	$	132,166,877

Investments, at Cost	$	79,112,776

Foreign Currency, at Cost	$	7,768


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		4,485,549

Net Asset Value Per Share		$29.47


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	903,007

Interest		6,015

Withholding taxes on foreign dividends		(11,174	)


Total Investment Income		897,848


Expenses

Investment advisory fees		401,334

Distribution fees		167,223

Professional fees		30,157

Custodian and accounting fees		22,863

Trustees’ and officers’ fees		20,089

Administrative fees		18,852

Transfer agent fees		7,406

Shareholder reports		2,899

Other expenses		4,076


Total Expenses		674,899

Less: Fees waived		(32,765	)


Total Expenses, Net		642,134


Net Investment Income/(Loss)		255,714


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		15,395,472

Net realized gain/(loss) from foreign currency transactions		(849	)

Net change in unrealized appreciation/(depreciation) on investments		6,105,037

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		575


Net Gain on Investments and Foreign Currency Transactions		21,500,235


Net Increase in Net Assets Resulting From Operations	$	21,755,949


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

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	255,714		$	724,263

Net realized gain/(loss) from investments and foreign currency transactions		15,394,623			10,328,829

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		6,105,612			24,981,584


Net Increase in Net Assets Resulting from Operations		21,755,949			36,034,676


Capital Share Transactions

Proceeds from sales of shares		175,242			827,524

Cost of shares redeemed		(27,512,630	)		(40,156,270	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(27,337,388	)		(39,328,746	)


Net Decrease in Net Assets		(5,581,439	)		(3,294,070	)


Net Assets

Beginning of period		137,748,316			141,042,386


End of period	$	132,166,877		$	137,748,316


Other Information:

Shares

Sold		6,286			39,772

Redeemed		(1,014,974	)		(1,799,566	)


Net Decrease		(1,008,688	)		(1,759,794	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	25.07	$	0.05	$	4.35		$	4.40		$	29.47		17.55%	⁽⁴⁾

Year Ended 12/31/23		19.44		0.11		5.52			5.63			25.07		28.96%

Year Ended 12/31/22		23.63		0.11		(4.30	)		(4.19	)		19.44		(17.73)%

Year Ended 12/31/21		19.05		0.08		4.50			4.58			23.63		24.04%

Year Ended 12/31/20		15.85		0.08		3.12			3.20			19.05		20.19%

Year Ended 12/31/19		11.84		0.11		3.90			4.01			15.85		33.87%


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

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	132,167		0.96%	⁽⁴⁾		1.01%	⁽⁴⁾		0.38%	⁽⁴⁾		0.33%	⁽⁴⁾		26%	⁽⁴⁾

	137,748		0.96%			1.00%			0.51%			0.47%			39%

	141,042		0.96%			0.99%			0.53%			0.50%			45%

	192,042		0.95%			0.95%			0.36%			0.36%			44%

	193,384		1.01%			1.02%			0.52%			0.51%			76%

	196,050		1.01%			1.03%			0.77%			0.75%			88%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks capital appreciation.

2. Significant Accounting Policies

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

Equity securities traded on an exchange other than 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.


8

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

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.


				9

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, 2025 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $32,765.

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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $35,298,702 and $62,005,100, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, there were no purchases or sales of U.S. government securities.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include,

but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

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


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

f. Market Risk An investment in the Fund is based on the values of the Fund’s investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 3, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2024.

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				13

Nature, Extent and Quality of Services


14

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				15

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Economies of Scale

Ancillary Benefits

the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile for the 1-year and 5-year periods and in


16

the 5^th quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the

1-year and 5-year periods and in the 2^nd quintile for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 3-year and 5-year periods and in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


				17

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile

of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•


18

performance reports from the Manager. The Board noted that the Fund’s performance was below the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the

1-year and 3-year periods The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB8168

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Global Utilities VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Global Utilities VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 99.1%

Bermuda – 3.1%

CK Infrastructure Holdings Ltd.		298,500	$	1,685,259


				1,685,259
Brazil – 2.6%

Cia de Saneamento Basico do Estado de Sao Paulo		105,100		1,409,518


				1,409,518
China – 2.6%

China Longyuan Power Group Corp. Ltd., Class H		1,555,613		1,396,878


				1,396,878
France – 4.7%

Engie SA		177,119		2,522,699


				2,522,699
Germany – 4.5%

RWE AG		70,479		2,411,117


				2,411,117
Italy – 4.5%

Enel SpA		341,844		2,384,537


				2,384,537
Japan – 4.5%

Kansai Electric Power Co., Inc.		102,100		1,719,681

Tokyo Gas Co. Ltd.		31,900		680,594


				2,400,275
Portugal – 2.3%

EDP-Energias de Portugal SA		334,844		1,254,529


				1,254,529
Spain – 4.8%

Iberdrola SA		198,443		2,574,302


				2,574,302
United Kingdom – 4.8%

National Grid PLC		229,370		2,557,819


				2,557,819


June 30, 2024 (unaudited)	Shares		Value
United States – 60.7%

American Electric Power Co., Inc.		45,282	$	3,973,043

Atmos Energy Corp.		22,810		2,660,786

CenterPoint Energy, Inc.		54,884		1,700,306

Dominion Energy, Inc.		49,568		2,428,832

Duke Energy Corp.		24,412		2,446,815

Edison International		33,980		2,440,104

Exelon Corp.		46,210		1,599,328

NextEra Energy, Inc.		35,311		2,500,372

NRG Energy, Inc.		2,552		198,699

PG&E Corp.		145,746		2,544,725

Sempra		48,729		3,706,328

Southern Co.		23,744		1,841,822

Vistra Corp.		51,323		4,412,751


				32,453,911

Total Common Stocks (Cost $45,020,446)				53,050,844


	Principal Amount		Value
Repurchase Agreements – 0.7%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $358,793, due 7/1/2024⁽¹⁾	$	358,746		358,746

Total Repurchase Agreements (Cost $358,746)				358,746

Total Investments – 99.8% (Cost $45,379,192)				53,409,590

Assets in excess of other liabilities – 0.2%				86,353

Total Net Assets – 100.0%			$	53,495,943

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.50%		3/31/2026	$	363,900	$	366,034


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks
Bermuda	$	—	$	1,685,259	*	$	—	$	1,685,259
Brazil		1,409,518		—			—		1,409,518
China		—		1,396,878	*		—		1,396,878
France		—		2,522,699	*		—		2,522,699
Germany		—		2,411,117	*		—		2,411,117
Italy		—		2,384,537	*		—		2,384,537
Japan		—		2,400,275	*		—		2,400,275
Portugal		—		1,254,529	*		—		1,254,529
Spain		—		2,574,302	*		—		2,574,302
United Kingdom		—		2,557,819	*		—		2,557,819
United States		32,453,911		—			—		32,453,911
Repurchase Agreements		—		358,746			—		358,746
Total	$	33,863,429	$	19,546,161		$	—	$	53,409,590

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


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

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	53,409,590

Foreign currency, at value		70

Dividends/interest receivable		169,622

Receivable for investments sold		155,334

Foreign tax reclaims receivable		92,738

Reimbursement receivable from adviser		9,642

Prepaid expenses		669


Total Assets		53,837,665


Liabilities

Payable for investments purchased		168,871

Payable for fund shares redeemed		97,574

Investment advisory fees payable		33,301

Accrued audit fees		15,394

Distribution fees payable		11,405

Accrued custodian and accounting fees		5,111

Accrued trustees’ and officers’ fees		533

Accrued expenses and other liabilities		9,533


Total Liabilities		341,722


Total Net Assets	$	53,495,943


Net Assets Consist of:

Paid-in capital	$	30,778,258

Distributable earnings		22,717,685


Total Net Assets	$	53,495,943


Investments, at Cost	$	45,379,192


Foreign Currency, at Cost	$	70


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		4,023,922

Net Asset Value Per Share		$13.29


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	1,410,997

Interest		3,292

Withholding taxes on foreign dividends		(75,471	)


Total Investment Income		1,338,818


Expenses

Investment advisory fees		209,806

Distribution fees		71,851

Professional fees		22,117

Custodian and accounting fees		22,075

Administrative fees		13,610

Trustees’ and officers’ fees		8,515

Transfer agent fees		6,694

Shareholder reports		2,501

Other expenses		2,353


Total Expenses		359,522

Less: Fees waived		(61,593	)


Total Expenses, Net		297,929


Net Investment Income/(Loss)		1,040,889


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		2,526,577

Net realized gain/(loss) from foreign currency transactions		(1,716	)

Net change in unrealized appreciation/(depreciation) on investments		448,773

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(4,354	)


Net Gain on Investments and Foreign Currency Transactions		2,969,280


Net Increase in Net Assets Resulting From Operations	$	4,010,169


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	1,040,889		$	1,676,837

Net realized gain/(loss) from investments and foreign currency transactions		2,524,861			1,185,661

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		444,419			(2,229,599	)


Net Increase in Net Assets Resulting from Operations		4,010,169			632,899


Capital Share Transactions

Proceeds from sales of shares		4,497,976			8,064,774

Cost of shares redeemed		(13,302,332	)		(14,738,514	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(8,804,356	)		(6,673,740	)


Net Decrease in Net Assets		(4,794,187	)		(6,040,841	)


Net Assets

Beginning of period		58,290,130			64,330,971


End of period	$	53,495,943		$	58,290,130


Other Information:

Shares

Sold		376,345			671,006

Redeemed		(1,028,973	)		(1,212,810	)


Net Decrease		(652,628	)		(541,804	)


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

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	12.46	$	0.23	$	0.60		$	0.83		$	13.29		6.66%	⁽⁴⁾

Year Ended 12/31/23		12.33		0.33		(0.20	)		0.13			12.46		1.05%

Year Ended 12/31/22		12.45		0.28		(0.40	)		(0.12	)		12.33		(0.96)%

Year Ended 12/31/21		10.70		0.28		1.47			1.75			12.45		16.36%

Year Ended 12/31/20		10.27		0.23		0.20			0.43			10.70		4.19%

Period Ended 12/31/19⁽⁵⁾		10.00		0.03		0.24			0.27			10.27		2.70%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	53,496		1.04%	⁽⁴⁾		1.25%	⁽⁴⁾		3.62%	⁽⁴⁾		3.41%	⁽⁴⁾		17%	⁽⁴⁾

	58,290		1.03%			1.23%			2.77%			2.57%			34%

	64,331		1.03%			1.21%			2.29%			2.11%			14%

	88,121		1.03%			1.16%			2.38%			2.25%			22%

	84,619		1.03%			1.22%			2.35%			2.16%			43%

	85,307		0.89%	⁽⁴⁾		1.37%	⁽⁴⁾		1.56%	⁽⁴⁾		1.08%	⁽⁴⁾		50%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	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.

⁽⁵⁾	Commenced operations on October 21, 2019.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks total return.

2. Significant Accounting Policies

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.


8

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


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

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.

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.

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, 2025 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). Prior to May 1, 2024, the expense limitation was 1.03%. 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


10

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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $61,593.

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.

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $9,817,727 and $17,424,049, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, there were no purchases or sales of U.S. government securities.

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


				11

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 June 30, 2024, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				13

Nature, Extent and Quality of Services


14

Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Investment Performance

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the

Board longer term performance records of the Sub-Advisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Sub-Adviser was generally satisfactory, or, that any steps being taken by the Manager and Sub-Advisers to address any performance issues were satisfactory.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				15

be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Economies of Scale

Ancillary Benefits

because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisors and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•


16

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

index for the 3-year and 5-year periods and in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the


				17

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•


18

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB10537

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Growth & Income VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Growth & Income VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 98.7%

Aerospace & Defense – 3.8%

Curtiss-Wright Corp.		3,423	$	927,565

RTX Corp.		18,955		1,902,892

Textron, Inc.		21,568		1,851,828


				4,682,285
Air Freight & Logistics – 0.5%

United Parcel Service, Inc., Class B		4,430		606,246


				606,246
Automobile Components – 1.3%

Aptiv PLC⁽¹⁾		9,993		703,707

BorgWarner, Inc.		27,854		898,013


				1,601,720
Banks – 9.2%

Bank OZK		2,447		100,327

Citigroup, Inc.		37,785		2,397,836

JPMorgan Chase & Co.		22,598		4,570,672

Wells Fargo & Co.		75,334		4,474,086


				11,542,921
Biotechnology – 7.3%

Amgen, Inc.		5,780		1,805,961

Gilead Sciences, Inc.		20,914		1,434,910

Regeneron Pharmaceuticals, Inc.⁽¹⁾		4,278		4,496,306

United Therapeutics Corp.⁽¹⁾		4,485		1,428,697


				9,165,874
Building Products – 2.2%

A.O. Smith Corp.		8,303		679,019

Allegion PLC		6,164		728,277

Builders FirstSource, Inc.⁽¹⁾		9,385		1,298,978


				2,706,274
Chemicals – 2.0%

CF Industries Holdings, Inc.		8,351		618,976

LyondellBasell Industries NV, Class A		8,582		820,954

PPG Industries, Inc.		8,756		1,102,293


				2,542,223
Commercial Services & Supplies – 0.7%

Veralto Corp.		9,552		911,929


				911,929
Communications Equipment – 0.7%

Cisco Systems, Inc.		19,438		923,499


				923,499
Construction & Engineering – 0.7%

EMCOR Group, Inc.		2,333		851,732


				851,732
Consumer Staples Distribution & Retail – 3.2%

Casey’s General Stores, Inc.		1,649		629,192

Walmart, Inc.		48,995		3,317,452


				3,946,644
Distributors – 1.0%

LKQ Corp.		30,477		1,267,538


				1,267,538


June 30, 2024 (unaudited)	Shares		Value
Electrical Equipment – 2.6%

Emerson Electric Co.		9,699	$	1,068,442

Generac Holdings, Inc.⁽¹⁾		4,593		607,286

nVent Electric PLC		19,933		1,527,067


				3,202,795
Electronic Equipment, Instruments & Components – 1.0%

TE Connectivity Ltd.		7,931		1,193,060


				1,193,060
Energy Equipment & Services – 1.4%

ChampionX Corp.		12,965		430,568

Helmerich & Payne, Inc.		35,409		1,279,681


				1,710,249
Entertainment – 1.8%

Electronic Arts, Inc.		15,837		2,206,569


				2,206,569
Financial Services – 8.6%

Berkshire Hathaway, Inc., Class B⁽¹⁾		12,079		4,913,737

Fiserv, Inc.⁽¹⁾		16,798		2,503,574

Mastercard, Inc., Class A		5,139		2,267,121

MGIC Investment Corp.		50,629		1,091,055


				10,775,487
Ground Transportation – 0.9%

JB Hunt Transport Services, Inc.		6,700		1,072,000


				1,072,000
Health Care Equipment & Supplies – 1.1%

GE HealthCare Technologies, Inc.		17,256		1,344,588


				1,344,588
Health Care Providers & Services – 6.8%

Cencora, Inc.		14,111		3,179,208

Elevance Health, Inc.		8,610		4,665,415

Quest Diagnostics, Inc.		4,560		624,173


				8,468,796
Household Durables – 0.8%

D.R. Horton, Inc.		6,803		958,747


				958,747
Insurance – 3.1%

American International Group, Inc.		14,943		1,109,368

Axis Capital Holdings Ltd.		24,692		1,744,490

MetLife, Inc.		14,684		1,030,670


				3,884,528
Interactive Media & Services – 1.9%

Alphabet, Inc., Class C		13,220		2,424,812


				2,424,812
IT Services – 1.9%

Accenture PLC, Class A		7,973		2,419,088


				2,419,088
Machinery – 4.0%

Dover Corp.		5,967		1,076,745

Oshkosh Corp.		9,083		982,781

PACCAR, Inc.		17,128		1,763,156

Westinghouse Air Brake Technologies Corp.		7,396		1,168,938


				4,991,620


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Media – 2.5%

Comcast Corp., Class A		80,179	$	3,139,810


				3,139,810
Metals & Mining – 1.5%

BHP Group Ltd., ADR		8,319		474,932

Steel Dynamics, Inc.		10,737		1,390,441


				1,865,373
Oil, Gas & Consumable Fuels – 7.6%

Chevron Corp.		15,224		2,381,338

ConocoPhillips		16,576		1,895,963

EOG Resources, Inc.		17,985		2,263,772

Phillips 66		20,830		2,940,571


				9,481,644
Pharmaceuticals – 3.3%

Merck & Co., Inc.		18,213		2,254,770

Roche Holding AG, ADR		55,590		1,927,305


				4,182,075
Professional Services – 1.4%

Robert Half, Inc.		27,796		1,778,388


				1,778,388
Semiconductors & Semiconductor Equipment – 7.0%

QUALCOMM, Inc.		20,127		4,008,896

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		12,489		2,170,713

Texas Instruments, Inc.		13,057		2,539,978


				8,719,587
Specialized REITs – 0.6%

Public Storage		2,597		747,027


				747,027
Specialty Retail – 1.8%

Ross Stores, Inc.		15,213		2,210,753


				2,210,753
Tobacco – 3.0%

Philip Morris International, Inc.		37,518		3,801,699


				3,801,699


June 30, 2024 (unaudited)	Shares		Value
Trading Companies & Distributors – 1.5%

Ferguson PLC		9,738	$	1,885,764


				1,885,764

Total Common Stocks (Cost $90,627,638)				123,213,344

	Principal Amount		Value
Repurchase Agreements – 1.1%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $1,375,408, due 7/1/2024⁽²⁾	$	1,375,225		1,375,225

Total Repurchase Agreements (Cost $1,375,225)				1,375,225

Total Investments – 99.8% (Cost $92,002,863)				124,588,569

Assets in excess of other liabilities – 0.2%				198,369

Total Net Assets – 100.0%			$	124,786,938

⁽¹⁾	Non–income–producing security.

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

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

4.50%

3/31/2026

1,394,800

1,402,794

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	123,213,344	$	—	$	—	$	123,213,344
Repurchase Agreements		—		1,375,225		—		1,375,225
Total	$	123,213,344	$	1,375,225	$	—	$	124,588,569


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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	124,588,569

Foreign tax reclaims receivable		130,022

Receivable for investments sold		121,713

Dividends/interest receivable		92,799

Reimbursement receivable from adviser		8,168

Prepaid expenses		1,766


Total Assets		124,943,037


Liabilities

Investment advisory fees payable		66,004

Distribution fees payable		25,794

Payable for fund shares redeemed		20,987

Accrued audit fees		14,298

Accrued legal fees		10,864

Accrued custodian and accounting fees		6,003

Accrued trustees’ and officers’ fees		1,432

Accrued expenses and other liabilities		10,717


Total Liabilities		156,099


Total Net Assets	$	124,786,938


Net Assets Consist of:

Paid-in capital	$	21,455,053

Distributable earnings		103,331,885


Total Net Assets	$	124,786,938

Investments, at Cost	$	92,002,863


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		5,728,846

Net Asset Value Per Share		$21.78


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	1,264,020

Interest		15,653

Withholding taxes on foreign dividends		(18,734	)


Total Investment Income		1,260,939


Expenses

Investment advisory fees		419,068

Distribution fees		164,252

Professional fees		29,937

Trustees’ and officers’ fees		19,811

Administrative fees		18,802

Custodian and accounting fees		16,968

Transfer agent fees		7,360

Shareholder reports		2,901

Other expenses		4,021


Total Expenses		683,120

Less: Fees waived		(50,267	)


Total Expenses, Net		632,853


Net Investment Income/(Loss)		628,086


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments

Net realized gain/(loss) from investments		8,626,424

Net change in unrealized appreciation/(depreciation) on investments		365,923


Net Gain on Investments		8,992,347


Net Increase in Net Assets Resulting From Operations	$	9,620,433


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	628,086		$	1,633,947

Net realized gain/(loss) from investments		8,626,424			6,537,897

Net change in unrealized appreciation/(depreciation) on investments		365,923			6,878,882


Net Increase in Net Assets Resulting from Operations		9,620,433			15,050,726


Capital Share Transactions

Proceeds from sales of shares		270,451			7,656,932

Cost of shares redeemed		(21,294,913	)		(29,556,171	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(21,024,462	)		(21,899,239	)


Net Decrease in Net Assets		(11,404,029	)		(6,848,513	)


Net Assets

Beginning of period		136,190,967			143,039,480


End of period	$	124,786,938		$	136,190,967


Other Information:

Shares

Sold		12,899			416,709

Redeemed		(1,001,834	)		(1,569,999	)


Net Decrease		(988,935	)		(1,153,290	)


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

This Page Intentionally Left Blank


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FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	20.27	$	0.10	$	1.41		$	1.51		$	21.78		7.45%	⁽⁴⁾

Year Ended 12/31/23		18.17		0.22		1.88			2.10			20.27		11.56%

Year Ended 12/31/22		19.17		0.23		(1.23	)		(1.00	)		18.17		(5.22)%

Year Ended 12/31/21		14.95		0.14		4.08			4.22			19.17		28.23%

Year Ended 12/31/20		14.64		0.15		0.16			0.31			14.95		2.12%

Year Ended 12/31/19		11.81		0.14		2.69			2.83			14.64		23.96%


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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	124,787		0.96%	⁽⁴⁾		1.04%	⁽⁴⁾		0.96%	⁽⁴⁾		0.88%	⁽⁴⁾		20%	⁽⁴⁾

	136,191		0.96%			1.03%			1.17%			1.10%			41%

	143,039		0.96%			0.99%			1.25%			1.22%			39%

	193,598		0.97%			0.98%			0.82%			0.81%			26%

	198,155		1.01%			1.03%			1.17%			1.15%			36%

	187,172		1.01%			1.04%			1.01%			0.98%			36%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks long-term growth of capital.

2. Significant Accounting Policies

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.

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.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value 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.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

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.

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, 2025 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). Prior to May 1, 2024, the expense limitation was 0.96%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $50,267.

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.

c. Distribution Fees Park Avenue Securities LLC (“PAS”), a wholly-owned subsidiary of Guardian Life, is


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

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 six months ended June 30, 2024, the Fund incurred distribution fees in the amount of $164,252 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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $26,192,606 and $47,314,196, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, there were no purchases or sales of U.S. government securities.

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.

e. Market Risk An investment in the Fund is based on the values of the Fund’s investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

$10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility.

The agreement is in place until January 3, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2024.

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

Bond VIP Fund; Guardian Small Cap Core VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.


				13

Nature, Extent and Quality of Services


14

capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Investment Performance

The Manager discussed with the Board factors contributing to the Funds’ performance results. In

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the Sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Sub-Advisers would


				15

be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Board concluded that the management and Sub-advisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to the benefits of economies of scale are shared with the Funds. In this regard, the Board noted that for sixteen of twenty-four Funds, the management and Sub-advisory fee included breakpoints that are tiered based on growth in asset levels of each such Fund and that for the other Funds, the fees reflected appropriate levels based on current and expected asset levels. The Board also noted that the expenses of the Funds are subject to expense limitations provided by the Manager. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, expense limitations by the Manager, and/or a lower overall fee.

Ancillary Benefits

may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


16

1-year and 5-year periods and in the 2^nd quintile for the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 1-year and 5-year periods. The Board noted that the Fund’s performance was below the benchmark index for the 3-year period.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

Guardian Select Mid Cap Core VIP Fund

•


				17

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

Guardian International Growth VIP Fund

•

periods. The Board noted that the Fund’s performance was higher than the benchmark index for the 5-year period.

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•


18

also noted that the Fund’s performance was higher than the benchmark index for the 1-year period. The Board noted that the Fund’s performance was in line with the benchmark index for the 3-year and 5-year periods.

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB8169

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian All Cap Core VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian All Cap Core VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			5

Statement of Operations			5

Statements of Changes in Net Assets			6

Financial Highlights			8

Notes to Financial Statements			10

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			15

Item 9. Proxy Disclosures for Open-End Management Investment Companies			15

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			15

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			15

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 99.3%

Aerospace & Defense – 1.3%

Boeing Co.⁽¹⁾		3,969	$	722,398

General Dynamics Corp.		2,060		597,688

General Electric Co.		3,732		593,276

Howmet Aerospace, Inc.		6,423		498,618


				2,411,980
Automobile Components – 0.4%

Aptiv PLC⁽¹⁾		10,376		730,678


				730,678
Banks – 3.4%

First Interstate BancSystem, Inc., Class A		7,754		215,329

JPMorgan Chase & Co.		15,094		3,052,912

M&T Bank Corp.		3,398		514,321

Pacific Premier Bancorp, Inc.		7,047		161,870

PNC Financial Services Group, Inc.		6,655		1,034,719

United Community Banks, Inc.		7,418		188,862

Wells Fargo & Co.		16,879		1,002,444


				6,170,457
Beverages – 1.7%

Coca-Cola Europacific Partners PLC		9,251		674,120

Constellation Brands, Inc., Class A		2,067		531,798

Monster Beverage Corp.⁽¹⁾		12,326		615,684

PepsiCo, Inc.		7,895		1,302,122


				3,123,724
Biotechnology – 2.3%

AbbVie, Inc.		14,453		2,478,978

Vertex Pharmaceuticals, Inc.⁽¹⁾		3,394		1,590,836


				4,069,814
Broadline Retail – 4.4%

Amazon.com, Inc.⁽¹⁾		41,363		7,993,400

				7,993,400
Building Products – 0.6%

Builders FirstSource, Inc.⁽¹⁾		1,814		251,076

Johnson Controls International PLC		6,451		428,798

Masco Corp.		7,133		475,557


				1,155,431
Capital Markets – 3.4%

Cboe Global Markets, Inc.		1,027		174,652

Charles Schwab Corp.		9,529		702,192

CME Group, Inc.		2,877		565,618

KKR & Co., Inc.		10,562		1,111,545

Moody’s Corp.		1,883		792,611

Morgan Stanley		9,563		929,428

Morningstar, Inc.		2,572		760,926

Northern Trust Corp.		3,103		260,590

Raymond James Financial, Inc.		4,436		548,334

TPG, Inc.		7,634		316,429


				6,162,325
Chemicals – 2.1%

Air Products & Chemicals, Inc.		1,901		490,553


June 30, 2024 (unaudited)	Shares		Value
Chemicals (continued)

Corteva, Inc.		8,583	$	462,967

DuPont de Nemours, Inc.		5,154		414,845

Eastman Chemical Co.		5,998		587,624

International Flavors & Fragrances, Inc.		3,746		356,657

Linde PLC		1,780		781,082

Sherwin-Williams Co.		1,826		544,933

Tronox Holdings PLC		12,092		189,724


				3,828,385
Commercial Services & Supplies – 0.6%

GFL Environmental, Inc.		28,046		1,091,831


				1,091,831
Communications Equipment – 0.3%

Motorola Solutions, Inc.		1,580		609,959


				609,959
Construction & Engineering – 0.1%

API Group Corp.⁽¹⁾		5,912		222,469


				222,469
Construction Materials – 0.5%

Summit Materials, Inc., Class A⁽¹⁾		16,684		610,801

Vulcan Materials Co.		1,439		357,851


				968,652
Consumer Finance – 0.5%

American Express Co.		3,871		896,330


				896,330
Consumer Staples Distribution & Retail – 1.2%

Dollar General Corp.		4,282		566,209

Target Corp.		5,417		801,933

U.S. Foods Holding Corp.⁽¹⁾		14,350		760,263


				2,128,405
Containers & Packaging – 0.1%

Crown Holdings, Inc.		2,855		212,383


				212,383
Diversified Consumer Services – 0.1%

Grand Canyon Education, Inc.⁽¹⁾		1,765		246,941


				246,941
Diversified REITs – 0.4%

Broadstone Net Lease, Inc.		25,940		411,668

WP Carey, Inc.		6,990		384,799


				796,467
Electric Utilities – 1.8%

Constellation Energy Corp.		2,450		490,661

Duke Energy Corp.		4,495		450,534

Exelon Corp.		7,352		254,453

NextEra Energy, Inc.		10,552		747,187

PG&E Corp.		47,989		837,888

Southern Co.		2,562		198,734

Xcel Energy, Inc.		5,343		285,370


				3,264,827
Electrical Equipment – 2.1%

AMETEK, Inc.		4,396		732,857


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Electrical Equipment (continued)

Eaton Corp. PLC		5,287	$	1,657,739

Emerson Electric Co.		4,307		474,459

GE Vernova, Inc.⁽¹⁾		2,553		437,865

nVent Electric PLC		5,004		383,357


				3,686,277
Electronic Equipment, Instruments & Components – 0.9%

Amphenol Corp., Class A		13,439		905,385

TE Connectivity Ltd.		2,443		367,501

Zebra Technologies Corp., Class A⁽¹⁾		1,119		345,693


				1,618,579
Energy Equipment & Services – 0.4%

Schlumberger NV		7,871		371,354

TechnipFMC PLC		10,649		278,471


				649,825
Entertainment – 1.7%

Electronic Arts, Inc.		4,122		574,318

Spotify Technology SA⁽¹⁾		2,688		843,468

Take-Two Interactive Software, Inc.⁽¹⁾		2,488		386,859

Vivid Seats, Inc., Class A⁽¹⁾		21,426		123,200

Walt Disney Co.		10,846		1,076,899


				3,004,744
Financial Services – 2.8%

Block, Inc.⁽¹⁾		4,097		264,215

Corebridge Financial, Inc.		16,153		470,375

Fidelity National Information Services, Inc.		4,677		352,459

Fiserv, Inc.⁽¹⁾		3,468		516,871

Flywire Corp.⁽¹⁾		8,764		143,642

Visa, Inc., Class A		11,040		2,897,669

Voya Financial, Inc.		5,496		391,040


				5,036,271
Food Products – 0.5%

Mondelez International, Inc., Class A		14,151		926,041


				926,041
Gas Utilities – 0.3%

Southwest Gas Holdings, Inc.		7,946		559,239


				559,239
Ground Transportation – 1.1%

Canadian Pacific Kansas City Ltd.		12,843		1,011,129

JB Hunt Transport Services, Inc.		3,010		481,600

Saia, Inc.⁽¹⁾		960		455,319


				1,948,048
Health Care Equipment & Supplies – 3.0%

Becton Dickinson & Co.		5,482		1,281,198

Boston Scientific Corp.⁽¹⁾		21,005		1,617,595

IDEXX Laboratories, Inc.⁽¹⁾		561		273,319

Medtronic PLC		18,099		1,424,573

STERIS PLC		3,404		747,314


				5,343,999
Health Care Providers & Services – 2.2%

Cigna Group		6,050		1,999,949

McKesson Corp.		2,186		1,276,711

Option Care Health, Inc.⁽¹⁾		22,749		630,147


				3,906,807


June 30, 2024 (unaudited)	Shares		Value
Health Care Technology – 0.4%

Veeva Systems, Inc., Class A⁽¹⁾		4,341	$	794,446


				794,446
Hotels, Restaurants & Leisure – 2.2%

Booking Holdings, Inc.		378		1,497,447

DraftKings, Inc., Class A⁽¹⁾		4,888		186,575

Hilton Worldwide Holdings, Inc.		3,469		756,936

International Game Technology PLC		6,697		137,020

Las Vegas Sands Corp.		3,571		158,017

Starbucks Corp.		11,006		856,817

Viking Holdings Ltd.⁽¹⁾		998		33,872

Wingstop, Inc.		880		371,941


				3,998,625
Household Products – 0.8%

Colgate-Palmolive Co.		7,596		737,116

Procter & Gamble Co.		4,179		689,201


				1,426,317
Industrial Conglomerates – 0.5%

Honeywell International, Inc.		4,035		861,634


				861,634
Industrial REITs – 0.2%

Terreno Realty Corp.		5,695		337,030


				337,030
Insurance – 3.2%

American International Group, Inc.		8,977		666,452

Aon PLC, Class A		4,689		1,376,597

Arthur J Gallagher & Co.		3,773		978,377

Assurant, Inc.		1,673		278,136

Chubb Ltd.		4,809		1,226,680

Hanover Insurance Group, Inc.		2,439		305,948

MetLife, Inc.		5,105		358,320

Willis Towers Watson PLC		2,231		584,834


				5,775,344
Interactive Media & Services – 6.7%

Alphabet, Inc., Class A		40,742		7,421,155

Meta Platforms, Inc., Class A		9,072		4,574,284


				11,995,439
IT Services – 0.6%

Accenture PLC, Class A		917		278,227

Gartner, Inc.⁽¹⁾		1,057		474,657

Okta, Inc.⁽¹⁾		2,758		258,176


				1,011,060
Leisure Products – 0.1%

Hasbro, Inc.		3,586		209,781


				209,781
Life Sciences Tools & Services – 1.1%

ICON PLC⁽¹⁾		2,265		710,010

Illumina, Inc.⁽¹⁾		2,904		303,119

Maravai LifeSciences Holdings, Inc., Class A⁽¹⁾		26,506		189,783

Waters Corp.⁽¹⁾		2,367		686,714


				1,889,626


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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Machinery – 1.3%

AGCO Corp.		4,487	$	439,188

Crane Co.		1,659		240,522

Nordson Corp.		2,624		608,610

Pentair PLC		4,688		359,429

Westinghouse Air Brake Technologies Corp.		4,655		735,723


				2,383,472
Media – 0.8%

Altice USA, Inc., Class A⁽¹⁾		41,058		83,758

Cable One, Inc.		1,230		435,420

Comcast Corp., Class A		14,085		551,569

Omnicom Group, Inc.		3,154		282,914


				1,353,661
Multi-Utilities – 0.1%

Dominion Energy, Inc.		2,696		132,104


				132,104
Office REITs – 0.1%

Douglas Emmett, Inc.		15,891		211,509


				211,509
Oil, Gas & Consumable Fuels – 3.8%

Cheniere Energy, Inc.		2,123		371,164

Chesapeake Energy Corp.		3,944		324,157

ConocoPhillips		11,580		1,324,520

Diamondback Energy, Inc.		1,754		351,133

Exxon Mobil Corp.		25,157		2,896,074

Permian Resources Corp.		18,483		298,501

Phillips 66		3,051		430,710

Targa Resources Corp.		3,217		414,285

Valero Energy Corp.		2,398		375,911


				6,786,455
Personal Care Products – 0.4%

e.l.f. Beauty, Inc.⁽¹⁾		802		168,997

Kenvue, Inc.		34,931		635,046


				804,043
Pharmaceuticals – 3.8%

Eli Lilly & Co.		2,739		2,479,836

Johnson & Johnson		19,143		2,797,941

Pfizer, Inc.		52,452		1,467,607


				6,745,384
Professional Services – 3.8%

Dun & Bradstreet Holdings, Inc.		169,362		1,568,292

Insperity, Inc.		11,034		1,006,411

Jacobs Solutions, Inc.		4,637		647,835

Leidos Holdings, Inc.		4,259		621,303

TransUnion		20,941		1,552,985

TriNet Group, Inc.		8,588		858,800

Verisk Analytics, Inc.		2,280		614,574


				6,870,200
Real Estate Management & Development – 0.1%

Jones Lang LaSalle, Inc.⁽¹⁾		1,174		240,999


				240,999


June 30, 2024 (unaudited)	Shares		Value
Residential REITs – 0.2%

Sun Communities, Inc.		3,421	$	411,683


				411,683
Retail REITs – 0.4%

Federal Realty Investment Trust		7,199		726,883


				726,883
Semiconductors & Semiconductor Equipment – 9.4%

Analog Devices, Inc.		6,363		1,452,418

Applied Materials, Inc.		7,422		1,751,518

Lam Research Corp.		2,104		2,240,445

Marvell Technology, Inc.		25,267		1,766,163

Monolithic Power Systems, Inc.		837		687,746

NVIDIA Corp.		65,558		8,099,035

NXP Semiconductors NV		3,372		907,372


				16,904,697
Software – 12.1%

Cadence Design Systems, Inc.⁽¹⁾		6,774		2,084,698

CCC Intelligent Solutions Holdings, Inc.⁽¹⁾		27,188		302,059

Check Point Software Technologies Ltd.⁽¹⁾		945		155,925

Datadog, Inc., Class A⁽¹⁾		2,535		328,764

Guidewire Software, Inc.⁽¹⁾		3,169		436,973

HubSpot, Inc.⁽¹⁾		596		351,515

Microsoft Corp.		31,016		13,862,601

Salesforce, Inc.		8,130		2,090,223

ServiceNow, Inc.⁽¹⁾		1,512		1,189,445

Tyler Technologies, Inc.⁽¹⁾		1,034		519,875

Zscaler, Inc.⁽¹⁾		2,693		517,568


				21,839,646
Specialized REITs – 0.5%

Extra Space Storage, Inc.		2,306		358,376

SBA Communications Corp.		2,368		464,838


				823,214
Specialty Retail – 1.9%

Burlington Stores, Inc.⁽¹⁾		1,167		280,080

Five Below, Inc.⁽¹⁾		2,400		261,528

Home Depot, Inc.		6,197		2,133,255

Ross Stores, Inc.		4,650		675,738


				3,350,601
Technology Hardware, Storage & Peripherals – 3.6%

Apple, Inc.		30,583		6,441,391


				6,441,391
Textiles, Apparel & Luxury Goods – 0.4%

NIKE, Inc., Class B		6,165		464,656

PVH Corp.		1,738		184,002


				648,658
Wireless Telecommunication Services – 0.6%

T-Mobile U.S., Inc.		6,455		1,137,242


				1,137,242

Total Common Stocks (Cost $138,795,224)				178,875,432


The accompanying notes are an integral part of these financial statements.				3

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.9%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $1,583,684, due 7/1/2024⁽²⁾	$	1,583,473	$	1,583,473

Total Repurchase Agreements (Cost $1,583,473)				1,583,473

Total Investments – 100.2% (Cost $140,378,697)				180,458,905

Liabilities in excess of other assets – (0.2)%				(418,317	)

Total Net Assets – 100.0%			$	180,040,588

⁽¹⁾	Non–income–producing security.

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

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

4.50%

3/31/2026

1,606,000

1,615,192

Legend:

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	178,875,432	$	—	$	—	$	178,875,432
Repurchase Agreements		—		1,583,473		—		1,583,473
Total	$	178,875,432	$	1,583,473	$	—	$	180,458,905


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

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	180,458,905

Receivable for investments sold		271,035

Dividends/interest receivable		91,502

Receivable for fund shares subscribed		424

Prepaid expenses		2,288


Total Assets		180,824,154


Liabilities

Payable for investments purchased		614,364

Investment advisory fees payable		64,852

Distribution fees payable		36,848

Payable for fund shares redeemed		17,740

Accrued audit fees		14,298

Accrued custodian and accounting fees		11,085

Accrued trustees’ and officers’ fees		916

Accrued expenses and other liabilities		23,463


Total Liabilities		783,566


Total Net Assets	$	180,040,588


Net Assets Consist of:

Paid-in capital	$	137,023,184

Distributable earnings		43,017,404


Total Net Assets	$	180,040,588

Investments, at Cost	$	140,378,697


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		15,428,458

Net Asset Value Per Share		$11.67


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	1,167,018

Interest		7,759

Withholding taxes on foreign dividends		(1,805	)


Total Investment Income		1,172,972


Expenses

Investment advisory fees		391,053

Distribution fees		222,189

Professional fees		34,273

Custodian and accounting fees		28,281

Trustees’ and officers’ fees		25,302

Administrative fees		20,548

Transfer agent fees		9,005

Shareholder reports		2,970

Other expenses		4,570


Total Expenses		738,191

Less: Fees waived		(29,953	)


Total Expenses, Net		708,238


Net Investment Income/(Loss)		464,734


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		5,717,900

Net realized gain/(loss) from foreign currency transactions		(40	)

Net change in unrealized appreciation/(depreciation) on investments		14,327,873

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		7


Net Gain on Investments and Foreign Currency Transactions		20,045,740


Net Increase in Net Assets Resulting From Operations	$	20,510,474


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	464,734		$	1,189,056

Net realized gain/(loss) from investments and foreign currency transactions		5,717,860			(968,918	)

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		14,327,880			34,051,693


Net Increase in Net Assets Resulting from Operations		20,510,474			34,271,831


Capital Share Transactions

Proceeds from sales of shares		1,541,930			1,598,005

Cost of shares redeemed		(16,477,164	)		(20,589,641	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(14,935,234	)		(18,991,636	)


Net Increase in Net Assets		5,575,240			15,280,195


Net Assets

Beginning of period		174,465,348			159,185,153


End of period	$	180,040,588		$	174,465,348


Other Information:

Shares

Sold		142,442			169,513

Redeemed		(1,483,140	)		(2,211,996	)


Net Decrease		(1,340,698	)		(2,042,483	)


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

This Page Intentionally Left Blank


				7

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	10.40	$	0.03	$	1.24	$	1.27	$	11.67		12.21%	⁽⁴⁾

Year Ended 12/31/23		8.46		0.07		1.87		1.94		10.40		22.93%

Year Ended 12/31/22		10.26		0.07		(1.87)		(1.80)		8.46		(17.54)%

Period Ended 12/31/21⁽⁵⁾		10.00		0.01		0.25		0.26		10.26		2.60%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	180,041		0.80%	⁽⁴⁾		0.83%	⁽⁴⁾		0.52%	⁽⁴⁾		0.49%	⁽⁴⁾		16%	⁽⁴⁾

	174,465		0.78%			0.83%			0.72%			0.67%			32%

	159,185		0.78%			0.85%			0.78%			0.71%			37%

	31,370		0.38%	⁽⁴⁾		1.14%	⁽⁴⁾		1.06%	⁽⁴⁾		0.30%	⁽⁴⁾		7%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	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.

⁽⁵⁾	Commenced operations on October 25, 2021.


The accompanying notes are an integral part of these financial statements.				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks capital appreciation.

2. Significant Accounting Policies

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.

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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

•

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

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.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

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.

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, 2025 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). Prior to May 1, 2024, the expense limitation was 0.78%. 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $29,953.

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.


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $27,811,797 and $42,378,378, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, there were no purchases or sales of U.S. government securities.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

The agreement is in place until January 3, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2024.

7. Indemnifications


14

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				15

Nature, Extent and Quality of Services


16

recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Investment Performance

The Manager discussed with the Board factors contributing to the Funds’ performance results. In

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also


				17

considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Economies of Scale

Ancillary Benefits

because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•


18

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

index for the 3-year and 5-year periods and in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


				19

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•


20

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				21

LOGO

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

PUB11407

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Balanced Allocation VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Balanced Allocation VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			11

Statement of Operations			11

Statements of Changes in Net Assets			12

Financial Highlights			14

Notes to Financial Statements			16

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			23

Item 9. Proxy Disclosures for Open-End Management Investment Companies			23

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			23

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			23

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 65.8%

Aerospace & Defense – 0.9%

Boeing Co.⁽¹⁾		1,589	$	289,214

General Dynamics Corp.		4,327		1,255,436

RTX Corp.		3,847		386,200


				1,930,850
Air Freight & Logistics – 0.2%

CH Robinson Worldwide, Inc.		5,182		456,638


				456,638
Automobile Components – 0.1%

Goodyear Tire & Rubber Co.⁽¹⁾		15,645		177,571

Modine Manufacturing Co.⁽¹⁾		1,300		130,247


				307,818
Banks – 1.9%

JPMorgan Chase & Co.		10,294		2,082,064

Wells Fargo & Co.		36,087		2,143,207


				4,225,271
Beverages – 0.6%

Celsius Holdings, Inc.⁽¹⁾		4,187		239,036

Constellation Brands, Inc., Class A		2,583		664,554

Keurig Dr Pepper, Inc.		11,562		386,171


				1,289,761
Biotechnology – 1.6%

AbbVie, Inc.		7,730		1,325,850

Alnylam Pharmaceuticals, Inc.⁽¹⁾		415		100,845

Amgen, Inc.		408		127,480

Apellis Pharmaceuticals, Inc.⁽¹⁾		1,132		43,424

Ascendis Pharma AS, ADR⁽¹⁾		450		61,371

Avidity Biosciences, Inc.⁽¹⁾		1,306		53,350

Biogen, Inc.⁽¹⁾		720		166,910

Bridgebio Pharma, Inc.⁽¹⁾		892		22,594

Celldex Therapeutics, Inc.⁽¹⁾		1,726		63,879

Crinetics Pharmaceuticals, Inc.⁽¹⁾		1,103		49,403

Cytokinetics, Inc.⁽¹⁾		3,401		184,266

Immunocore Holdings PLC, ADR⁽¹⁾		1,043		35,347

Moderna, Inc.⁽¹⁾		650		77,188

Regeneron Pharmaceuticals, Inc.⁽¹⁾		437		459,300

REVOLUTION Medicines, Inc.⁽¹⁾		2,187		84,877

Rocket Pharmaceuticals, Inc.⁽¹⁾		1,643		35,374

Sarepta Therapeutics, Inc.⁽¹⁾		285		45,030

Syndax Pharmaceuticals, Inc.⁽¹⁾		1,657		34,018

Ultragenyx Pharmaceutical, Inc.⁽¹⁾		1,091		44,840

United Therapeutics Corp.⁽¹⁾		183		58,295

Vaxcyte, Inc.⁽¹⁾		848		64,033

Vertex Pharmaceuticals, Inc.⁽¹⁾		1,114		522,154


				3,659,828
Broadline Retail – 3.6%

Amazon.com, Inc.⁽¹⁾		41,921		8,101,233


				8,101,233
Building Products – 0.6%

AZEK Co., Inc.⁽¹⁾		9,671		407,439

Builders FirstSource, Inc.⁽¹⁾		3,577		495,093

Johnson Controls International PLC		6,572		436,841

Trane Technologies PLC		258		84,864


				1,424,237


June 30, 2024 (unaudited)	Shares		Value

Capital Markets – 1.6%

Ares Management Corp., Class A		10,076	$	1,342,929

KKR & Co., Inc.		7,717		812,137

S&P Global, Inc.		3,092		1,379,032


				3,534,098
Chemicals – 1.4%

Arcadium Lithium PLC⁽¹⁾		15,817		53,145

Cabot Corp.		5,599		514,492

Celanese Corp.		2,816		379,850

FMC Corp.		6,079		349,846

Ingevity Corp.⁽¹⁾		3,324		145,292

Linde PLC		2,833		1,243,149

PPG Industries, Inc.		3,977		500,665


				3,186,439
Commercial Services & Supplies – 0.5%

Clean Harbors, Inc.⁽¹⁾		2,832		640,457

Waste Connections, Inc.		2,115		370,886


				1,011,343
Consumer Finance – 0.7%

American Express Co.		6,726		1,557,405


				1,557,405
Consumer Staples Distribution & Retail – 0.1%

U.S. Foods Holding Corp.⁽¹⁾		5,085		269,403


				269,403
Distributors – 0.4%

Pool Corp.		2,829		869,437


				869,437
Electric Utilities – 0.7%

Exelon Corp.		1,975		68,355

NextEra Energy, Inc.		6,125		433,711

PG&E Corp.		56,010		977,935


				1,480,001
Electronic Equipment, Instruments & Components – 0.4%

Flex Ltd.⁽¹⁾		32,058		945,390


				945,390
Energy Equipment & Services – 0.2%

Schlumberger NV		10,303		486,096


				486,096
Entertainment – 0.8%

Netflix, Inc.⁽¹⁾		1,873		1,264,050

Spotify Technology SA⁽¹⁾		1,318		413,575


				1,677,625
Financial Services – 2.6%

Berkshire Hathaway, Inc., Class B⁽¹⁾		4,983		2,027,084

Block, Inc.⁽¹⁾		13,587		876,226

Corpay, Inc.⁽¹⁾		1,207		321,557

Equitable Holdings, Inc.		9,578		391,357

Global Payments, Inc.		2,398		231,887

PayPal Holdings, Inc.⁽¹⁾		8,965		520,239

Visa, Inc., Class A		3,239		850,140

WEX, Inc.⁽¹⁾		3,958		701,120


				5,919,610


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2024 (unaudited)	Shares		Value

Food Products – 0.2%

Freshpet, Inc.⁽¹⁾		3,539	$	457,911


				457,911
Gas Utilities – 0.3%

Atmos Energy Corp.		5,056		589,782


				589,782
Ground Transportation – 1.0%

Knight-Swift Transportation Holdings, Inc.		7,937		396,215

Ryder System, Inc.		3,376		418,219

Uber Technologies, Inc.⁽¹⁾		20,074		1,458,978


				2,273,412
Health Care Equipment & Supplies – 1.8%

Boston Scientific Corp.⁽¹⁾		13,873		1,068,360

Dexcom, Inc.⁽¹⁾		5,132		581,866

Edwards Lifesciences Corp.⁽¹⁾		8,380		774,061

Intuitive Surgical, Inc.⁽¹⁾		2,123		944,417

Stryker Corp.		2,042		694,790


				4,063,494
Health Care Providers & Services – 2.1%

Acadia Healthcare Co., Inc.⁽¹⁾		4,342		293,259

agilon health, Inc.⁽¹⁾		40,262		263,314

Cencora, Inc.		3,514		791,704

Centene Corp.⁽¹⁾		5,369		355,965

Elevance Health, Inc.		1,330		720,674

HCA Healthcare, Inc.		2,015		647,379

Humana, Inc.		648		242,125

Molina Healthcare, Inc.⁽¹⁾		1,301		386,787

UnitedHealth Group, Inc.		2,023		1,030,233


				4,731,440
Health Care REITs – 0.3%

Welltower, Inc.		6,841		713,174


				713,174
Hotel & Resort REITs – 0.2%

Ryman Hospitality Properties, Inc.		4,468		446,174


				446,174
Hotels, Restaurants & Leisure – 1.9%

Chipotle Mexican Grill, Inc.⁽¹⁾		30,550		1,913,958

Domino’s Pizza, Inc.		1,006		519,428

DoorDash, Inc., Class A⁽¹⁾		8,120		883,294

Dutch Bros, Inc., Class A⁽¹⁾		3,585		148,419

Hyatt Hotels Corp., Class A		3,872		588,234

Royal Caribbean Cruises Ltd.⁽¹⁾		1,394		222,245


				4,275,578
Household Durables – 0.4%

Lennar Corp., Class A		2,481		371,827

Skyline Champion Corp.⁽¹⁾		7,022		475,741


				847,568
Household Products – 1.1%

Church & Dwight Co., Inc.		4,138		429,028

Procter & Gamble Co.		11,754		1,938,470


				2,367,498


June 30, 2024 (unaudited)	Shares		Value

Independent Power and Renewable Electricity Producers – 0.2%

Vistra Corp.		5,050	$	434,199


				434,199
Insurance – 2.1%

American International Group, Inc.		11,879		881,897

Arch Capital Group Ltd.⁽¹⁾		7,608		767,571

Assured Guaranty Ltd.		4,445		342,932

Everest Group Ltd.		2,684		1,022,658

Progressive Corp.		4,044		839,979

SiriusPoint Ltd.⁽¹⁾		28,558		348,408

Trupanion, Inc.⁽¹⁾		13,288		390,667


				4,594,112
Interactive Media & Services – 4.4%

Alphabet, Inc., Class A		42,435		7,729,535

Meta Platforms, Inc., Class A		4,138		2,086,463


				9,815,998
IT Services – 0.9%

MongoDB, Inc.⁽¹⁾		2,476		618,901

Squarespace, Inc., Class A⁽¹⁾		33,893		1,478,752


				2,097,653
Life Sciences Tools & Services – 0.9%

Agilent Technologies, Inc.		2,811		364,390

Danaher Corp.		3,715		928,193

ICON PLC⁽¹⁾		1,601		501,865

Thermo Fisher Scientific, Inc.		450		248,850


				2,043,298
Machinery – 0.7%

Atmus Filtration Technologies, Inc.⁽¹⁾		3,846		110,688

Flowserve Corp.		3,038		146,128

Fortive Corp.		7,509		556,417

Helios Technologies, Inc.		3,100		148,025

Ingersoll Rand, Inc.		1,883		171,052

Middleby Corp.⁽¹⁾		4,242		520,111


				1,652,421
Media – 0.4%

New York Times Co., Class A		6,737		345,002

Omnicom Group, Inc.		7,084		635,435


				980,437
Metals & Mining – 0.1%

Nucor Corp.		1,035		163,613


				163,613
Multi-Utilities – 0.5%

Sempra		13,734		1,044,608


				1,044,608
Oil, Gas & Consumable Fuels – 2.8%

EQT Corp.		7,253		268,216

Exxon Mobil Corp.		25,375		2,921,170

Marathon Petroleum Corp.		4,485		778,058

Shell PLC, ADR		21,855		1,577,494

Targa Resources Corp.		4,830		622,007


				6,166,945
Passenger Airlines – 0.3%

Delta Air Lines, Inc.		16,275		772,086


				772,086


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2024 (unaudited)	Shares		Value

Personal Care Products – 0.9%

BellRing Brands, Inc.⁽¹⁾		5,930	$	338,840

e.l.f. Beauty, Inc.⁽¹⁾		1,877		395,522

Haleon PLC, ADR		58,190		480,649

Unilever PLC, ADR		15,196		835,628


				2,050,639
Pharmaceuticals – 2.7%

AstraZeneca PLC, ADR		8,330		649,657

Eli Lilly & Co.		3,391		3,070,144

GSK PLC, ADR		10,115		389,427

Longboard Pharmaceuticals, Inc.⁽¹⁾		3,900		105,417

Merck & Co., Inc.		12,065		1,493,647

Novartis AG, ADR		1,150		122,429

Structure Therapeutics, Inc., ADR⁽¹⁾		4,634		181,977


				6,012,698
Professional Services – 0.4%

Dayforce, Inc.⁽¹⁾		9,451		468,770

Science Applications International Corp.		4,538		533,442


				1,002,212
Real Estate Management & Development – 0.1%

CoStar Group, Inc.⁽¹⁾		2,442		181,050


				181,050
Residential REITs – 0.2%

Camden Property Trust		4,000		436,440


				436,440
Semiconductors & Semiconductor Equipment – 7.2%

Advanced Micro Devices, Inc.⁽¹⁾		13,990		2,269,318

First Solar, Inc.⁽¹⁾		1,028		231,773

KLA Corp.		1,510		1,245,010

Micron Technology, Inc.		12,586		1,655,437

NVIDIA Corp.		60,997		7,535,569

NXP Semiconductors NV		2,506		674,339

QUALCOMM, Inc.		4,586		913,439

Texas Instruments, Inc.		8,169		1,589,116


				16,114,001
Software – 6.7%

Adobe, Inc.⁽¹⁾		5,068		2,815,477

Atlassian Corp., Class A⁽¹⁾		5,030		889,706

HubSpot, Inc.⁽¹⁾		1,504		887,044

Microsoft Corp.		19,365		8,655,187

ServiceNow, Inc.⁽¹⁾		844		663,949

Synopsys, Inc.⁽¹⁾		1,882		1,119,903


				15,031,266
Specialized REITs – 0.3%

Equinix, Inc.		797		603,010


				603,010
Specialty Retail – 1.0%

TJX Cos., Inc.		20,750		2,284,575


				2,284,575


June 30, 2024 (unaudited)	Shares		Value
Technology Hardware, Storage & Peripherals – 4.1%

Apple, Inc.		43,268	$	9,113,106


				9,113,106
Trading Companies & Distributors – 0.1%

AerCap Holdings NV		2,831		263,849


				263,849
Wireless Telecommunication Services – 0.6%

T-Mobile U.S., Inc.		7,697		1,356,057


				1,356,057

Total Common Stocks (Cost $115,847,203)				147,312,787

	Principal Amount
Agency Mortgage-Backed Securities – 9.5%

Federal Home Loan Mortgage Corp. 2.00% due 5/1/2051	$	1,298,785		1,026,516
2.00% due 4/1/2052		1,239,091		982,972
2.50% due 7/1/2041		356,207		306,977
2.50% due 2/1/2042		524,193		453,417
2.50% due 7/1/2051		1,185,776		983,082
2.50% due 10/1/2051		413,433		338,807
2.50% due 11/1/2051		386,237		317,801
3.00% due 10/1/2049		301,788		260,372
3.00% due 10/1/2051		101,851		87,796
3.00% due 11/1/2051		392,356		333,600
3.00% due 5/1/2052		177,644		151,044
4.00% due 4/1/2047		8,899		8,335
4.00% due 11/1/2048		116,650		108,563
4.00% due 5/1/2049		15,495		14,471
4.00% due 7/1/2049		18,305		17,144
4.00% due 4/1/2052		329,112		301,918
4.50% due 1/1/2038		111,162		108,784
4.50% due 5/1/2038		23,016		22,509
4.50% due 11/1/2048		23,090		22,098
4.50% due 8/1/2049		54,988		52,846
4.50% due 8/1/2052		55,388		52,260
4.50% due 9/1/2052		58,186		54,890
4.50% due 10/1/2052		86,425		81,563
5.00% due 11/1/2043		122,800		120,778
5.00% due 10/1/2052		235,400		227,901
5.00% due 1/1/2053		122,982		118,988
5.00% due 6/1/2053		302,582		292,269
5.50% due 9/1/2052		243,935		241,305
5.50% due 1/1/2053		570,090		562,523
5.50% due 2/1/2053		24,627		24,286
5.50% due 3/1/2053		36,504		36,004
5.50% due 5/1/2053		476,257		469,667
5.50% due 6/1/2053		74,338		73,304
5.50% due 9/1/2053		36,405		36,006
5.50% due 11/1/2053		165,386		163,046
6.00% due 8/1/2053		142,547		142,888
6.00% due 11/1/2053		409,274		410,251
6.50% due 11/1/2053		399,484		406,947

Federal National Mortgage Association 2.00% due 12/1/2050		1,172,265		923,657


The accompanying notes are an integral part of these financial statements.				3

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities (continued)
2.50% due 2/1/2041	$	61,134	$	52,949
2.50% due 5/1/2051		557,961		461,485
3.00% due 6/1/2043		223,223		197,793
3.00% due 6/1/2051		232,258		201,021
3.00% due 10/1/2051		722,846		618,036
3.50% due 6/1/2037		63,624		60,098
3.50% due 8/1/2043		223,659		204,236
3.50% due 7/1/2051		493,811		441,699
3.50% due 4/1/2052		360,987		321,166
4.00% due 1/1/2038		242,936		233,512
4.00% due 3/1/2046		8,910		8,334
4.00% due 1/1/2049		11,512		10,768
4.00% due 8/1/2049		7,839		7,332
4.00% due 8/1/2051		10,473		9,809
4.00% due 8/1/2052		129,788		118,761
4.00% due 10/1/2052		129,128		118,427
4.50% due 4/1/2038		425,785		416,391
4.50% due 7/1/2048		78,886		75,948
4.50% due 11/1/2048		33,847		32,559
4.50% due 10/1/2050		16,990		16,260
4.50% due 8/1/2052		15,562		14,707
4.50% due 9/1/2052		233,183		220,956
4.50% due 11/1/2052		78,253		74,545
4.50% due 1/1/2053		143,553		135,910
5.00% due 8/1/2052		650,612		630,479
5.00% due 9/1/2052		37,871		36,714
5.00% due 10/1/2052		25,071		24,319
5.50% due 1/1/2053		150,883		148,969
5.50% due 8/1/2053		36,127		35,645
6.00% due 9/1/2053		1,107,662		1,111,628

Freddie Mac Multifamily Structured Pass-Through Certificates Series K-150, Class A2 3.71% due 9/25/2032⁽²⁾⁽³⁾		78,000		72,194
Series K-156, Class A2 4.43% due 2/25/2033⁽²⁾⁽³⁾		165,000		160,536

Government National Mortgage Association 2.00% due 12/20/2050		406,066		329,131
2.00% due 1/20/2051		110,884		89,953
2.00% due 2/20/2051		97,634		79,093
2.50% due 5/20/2051		505,970		425,908
2.50% due 8/20/2051		508,860		428,105
3.00% due 1/20/2051		473,846		414,442
3.00% due 5/20/2051		245,680		214,344
3.50% due 1/20/2052		433,835		390,109
3.50% due 2/20/2052		429,944		386,576
4.00% due 4/20/2052		81,991		75,762
4.00% due 5/20/2052		234,341		216,539
4.00% due 8/20/2052		347,023		320,660
4.50% due 8/20/2048		169,011		162,647
4.50% due 6/20/2052		591,313		562,835

Uniform Mortgage-Backed Security 4.00% due 7/1/2054⁽⁴⁾		249,000		227,814
5.00% due 7/1/2054⁽⁴⁾		54,000		52,178
6.00% due 7/1/2054⁽⁴⁾		226,000		226,594


Total Agency Mortgage-Backed Securities (Cost $22,012,903)				21,213,461


June 30, 2024 (unaudited)	Principal Amount		Value
Asset-Backed Securities – 1.4%

CF Hippolyta Issuer LLC Series 2021-1A, Class A1 1.53% due 3/15/2061⁽⁵⁾	$	183,777	$	168,416
Series 2022-1A, Class A1 5.97% due 8/15/2062⁽⁵⁾		97,713		96,403

Chesapeake Funding II LLC Series 2024-1A, Class A1 5.52% due 5/15/2036⁽⁵⁾		174,405		174,317

Enterprise Fleet Financing LLC Series 2023-3, Class A2 6.40% due 3/20/2030⁽⁵⁾		245,000		247,634

GM Financial Consumer Automobile Receivables Trust Series 2023-1, Class A2A 5.19% due 3/16/2026		27,552		27,522
Series 2023-2, Class A3 4.47% due 2/16/2028		105,000		103,803

GM Financial Revolving Receivables Trust Series 2023-2, Class A 5.77% due 8/11/2036⁽⁵⁾		174,000		178,502
Series 2024-1, Class A 4.98% due 12/11/2036⁽⁵⁾		230,000		229,099

Kubota Credit Owner Trust Series 2023-2A, Class A3 5.28% due 1/18/2028⁽⁵⁾		155,000		154,658

Navient Private Education Refi Loan Trust Series 2023-A, Class A 5.51% due 10/15/2071⁽⁵⁾		179,532		179,641

New Economy Assets Phase 1 Sponsor LLC Series 2021-1, Class A1 1.91% due 10/20/2061⁽⁵⁾		335,000		298,862

Retained Vantage Data Centers Issuer LLC Series 2023-1A, Class A2A 5.00% due 9/15/2048⁽⁵⁾		346,000		334,069

SFS Auto Receivables Securitization Trust Series 2023-1A, Class A2A 5.89% due 3/22/2027⁽⁵⁾		43,113		43,135

Vantage Data Centers Issuer LLC Series 2021-1A, Class A2 2.165% due 10/15/2046⁽⁵⁾		175,000		160,703

Volkswagen Auto Lease Trust Series 2024-A, Class A3 5.21% due 6/21/2027		190,000		189,714

Wheels Fleet Lease Funding 1 LLC Series 2023-1A, Class A 5.80% due 4/18/2038⁽⁵⁾		349,189		349,344
Series 2023-2A, Class A 6.46% due 8/18/2038⁽⁵⁾		165,000		166,788


Total Asset-Backed Securities (Cost $3,105,830)				3,102,610


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Corporate Bonds & Notes – 8.7%

Aerospace & Defense – 0.1%

HEICO Corp. 5.35% due 8/1/2033	$	309,000	$	306,170


				306,170
Agriculture – 0.1%

Philip Morris International, Inc. 5.25% due 2/13/2034		275,000		269,813


				269,813
Airlines – 0.0%

United Airlines Pass-Through Trust Series 2016-1, Class AA 3.10% due 7/7/2028		39,421		36,372


				36,372
Auto Manufacturers – 0.1%

Daimler Truck Finance North America LLC 5.15% due 1/16/2026⁽⁵⁾		150,000		149,240


				149,240
Beverages – 0.2%

Anheuser-Busch InBev Worldwide, Inc. 4.60% due 4/15/2048		34,000		30,074

Coca-Cola Consolidated, Inc. 5.25% due 6/1/2029		267,000		268,111
5.45% due 6/1/2034		80,000		80,713


				378,898
Biotechnology – 0.1%

Royalty Pharma PLC 3.30% due 9/2/2040		273,000		197,141
3.35% due 9/2/2051		170,000		108,679
5.90% due 9/2/2054		30,000		28,939


				334,759
Commercial Banks – 1.7%

Bank of America NA 5.526% due 8/18/2026		295,000		297,021

Bank of New York Mellon Corp. Series J 4.967% (4.967% fixed rate until 4/26/2033; 1 day USD SOFR + 1.61% thereafter) due 4/26/2034⁽³⁾		214,000		208,511

BNP Paribas SA 5.894% (5.894% fixed rate until 12/5/2033; 1 day USD SOFR + 1.87% thereafter) due 12/5/2034⁽³⁾⁽⁵⁾		230,000		235,773

BPCE SA 6.714% (6.714% fixed rate until 10/19/2028; 1 day USD SOFR + 2.27% thereafter) due 10/19/2029⁽³⁾⁽⁵⁾		325,000		337,096

Canadian Imperial Bank of Commerce 5.237% due 6/28/2027		200,000		199,810


June 30, 2024 (unaudited)	Principal Amount		Value
Commercial Banks (continued)

Citizens Financial Group, Inc. 5.841% (5.841% fixed rate until 1/23/2029; 1 day USD SOFR + 2.01% thereafter) due 1/23/2030⁽³⁾	$	60,000	$	59,800

Commonwealth Bank of Australia 5.071% due 9/14/2028⁽⁵⁾		250,000		251,958

Danske Bank AS 1.621% (1.621% fixed rate until 9/11/2025; 1 yr. CMT rate + 1.35% thereafter) due 9/11/2026⁽³⁾⁽⁵⁾		256,000		243,343
5.705% (5.705% fixed rate until 3/1/2029; 1 yr. CMT rate + 1.40% thereafter) due 3/1/2030⁽³⁾⁽⁵⁾		200,000		200,532

JPMorgan Chase & Co. 4.912% (4.912% fixed rate until 7/25/2032; 1 day USD SOFR + 2.08% thereafter) due 7/25/2033⁽³⁾		107,000		103,943

Morgan Stanley 1.928% (1.928% fixed rate until 4/28/2031; 1 day USD SOFR + 1.02% thereafter) due 4/28/2032⁽³⁾		123,000		98,848
4.35% due 9/8/2026		268,000		262,096
5.466% (5.466% fixed rate until 1/18/2034; 1 day USD SOFR + 1.73% thereafter) due 1/18/2035⁽³⁾		105,000		104,757

UBS AG 7.50% due 2/15/2028		500,000		534,965

UBS Group AG 6.301% (6.301% fixed rate until 9/22/2033; 1 yr. CMT rate + 2.00% thereafter) due 9/22/2034⁽³⁾⁽⁵⁾		200,000		207,670

Wells Fargo & Co. 4.897% (4.897% fixed rate until 7/25/2032; 1 day USD SOFR + 2.10% thereafter) due 7/25/2033⁽³⁾		229,000		220,447
6.303% (6.303% fixed rate until 10/23/2028; 1 day USD SOFR + 1.79% thereafter) due 10/23/2029⁽³⁾		220,000		228,199


				3,794,769
Commercial Services – 0.3%

Ashtead Capital, Inc. 2.45% due 8/12/2031⁽⁵⁾		400,000		322,824
5.80% due 4/15/2034⁽⁵⁾		200,000		198,576

Element Fleet Management Corp. 5.643% due 3/13/2027⁽⁵⁾		95,000		95,216

ERAC USA Finance LLC 5.20% due 10/30/2034⁽⁵⁾		120,000		118,766


				735,382


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Diversified Financial Services – 0.5%

American Express Co. 5.043% (5.043% fixed rate until 5/1/2033; 1 day USD SOFR + 1.84% thereafter) due 5/1/2034⁽³⁾	$	225,000	$	220,025
6.489% (6.489% fixed rate until 10/30/2030; 1 day USD SOFR + 1.94% thereafter) due 10/30/2031⁽³⁾		25,000		26,642

Aviation Capital Group LLC 5.375% due 7/15/2029⁽⁵⁾		620,000		613,552

Capital One Financial Corp. 5.70% (5.70% fixed rate until 2/1/2029; 1 day USD SOFR + 1.91% thereafter) due 2/1/2030⁽³⁾		50,000		50,202
6.051% (6.051% fixed rate until 1/2/2034; 1 day USD SOFR + 2.26% thereafter) due 2/1/2035⁽³⁾		97,000		97,566
6.312% (6.312% fixed rate until 6/8/2028; 1 day USD SOFR + 2.64% thereafter) due 6/8/2029⁽³⁾		125,000		127,915
7.149% (7.149% fixed rate until 10/29/2026; 1 day USD SOFR + 2.44% thereafter) due 10/29/2027⁽³⁾		70,000		72,309


				1,208,211
Electric – 0.8%

Alabama Power Co. Series 20-A 1.45% due 9/15/2030		18,000		14,658

Dominion Energy, Inc. Series C 3.375% due 4/1/2030		39,000		35,226
Series C 4.90% due 8/1/2041		275,000		241,939

Emera U.S. Finance LP 2.639% due 6/15/2031		135,000		111,297
4.75% due 6/15/2046		39,000		32,078

FirstEnergy Corp. Series B 4.15% due 7/15/2027		155,000		148,667

FirstEnergy Pennsylvania Electric Co. 3.60% due 6/1/2029⁽⁵⁾		34,000		31,605
5.15% due 3/30/2026⁽⁵⁾		5,000		4,967
5.20% due 4/1/2028⁽⁵⁾		10,000		9,986

Georgia Power Co. 4.95% due 5/17/2033		335,000		326,809
Series 2010-C 4.75% due 9/1/2040		38,000		34,242

Pacific Gas & Electric Co. 4.50% due 7/1/2040		487,025		401,435

Public Service Enterprise Group, Inc. 5.45% due 4/1/2034		75,000		74,385


June 30, 2024 (unaudited)	Principal Amount		Value
Electric (continued)

Southern California Edison Co. 4.00% due 4/1/2047	$	29,000	$	22,193
4.65% due 10/1/2043		12,000		10,313
5.875% due 12/1/2053		115,000		114,763

Texas Electric Market Stabilization Funding LLC Series A-1 4.265% due 8/1/2034⁽⁵⁾		194,689		187,749


				1,802,312
Entertainment – 0.1%

Warnermedia Holdings, Inc. 4.054% due 3/15/2029		184,000		169,930


				169,930
Food – 0.1%

Tyson Foods, Inc. 5.70% due 3/15/2034		302,000		300,644


				300,644
Gas – 0.2%

Boston Gas Co. 3.15% due 8/1/2027⁽⁵⁾		35,000		32,609

CenterPoint Energy Resources Corp. 5.40% due 7/1/2034		65,000		64,432

KeySpan Gas East Corp. 2.742% due 8/15/2026⁽⁵⁾		162,000		152,704

Southern Co. Gas Capital Corp. 5.75% due 9/15/2033		105,000		107,479


				357,224
Healthcare-Products – 0.1%

Smith & Nephew PLC 5.40% due 3/20/2034		215,000		211,734


				211,734
Healthcare-Services – 0.2%

HCA, Inc. 5.45% due 4/1/2031		60,000		59,948

Icon Investments Six DAC 6.00% due 5/8/2034		210,000		214,578

Providence St. Joseph Health Obligated Group 5.403% due 10/1/2033		110,000		109,478

Sutter Health Series 20A 2.294% due 8/15/2030		25,000		21,456


				405,460
Insurance – 0.8%

Athene Global Funding 2.50% due 3/24/2028⁽⁵⁾		382,000		342,719
5.583% due 1/9/2029⁽⁵⁾		175,000		175,681

Brighthouse Financial Global Funding 5.65% due 6/10/2029⁽⁵⁾		266,000		266,066

CNO Global Funding 5.875% due 6/4/2027⁽⁵⁾		189,000		189,642

Corebridge Financial, Inc. 6.05% due 9/15/2033⁽⁵⁾		60,000		61,422

Corebridge Global Funding 5.20% due 6/24/2029⁽⁵⁾		300,000		299,016
5.90% due 9/19/2028⁽⁵⁾		35,000		35,740


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Insurance (continued)

Equitable Financial Life Global Funding 1.40% due 8/27/2027⁽⁵⁾	$	162,000	$	143,461

GA Global Funding Trust 5.50% due 1/8/2029⁽⁵⁾		180,000		179,946


				1,693,693
Investment Companies – 0.1%

Abu Dhabi Developmental Holding Co. PJSC 5.375% due 5/8/2029⁽⁵⁾		230,000		233,448


				233,448
Machinery-Diversified – 0.2%

Westinghouse Air Brake Technologies Corp. 5.611% due 3/11/2034		380,000		381,923


				381,923
Mining – 0.3%

Glencore Funding LLC 5.371% due 4/4/2029⁽⁵⁾		110,000		109,443
5.893% due 4/4/2054⁽⁵⁾		60,000		57,712
6.375% due 10/6/2030⁽⁵⁾		470,000		490,060


				657,215
Oil & Gas – 0.3%

BP Capital Markets America, Inc. 5.227% due 11/17/2034		270,000		268,010

Equinor ASA 3.00% due 4/6/2027		359,000		341,222


				609,232
Pipelines – 0.5%

Cheniere Energy Partners LP 4.00% due 3/1/2031		428,000		388,765

Columbia Pipelines Holding Co. LLC 5.681% due 1/15/2034⁽⁵⁾		40,000		39,332

Columbia Pipelines Operating Co. LLC 5.927% due 8/15/2030⁽⁵⁾		45,000		45,953
6.497% due 8/15/2043⁽⁵⁾		89,000		92,621

Eastern Gas Transmission & Storage, Inc. 3.60% due 12/15/2024		24,000		23,721

Energy Transfer LP 4.95% due 6/15/2028		12,000		11,842

Galaxy Pipeline Assets Bidco Ltd. 2.625% due 3/31/2036⁽⁵⁾		245,000		199,293

Gray Oak Pipeline LLC 2.60% due 10/15/2025⁽⁵⁾		85,000		81,572
3.45% due 10/15/2027⁽⁵⁾		15,000		14,100

MPLX LP 5.50% due 6/1/2034		130,000		128,015


				1,025,214
Real Estate Investment Trusts – 0.7%

American Tower Trust I 5.49% due 3/15/2028⁽⁵⁾		315,000		316,351

Extra Space Storage LP 5.50% due 7/1/2030		60,000		60,427
5.90% due 1/15/2031		120,000		122,543


June 30, 2024 (unaudited)	Principal Amount		Value
Real Estate Investment Trusts (continued)

GLP Capital LP/GLP Financing II, Inc. 6.75% due 12/1/2033	$	250,000	$	261,930

Kite Realty Group LP 5.50% due 3/1/2034		207,000		202,417

LXP Industrial Trust 6.75% due 11/15/2028		185,000		191,558

Realty Income Corp. 5.125% due 2/15/2034		350,000		339,650

VICI Properties LP 6.125% due 4/1/2054		60,000		57,428

WEA Finance LLC 2.875% due 1/15/2027⁽⁵⁾		20,000		18,578
3.50% due 6/15/2029⁽⁵⁾		45,000		40,369


				1,611,251
Semiconductors – 0.5%

Broadcom, Inc. 3.469% due 4/15/2034⁽⁵⁾		317,000		270,160

Foundry JV Holdco LLC 6.15% due 1/25/2032⁽⁵⁾		200,000		204,030
6.25% due 1/25/2035⁽⁵⁾		400,000		408,784
6.40% due 1/25/2038⁽⁵⁾		200,000		206,140

Intel Corp. 5.60% due 2/21/2054		78,000		75,649


				1,164,763
Software – 0.4%

Constellation Software, Inc.
5.158% due 2/16/2029⁽⁵⁾		30,000		29,997
5.461% due 2/16/2034⁽⁵⁾		384,000		383,770

Oracle Corp. 3.60% due 4/1/2050		26,000		18,155
3.65% due 3/25/2041		352,000		269,202
5.55% due 2/6/2053		142,000		134,291


				835,415
Telecommunications – 0.2%

AT&T, Inc. 3.50% due 9/15/2053		68,000		46,154
3.65% due 6/1/2051		95,000		67,087
3.85% due 6/1/2060		19,000		13,257
4.30% due 12/15/2042		242,000		201,303

T-Mobile USA, Inc. 6.00% due 6/15/2054		80,000		82,823

Verizon Communications, Inc. 2.875% due 11/20/2050		50,000		31,448
2.987% due 10/30/2056		70,000		42,852


				484,924
Trucking & Leasing – 0.1%

DAE Funding LLC 1.55% due 8/1/2024⁽⁵⁾		294,000		292,786


				292,786

Total Corporate Bonds & Notes (Cost $19,387,857)				19,450,782
Municipals – 0.4%

Chicago Transit Authority Sales & Transfer Tax Receipts Revenue Series A 6.899% due 12/1/2040		48,515		53,659


The accompanying notes are an integral part of these financial statements.				7

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Municipals (continued)

Dallas Fort Worth International Airport Series A 4.087% due 11/1/2051	$	100,000	$	83,980

Metropolitan Transportation Authority Series C2 5.175% due 11/15/2049		10,000		9,150

Municipal Electric Authority of Georgia Series A 6.637% due 4/1/2057		146,000		158,747

Regents of the University of California Medical Center Pooled Revenue Series N 3.006% due 5/15/2050		125,000		84,355

State of Illinois 5.10% due 6/1/2033		329,412		323,369

Texas Natural Gas Securitization Finance Corp. 5.102% due 4/1/2035		116,405		116,685
5.169% due 4/1/2041		90,000		90,079


Total Municipals (Cost $977,940)				920,024
Non-Agency Mortgage-Backed Securities – 0.5%

Fannie Mae REMIC Series 2019-42, Class LA 3.00% due 8/25/2049		262,629		236,866
Series 2020-27, Class HC 1.50% due 10/25/2049		374,893		288,462

Freddie Mac REMIC Series 3967, Class ZP 4.00% due 9/15/2041		244,349		230,991
Series 5170, Class DP 2.00% due 7/25/2050		225,599		190,112

Ginnie Mae REMIC Series 2021-215, Class KA 2.50% due 10/20/2049		275,630		235,294


Total Non-Agency Mortgage-Backed Securities (Cost $1,263,984)				1,181,725
Foreign Government – 0.2%

Israel Government International Bonds 5.375% due 3/12/2029	USD	220,000		215,666

Saudi Government International Bonds 5.75% due 1/16/2054⁽⁵⁾	USD	215,000		209,567


Total Foreign Government (Cost $426,598)				425,233
U.S. Government Securities – 13.2%

U.S. Treasury Bonds 2.25% due 2/15/2052	$	805,700		513,256
2.375% due 2/15/2042		1,035,200		753,431
3.25% due 5/15/2042		25,000		20,785
3.375% due 8/15/2042		129,600		109,471


June 30, 2024 (unaudited)	Principal Amount		Value
U.S. Government Securities (continued)
3.625% due 2/15/2053	$	694,300	$	590,697
3.625% due 5/15/2053		630,800		536,870
3.875% due 2/15/2043		943,500		852,983
3.875% due 5/15/2043		820,300		740,193
4.00% due 11/15/2042		976,900		900,427
4.00% due 11/15/2052		652,100		594,124
4.125% due 8/15/2053		268,100		249,710
4.25% due 2/15/2054		782,100		744,950
4.375% due 8/15/2043		538,600		520,001
4.50% due 2/15/2044		640,200		628,196
4.625% due 5/15/2044		175,000		174,672
4.625% due 5/15/2054		279,000		282,923
4.75% due 11/15/2043		895,000		907,166
4.75% due 11/15/2053		567,800		587,141

U.S. Treasury Notes 2.75% due 4/30/2027		447,100		425,968
3.50% due 4/30/2028		519,000		502,011
3.50% due 4/30/2030		70,000		66,937
3.625% due 5/15/2026		924,000		905,159
3.625% due 3/31/2028		163,000		158,416
3.625% due 5/31/2028		204,000		198,183
3.75% due 4/15/2026		575,000		564,668
3.75% due 12/31/2028		943,300		919,349
3.75% due 5/31/2030		78,000		75,544
3.75% due 6/30/2030		247,000		239,127
3.75% due 12/31/2030		298,000		287,896
3.875% due 11/30/2027		419,000		411,013
3.875% due 12/31/2027		219,600		215,414
3.875% due 12/31/2029		237,100		231,506
4.00% due 12/15/2025		332,000		327,707
4.00% due 1/15/2027		197,000		194,153
4.00% due 2/29/2028		651,800		641,819
4.00% due 6/30/2028		155,000		152,651
4.00% due 1/31/2029		882,700		869,253
4.00% due 10/31/2029		574,900		565,109
4.00% due 7/31/2030		57,200		56,119
4.125% due 9/30/2027		423,400		418,637
4.125% due 10/31/2027		339,000		335,213
4.125% due 7/31/2028		493,200		487,998
4.125% due 3/31/2029		324,900		321,626
4.25% due 2/28/2029		646,400		643,572
4.375% due 8/15/2026		135,000		134,114
4.375% due 12/15/2026		250,000		248,594
4.375% due 8/31/2028		462,700		462,158
4.375% due 11/30/2028		410,000		410,000
4.375% due 11/30/2030		20,000		20,020
4.375% due 5/15/2034		396,300		396,424
4.50% due 3/31/2026		281,900		280,424
4.50% due 7/15/2026		275,000		273,818
4.50% due 5/15/2027		555,400		554,706
4.50% due 5/31/2029		1,267,500		1,276,214
4.625% due 3/15/2026		40,000		39,863
4.625% due 6/30/2026		695,600		694,350
4.625% due 9/15/2026		198,000		197,768
4.625% due 10/15/2026		157,000		156,877
4.625% due 11/15/2026		648,000		647,747
4.625% due 9/30/2028		937,800		945,713
4.625% due 4/30/2029		554,400		560,810
4.625% due 4/30/2031		232,600		236,380
4.875% due 11/30/2025		565,200		564,538
4.875% due 5/31/2026		415,800		416,645


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
U.S. Government Securities (continued)
4.875% due 10/31/2028	$	927,000	$	944,454
4.875% due 10/31/2030		121,000		124,431

Total U.S. Government Securities (Cost $30,397,328)				29,508,092
U.S. Treasury Bills – 0.4%
U.S. Treasury Bills 5.362% due 9/10/2024⁽⁶⁾		826,200		817,655

Total U.S. Treasury Bills (Cost $817,678)				817,655
Repurchase Agreements – 0.3%
Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $784,234, due 7/1/2024⁽⁷⁾		784,129		784,129

Total Repurchase Agreements (Cost $784,129)				784,129


June 30, 2024 (unaudited)	Value

Total Investments – 100.4% (Cost $195,021,450)	$	224,716,498

Liabilities in excess of other assets – (0.4)%		(798,583	)

Total Net Assets – 100.0%	$	223,917,915

⁽¹⁾	Non–income–producing security.

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

⁽³⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2024.

⁽⁴⁾	TBA — To be announced.

⁽⁵⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2024, the aggregate market value of these securities amounted to $11,613,496, representing 5.2% 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.

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

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

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

4.50%

3/31/2026

795,300

799,868

Open futures contracts at June 30, 2024:


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation (Depreciation)
U.S. 10-Year Treasury Note		September 2024		6		Short	$	(662,866	)	$	(659,906	)	$	2,960
U.S. Ultra 10-Year Treasury Note		September 2024		6		Short		(675,877	)		(681,188	)		(5,311	)
Total							$	(1,338,743	)	$	(1,341,094	)	$	(2,351	)

Legend:

ADR — American Depositary Receipt

CMT — Constant Maturity Treasury

REITs — Real Estate Investment Trusts

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

USD — United States Dollar


The accompanying notes are an integral part of these financial statements.				9

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Common Stocks	$	147,312,787		$	—	$	—	$	147,312,787
Agency Mortgage-Backed Securities		—			21,213,461		—		21,213,461
Asset-Backed Securities		—			3,102,610		—		3,102,610
Corporate Bonds & Notes		—			19,450,782		—		19,450,782
Municipals		—			920,024		—		920,024
Non-Agency Mortgage-Backed Securities		—			1,181,725		—		1,181,725
Foreign Government		—			425,233		—		425,233
U.S. Government Securities		—			29,508,092		—		29,508,092
U.S. Treasury Bills		—			817,655		—		817,655
Repurchase Agreements		—			784,129		—		784,129
Total	$	147,312,787		$	77,403,711	$	—	$	224,716,498
Other Financial Instruments
Futures Contracts
Assets	$	2,960		$	—	$	—	$	2,960
Liabilities		(5,311	)		—		—		(5,311	)
Total	$	(2,351	)	$	—	$	—	$	(2,351	)


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

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	224,716,498

Receivable for investments sold		2,376,218

Dividends/interest receivable		698,778

Cash deposits with brokers for futures contracts		30,360

Receivable for fund shares subscribed		288

Prepaid expenses		2,772


Total Assets		227,824,914


Liabilities

Payable for investments purchased		3,193,192

Payable for fund shares redeemed		501,517

Investment advisory fees payable		88,438

Distribution fees payable		46,061

Payable for variation margin on futures contracts		27,337

Accrued audit fees		11,771

Accrued custodian and accounting fees		8,280

Accrued trustees’ and officers’ fees		1,458

Accrued expenses and other liabilities		28,945


Total Liabilities		3,906,999


Total Net Assets	$	223,917,915


Net Assets Consist of:

Paid-in capital	$	182,017,828

Distributable earnings		41,900,087


Total Net Assets	$	223,917,915


Investments, at Cost	$	195,021,450


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		18,451,991

Net Asset Value Per Share		$12.14


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Interest	$	1,820,647

Dividends		747,815

Withholding taxes on foreign dividends		(2,929	)


Total Investment Income		2,565,533


Expenses

Investment advisory fees		533,933

Distribution fees		278,090

Custodian and accounting fees		50,672

Professional fees		40,453

Trustees’ and officers’ fees		32,146

Administrative fees		23,689

Transfer agent fees		9,255

Shareholder reports		3,869

Other expenses		6,021


Total Expenses		978,128


Net Investment Income/(Loss)		1,587,405


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions

Net realized gain/(loss) from investments		10,052,508

Net realized gain/(loss) from futures contracts		34,447

Net realized gain/(loss) from foreign currency transactions		(3	)

Net change in unrealized appreciation/(depreciation) on investments		7,281,904

Net change in unrealized appreciation/(depreciation) on futures contracts		(4,040	)


Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions		17,364,816


Net Increase in Net Assets Resulting From Operations	$	18,952,221


The accompanying notes are an integral part of these financial statements.				11

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	1,587,405		$	3,061,866

Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		10,086,952			2,145,134

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		7,277,864			30,488,179


Net Increase in Net Assets Resulting from Operations		18,952,221			35,695,179


Capital Share Transactions

Proceeds from sales of shares		3,174,976			1,554,263

Cost of shares redeemed		(20,111,374	)		(29,544,596	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(16,936,398	)		(27,990,333	)


Net Increase in Net Assets		2,015,823			7,704,846


Net Assets

Beginning of period		221,902,092			214,197,246


End of period	$	223,917,915		$	221,902,092


Other Information:

Shares

Sold		277,868			152,685

Redeemed		(1,728,289	)		(2,891,540	)


Net Decrease		(1,450,421	)		(2,738,855	)


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

This Page Intentionally Left Blank


				13

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	11.15	$	0.08	$	0.91	$	0.99	$	12.14		8.88%	⁽⁴⁾

Year Ended 12/31/23		9.46		0.14		1.55		1.69		11.15		17.86%

Period Ended 12/31/22⁽⁵⁾		10.00		0.07		(0.61)		(0.54)		9.46		(5.40)%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	223,918		0.88%	⁽⁴⁾		0.88%	⁽⁴⁾		1.43%	⁽⁴⁾		1.43%	⁽⁴⁾		43%	⁽⁴⁾

	221,902		0.88%			0.88%			1.41%			1.41%			93%

	214,197		0.86%	⁽⁴⁾		0.86%	⁽⁴⁾		1.17%	⁽⁴⁾		1.17%	⁽⁴⁾		59%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2022, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾	Commenced operations on May 2, 2022.


The accompanying notes are an integral part of these financial statements.				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks to provide capital appreciation and moderate current income while seeking to manage volatility.

2. Significant Accounting Policies

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

Equity securities traded on an exchange other than 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.


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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

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


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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.

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.

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 swap contracts and may realize a loss. There were no credit default swaps held as of June 30, 2024.

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.


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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

f. Foreign 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, 2025 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.95% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2024, the expense limitation was 0.89%. 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 six months ended June 30, 2024, Park Avenue did not waive any fees or pay any Fund expenses.

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


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

4. Federal Income Taxes

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	66,247,709	$	27,819,806
Sales		83,086,002		25,235,339

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 June 30, 2024, 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


20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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

h. Mortgage- and Asset-Backed Securities The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market’s perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as “Ginnie Mae”), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as “Fannie Mae” and “Freddie Mac”), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as “prepayment risk”) or later (known as “extension risk”) than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

i. Treasury Inflation Protected Securities Treasury inflation protected securities (“TIPS”) are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index (“CPI”). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the

principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

j. Derivative Instruments Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2024 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange traded futures, the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

As of June 30, 2024, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts

Asset Derivatives
Futures Contracts¹	$	2,960

Liability Derivatives
Futures Contracts¹	$	(5,311	)

¹	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 six months ended June 30, 2024 were as follows:



	Interest Rate Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	34,447

Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	(4,040	)

Average Number of Notional Amounts
Futures Contracts³		6

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


				21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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

³	Amount represents number of contracts.

k. Market Risk An investment in the Fund is based on the values of the Fund’s investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

Agreement”) for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 3, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2024.

7. Indemnifications


22

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				23

Nature, Extent and Quality of Services


24

the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Investment Performance

The Manager discussed with the Board factors contributing to the Funds’ performance results. In

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also


				25

considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Economies of Scale

Ancillary Benefits

the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•


26

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

index for the 3-year and 5-year periods and in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


				27

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile

of the expense group and the actual total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•


28

noted that, in the meantime, it received monthly performance reports from the Manager. The Board noted that the Fund’s performance was below the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				29

LOGO

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

PUB11738

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Equity Income VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Equity Income VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 98.7%

Aerospace & Defense – 3.2%

General Dynamics Corp.		7,552	$	2,191,137

L3Harris Technologies, Inc.		9,127		2,049,742


				4,240,879
Air Freight & Logistics – 1.6%

United Parcel Service, Inc., Class B		14,980		2,050,013


				2,050,013
Banks – 9.2%

Bank of America Corp.		38,853		1,545,184

JPMorgan Chase & Co.		23,115		4,675,240

M&T Bank Corp.		13,592		2,057,285

Regions Financial Corp.		96,133		1,926,505

Royal Bank of Canada (Canada)		17,085		1,818,962


				12,023,176
Beverages – 2.9%

Keurig Dr Pepper, Inc.		60,820		2,031,388

Pernod Ricard SA (France)		12,417		1,689,796


				3,721,184
Biotechnology – 1.8%

Gilead Sciences, Inc.		34,720		2,382,139


				2,382,139
Building Products – 1.3%

Johnson Controls International PLC		24,754		1,645,398


				1,645,398
Capital Markets – 6.1%

Ares Management Corp., Class A		14,116		1,881,380

Intercontinental Exchange, Inc.		11,558		1,582,175

Morgan Stanley		19,277		1,873,532

Nasdaq, Inc.		11,399		686,904

Raymond James Financial, Inc.		15,307		1,892,098


				7,916,089
Chemicals – 1.8%

Celanese Corp.		7,978		1,076,153

PPG Industries, Inc.		9,824		1,236,743


				2,312,896
Communications Equipment – 2.0%

Cisco Systems, Inc.		56,256		2,672,722


				2,672,722
Distributors – 1.1%

LKQ Corp.		34,158		1,420,631


				1,420,631
Electric Utilities – 3.7%

American Electric Power Co., Inc.		15,129		1,327,418

Exelon Corp.		57,490		1,989,729

PPL Corp.		54,683		1,511,985


				4,829,132
Electrical Equipment – 1.4%

Emerson Electric Co.		16,005		1,763,111


				1,763,111


June 30, 2024 (unaudited)	Shares		Value
Electronic Equipment, Instruments & Components – 2.7%

Corning, Inc.		46,391	$	1,802,291

TE Connectivity Ltd.		11,661		1,754,164


				3,556,455
Food Products – 1.1%

Archer-Daniels-Midland Co.		24,495		1,480,723


				1,480,723
Gas Utilities – 1.5%

Atmos Energy Corp.		17,205		2,006,963


				2,006,963
Ground Transportation – 1.5%

Canadian National Railway Co. (Canada)		8,412		994,031

Knight-Swift Transportation Holdings, Inc.		20,593		1,028,002


				2,022,033
Health Care Providers & Services – 4.1%

Elevance Health, Inc.		2,938		1,591,985

UnitedHealth Group, Inc.		7,351		3,743,570


				5,335,555
Hotel & Resort REITs – 0.9%

Host Hotels & Resorts, Inc.		63,239		1,137,037


				1,137,037
Hotels, Restaurants & Leisure – 1.7%

Booking Holdings, Inc.		335		1,327,103

Starbucks Corp.		10,704		833,306


				2,160,409
Household Durables – 0.8%

Lennar Corp., Class A		6,542		980,449


				980,449
Industrial Conglomerates – 1.8%

Honeywell International, Inc.		6,583		1,405,734

Siemens AG, Reg S (Germany)		5,270		980,163


				2,385,897
Insurance – 3.5%

Allstate Corp.		4,514		720,705

American International Group, Inc.		23,997		1,781,538

MetLife, Inc.		29,364		2,061,059


				4,563,302
IT Services – 1.0%

Amdocs Ltd.		16,398		1,294,130


				1,294,130
Machinery – 1.5%

Deere & Co.		1,742		650,863

PACCAR, Inc.		12,504		1,287,162


				1,938,025
Media – 0.6%

Omnicom Group, Inc.		8,686		779,134


				779,134
Metals & Mining – 2.5%

Barrick Gold Corp.		68,773		1,147,134

Rio Tinto PLC, ADR		32,400		2,136,132


				3,283,266


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Multi-Utilities – 2.6%

Dominion Energy, Inc.		25,074	$	1,228,626

Sempra		28,038		2,132,570


				3,361,196
Oil, Gas & Consumable Fuels – 9.3%

ConocoPhillips		24,603		2,814,091

Coterra Energy, Inc.		70,669		1,884,742

EOG Resources, Inc.		22,976		2,891,989

EQT Corp.		49,192		1,819,120

Phillips 66		10,282		1,451,510

Targa Resources Corp.		10,189		1,312,140


				12,173,592
Personal Care Products – 3.3%

Kenvue, Inc.		93,870		1,706,557

Unilever PLC, ADR		46,301		2,546,092


				4,252,649
Pharmaceuticals – 10.2%

AstraZeneca PLC, ADR		24,983		1,948,424

Johnson & Johnson		22,390		3,272,523

Merck & Co., Inc.		20,033		2,480,085

Pfizer, Inc.		138,707		3,881,022

Roche Holding AG (Switzerland)		6,229		1,728,637


				13,310,691
Semiconductors & Semiconductor Equipment – 3.3%

Broadcom, Inc.		725		1,164,009

NXP Semiconductors NV		8,639		2,324,669

QUALCOMM, Inc.		4,401		876,591


				4,365,269
Specialized REITs – 4.6%

Crown Castle, Inc.		24,257		2,369,909

Gaming & Leisure Properties, Inc.		46,504		2,102,446

Weyerhaeuser Co.		55,177		1,566,475


				6,038,830


June 30, 2024 (unaudited)	Shares		Value
Specialty Retail – 1.0%

Tractor Supply Co.		4,712	$	1,272,240


				1,272,240
Tobacco – 2.1%

Philip Morris International, Inc.		26,570		2,692,338


				2,692,338
Wireless Telecommunication Services – 1.0%

T-Mobile U.S., Inc.		7,633		1,344,782


				1,344,782

Total Common Stocks (Cost $122,569,726)				128,712,335

June 30, 2024 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.8%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $1,077,665, due 7/1/2024⁽¹⁾	$	1,077,521		1,077,521

Total Repurchase Agreements (Cost $1,077,521)				1,077,521

Total Investments – 99.5% (Cost $123,647,247)				129,789,856

Assets in excess of other liabilities – 0.5%				661,619

Total Net Assets – 100.0%			$	130,451,475

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.50%		3/31/2026	$	1,092,900	$	1,099,205

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	124,313,739	$	4,398,596	*	$	—	$	128,712,335
Repurchase Agreements		—		1,077,521			—		1,077,521
Total	$	124,313,739	$	5,476,117		$	—	$	129,789,856

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


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

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	129,789,856

Foreign currency, at value		4,426

Receivable for investments sold		2,038,798

Dividends/interest receivable		177,076

Foreign tax reclaims receivable		31,654

Receivable for fund shares subscribed		1,381

Prepaid expenses		1,737


Total Assets		132,044,928


Liabilities

Payable for investments purchased		1,389,083

Payable for fund shares redeemed		110,701

Investment advisory fees payable		54,018

Accrued audit fees		13,762

Accrued custodian and accounting fees		8,981

Accrued trustees’ and officers’ fees		1,447

Accrued expenses and other liabilities		15,461


Total Liabilities		1,593,453


Total Net Assets	$	130,451,475


Net Assets Consist of:

Paid-in capital	$	111,735,085

Distributable earnings		18,716,390


Total Net Assets	$	130,451,475


Investments, at Cost	$	123,647,247


Foreign Currency, at Cost	$	4,422


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		11,383,911

Net Asset Value Per Share		$11.46


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	2,136,102

Interest		11,679

Withholding taxes on foreign dividends		(27,687	)


Total Investment Income		2,120,094


Expenses

Investment advisory fees		337,001

Professional fees		30,184

Custodian and accounting fees		22,701

Trustees’ and officers’ fees		20,105

Administrative fees		18,731

Transfer agent fees		7,631

Shareholder reports		2,741

Other expenses		3,937


Total Expenses		443,031

Less: Fees waived		(47,934	)


Total Expenses, Net		395,097


Net Investment Income/(Loss)		1,724,997


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		2,775,626

Net realized gain/(loss) from foreign currency transactions		(483	)

Net change in unrealized appreciation/(depreciation) on investments		820,162

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(1,122	)


Net Gain on Investments and Foreign Currency Transactions		3,594,183


Net Increase in Net Assets Resulting From Operations	$	5,319,180


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23


Operations

Net investment income/(loss)	$	1,724,997		$	3,597,003

Net realized gain/(loss) from investments and foreign currency transactions		2,775,143			3,006,425

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		819,040			3,069,218


Net Increase in Net Assets Resulting from Operations		5,319,180			9,672,646


Capital Share Transactions

Proceeds from sales of shares		3,009,955			5,297,926

Cost of shares redeemed		(16,753,093	)		(19,203,659	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(13,743,138	)		(13,905,733	)


Net Decrease in Net Assets		(8,423,958	)		(4,233,087	)


Net Assets

Beginning of period		138,875,433			143,108,520


End of period	$	130,451,475		$	138,875,433


Other Information:

Shares

Sold		274,104			512,455

Redeemed		(1,492,500	)		(1,854,623	)


Net Decrease		(1,218,396	)		(1,342,168	)


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

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	11.02	$	0.14	$	0.30	$	0.44	$	11.46		3.99%	⁽⁴⁾

Year Ended 12/31/23		10.26		0.27		0.49		0.76		11.02		7.41%

Period Ended 12/31/22⁽⁵⁾		10.00		0.18		0.08		0.26		10.26		2.60%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	130,451		0.59%	⁽⁴⁾		0.66%	⁽⁴⁾		2.56%	⁽⁴⁾		2.49%	⁽⁴⁾		18%	⁽⁴⁾

	138,875		0.55%			0.65%			2.60%			2.50%			37%

	143,109		0.54%	⁽⁴⁾		0.64%	⁽⁴⁾		2.68%	⁽⁴⁾		2.58%	⁽⁴⁾		36%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2022, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾	Commenced operations on May 2, 2022.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks a high level of current income consistent with growth of capital.

2. Significant Accounting Policies

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.


8

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


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

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

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, 2025 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 0.70% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2024, the expense limitation was 0.55%. 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $47,934.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

4. Federal Income Taxes

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $23,553,442 and $34,377,084, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, there were no purchases or sales of U.S. government securities.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

Fund did not utilize the credit facility during the six months ended June 30, 2024.

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				13

Nature, Extent and Quality of Services


14

recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Investment Performance

The Manager discussed with the Board factors contributing to the Funds’ performance results. In addition, for certain Funds, the Manager provided to the

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				15

be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Economies of Scale

Ancillary Benefits

because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•


16

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 2^nd quintile of its performance universe for the


				17

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•


18

noted that the Fund’s performance was below the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB11739

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Select Mid Cap Core VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Select Mid Cap Core VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			5

Statement of Operations			5

Statements of Changes in Net Assets			6

Financial Highlights			8

Notes to Financial Statements			10

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			15

Item 9. Proxy Disclosures for Open-End Management Investment Companies			15

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			15

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			15

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 98.4%

Aerospace & Defense – 1.9%

HEICO Corp., Class A		12,516	$	2,221,840

Howmet Aerospace, Inc.		19,080		1,481,181


				3,703,021
Automobile Components – 0.7%

Adient PLC⁽¹⁾		10,966		270,970

Autoliv, Inc.		11,371		1,216,583


				1,487,553
Automobiles – 0.4%

Harley-Davidson, Inc.		24,982		837,896


				837,896
Banks – 5.3%

Associated Banc-Corp		48,961		1,035,525

Axos Financial, Inc.⁽¹⁾		5,990		342,329

Bancorp, Inc.⁽¹⁾		107,868		4,073,096

East West Bancorp, Inc.		23,178		1,697,325

Pathward Financial, Inc.		16,393		927,352

Piraeus Financial Holdings SA (Greece)⁽¹⁾		102,915		375,580

Popular, Inc.		25,221		2,230,293


				10,681,500
Beverages – 0.8%

Boston Beer Co., Inc., Class A⁽¹⁾		951		290,102

Celsius Holdings, Inc.⁽¹⁾		10,387		592,994

Coca-Cola Consolidated, Inc.		748		811,580


				1,694,676
Biotechnology – 1.0%

Sarepta Therapeutics, Inc.⁽¹⁾		6,500		1,027,000

United Therapeutics Corp.⁽¹⁾		2,750		876,013


				1,903,013
Broadline Retail – 0.6%

Ollie’s Bargain Outlet Holdings, Inc.⁽¹⁾		13,232		1,298,985


				1,298,985
Building Products – 2.7%

Carlisle Cos., Inc.		7,216		2,923,996

Fortune Brands Innovations, Inc.		10,200		662,388

Owens Corning		5,050		877,286

Simpson Manufacturing Co., Inc.		2,210		372,451

Trex Co., Inc.⁽¹⁾		8,910		660,409


				5,496,530
Capital Markets – 3.2%

AllianceBernstein Holding LP		31,451		1,062,729

Blue Owl Capital, Inc.		93,518		1,659,944

Bridge Investment Group Holdings, Inc., Class A		31,964		237,173

Interactive Brokers Group, Inc., Class A		14,341		1,758,207

Palmer Square Capital BDC, Inc.		29,747		480,711

Patria Investments Ltd., Class A		92,443		1,114,863


				6,313,627
Chemicals – 2.1%

Celanese Corp.		4,698		633,713


June 30, 2024 (unaudited)	Shares		Value
Chemicals (continued)

OCI NV (Netherlands)		30,076	$	734,019

RPM International, Inc.		14,413		1,551,992

Westlake Corp.		9,050		1,310,621


				4,230,345
Commercial Services & Supplies – 1.0%

Brink’s Co.		19,246		1,970,790


				1,970,790
Communications Equipment – 1.0%

Ciena Corp.⁽¹⁾		18,000		867,240

Lumentum Holdings, Inc.⁽¹⁾		20,900		1,064,228


				1,931,468
Construction & Engineering – 1.2%

EMCOR Group, Inc.		1,160		423,493

MDU Resources Group, Inc.		16,854		423,035

WillScot Mobile Mini Holdings Corp.⁽¹⁾		41,675		1,568,647


				2,415,175
Construction Materials – 0.9%

Eagle Materials, Inc.		8,068		1,754,467


				1,754,467
Consumer Finance – 0.7%

NerdWallet, Inc., Class A⁽¹⁾		57,356		837,398

OneMain Holdings, Inc.		12,555		608,792


				1,446,190
Consumer Staples Distribution & Retail – 2.9%

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		14,431		1,267,619

Casey’s General Stores, Inc.		2,880		1,098,893

Grocery Outlet Holding Corp.⁽¹⁾		12,225		270,417

Performance Food Group Co.⁽¹⁾		23,626		1,561,915

Sprouts Farmers Market, Inc.⁽¹⁾		5,918		495,100

U.S. Foods Holding Corp.⁽¹⁾		18,937		1,003,282


				5,697,226
Containers & Packaging – 0.8%

AptarGroup, Inc.		12,033		1,694,367


				1,694,367
Diversified Consumer Services – 0.9%

Service Corp. International		26,215		1,864,673


				1,864,673
Diversified Telecommunication Services – 0.3%

Frontier Communications Parent, Inc.⁽¹⁾		16,813		440,164

Iridium Communications, Inc.		7,959		211,869


				652,033
Electric Utilities – 0.7%

Pinnacle West Capital Corp.		4,028		307,659

PNM Resources, Inc.		10,761		397,726

Portland General Electric Co.		14,286		617,727

				1,323,112
Electrical Equipment – 1.5%

Acuity Brands, Inc.		1,700		410,448

nVent Electric PLC		19,160		1,467,848

Regal Rexnord Corp.		8,092		1,094,200


				2,972,496


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Electronic Equipment, Instruments & Components – 1.0%

Avnet, Inc.		14,811	$	762,619

Cognex Corp.		4,849		226,739

Coherent Corp.⁽¹⁾		8,200		594,172

Jabil, Inc.		4,300		467,797


				2,051,327
Energy Equipment & Services – 1.8%

Liberty Energy, Inc.		44,688		933,532

Valaris Ltd.⁽¹⁾		8,111		604,270

Weatherford International PLC⁽¹⁾		16,392		2,007,200


				3,545,002
Entertainment – 0.4%

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		2,102		151,008

TKO Group Holdings, Inc.		5,402		583,362


				734,370
Financial Services – 3.4%

AvidXchange Holdings, Inc.⁽¹⁾		58,616		706,909

Cannae Holdings, Inc.		15,158		274,966

Essent Group Ltd.		23,464		1,318,442

Flywire Corp.⁽¹⁾		42,856		702,410

Repay Holdings Corp.⁽¹⁾		73,838		779,729

Shift4 Payments, Inc., Class A⁽¹⁾		5,472		401,371

UWM Holdings Corp.		83,522		578,808

Voya Financial, Inc.		12,132		863,192

WEX, Inc.⁽¹⁾		6,473		1,146,627


				6,772,454
Food Products – 0.8%

Darling Ingredients, Inc.⁽¹⁾		10,341		380,032

Lamb Weston Holdings, Inc.		3,342		280,995

Lancaster Colony Corp.		2,034		384,365

Post Holdings, Inc.⁽¹⁾		3,915		407,787

TreeHouse Foods, Inc.⁽¹⁾		5,955		218,191


				1,671,370
Gas Utilities – 0.9%

National Fuel Gas Co.		7,876		426,801

Southwest Gas Holdings, Inc.		11,813		831,399

UGI Corp.		23,418		536,272


				1,794,472
Ground Transportation – 2.2%

Landstar System, Inc.		10,838		1,999,394

XPO, Inc.⁽¹⁾		22,801		2,420,326


				4,419,720
Health Care Equipment & Supplies – 2.1%

Glaukos Corp.⁽¹⁾		7,200		852,120

Inspire Medical Systems, Inc.⁽¹⁾		3,900		521,937

Masimo Corp.⁽¹⁾		8,700		1,095,678

Penumbra, Inc.⁽¹⁾		7,200		1,295,784

Tandem Diabetes Care, Inc.⁽¹⁾		11,800		475,422


				4,240,941
Health Care Providers & Services – 3.0%

Acadia Healthcare Co., Inc.⁽¹⁾		14,700		992,838


June 30, 2024 (unaudited)	Shares		Value
Health Care Providers & Services (continued)

agilon health, Inc.⁽¹⁾		76,500	$	500,310

Alignment Healthcare, Inc.⁽¹⁾		109,000		852,380

BrightSpring Health Services, Inc.⁽¹⁾		38,900		441,904

Chemed Corp.		2,750		1,492,095

Molina Healthcare, Inc.⁽¹⁾		2,000		594,600

Privia Health Group, Inc.⁽¹⁾		34,000		590,920

Surgery Partners, Inc.⁽¹⁾		26,200		623,298


				6,088,345
Health Care REITs – 0.8%

Ventas, Inc.		29,503		1,512,324


				1,512,324
Health Care Technology – 0.2%

Evolent Health, Inc., Class A⁽¹⁾		20,200		386,224


				386,224
Hotel & Resort REITs – 0.1%

Ryman Hospitality Properties, Inc.		2,430		242,660


				242,660
Hotels, Restaurants & Leisure – 3.1%

Aramark		52,041		1,770,435

Brinker International, Inc.⁽¹⁾		12,001		868,752

Caesars Entertainment, Inc.⁽¹⁾		17,645		701,212

Churchill Downs, Inc.		11,918		1,663,753

Domino’s Pizza, Inc.		1,412		729,058

Dutch Bros, Inc., Class A⁽¹⁾		11,088		459,043


				6,192,253
Household Durables – 1.3%

PulteGroup, Inc.		761		83,786

Taylor Morrison Home Corp.⁽¹⁾		14,537		805,931

Tempur Sealy International, Inc.		25,911		1,226,627

TopBuild Corp.⁽¹⁾		1,331		512,794


				2,629,138
Independent Power and Renewable Electricity Producers – 0.8%

Ormat Technologies, Inc.		1,551		111,207

Talen Energy Corp.⁽¹⁾		3,600		399,672

Vistra Corp.		12,822		1,102,435


				1,613,314
Industrial REITs – 1.3%

EastGroup Properties, Inc.		8,320		1,415,232

Terreno Realty Corp.		18,590		1,100,156


				2,515,388
Insurance – 3.6%

American Financial Group, Inc.		9,908		1,218,882

Baldwin Insurance Group, Inc., Class A⁽¹⁾		69,454		2,463,534

Primerica, Inc.		6,583		1,557,406

Reinsurance Group of America, Inc.		3,877		795,832

Unum Group		22,919		1,171,390


				7,207,044
Interactive Media & Services – 0.2%

IAC, Inc.⁽¹⁾		2,075		97,214

Ziff Davis, Inc.⁽¹⁾		2,388		131,459

ZoomInfo Technologies, Inc.⁽¹⁾		16,608		212,084


				440,757


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

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
IT Services – 1.7%

Akamai Technologies, Inc.⁽¹⁾		5,289	$	476,433

EPAM Systems, Inc.⁽¹⁾		5,000		940,550

Okta, Inc.⁽¹⁾		9,900		926,739

Twilio, Inc., Class A⁽¹⁾		17,100		971,451


				3,315,173
Life Sciences Tools & Services – 1.1%

10X Genomics, Inc., Class A⁽¹⁾		18,500		359,825

Bruker Corp.		16,650		1,062,437

Repligen Corp.⁽¹⁾		6,300		794,178


				2,216,440
Machinery – 5.0%

Allison Transmission Holdings, Inc.		9,626		730,613

Chart Industries, Inc.⁽¹⁾		5,120		739,021

Crane Co.		11,800		1,710,764

Dover Corp.		5,350		965,408

Esab Corp.		20,210		1,908,430

Flowserve Corp.		38,945		1,873,254

ITT, Inc.		15,611		2,016,629


				9,944,119
Marine Transportation – 1.1%

Kirby Corp.⁽¹⁾		17,642		2,112,277


				2,112,277
Media – 0.5%

New York Times Co., Class A		10,857		555,987

Nexstar Media Group, Inc.		3,148		522,599


				1,078,586
Metals & Mining – 2.3%

Alcoa Corp.		7,808		310,602

Cleveland-Cliffs, Inc.⁽¹⁾		57,402		883,417

Lundin Mining Corp. (Canada)		117,109		1,303,732

Reliance, Inc.		7,244		2,068,886


				4,566,637
Office REITs – 0.7%

Douglas Emmett, Inc.		18,060		240,379

Postal Realty Trust, Inc., Class A		86,568		1,153,951


				1,394,330
Oil, Gas & Consumable Fuels – 3.8%

Chesapeake Energy Corp.		16,435		1,350,793

Chord Energy Corp.		8,386		1,406,164

HF Sinclair Corp.		23,360		1,246,022

Northern Oil & Gas, Inc.		25,071		931,889

Permian Resources Corp.		89,938		1,452,499

Targa Resources Corp.		9,093		1,170,997


				7,558,364
Paper & Forest Products – 0.6%

Louisiana-Pacific Corp.		15,034		1,237,749


				1,237,749
Personal Care Products – 0.5%

BellRing Brands, Inc.⁽¹⁾		6,476		370,039

e.l.f. Beauty, Inc.⁽¹⁾		3,407		717,923


				1,087,962


June 30, 2024 (unaudited)	Shares		Value
Professional Services – 2.6%

CACI International, Inc., Class A⁽¹⁾		5,960	$	2,563,575

Dayforce, Inc.⁽¹⁾		1,646		81,642

KBR, Inc.		40,240		2,580,993


				5,226,210
Real Estate Management & Development – 0.6%

Jones Lang LaSalle, Inc.⁽¹⁾		5,910		1,213,205


				1,213,205
Residential REITs – 1.3%

American Homes 4 Rent, Class A		14,620		543,279

Equity LifeStyle Properties, Inc.		24,197		1,575,951

Essex Property Trust, Inc.		1,740		473,628


				2,592,858
Retail REITs – 1.1%

NETSTREIT Corp.		48,240		776,664

SITE Centers Corp.		68,894		998,963

Tanger, Inc.		13,460		364,901


				2,140,528
Semiconductors & Semiconductor Equipment – 1.3%

Cirrus Logic, Inc.⁽¹⁾		8,800		1,123,408

Lattice Semiconductor Corp.⁽¹⁾		20,700		1,200,393

SolarEdge Technologies, Inc.⁽¹⁾		10,420		263,209


				2,587,010
Software – 4.6%

BILL Holdings, Inc.⁽¹⁾		13,200		694,584

Blackbaud, Inc.⁽¹⁾		9,437		718,816

BlackLine, Inc.⁽¹⁾		18,100		876,945

Dynatrace, Inc.⁽¹⁾		32,200		1,440,628

Elastic NV⁽¹⁾		7,328		834,733

Five9, Inc.⁽¹⁾		23,500		1,036,350

Gen Digital, Inc.		30,603		764,463

Pagaya Technologies Ltd., Class A⁽¹⁾		38,367		489,563

PTC, Inc.⁽¹⁾		2,126		386,230

Tenable Holdings, Inc.⁽¹⁾		23,073		1,005,521

Workiva, Inc.⁽¹⁾		12,421		906,609


				9,154,442
Specialized REITs – 1.6%

CubeSmart		26,239		1,185,216

Four Corners Property Trust, Inc.		43,310		1,068,458

Lamar Advertising Co., Class A		7,950		950,263


				3,203,937
Specialty Retail – 5.0%

Aritzia, Inc. (Canada)⁽¹⁾		23,336		660,480

Burlington Stores, Inc.⁽¹⁾		6,674		1,601,760

Dick’s Sporting Goods, Inc.		6,139		1,318,964

Five Below, Inc.⁽¹⁾		8,239		897,804

Floor & Decor Holdings, Inc., Class A⁽¹⁾		10,833		1,076,909

JD Sports Fashion PLC (United Kingdom)		507,826		760,073

Valvoline, Inc.⁽¹⁾		40,330		1,742,256

Williams-Sonoma, Inc.		6,590		1,860,818


				9,919,064


The accompanying notes are an integral part of these financial statements.				3

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Textiles, Apparel & Luxury Goods – 2.3%

Crocs, Inc.⁽¹⁾		9,704	$	1,416,202

PVH Corp.		16,240		1,719,329

Tapestry, Inc.		33,309		1,425,292


				4,560,823
Trading Companies & Distributors – 2.9%

Air Lease Corp.		25,820		1,227,224

Core & Main, Inc., Class A⁽¹⁾		19,450		951,883

Watsco, Inc.		3,450		1,598,178

WESCO International, Inc.		12,359		1,959,149


				5,736,434
Water Utilities – 0.2%

Essential Utilities, Inc.		9,615		358,928


				358,928

Total Common Stocks (Cost $171,286,535)				196,631,322

	Principal Amount		Value
U.S. Treasury Bills – 0.1%

U.S. Treasury Bills
5.368% due 9/26/2024⁽²⁾	$	60,000		59,243


June 30, 2024 (unaudited)	Principal Amount		Value
U.S. Treasury Bills (continued)
5.389% due 9/19/2024⁽²⁾	$	50,000	$	49,421

Total U.S. Treasury Bills (Cost $108,664)				108,664
Repurchase Agreements – 1.1%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $2,271,256, due 7/1/2024⁽³⁾		2,270,953		2,270,953

Total Repurchase Agreements (Cost $2,270,953)				2,270,953

Total Investments – 99.6% (Cost $173,666,152)				199,010,939

Assets in excess of other liabilities – 0.4%				811,213

Total Net Assets – 100.0%			$	199,822,152

⁽¹⁾	Non–income–producing security.

⁽²⁾	Interest rate shown reflects the discount rate at time of purchase.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.50%		3/31/2026	$	2,303,300	$	2,316,523

Open futures contracts at June 30, 2024:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Depreciation
S&P Midcap 400 E-Mini		September 2024		2		Long	$	595,909	$	591,620	$	(4,289	)

Legend:

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2			Level 3		Total
Common Stocks	$	194,761,650		$	1,869,672	*	$	—	$	196,631,322
U.S. Treasury Bills		—			108,664			—		108,664
Repurchase Agreements		—			2,270,953			—		2,270,953
Total	$	194,761,650		$	4,249,289		$	—	$	199,010,939
Other Financial Instruments
Futures Contracts
Liabilities	$	(4,289	)	$	—		$	—	$	(4,289	)
Total	$	(4,289	)	$	—		$	—	$	(4,289	)

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


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

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	199,010,939

Receivable for investments sold		3,919,476

Dividends/interest receivable		171,526

Cash deposits with brokers for futures contracts		30,200

Foreign tax reclaims receivable		4,241

Prepaid expenses		2,643


Total Assets		203,139,025


Liabilities

Payable for investments purchased		2,884,998

Payable for fund shares redeemed		217,550

Investment advisory fees payable		88,043

Distribution fees payable		41,530

Payable for variation margin on futures contracts		27,348

Accrued custodian and accounting fees		12,999

Accrued audit fees		10,565

Accrued trustees’ and officers’ fees		2,377

Foreign currency overdraft		139

Accrued expenses and other liabilities		31,324


Total Liabilities		3,316,873


Total Net Assets	$	199,822,152


Net Assets Consist of:

Paid-in capital	$	191,341,951

Distributable earnings		8,480,201


Total Net Assets	$	199,822,152


Investments, at Cost	$	173,666,152


Foreign Currency Overdraft, at Cost	$	139


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		19,006,567

Net Asset Value Per Share		$10.51


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	1,459,934

Interest		19,292

Withholding taxes on foreign dividends		(7,878	)


Total Investment Income		1,471,348


Expenses

Investment advisory fees		566,429

Distribution fees		267,183

Custodian and accounting fees		41,026

Professional fees		40,073

Trustees’ and officers’ fees		32,649

Administrative fees		23,709

Transfer agent fees		7,770

Shareholder reports		3,591

Other expenses		6,053


Total Expenses		988,483

Less: Fees waived		(37,813	)


Total Expenses, Net		950,670


Net Investment Income/(Loss)		520,678


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions

Net realized gain/(loss) from investments		6,859,665

Net realized gain/(loss) from futures contracts		18,403

Net realized gain/(loss) from foreign currency transactions		655

Net change in unrealized appreciation/(depreciation) on investments		2,438,017

Net change in unrealized appreciation/(depreciation) on futures contracts		(9,055	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(172	)


Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions		9,307,513


Net Increase in Net Assets Resulting From Operations	$	9,828,191


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	520,678		$	1,383,827

Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		6,878,723			(18,729,928	)

Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies		2,428,790			51,553,842


Net Increase in Net Assets Resulting from Operations		9,828,191			34,207,741


Capital Share Transactions

Proceeds from sales of shares		212,850			21,125,875

Cost of shares redeemed		(34,141,897	)		(49,509,215	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(33,929,047	)		(28,383,340	)


Net Increase/(Decrease) in Net Assets		(24,100,856	)		5,824,401


Net Assets

Beginning of period		223,923,008			218,098,607


End of period	$	199,822,152		$	223,923,008


Other Information:

Shares

Sold		20,569			2,373,254

Redeemed		(3,281,328	)		(5,313,857	)


Net Decrease		(3,260,759	)		(2,940,603	)


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

This Page Intentionally Left Blank


				7

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	10.06	$	0.03	$	0.42		$	0.45		$	10.51		4.47%	⁽⁴⁾

Year Ended 12/31/23		8.65		0.06		1.35			1.41			10.06		16.30%

Year Ended 12/31/22		10.08		0.06		(1.49	)		(1.43	)		8.65		(14.19)%

Period Ended 12/31/21⁽⁵⁾		10.00		0.02		0.06			0.08			10.08		0.80%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	199,822		0.89%	⁽⁴⁾		0.92%	⁽⁴⁾		0.49%	⁽⁴⁾		0.46%	⁽⁴⁾		22%	⁽⁴⁾

	223,923		0.87%			0.92%			0.64%			0.59%			56%

	218,099		0.87%			0.90%			0.69%			0.66%			74%

	261,849		0.82%	⁽⁴⁾		0.90%	⁽⁴⁾		0.96%	⁽⁴⁾		0.88%	⁽⁴⁾		93%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	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.

⁽⁵⁾	Commenced operations on October 25, 2021.


The accompanying notes are an integral part of these financial statements.				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks long term growth of capital.

2. Significant Accounting Policies

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

Equity securities traded on an exchange other than 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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

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

•

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

•

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


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

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, 2025 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 1.06% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2024, the expense limitation was 0.87%. 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $37,813.

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.


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

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.

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $47,684,287 and $81,329,265, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, there were no purchases or sales of U.S. government securities.

e. Derivative Instruments Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into equity futures contracts for the six months ended June 30, 2024 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.


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

As of June 30, 2024, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts

Liability Derivatives
Futures Contracts¹	$	(4,289	)

¹	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 six months ended June 30, 2024 were as follows:



	Interest Rate Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	18,403


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	(9,055	)


Average Number of Notional Amounts
Futures Contracts³		2

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

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

³	Amount represents number of contracts.

the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


14

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				15

Nature, Extent and Quality of Services


16

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				17

Economies of Scale

Ancillary Benefits

under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•


18

performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year and 5-year periods and in the 2^nd quintile for

the 3-year period. The Board also noted that the Fund’s performance was higher than the benchmark index for the 3-year and 5-year periods and in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


				19

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s


20

short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board noted that the Fund’s performance was below the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				21

LOGO

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

PUB11408

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Small-Mid Cap Core VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Small-Mid Cap Core VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 97.8%

Aerospace & Defense – 1.9%

Melrose Industries PLC (United Kingdom)		705,367	$	4,926,049


				4,926,049
Automobile Components – 1.2%

Gentherm, Inc.⁽¹⁾		63,312		3,122,548


				3,122,548
Banks – 5.2%

Ameris Bancorp		46,759		2,354,316

Pinnacle Financial Partners, Inc.		39,101		3,129,644

Prosperity Bancshares, Inc.		36,407		2,225,924

Webster Financial Corp.		76,285		3,325,263

Wintrust Financial Corp.		22,748		2,242,043


				13,277,190
Biotechnology – 0.0%

Sage Therapeutics, Inc.⁽¹⁾		11,117		120,731


				120,731
Building Products – 4.1%

AAON, Inc.		40,836		3,562,533

AZEK Co., Inc.⁽¹⁾		60,635		2,554,552

Carlisle Cos., Inc.		10,819		4,383,967


				10,501,052
Capital Markets – 2.4%

Cboe Global Markets, Inc.		16,015		2,723,511

Raymond James Financial, Inc.		27,121		3,352,427


				6,075,938
Chemicals – 4.9%

Ashland, Inc.		57,531		5,436,104

Olin Corp.		81,382		3,837,161

Westlake Corp.		23,118		3,347,949


				12,621,214
Commercial Services & Supplies – 1.9%

Republic Services, Inc.		13,091		2,544,105

Stericycle, Inc.⁽¹⁾		41,029		2,385,016


				4,929,121
Construction & Engineering – 1.2%

API Group Corp.⁽¹⁾		82,752		3,113,958


				3,113,958
Containers & Packaging – 1.2%

Crown Holdings, Inc.		42,210		3,140,002


				3,140,002
Distributors – 1.3%

LKQ Corp.		78,123		3,249,136


				3,249,136
Diversified Consumer Services – 1.1%

Service Corp. International		38,833		2,762,191


				2,762,191
Electrical Equipment – 3.8%

Atkore, Inc.		37,213		5,021,150

Regal Rexnord Corp.		34,877		4,716,068


				9,737,218


June 30, 2024 (unaudited)	Shares		Value

Electronic Equipment, Instruments & Components – 3.6%

Littelfuse, Inc.		15,802	$	4,038,833

Teledyne Technologies, Inc.⁽¹⁾		13,497		5,236,566


				9,275,399
Financial Services – 1.4%

Essent Group Ltd.		65,036		3,654,373


				3,654,373
Food Products – 1.2%

Nomad Foods Ltd.		192,133		3,166,352


				3,166,352
Health Care Equipment & Supplies – 4.3%

Haemonetics Corp.⁽¹⁾		39,974		3,307,049

Integer Holdings Corp.⁽¹⁾		29,499		3,415,689

LivaNova PLC⁽¹⁾		78,735		4,316,253


				11,038,991
Health Care Providers & Services – 3.0%

HealthEquity, Inc.⁽¹⁾		52,687		4,541,619

Humana, Inc.		8,370		3,127,451


				7,669,070
Health Care Technology – 0.3%

Schrodinger, Inc.⁽¹⁾		36,128		698,715


				698,715
Hotels, Restaurants & Leisure – 1.3%

Planet Fitness, Inc., Class A⁽¹⁾		45,636		3,358,353


				3,358,353
Household Durables – 1.3%

Mohawk Industries, Inc.⁽¹⁾		28,396		3,225,502


				3,225,502
Household Products – 1.4%

Church & Dwight Co., Inc.		35,855		3,717,446


				3,717,446
Industrial REITs – 1.7%

Terreno Realty Corp.		72,275		4,277,234


				4,277,234
Insurance – 6.5%

Arch Capital Group Ltd.⁽¹⁾		43,090		4,347,350

Axis Capital Holdings Ltd.		58,534		4,135,427

Bowhead Specialty Holdings, Inc.⁽¹⁾		26,440		669,990

First American Financial Corp.		65,952		3,558,110

Reinsurance Group of America, Inc.		19,327		3,967,253


				16,678,130
Interactive Media & Services – 0.7%

Bumble, Inc., Class A⁽¹⁾		170,431		1,791,230


				1,791,230
IT Services – 1.8%

Okta, Inc.⁽¹⁾		48,745		4,563,019


				4,563,019


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Life Sciences Tools & Services – 4.4%

Azenta, Inc.⁽¹⁾		64,714	$	3,405,251

Bio-Rad Laboratories, Inc., Class A⁽¹⁾		15,983		4,365,117

Bruker Corp.		31,108		1,985,001

Sotera Health Co.⁽¹⁾		125,238		1,486,575


				11,241,944
Machinery – 0.7%

Ingersoll Rand, Inc.		20,406		1,853,681


				1,853,681
Metals & Mining – 1.2%

Commercial Metals Co.		56,631		3,114,139


				3,114,139
Paper & Forest Products – 1.2%

Louisiana-Pacific Corp.		36,925		3,040,035


				3,040,035
Professional Services – 4.8%

CACI International, Inc., Class A⁽¹⁾		6,156		2,647,880

Dun & Bradstreet Holdings, Inc.		317,846		2,943,254

TransUnion		42,574		3,157,288

WNS Holdings Ltd.⁽¹⁾		68,918		3,618,195


				12,366,617
Residential REITs – 4.5%

American Homes 4 Rent, Class A		75,529		2,806,658

Mid-America Apartment Communities, Inc.		28,921		4,124,424

Sun Communities, Inc.		38,687		4,655,593


				11,586,675
Semiconductors & Semiconductor Equipment – 3.6%

Marvell Technology, Inc.		69,436		4,853,577

ON Semiconductor Corp.⁽¹⁾		62,615		4,292,258


				9,145,835
Software – 9.0%

CCC Intelligent Solutions Holdings, Inc.⁽¹⁾		294,147		3,267,973

Dynatrace, Inc.⁽¹⁾		76,255		3,411,649

Instructure Holdings, Inc.⁽¹⁾		150,891		3,532,359

PagerDuty, Inc.⁽¹⁾		166,956		3,828,301

Q2 Holdings, Inc.⁽¹⁾		59,616		3,596,633

Riskified Ltd., Class A⁽¹⁾		185,331		1,184,265

Sprinklr, Inc., Class A⁽¹⁾		214,652		2,064,952

SPS Commerce, Inc.⁽¹⁾		11,943		2,247,195


				23,133,327


June 30, 2024 (unaudited)	Shares		Value
Specialized REITs – 2.6%

CubeSmart		61,404	$	2,773,619

SBA Communications Corp.		20,195		3,964,278


				6,737,897
Specialty Retail – 4.8%

Burlington Stores, Inc.⁽¹⁾		23,033		5,527,920

Leslie’s, Inc.⁽¹⁾		606,038		2,539,299

National Vision Holdings, Inc.⁽¹⁾		112,396		1,471,264

Revolve Group, Inc.⁽¹⁾		169,437		2,695,743


				12,234,226
Trading Companies & Distributors – 2.3%

Air Lease Corp.		89,298		4,244,334

United Rentals, Inc.		2,437		1,576,081


				5,820,415

Total Common Stocks (Cost $238,973,350)				250,964,953
Exchange-Traded Funds – 1.5%

SPDR S&P Biotech ETF		41,981		3,892,059

Total Exchange-Traded Funds (Cost $3,794,580)				3,892,059

	Principal Amount		Value
Repurchase Agreements – 0.8%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $1,997,969, due 7/1/2024⁽²⁾	$	1,997,702		1,997,702

Total Repurchase Agreements (Cost $1,997,702)				1,997,702

Total Investments – 100.1% (Cost $244,765,632)				256,854,714

Liabilities in excess of other assets – (0.1)%				(377,244	)

Total Net Assets – 100.0%			$	256,477,470

⁽¹⁾	Non–income–producing security.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.50%		3/31/2026	$	2,026,100	$	2,037,674

Legend:

REITs — Real Estate Investment Trusts


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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	246,038,904	$	4,926,049	*	$	—	$	250,964,953
Exchange-Traded Funds		3,892,059		—			—		3,892,059
Repurchase Agreements		—		1,997,702			—		1,997,702
Total	$	249,930,963	$	6,923,751		$	—	$	256,854,714

*	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.				3

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	256,854,714

Dividends/interest receivable		161,177

Foreign tax reclaims receivable		16,499

Prepaid expenses		3,415


Total Assets		257,035,805


Liabilities

Payable for fund shares redeemed		316,802

Investment advisory fees payable		136,351

Distribution fees payable		53,398

Accrued audit fees		12,095

Accrued custodian and accounting fees		5,268

Accrued trustees’ and officers’ fees		3,526

Accrued expenses and other liabilities		30,895


Total Liabilities		558,335


Total Net Assets	$	256,477,470


Net Assets Consist of:

Paid-in capital	$	270,424,508

Distributable loss		(13,947,038	)


Total Net Assets	$	256,477,470

Investments, at Cost	$	244,765,632


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		26,269,330

Net Asset Value Per Share		$9.76


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	1,339,152

Interest		20,085


Total Investment Income		1,359,237


Expenses

Investment advisory fees		874,153

Distribution fees		343,511

Professional fees		48,188

Trustees’ and officers’ fees		42,926

Administrative fees		27,973

Custodian and accounting fees		20,288

Transfer agent fees		7,981

Shareholder reports		3,682

Other expenses		7,805


Total Expenses		1,376,507

Less: Fees waived		(63,984	)


Total Expenses, Net		1,312,523


Net Investment Income/(Loss)		46,714


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		(1,450,406	)

Net realized gain/(loss) from foreign currency transactions		255

Net change in unrealized appreciation/(depreciation) on investments		4,558,990

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(508	)


Net Gain on Investments and Foreign Currency Transactions		3,108,331


Net Increase in Net Assets Resulting From Operations	$	3,155,045


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

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	46,714		$	199,996

Net realized gain/(loss) from investments and foreign currency transactions		(1,450,151	)		(11,859,745	)

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		4,558,482			58,040,242


Net Increase in Net Assets Resulting from Operations		3,155,045			46,380,493


Capital Share Transactions

Proceeds from sales of shares		2,751,920			38,773,392

Cost of shares redeemed		(44,838,623	)		(80,322,935	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(42,086,703	)		(41,549,543	)


Net Increase/(Decrease) in Net Assets		(38,931,658	)		4,830,950


Net Assets

Beginning of period		295,409,128			290,578,178


End of period	$	256,477,470		$	295,409,128


Other Information:

Shares

Sold		282,859			4,547,992

Redeemed		(4,586,737	)		(8,864,964	)


Net Decrease		(4,303,878	)		(4,316,972	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)⁽¹⁾			Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	9.66	$	0.00	⁽⁴⁾	$	0.10		$	0.10		$	9.76		1.04%	⁽⁵⁾

Year Ended 12/31/23		8.33		0.01			1.32			1.33			9.66		15.97%

Year Ended 12/31/22		10.09		(0.01	)		(1.75	)		(1.76	)		8.33		(17.44)%

Period Ended 12/31/21⁽⁶⁾		10.00		(0.00	)⁽⁷⁾		0.09			0.09			10.09		0.90%	⁽⁵⁾


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

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income/(Loss) to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income/(Loss) to Average Net Assets			Portfolio Turnover Rate

$	256,477		0.96%	⁽⁵⁾		1.00%	⁽⁵⁾		0.03%	⁽⁵⁾		(0.01)%	⁽⁵⁾		23%	⁽⁵⁾

	295,409		0.93%			0.99%			0.07%			0.01%			49%

	290,578		0.93%			0.97%			(0.15)%			(0.19)%			39%

	385,128		0.90%	⁽⁵⁾		0.98%	⁽⁵⁾		(0.12)%	⁽⁵⁾		(0.20)%	⁽⁵⁾		59%	⁽⁵⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Rounds to $0.00 per share.

⁽⁵⁾	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.

⁽⁶⁾	Commenced operations on October 25, 2021.

⁽⁷⁾	Rounds to $(0.00) per share.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks capital appreciation.

2. Significant Accounting Policies

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.


8

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


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

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

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, 2025 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 1.07% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2024, the expense limitation was 0.93%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $63,984.

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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $62,237,250 and $101,171,494, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, 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,


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

the 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 3, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2024.

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				13

Nature, Extent and Quality of Services


14

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				15

Economies of Scale

Ancillary Benefits

entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile for the 1-year and 5-year periods and in


16

the 5^th quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


				17

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the

3-year period and in the 2^nd quintile for the 1-year period. The Board noted that the Fund’s performance was higher than the benchmark index for the 3-year period and in line with the benchmark index for the 1-year period.

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•


18

Guardian Balanced Allocation VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB11409

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Strategic Large Cap Core VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Strategic Large Cap Core VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 98.9%
Aerospace & Defense – 1.1%

L3Harris Technologies, Inc.		12,062	$	2,708,884


				2,708,884
Banks – 2.2%

Bank of America Corp.		50,171		1,995,301

JPMorgan Chase & Co.		16,902		3,418,598


				5,413,899
Beverages – 1.5%

Coca-Cola Co.		56,667		3,606,855


				3,606,855
Biotechnology – 4.0%

AbbVie, Inc.		31,701		5,437,355

Gilead Sciences, Inc.		31,718		2,176,172

Vertex Pharmaceuticals, Inc.⁽¹⁾		4,797		2,248,450


				9,861,977
Broadline Retail – 1.1%

Amazon.com, Inc.⁽¹⁾		14,041		2,713,423


				2,713,423
Capital Markets – 1.8%

Cboe Global Markets, Inc.		10,321		1,755,189

MSCI, Inc.		2,033		979,398

S&P Global, Inc.		3,961		1,766,606


				4,501,193
Chemicals – 0.5%

Sherwin-Williams Co.		4,040		1,205,657


				1,205,657
Construction & Engineering – 0.6%

AECOM		15,915		1,402,748


				1,402,748
Consumer Staples Distribution & Retail – 1.7%

Koninklijke Ahold Delhaize NV, ADR		52,744		1,560,695

Walmart, Inc.		38,913		2,634,799


				4,195,494
Diversified Telecommunication Services – 0.5%

Verizon Communications, Inc.		29,932		1,234,396


				1,234,396
Electric Utilities – 2.6%

American Electric Power Co., Inc.		40,736		3,574,176

NextEra Energy, Inc.		39,064		2,766,122


				6,340,298
Electrical Equipment – 0.4%

Eaton Corp. PLC		3,331		1,044,435


				1,044,435
Entertainment – 1.0%

Electronic Arts, Inc.		18,278		2,546,674


				2,546,674
Financial Services – 4.5%

Fiserv, Inc.⁽¹⁾		26,894		4,008,282

Mastercard, Inc., Class A		4,924		2,172,272

Visa, Inc., Class A		18,663		4,898,477


				11,079,031


June 30, 2024 (unaudited)	Shares		Value

Health Care Equipment & Supplies – 0.8%

Medtronic PLC		24,828	$	1,954,212


				1,954,212

Health Care Providers & Services – 5.6%

Cencora, Inc.		5,839		1,315,527

Cigna Group		7,573		2,503,406

McKesson Corp.		7,307		4,267,580

UnitedHealth Group, Inc.		10,841		5,520,888


				13,607,401

Hotels, Restaurants & Leisure – 3.3%

Booking Holdings, Inc.		743		2,943,394

Compass Group PLC, ADR		98,481		2,728,909

Yum! Brands, Inc.		17,111		2,266,523


				7,938,826

Household Products – 1.8%

Colgate-Palmolive Co.		14,950		1,450,748

Procter & Gamble Co.		17,141		2,826,894


				4,277,642

Industrial REITs – 0.4%

First Industrial Realty Trust, Inc.		20,412		969,774


				969,774

Insurance – 5.2%

American Financial Group, Inc.		9,451		1,162,662

Everest Group Ltd.		7,420		2,827,168

Marsh & McLennan Cos., Inc.		15,687		3,305,565

Progressive Corp.		11,096		2,304,750

Reinsurance Group of America, Inc.		6,907		1,417,800

Willis Towers Watson PLC		6,543		1,715,182


				12,733,127

Interactive Media & Services – 6.8%

Alphabet, Inc., Class C		69,052		12,665,518

Meta Platforms, Inc., Class A		7,706		3,885,519


				16,551,037

IT Services – 2.2%

Amdocs Ltd.		35,413		2,794,794

VeriSign, Inc.⁽¹⁾		13,822		2,457,552


				5,252,346

Life Sciences Tools & Services – 0.4%

Thermo Fisher Scientific, Inc.		1,548		856,044


				856,044

Media – 1.9%

Comcast Corp., Class A		75,210		2,945,224

New York Times Co., Class A		31,317		1,603,743


				4,548,967

Multi-Utilities – 0.8%

CenterPoint Energy, Inc.		61,118		1,893,436


				1,893,436

Oil, Gas & Consumable Fuels – 2.6%

Exxon Mobil Corp.		13,833		1,592,455

Shell PLC, ADR		65,719		4,743,597


				6,336,052


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Pharmaceuticals – 4.3%

Eli Lilly & Co.		4,621	$	4,183,761

Merck & Co., Inc.		49,900		6,177,620


				10,361,381
Professional Services – 4.6%

Automatic Data Processing, Inc.		10,647		2,541,332

Experian PLC, ADR		49,128		2,291,330

Genpact Ltd.		61,927		1,993,430

Paychex, Inc.		18,626		2,208,299

RELX PLC, ADR		24,358		1,117,545

Verisk Analytics, Inc.		4,219		1,137,232


				11,289,168
Semiconductors & Semiconductor Equipment – 7.9%

Analog Devices, Inc.		10,007		2,284,198

Applied Materials, Inc.		10,279		2,425,741

Broadcom, Inc.		6,194		9,944,653

NVIDIA Corp.		37,559		4,640,039


				19,294,631
Software – 17.1%

Adobe, Inc.⁽¹⁾		7,367		4,092,663

Dolby Laboratories, Inc., Class A		23,441		1,857,231

Gen Digital, Inc.		53,924		1,347,022

Intuit, Inc.		6,474		4,254,778

Microsoft Corp.		49,753		22,237,103

Nice Ltd., ADR⁽¹⁾		4,420		760,107

Oracle Corp.		32,541		4,594,789

ServiceNow, Inc.⁽¹⁾		3,202		2,518,917


				41,662,610
Specialized REITs – 0.6%

Public Storage		5,456		1,569,418


				1,569,418
Specialty Retail – 2.6%

AutoZone, Inc.⁽¹⁾		1,491		4,419,473

O’Reilly Automotive, Inc.⁽¹⁾		1,003		1,059,228

Ulta Beauty, Inc.⁽¹⁾		2,536		978,567


				6,457,268


June 30, 2024 (unaudited)	Shares		Value
Technology Hardware, Storage & Peripherals – 4.9%

Apple, Inc.		49,405	$	10,405,681

NetApp, Inc.		11,553		1,488,027


				11,893,708
Tobacco – 1.6%

Philip Morris International, Inc.		37,698		3,819,938


				3,819,938

Total Common Stocks (Cost $184,221,293)				241,121,950

	Principal Amount		Value
Repurchase Agreements – 0.5%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $1,339,322, due 7/1/2024⁽²⁾	$	1,339,143		1,339,143

Total Repurchase Agreements (Cost $1,339,143)				1,339,143

Total Investments – 99.4% (Cost $185,560,436)				242,461,093

Assets in excess of other liabilities – 0.6%				1,351,743

Total Net Assets – 100.0%			$	243,812,836

⁽¹⁾	Non–income–producing security.

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

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

4.50%

3/31/2026

1,358,200

1,365,980

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	241,121,950	$	—	$	—	$	241,121,950
Repurchase Agreements		—		1,339,143		—		1,339,143
Total	$	241,121,950	$	1,339,143	$	—	$	242,461,093


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

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	242,461,093

Receivable for investments sold		1,676,585

Dividends/interest receivable		219,749

Foreign tax reclaims receivable		26,117

Receivable for fund shares subscribed		1,872

Reimbursement receivable from adviser		113

Prepaid expenses		3,264


Total Assets		244,388,793


Liabilities

Payable for fund shares redeemed		357,072

Investment advisory fees payable		108,414

Distribution fees payable		50,109

Accrued audit fees		14,298

Accrued custodian and accounting fees		9,470

Accrued trustees’ and officers’ fees		2,407

Accrued expenses and other liabilities		34,187


Total Liabilities		575,957


Total Net Assets	$	243,812,836


Net Assets Consist of:

Paid-in capital	$	190,539,039

Distributable earnings		53,273,797


Total Net Assets	$	243,812,836

Investments, at Cost	$	185,560,436


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		19,377,230

Net Asset Value Per Share		$12.58


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	1,897,662

Interest		38,316

Withholding taxes on foreign dividends		(3,525	)


Total Investment Income		1,932,453


Expenses

Investment advisory fees		666,781

Distribution fees		308,527

Professional fees		43,378

Trustees’ and officers’ fees		36,837

Administrative fees		26,829

Custodian and accounting fees		18,717

Transfer agent fees		8,612

Shareholder reports		3,636

Other expenses		7,507


Total Expenses		1,120,824

Less: Fees waived		(55,729	)


Total Expenses, Net		1,065,095


Net Investment Income/(Loss)		867,358


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments

Net realized gain/(loss) from investments		12,071,125

Net change in unrealized appreciation/(depreciation) on investments		17,214,416


Net Gain on Investments		29,285,541


Net Increase in Net Assets Resulting From Operations	$	30,152,899


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	867,358		$	2,078,263

Net realized gain/(loss) from investments		12,071,125			(1,373,034	)

Net change in unrealized appreciation/(depreciation) on investments		17,214,416			47,776,944


Net Increase in Net Assets Resulting from Operations		30,152,899			48,482,173


Capital Share Transactions

Proceeds from sales of shares		3,576,799			8,434,161

Cost of shares redeemed		(41,795,116	)		(75,498,612	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(38,218,317	)		(67,064,451	)


Net Decrease in Net Assets		(8,065,418	)		(18,582,278	)


Net Assets

Beginning of period		251,878,254			270,460,532


End of period	$	243,812,836		$	251,878,254


Other Information:

Shares

Sold		303,191			880,403

Redeemed		(3,514,566	)		(7,451,550	)


Net Decrease		(3,211,375	)		(6,571,147	)


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

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	11.15	$	0.04	$	1.39	$	1.43	$	12.58		12.83%	⁽⁴⁾

Year Ended 12/31/23		9.28		0.08		1.79		1.87		11.15		20.15%

Year Ended 12/31/22		10.32		0.08		(1.12)		(1.04)		9.28		(10.08)%

Period Ended 12/31/21⁽⁵⁾		10.00		0.01		0.31		0.32		10.32		3.20%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	243,813		0.86%	⁽⁴⁾		0.91%	⁽⁴⁾		0.71%	⁽⁴⁾		0.66%	⁽⁴⁾		18%	⁽⁴⁾

	251,878		0.84%			0.90%			0.78%			0.72%			38%

	270,461		0.84%			0.87%			0.80%			0.77%			45%

	372,001		0.81%	⁽⁴⁾		0.89%	⁽⁴⁾		0.82%	⁽⁴⁾		0.74%	⁽⁴⁾		80%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	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.

⁽⁵⁾	Commenced operations on October 25, 2021.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks capital appreciation.

2. Significant Accounting Policies

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.


8

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


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

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

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, 2025 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.91% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2024, the expense limitation was 0.84%. 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $55,729.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $42,996,965 and $77,408,450, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, 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,


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				13

Nature, Extent and Quality of Services

The Trustees considered that the Sub-advised Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Sub-Advisers, monitoring the Sub-Advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-Advisers with respect to the services that the Sub-Advisers would provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and the Manager’s ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight meetings with the Sub-advisers on a periodic basis, follow through with additional inquiries on any questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including


14

The Trustees considered information regarding the nature, extent and quality of services provided to the Sub-advised Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services provided by the Sub-Advisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-Advisers’ investment philosophies, styles and/or processes and approaches to managing the respective Sub-advised Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals who serve as portfolio managers for the Sub-advised Funds and the capabilities and resources of the Sub-Advisers.

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				15

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile for the 1-year and 5-year periods and in


16

the 5^th quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


				17

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•


18

Guardian Balanced Allocation VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

performance was in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB11410

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Integrated Research VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Integrated Research VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 99.6%

Aerospace & Defense – 2.2%

General Dynamics Corp.		13,476	$	3,909,927

RTX Corp.		32,306		3,243,199


				7,153,126
Banks – 3.8%

Bank of America Corp.		111,340		4,427,992

JPMorgan Chase & Co.		39,087		7,905,736


				12,333,728
Beverages – 1.5%

Constellation Brands, Inc., Class A		12,276		3,158,369

Monster Beverage Corp.⁽¹⁾		34,459		1,721,227


				4,879,596
Biotechnology – 1.8%

Regeneron Pharmaceuticals, Inc.⁽¹⁾		2,632		2,766,311

Vertex Pharmaceuticals, Inc.⁽¹⁾		6,346		2,974,497


				5,740,808
Broadline Retail – 5.1%

Amazon.com, Inc.⁽¹⁾		84,624		16,353,588


				16,353,588
Building Products – 0.6%

Builders FirstSource, Inc.⁽¹⁾		13,088		1,811,510


				1,811,510
Capital Markets – 2.3%

Charles Schwab Corp.		45,610		3,361,001

Morgan Stanley		42,691		4,149,138


				7,510,139
Chemicals – 0.9%

Sherwin-Williams Co.		10,112		3,017,724


				3,017,724
Consumer Finance – 1.2%

American Express Co.		16,750		3,878,462


				3,878,462
Electric Utilities – 1.7%

Duke Energy Corp.		31,171		3,124,269

PG&E Corp.		126,853		2,214,854


				5,339,123
Electrical Equipment – 2.2%

AMETEK, Inc.		15,777		2,630,184

Emerson Electric Co.		20,051		2,208,818

GE Vernova, Inc.⁽¹⁾		13,562		2,326,018


				7,165,020
Electronic Equipment, Instruments & Components – 0.8%

CDW Corp.		11,989		2,683,618


				2,683,618
Entertainment – 1.7%

Netflix, Inc.⁽¹⁾		7,955		5,368,670


				5,368,670
Financial Services – 1.8%

Mastercard, Inc., Class A		12,809		5,650,818


				5,650,818


June 30, 2024 (unaudited)	Shares		Value
Gas Utilities – 0.7%

Atmos Energy Corp.		18,620	$	2,172,023


				2,172,023
Ground Transportation – 1.2%

Uber Technologies, Inc.⁽¹⁾		52,317		3,802,400


				3,802,400
Health Care Equipment & Supplies – 2.9%

Abbott Laboratories		32,887		3,417,288

Boston Scientific Corp.⁽¹⁾		57,040		4,392,651

Edwards Lifesciences Corp.⁽¹⁾		17,920		1,655,270


				9,465,209
Health Care Providers & Services – 1.8%

UnitedHealth Group, Inc.		11,456		5,834,083


				5,834,083
Health Care REITs – 0.9%

Welltower, Inc.		28,920		3,014,910


				3,014,910
Hotels, Restaurants & Leisure – 2.2%

Marriott International, Inc., Class A		15,131		3,658,222

McDonald’s Corp.		10,585		2,697,481

Viking Holdings Ltd.⁽¹⁾		21,093		715,897


				7,071,600
Household Products – 2.0%

Procter & Gamble Co.		38,411		6,334,742


				6,334,742
Insurance – 3.1%

Arch Capital Group Ltd.⁽¹⁾		26,731		2,696,891

Chubb Ltd.		11,252		2,870,160

Progressive Corp.		21,359		4,436,478


				10,003,529
Interactive Media & Services – 8.0%

Alphabet, Inc., Class A		83,171		15,149,598

Alphabet, Inc., Class C		4,363		800,261

Meta Platforms, Inc., Class A		19,813		9,990,111


				25,939,970
IT Services – 0.8%

Accenture PLC, Class A		9,051		2,746,164


				2,746,164
Life Sciences Tools & Services – 2.1%

Danaher Corp.		13,603		3,398,709

Thermo Fisher Scientific, Inc.		5,927		3,277,631


				6,676,340
Machinery – 3.0%

Deere & Co.		7,190		2,686,400

Illinois Tool Works, Inc.		8,453		2,003,023

Nordson Corp.		8,426		1,954,326

Parker-Hannifin Corp.		5,927		2,997,936


				9,641,685
Metals & Mining – 0.6%

Freeport-McMoRan, Inc.		41,821		2,032,501


				2,032,501


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Oil, Gas & Consumable Fuels – 3.4%

Chesapeake Energy Corp.		17,701	$	1,454,845

ConocoPhillips		20,400		2,333,352

Diamondback Energy, Inc.		10,934		2,188,878

EOG Resources, Inc.		24,739		3,113,898

Phillips 66		12,971		1,831,116


				10,922,089
Personal Care Products – 0.9%

Estee Lauder Cos., Inc., Class A		26,982		2,870,885


				2,870,885
Pharmaceuticals – 3.9%

Eli Lilly & Co.		9,163		8,295,997

Merck & Co., Inc.		35,546		4,400,595


				12,696,592
Semiconductors & Semiconductor Equipment – 12.1%

Broadcom, Inc.		5,064		8,130,404

KLA Corp.		5,326		4,391,340

NVIDIA Corp.		184,755		22,824,633

Texas Instruments, Inc.		18,466		3,592,191


				38,938,568
Software – 11.2%

Intuit, Inc.		5,391		3,543,019

Microsoft Corp.		54,775		24,481,686

PTC, Inc.⁽¹⁾		13,575		2,466,170

Salesforce, Inc.		12,976		3,336,130

Workday, Inc., Class A⁽¹⁾		10,477		2,342,238


				36,169,243
Specialized REITs – 0.6%

Equinix, Inc.		2,775		2,099,565


				2,099,565
Specialty Retail – 2.1%

AutoZone, Inc.⁽¹⁾		1,116		3,307,936

TJX Cos., Inc.		31,754		3,496,115


				6,804,051


June 30, 2024 (unaudited)	Shares		Value
Technology Hardware, Storage & Peripherals – 7.4%

Apple, Inc.		113,116	$	23,824,492


				23,824,492
Textiles, Apparel & Luxury Goods – 1.1%

Lululemon Athletica, Inc.⁽¹⁾		5,710		1,705,577

NIKE, Inc., Class B		24,364		1,836,315


				3,541,892

Total Common Stocks (Cost $236,910,561)				321,488,463

	Principal Amount		Value
Repurchase Agreements – 0.3%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $765,610, due 7/1/2024⁽²⁾	$	765,508		765,508

Total Repurchase Agreements (Cost $765,508)				765,508

Total Investments – 99.9% (Cost $237,676,069)				322,253,971

Assets in excess of other liabilities – 0.1%				454,265

Total Net Assets – 100.0%			$	322,708,236

⁽¹⁾	Non–income–producing security.

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

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

4.50%

3/31/2026

776,400

780,845

Legend:

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	321,488,463	$	—	$	—	$	321,488,463
Repurchase Agreements		—		765,508		—		765,508
Total	$	321,488,463	$	765,508	$	—	$	322,253,971


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

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	322,253,971

Receivable for investments sold		1,326,664

Dividends/interest receivable		75,635

Prepaid expenses		4,322


Total Assets		323,660,592


Liabilities

Payable for fund shares redeemed		436,450

Payable for investments purchased		260,685

Investment advisory fees payable		125,531

Distribution fees payable		66,505

Accrued audit fees		14,298

Accrued trustees’ and officers’ fees		3,357

Accrued custodian and accounting fees		1,958

Accrued expenses and other liabilities		43,572


Total Liabilities		952,356


Total Net Assets	$	322,708,236


Net Assets Consist of:

Paid-in capital	$	242,284,507

Distributable earnings		80,423,729


Total Net Assets	$	322,708,236

Investments, at Cost	$	237,676,069


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		12,864,860

Net Asset Value Per Share		$25.08


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	1,771,477

Interest		11,152


Total Investment Income		1,782,629


Expenses

Investment advisory fees		779,468

Distribution fees		415,685

Professional fees		53,948

Trustees’ and officers’ fees		50,225

Administrative fees		32,644

Custodian and accounting fees		18,895

Transfer agent fees		8,392

Shareholder reports		4,301

Other expenses		9,923


Total Expenses		1,373,481

Expenses recouped by adviser		30,234


Total Expenses, Net		1,403,715


Net Investment Income/(Loss)		378,914


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments

Net realized gain/(loss) from investments		14,048,040

Net change in unrealized appreciation/(depreciation) on investments		38,496,639


Net Gain on Investments		52,544,679


Net Increase in Net Assets Resulting From Operations	$	52,923,593


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	378,914		$	2,087,085

Net realized gain/(loss) from investments		14,048,040			(12,965,398	)

Net change in unrealized appreciation/(depreciation) on investments		38,496,639			87,416,843


Net Increase in Net Assets Resulting from Operations		52,923,593			76,538,530


Capital Share Transactions

Proceeds from sales of shares		118,730			6,134,830

Cost of shares redeemed		(73,342,324	)		(93,566,372	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(73,223,594	)		(87,431,542	)


Net Decrease in Net Assets		(20,300,001	)		(10,893,012	)


Net Assets

Beginning of period		343,008,237			353,901,249


End of period	$	322,708,236		$	343,008,237


Other Information:

Shares

Sold		5,227			331,565

Redeemed		(3,145,537	)		(4,849,601	)


Net Decrease		(3,140,310	)		(4,518,036	)


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

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾			Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	21.43	$	0.03		$	3.62		$	3.65		$	25.08		17.03%	⁽⁴⁾

Year Ended 12/31/23		17.24		0.11			4.08			4.19			21.43		24.30%

Year Ended 12/31/22		21.86		0.12			(4.74	)		(4.62	)		17.24		(21.13)%

Year Ended 12/31/21		17.06		0.11			4.69			4.80			21.86		28.14%

Year Ended 12/31/20		14.31		0.20	⁽⁶⁾		2.55			2.75			17.06		19.22%

Year Ended 12/31/19		11.26		0.14			2.91			3.05			14.31		27.09%


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

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income/(Loss) to Average Net Assets			Portfolio Turnover Rate

$	322,708		0.84%	⁽⁴⁾		0.84%	⁽⁴⁾		0.23%	⁽⁴⁾		0.23%	⁽⁴⁾		15%	⁽⁴⁾

	343,008		0.84%			0.84%			0.59%			0.59%			28%

	353,901		0.84%			0.84%			0.68%			0.68%			24%

	321,218		0.86%			0.91%			0.53%			0.48%			274%	⁽⁵⁾

	12,432		0.96%			2.08%			1.36%	⁽⁶⁾		0.24%	⁽⁶⁾		61%

	11,852		0.96%			2.30%			1.08%			(0.26)%			117%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾	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.

⁽⁶⁾

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.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks capital appreciation.

2. Significant Accounting Policies

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.


8

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


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

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

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, 2025 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). Prior to May 1, 2024, the expense limitation was 0.84%. 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 six months ended June 30, 2024, 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 were not subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2024, Park Avenue recouped previously waived or reimbursed expenses in the amount of $30,234.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from

investments sold (excluding short-term investments) amounted to $48,905,342 and $123,225,236, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

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 3, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2024.

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				13

Nature, Extent and Quality of Services


14

and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				15

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile for the 1-year and 5-year periods and in


16

the 5^th quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


				17

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•


18

Guardian Balanced Allocation VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB8170

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian International Equity VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian International Equity VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 98.9%

Australia – 1.4%

Rio Tinto Ltd.		46,770	$	3,711,624


				3,711,624
Austria – 1.3%

Erste Group Bank AG		72,686		3,442,488


				3,442,488
Belgium – 1.3%

UCB SA		22,360		3,313,697


				3,313,697
Canada – 1.1%

Nutrien Ltd.		27,567		1,403,488

Toronto-Dominion Bank		25,205		1,385,487


				2,788,975
Cayman Islands – 1.2%

NU Holdings Ltd., Class A⁽¹⁾		117,621		1,516,135

Tencent Holdings Ltd.		24,500		1,162,794

Tencent Music Entertainment Group, ADR		32,741		460,011


				3,138,940
China – 0.3%

Contemporary Amperex Technology Co. Ltd., Class A		34,700		857,176


				857,176
Denmark – 4.6%

Novo Nordisk AS, Class B		63,694		9,099,081

Vestas Wind Systems AS⁽¹⁾		125,277		2,891,058


				11,990,139
France – 8.6%

BNP Paribas SA		46,924		3,006,888

Carrefour SA		51,863		732,834

EssilorLuxottica SA		20,697		4,440,916

Legrand SA		22,558		2,247,978

Sanofi SA		38,632		3,713,359

Schneider Electric SE		21,280		5,077,489

TotalEnergies SE		45,361		3,023,269


				22,242,733
Germany – 9.5%

Allianz SE, Reg S		14,613		4,060,140

Bayerische Motoren Werke AG		18,887		1,786,933

Beiersdorf AG		15,350		2,242,672

Infineon Technologies AG		69,619		2,557,612

SAP SE		45,844		9,307,933

Siemens AG, Reg S		25,063		4,661,446


				24,616,736
Hong Kong – 1.8%

AIA Group Ltd.		179,400		1,216,503

BOC Hong Kong Holdings Ltd.		771,000		2,379,916

Techtronic Industries Co. Ltd.		101,500		1,159,005


				4,755,424


June 30, 2024 (unaudited)	Shares		Value
Indonesia – 0.6%

Bank Central Asia Tbk. PT		2,768,900	$	1,670,392


				1,670,392
Ireland – 0.8%

Kingspan Group PLC		12,133		1,027,976

Linde PLC		2,589		1,136,079


				2,164,055
Italy – 1.1%

FinecoBank Banca Fineco SpA		196,778		2,932,358


				2,932,358
Japan – 20.7%

Bridgestone Corp.		46,700		1,840,625

Daikin Industries Ltd.		15,200		2,099,765

FANUC Corp.		54,500		1,495,838

FUJIFILM Holdings Corp.		130,500		3,068,053

Hitachi Ltd.		202,500		4,564,647

Japan Exchange Group, Inc.		101,400		2,377,046

KDDI Corp.		98,900		2,620,873

Keyence Corp.		1,100		485,293

Kubota Corp.		140,400		1,972,685

Mitsubishi Estate Co. Ltd.		97,400		1,534,335

Mitsubishi UFJ Financial Group, Inc.		594,100		6,409,692

MS&AD Insurance Group Holdings, Inc.		159,700		3,567,238

Nintendo Co. Ltd.		38,300		2,046,405

Nitori Holdings Co. Ltd.		20,100		2,126,236

Recruit Holdings Co. Ltd.		57,400		3,089,197

Sekisui Chemical Co. Ltd.		85,500		1,186,926

Shimano, Inc.		9,100		1,410,023

SMC Corp.		4,500		2,148,492

Sony Group Corp.		43,300		3,679,286

Terumo Corp.		178,600		2,965,159

Toyota Industries Corp.		22,100		1,870,877

Toyota Motor Corp.		67,100		1,381,475


				53,940,166
Luxembourg – 1.1%

Spotify Technology SA⁽¹⁾		9,080		2,849,213


				2,849,213
Netherlands – 4.4%

ASM International NV		2,248		1,712,299

ASML Holding NV		7,094		7,318,863

NXP Semiconductors NV		4,812		1,294,861

Stellantis NV		58,088		1,142,463


				11,468,486
Norway – 1.5%

DNB Bank ASA		141,443		2,777,437

Norsk Hydro ASA		189,110		1,177,168


				3,954,605
Portugal – 0.8%

Jeronimo Martins SGPS SA		105,376		2,057,760


				2,057,760


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Republic of Korea – 1.7%

Samsung Electronics Co. Ltd.		56,075	$	3,295,292

Samsung SDI Co. Ltd.		4,138		1,058,042


				4,353,334
Spain – 3.6%

Banco Bilbao Vizcaya Argentaria SA		369,519		3,686,439

Iberdrola SA		224,621		2,913,896

Industria de Diseno Textil SA		55,635		2,749,348


				9,349,683
Sweden – 1.9%

Nibe Industrier AB, Class B		43,977		185,386

Sandvik AB		152,560		3,066,711

Svenska Handelsbanken AB, Class A		167,619		1,596,687


				4,848,784
Switzerland – 5.5%

Alcon, Inc.		29,296		2,606,495

Chocoladefabriken Lindt & Spruengli AG		193		2,254,023

Cie Financiere Richemont SA, Reg S, Class A		23,022		3,593,015

Lonza Group AG, Reg S		4,256		2,312,943

Roche Holding AG		12,897		3,579,103


				14,345,579
Taiwan – 0.8%

Taiwan Semiconductor Manufacturing Co. Ltd.		66,000		1,962,940


				1,962,940
United Kingdom – 21.1%

Antofagasta PLC		56,532		1,499,051

ARM Holdings PLC, ADR⁽¹⁾		5,636		922,162

AstraZeneca PLC		35,084		5,469,455

BAE Systems PLC		132,913		2,219,309

Bunzl PLC		55,020		2,087,097

Burberry Group PLC		104,825		1,163,974

Diageo PLC		73,568		2,314,477

Ferguson PLC		6,525		1,263,566

GSK PLC		270,286		5,209,200

Haleon PLC		502,442		2,045,387

Kingfisher PLC		496,126		1,561,760


June 30, 2024 (unaudited)	Shares		Value
United Kingdom (continued)

Lloyds Banking Group PLC		4,572,796	$	3,168,079

National Grid PLC		229,857		2,563,249

Prudential PLC		214,623		1,947,040

Reckitt Benckiser Group PLC		48,835		2,635,338

RELX PLC		86,910		3,984,046

Shell PLC		199,116		7,153,373

Unilever PLC		112,677		6,203,731

Whitbread PLC		41,368		1,548,550


				54,958,844
United States – 2.2%

Booking Holdings, Inc.		553		2,190,710

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		25,500		1,831,920

Lululemon Athletica, Inc.⁽¹⁾		2,229		665,802

MercadoLibre, Inc.⁽¹⁾		546		897,296


				5,585,728

Total Common Stocks (Cost $231,165,860)				257,299,859
Preferred Stocks – 0.5%

Germany – 0.5%

Dr. Ing. h.c. F. Porsche AG⁽²⁾		17,507		1,301,572

Total Preferred Stocks (Cost $1,461,137)				1,301,572

Total Investments – 99.4% (Cost $232,626,997)				258,601,431

Assets in excess of other liabilities – 0.6%				1,674,159

Total Net Assets – 100.0%			$	260,275,590

⁽¹⁾	Non–income–producing security.

⁽²⁾

Security that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2024, the aggregate market value of the security amounted to $1,301,572, representing 0.5% of net assets. This security has been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

Legend:

ADR — American Depositary Receipt


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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	3,711,624	*	$	—	$	3,711,624
Austria		—		3,442,488	*		—		3,442,488
Belgium		—		3,313,697	*		—		3,313,697
Canada		2,788,975		—			—		2,788,975
Cayman Islands		1,976,146		1,162,794	*		—		3,138,940
China		—		857,176	*		—		857,176
Denmark		—		11,990,139	*		—		11,990,139
France		—		22,242,733	*		—		22,242,733
Germany		—		24,616,736	*		—		24,616,736
Hong Kong		—		4,755,424	*		—		4,755,424
Indonesia		—		1,670,392	*		—		1,670,392
Ireland		1,136,079		1,027,976	*		—		2,164,055
Italy		—		2,932,358	*		—		2,932,358
Japan		—		53,940,166	*		—		53,940,166
Luxembourg		2,849,213		—			—		2,849,213
Netherlands		1,294,861		10,173,625	*		—		11,468,486
Norway		—		3,954,605	*		—		3,954,605
Portugal		—		2,057,760	*		—		2,057,760
Republic of Korea		—		4,353,334	*		—		4,353,334
Spain		—		9,349,683	*		—		9,349,683
Sweden		—		4,848,784	*		—		4,848,784
Switzerland		—		14,345,579	*		—		14,345,579
Taiwan		—		1,962,940	*		—		1,962,940
United Kingdom		2,185,728		52,773,116	*		—		54,958,844
United States		5,585,728		—			—		5,585,728
Preferred Stocks
Germany		—		1,301,572	*		—		1,301,572
Total	$	17,816,730	$	240,784,701		$	—	$	258,601,431

*	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.				3

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	258,601,431

Cash		68,760

Foreign currency, at value		370,479

Foreign tax reclaims receivable		879,213

Receivable for investments sold		651,905

Dividends/interest receivable		398,335

Reimbursement receivable from adviser		9,155

Prepaid expenses		3,698


Total Assets		260,982,976


Liabilities

Payable for fund shares redeemed		403,216

Investment advisory fees payable		167,836

Distribution fees payable		54,579

Accrued custodian and accounting fees		23,225

Accrued audit fees		15,394

Payable for investments purchased		6,733

Accrued trustees’ and officers’ fees		2,402

Accrued expenses and other liabilities		34,001


Total Liabilities		707,386


Total Net Assets	$	260,275,590


Net Assets Consist of:

Paid-in capital	$	233,791,275

Distributable earnings		26,484,315


Total Net Assets	$	260,275,590

Investments, at Cost	$	232,626,997

Foreign Currency, at Cost	$	381,280


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		18,673,595

Net Asset Value Per Share		$13.94


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	5,605,477

Interest		9,944

Withholding taxes on foreign dividends		(607,526	)


Total Investment Income		5,007,895


Expenses

Investment advisory fees		1,079,002

Distribution fees		351,379

Custodian and accounting fees		60,089

Professional fees		48,791

Trustees’ and officers’ fees		42,302

Administrative fees		28,878

Transfer agent fees		7,165

Shareholder reports		4,259

Other expenses		11,375


Total Expenses		1,633,240

Less: Fees waived		(92,696	)


Total Expenses, Net		1,540,544


Net Investment Income/(Loss)		3,467,351


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax

Net realized gain/(loss) from investments		1,542,364

Net realized gain/(loss) from foreign currency transactions		2,108

Foreign capital gains taxes refund		2,014

Net change in unrealized appreciation/(depreciation) on investments		11,646,114

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(52,712	)


Net Gain on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax		13,139,888


Net Increase in Net Assets Resulting From Operations	$	16,607,239


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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	3,467,351		$	4,479,936

Net realized gain/(loss) from investments, foreign currency transactions and foreign capital gains tax		1,546,486			(13,044,029	)

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		11,593,402			54,573,377


Net Increase in Net Assets Resulting from Operations		16,607,239			46,009,284


Capital Share Transactions

Proceeds from sales of shares		5,670,509			18,966,554

Cost of shares redeemed		(55,612,542	)		(96,377,576	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(49,942,033	)		(77,411,022	)


Net Decrease in Net Assets		(33,334,794	)		(31,401,738	)


Net Assets

Beginning of period		293,610,384			325,012,122


End of period	$	260,275,590		$	293,610,384


Other Information:

Shares

Sold		432,074			1,516,044

Redeemed		(4,064,677	)		(7,747,234	)


Net Decrease		(3,632,603	)		(6,231,190	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾			Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	13.16	$	0.17		$	0.61		$	0.78		$	13.94		5.93%	⁽⁴⁾

Year Ended 12/31/23		11.39		0.18			1.59			1.77			13.16		15.54%

Year Ended 12/31/22		13.87		0.15			(2.63	)		(2.48	)		11.39		(17.88)%

Year Ended 12/31/21		13.16		0.30	⁽⁵⁾		0.41			0.71			13.87		5.40%

Year Ended 12/31/20		12.15		0.12			0.89			1.01			13.16		8.31%

Year Ended 12/31/19		10.01		0.22			1.92			2.14			12.15		21.38%


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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	260,276		1.10%	⁽⁴⁾		1.16%	⁽⁴⁾		2.46%	⁽⁴⁾		2.40%	⁽⁴⁾		17%	⁽⁴⁾

	293,610		1.08%			1.15%			1.47%			1.40%			29%

	325,012		1.08%			1.12%			1.30%			1.26%			136%

	411,907		1.06%			1.13%			2.20%	⁽⁵⁾		2.13%	⁽⁵⁾		40%

	234,233		1.00%			1.18%			1.03%			0.85%			38%

	220,989		0.94%			1.20%			1.99%			1.73%			32%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾

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.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks long-term capital appreciation.

2. Significant Accounting Policies

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.


8

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


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

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, 2025 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 1.13% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2024, the expense limitation was 1.08%. 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.


10

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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $92,696.

Park Avenue has entered into a Sub-Advisory Agreement with Schroder Investment Management North America, Inc. (“Schroder Inc.”). Schroder Inc. is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund. Schroder Inc. also entered into a Sub-subadvisory Agreement with its affiliate, Schroder Investment Management North America Limited (‘‘Schroder Limited’’). The sub-subadvisory fees under the Sub-subadvisory Agreement are paid by Schroder Inc. to Schroder Limited and do not represent a separate or additional expense to the Fund.

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

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 $46,132,950 and $92,677,423, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, there were no purchases or sales of U.S. government securities.


				11

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.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

“Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid-Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-advisory agreements (the “Sub-Advisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and investment advisory firms engaged to serve as sub-advisers to certain of the Funds (the “Sub-advised Funds”), namely (i) ClearBridge Investments, LLC with respect to Guardian Small Cap Core VIP Fund; (ii) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (iii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iv) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (v) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (vi) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vii) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (viii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (ix) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (x) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; and (xi) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund, each in substantially the form presented at this meeting, (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) for a one-year term.


				13

Nature, Extent and Quality of Services


14

Investment Performance

The Manager discussed with the Board factors contributing to the Funds’ performance results. In

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also


				15

considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Economies of Scale

Ancillary Benefits

because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•


16

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

Fund’s performance was higher than the benchmark index for the 3-year and 5-year periods and in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


				17

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•


18

would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board noted that the Fund’s performance was below the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB8172

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian International Growth VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian International Growth VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 98.9%

Australia – 1.6%

Goodman Group		31,510	$	726,193

QBE Insurance Group Ltd.		67,911		787,562


				1,513,755
Cayman Islands – 1.1%

Tencent Holdings Ltd.		21,200		1,006,173


				1,006,173
Denmark – 6.6%

Coloplast AS, Class B		4,831		580,184

Novo Nordisk AS, Class B		39,186		5,597,962


				6,178,146
France – 14.1%

Air Liquide SA		13,915		2,395,635

Dassault Systemes SE		32,108		1,208,687

L’Oreal SA		1,435		630,990

Legrand SA		7,046		702,157

LVMH Moet Hennessy Louis Vuitton SE		3,728		2,862,922

Safran SA		14,702		3,093,092

Sanofi SA		8,967		861,920

Schneider Electric SE		2,092		499,159

Vinci SA		8,725		917,824


				13,172,386
Germany – 3.9%

Delivery Hero SE⁽¹⁾⁽²⁾		11,764		278,551

Deutsche Boerse AG		4,667		954,002

Muenchener Rueckversicherungs-Gesellschaft AG, Reg S		2,464		1,232,086

SAP SE		5,713		1,159,939


				3,624,578
Ireland – 2.7%

Linde PLC		3,884		1,706,913

Ryanair Holdings PLC, ADR		6,719		782,360


				2,489,273
Japan – 24.2%

Advantest Corp.		13,300		538,322

Daiichi Sankyo Co. Ltd.		19,300		674,219

Daikin Industries Ltd.		9,400		1,298,539

Denso Corp.		50,100		781,913

Hitachi Ltd.		94,900		2,139,185

Hoya Corp.		17,200		2,012,532

Keyence Corp.		5,300		2,338,230

Otsuka Corp.		48,500		935,195

Rakuten Bank Ltd.⁽²⁾		40,600		735,901

Recruit Holdings Co. Ltd.		52,000		2,798,575

Shimano, Inc.		7,700		1,193,097

Shin-Etsu Chemical Co. Ltd.		47,900		1,863,127

Sony Group Corp.		26,700		2,268,752

Terumo Corp.		60,100		997,794

Tokio Marine Holdings, Inc.		52,600		1,974,372


				22,549,753


June 30, 2024 (unaudited)	Shares		Value
Netherlands – 12.5%

Adyen NV⁽¹⁾⁽²⁾		165	$	196,722

Airbus SE		12,299		1,695,856

Argenx SE⁽²⁾		1,610		695,970

ASML Holding NV		5,719		5,900,279

Ferrovial SE		20,356		788,531

Heineken NV		13,026		1,257,322

Wolters Kluwer NV		6,744		1,114,858


				11,649,538
Republic of Korea – 0.5%

Samsung Electronics Co. Ltd.		7,962		467,893


				467,893
Singapore – 1.7%

DBS Group Holdings Ltd.		59,240		1,561,014


				1,561,014
Spain – 2.0%

Industria de Diseno Textil SA		37,691		1,862,599


				1,862,599
Sweden – 3.6%

Atlas Copco AB, Class A		122,896		2,316,136

Volvo AB, Class B		40,343		1,034,951


				3,351,087
Switzerland – 6.5%

Cie Financiere Richemont SA, Reg S, Class A		14,056		2,193,703

Nestle SA, Reg S		32,792		3,347,326

Straumann Holding AG, Reg S		4,187		515,417


				6,056,446
Taiwan – 1.8%

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		9,576		1,664,405


				1,664,405
United Kingdom – 14.8%

3i Group PLC		59,768		2,304,882

Allfunds Group PLC		26,038		145,682

AstraZeneca PLC		7,409		1,155,033

Diageo PLC		12,532		394,262

Ferguson PLC		4,252		817,132

InterContinental Hotels Group PLC		23,350		2,448,071

London Stock Exchange Group PLC		15,713		1,862,569

Next PLC		3,730		426,538

RELX PLC		57,893		2,654,002

Sage Group PLC		51,592		707,633

SSE PLC		39,521		891,371


				13,807,175
United States – 1.3%

MercadoLibre, Inc.⁽²⁾		323		530,818

Yum China Holdings, Inc.		20,600		635,304


				1,166,122


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND


June 30, 2024 (unaudited)	Value

Total Investments – 98.9% (Cost $64,526,074)	$	92,120,343

Assets in excess of other liabilities – 1.1%		1,062,117

Total Net Assets – 100.0%	$	93,182,460

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

amended, normally to certain qualified buyers. At June 30, 2024, the aggregate market value of these securities amounted to $475,273, representing 0.5% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾	Non–income–producing security.

Legend:

ADR — American Depositary Receipt


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	1,513,755	*	$	—	$	1,513,755
Cayman Islands		—		1,006,173	*		—		1,006,173
Denmark		—		6,178,146	*		—		6,178,146
France		—		13,172,386	*		—		13,172,386
Germany		—		3,624,578	*		—		3,624,578
Ireland		782,360		1,706,913	*		—		2,489,273
Japan		—		22,549,753	*		—		22,549,753
Netherlands		—		11,649,538	*		—		11,649,538
Republic of Korea		—		467,893	*		—		467,893
Singapore		—		1,561,014	*		—		1,561,014
Spain		—		1,862,599	*		—		1,862,599
Sweden		—		3,351,087	*		—		3,351,087
Switzerland		—		6,056,446	*		—		6,056,446
Taiwan		1,664,405		—			—		1,664,405
United Kingdom		—		13,807,175	*		—		13,807,175
United States		1,166,122		—			—		1,166,122
Total	$	3,612,887	$	88,507,456		$	—	$	92,120,343

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


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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	92,120,343

Foreign currency, at value		18,360

Receivable for investments sold		885,066

Foreign tax reclaims receivable		414,827

Dividends/interest receivable		42,356

Reimbursement receivable from adviser		9,403

Prepaid expenses		1,249


Total Assets		93,491,604


Liabilities

Due to custodian		119,504

Payable for fund shares redeemed		64,810

Investment advisory fees payable		62,319

Distribution fees payable		19,475

Accrued audit fees		15,394

Accrued custodian and accounting fees		13,930

Accrued trustees’ and officers’ fees		921

Accrued expenses and other liabilities		12,791


Total Liabilities		309,144


Total Net Assets	$	93,182,460


Net Assets Consist of:

Paid-in capital	$	45,740,031

Distributable earnings		47,442,429


Total Net Assets	$	93,182,460

Investments, at Cost	$	64,526,074

Foreign Currency, at Cost	$	18,359


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		5,409,400

Net Asset Value Per Share		$17.23


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	1,111,161

Interest		5,250

Withholding taxes on foreign dividends		(120,927	)


Total Investment Income		995,484


Expenses

Investment advisory fees		394,309

Distribution fees		123,310

Custodian and accounting fees		41,996

Professional fees		27,266

Administrative fees		16,464

Trustees’ and officers’ fees		15,037

Transfer agent fees		6,956

Shareholder reports		2,994

Other expenses		3,039


Total Expenses		631,371

Less: Fees waived		(50,939	)


Total Expenses, Net		580,432


Net Investment Income/(Loss)		415,052


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		5,468,799

Net realized gain/(loss) from foreign currency transactions		(21,024	)

Net change in unrealized appreciation/(depreciation) on investments		1,442,372

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(18,165	)


Net Gain on Investments and Foreign Currency Transactions		6,871,982


Net Increase in Net Assets Resulting From Operations	$	7,287,034


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	415,052		$	732,830

Net realized gain/(loss) from investments and foreign currency transactions		5,447,775			2,940,122

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		1,424,207			13,456,536


Net Increase in Net Assets Resulting from Operations		7,287,034			17,129,488


Capital Share Transactions

Proceeds from sales of shares		19,185			9,240,804

Cost of shares redeemed		(17,987,051	)		(37,169,315	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(17,967,866	)		(27,928,511	)


Net Decrease in Net Assets		(10,680,832	)		(10,799,023	)


Net Assets

Beginning of period		103,863,292			114,662,315


End of period	$	93,182,460		$	103,863,292


Other Information:

Shares

Sold		1,124			612,756

Redeemed		(1,077,160	)		(2,445,654	)


Net Decrease		(1,076,036	)		(1,832,898	)


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

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)⁽¹⁾			Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	16.01	$	0.07		$	1.15		$	1.22		$	17.23		7.62%	⁽⁴⁾

Year Ended 12/31/23		13.78		0.10			2.13			2.23			16.01		16.18%

Year Ended 12/31/22		19.21		0.05			(5.48	)		(5.43	)		13.78		(28.27)%

Year Ended 12/31/21		17.34		(0.01	)		1.88			1.87			19.21		10.78%

Year Ended 12/31/20		13.53		(0.00	)⁽⁵⁾		3.81			3.81			17.34		28.16%

Year Ended 12/31/19		10.24		0.07			3.22			3.29			13.53		32.13%


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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income/ (Loss) to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate

$	93,182		1.18%	⁽⁴⁾		1.28%	⁽⁴⁾		0.84%	⁽⁴⁾		0.74%	⁽⁴⁾		12%	⁽⁴⁾

	103,863		1.18%			1.26%			0.68%			0.60%			50%

	114,662		1.18%			1.21%			0.35%			0.32%			40%

	148,827		1.17%			1.17%			(0.05)%			(0.05)%			31%

	146,998		1.18%			1.24%			(0.00)%	⁽⁶⁾		(0.06)%			25%

	146,555		1.18%			1.26%			0.56%			0.48%			25%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾	Rounds to $(0.00) per share.

⁽⁶⁾	Rounds to (0.00)%.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks total return consisting of long-term capital growth and current income.

2. Significant Accounting Policies

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.


8

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


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

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, 2025 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 1.17% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2024, the expense limitation was 1.18%. 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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

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.

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $11,735,429 and $29,080,336, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at this meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.


				13

Nature, Extent and Quality of Services


14

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the


				15

Economies of Scale

Ancillary Benefits

potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•


16

performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, that


				17

the actual management fee was in the 1^st quintile and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

was higher than the benchmark index for the 3-year period and in line with the benchmark index for the 1-year period.

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•


18

Guardian Balanced Allocation VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB8171

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Large Cap Disciplined Growth VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Large Cap Disciplined Growth VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 99.5%

Automobiles – 1.1%

Tesla, Inc.⁽¹⁾		23,517	$	4,653,544


				4,653,544
Beverages – 1.8%

Brown-Forman Corp., Class B		59,893		2,586,779

Constellation Brands, Inc., Class A		10,773		2,771,677

Monster Beverage Corp.⁽¹⁾		49,743		2,484,663


				7,843,119
Biotechnology – 1.0%

Vertex Pharmaceuticals, Inc.⁽¹⁾		9,628		4,512,836


				4,512,836
Broadline Retail – 5.0%

Amazon.com, Inc.⁽¹⁾		112,262		21,694,631


				21,694,631
Building Products – 0.5%

Builders FirstSource, Inc.⁽¹⁾		17,090		2,365,427


				2,365,427
Capital Markets – 2.7%

Ares Management Corp., Class A		22,452		2,992,403

KKR & Co., Inc.		23,323		2,454,512

Morgan Stanley		26,664		2,591,474

S&P Global, Inc.		7,894		3,520,724


				11,559,113
Chemicals – 1.0%

Sherwin-Williams Co.		14,712		4,390,502


				4,390,502
Communications Equipment – 0.8%

Arista Networks, Inc.⁽¹⁾		10,125		3,548,610


				3,548,610
Consumer Finance – 0.9%

American Express Co.		15,990		3,702,485


				3,702,485
Electronic Equipment, Instruments & Components – 3.2%

Amphenol Corp., Class A		85,324		5,748,278

CDW Corp.		20,188		4,518,882

Coherent Corp.⁽¹⁾		33,509		2,428,062

Jabil, Inc.		10,042		1,092,469


				13,787,691
Entertainment – 3.2%

Live Nation Entertainment, Inc.⁽¹⁾		42,560		3,989,574

Netflix, Inc.⁽¹⁾		14,753		9,956,505


				13,946,079
Financial Services – 2.8%

Mastercard, Inc., Class A		27,631		12,189,692


				12,189,692
Ground Transportation – 1.5%

Uber Technologies, Inc.⁽¹⁾		89,576		6,510,384


				6,510,384


June 30, 2024 (unaudited)	Shares		Value
Health Care Equipment & Supplies – 1.6%

Boston Scientific Corp.⁽¹⁾		46,401	$	3,573,341

Edwards Lifesciences Corp.⁽¹⁾		33,922		3,133,375


				6,706,716
Health Care Providers & Services – 1.0%

UnitedHealth Group, Inc.		8,574		4,366,395


				4,366,395
Health Care Technology – 0.9%

Veeva Systems, Inc., Class A⁽¹⁾		20,987		3,840,831


				3,840,831
Hotels, Restaurants & Leisure – 3.8%

Airbnb, Inc., Class A⁽¹⁾		19,294		2,925,549

Chipotle Mexican Grill, Inc.⁽¹⁾		96,850		6,067,653

DoorDash, Inc., Class A⁽¹⁾		32,194		3,502,063

DraftKings, Inc., Class A⁽¹⁾		48,864		1,865,139

Viking Holdings Ltd.⁽¹⁾		56,939		1,932,510


				16,292,914
Independent Power and Renewable Electricity Producers – 0.4%

Vistra Corp.		22,160		1,905,317


				1,905,317
Insurance – 0.8%

Arch Capital Group Ltd.⁽¹⁾		32,187		3,247,346


				3,247,346
Interactive Media & Services – 10.2%

Alphabet, Inc., Class A		117,507		21,403,900

Meta Platforms, Inc., Class A		39,939		20,138,043

Pinterest, Inc., Class A⁽¹⁾		58,619		2,583,339


				44,125,282
IT Services – 1.4%

Gartner, Inc.⁽¹⁾		8,467		3,802,191

MongoDB, Inc.⁽¹⁾		9,666		2,416,113


				6,218,304
Life Sciences Tools & Services – 0.2%

Thermo Fisher Scientific, Inc.		1,621		896,413


				896,413
Machinery – 2.4%

Deere & Co.		8,023		2,997,634

Ingersoll Rand, Inc.		46,291		4,205,074

Nordson Corp.		14,064		3,262,004


				10,464,712
Oil, Gas & Consumable Fuels – 0.4%

Diamondback Energy, Inc.		9,419		1,885,590


				1,885,590
Personal Care Products – 0.9%

Estee Lauder Cos., Inc., Class A		37,124		3,949,994


				3,949,994
Pharmaceuticals – 4.9%

Eli Lilly & Co.		18,665		16,898,918

Merck & Co., Inc.		34,415		4,260,577


				21,159,495


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Semiconductors & Semiconductor Equipment – 16.9%

Advanced Micro Devices, Inc.⁽¹⁾		18,738	$	3,039,491

Broadcom, Inc.		10,858		17,432,845

KLA Corp.		7,998		6,594,431

NVIDIA Corp.		316,460		39,095,468

QUALCOMM, Inc.		22,161		4,414,028

Texas Instruments, Inc.		12,985		2,525,972


				73,102,235
Software – 17.2%

Adobe, Inc.⁽¹⁾		9,819		5,454,847

Cadence Design Systems, Inc.⁽¹⁾		14,803		4,555,623

HubSpot, Inc.⁽¹⁾		3,749		2,211,123

Intuit, Inc.		9,467		6,221,807

Microsoft Corp.		77,597		34,681,979

Palo Alto Networks, Inc.⁽¹⁾		8,881		3,010,748

PTC, Inc.⁽¹⁾		19,125		3,474,439

Salesforce, Inc.		20,867		5,364,905

ServiceNow, Inc.⁽¹⁾		7,858		6,181,653

Workday, Inc., Class A⁽¹⁾		16,037		3,585,232


				74,742,356
Specialized REITs – 0.7%

Equinix, Inc.		4,159		3,146,699


				3,146,699
Specialty Retail – 1.2%

O’Reilly Automotive, Inc.⁽¹⁾		4,857		5,129,283


				5,129,283
Technology Hardware, Storage & Peripherals – 7.9%

Apple, Inc.		163,221		34,377,607


				34,377,607


June 30, 2024 (unaudited)	Shares		Value
Textiles, Apparel & Luxury Goods – 1.2%

Lululemon Athletica, Inc.⁽¹⁾		10,152	$	3,032,403

NIKE, Inc., Class B		31,449		2,370,311


				5,402,714

Total Common Stocks (Cost $261,368,997)				431,664,316

	Principal Amount		Value
Repurchase Agreements – 0.4%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $1,561,116, due 7/1/2024⁽²⁾	$	1,560,908		1,560,908

Total Repurchase Agreements (Cost $1,560,908)				1,560,908

Total Investments – 99.9% (Cost $262,929,905)				433,225,224

Assets in excess of other liabilities – 0.1%				372,277

Total Net Assets – 100.0%			$	433,597,501

⁽¹⁾	Non–income–producing security.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.50%		3/31/2026	$	1,583,100	$	1,592,148

Legend:

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	431,664,316	$	—	$	—	$	431,664,316
Repurchase Agreements		—		1,560,908		—		1,560,908
Total	$	431,664,316	$	1,560,908	$	—	$	433,225,224


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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	433,225,224

Receivable for investments sold		4,462,442

Dividends/interest receivable		75,921

Reimbursement receivable from adviser		16,870

Receivable for fund shares subscribed		1,138

Prepaid expenses		5,903


Total Assets		437,787,498


Liabilities

Payable for investments purchased		3,405,035

Payable for fund shares redeemed		417,946

Investment advisory fees payable		200,902

Distribution fees payable		88,706

Accrued audit fees		14,298

Accrued custodian and accounting fees		5,555

Accrued trustees’ and officers’ fees		3,987

Accrued expenses and other liabilities		53,568


Total Liabilities		4,189,997


Total Net Assets	$	433,597,501


Net Assets Consist of:

Paid-in capital	$	(22,053,055	)

Distributable earnings		455,650,556


Total Net Assets	$	433,597,501

Investments, at Cost	$	262,929,905


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		13,068,581

Net Asset Value Per Share		$33.18


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	1,183,554

Interest		12,225


Total Investment Income		1,195,779


Expenses

Investment advisory fees		1,241,358

Distribution fees		548,993

Professional fees		66,485

Trustees’ and officers’ fees		66,106

Administrative fees		39,132

Custodian and accounting fees		20,096

Transfer agent fees		9,002

Shareholder reports		4,985

Other expenses		12,345


Total Expenses		2,008,502

Less: Fees waived		(98,007	)


Total Expenses, Net		1,910,495


Net Investment Income/(Loss)		(714,716	)


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments

Net realized gain/(loss) from investments		73,845,567

Net change in unrealized appreciation/(depreciation) on investments		4,711,177


Net Gain on Investments		78,556,744


Net Increase in Net Assets Resulting From Operations	$	77,842,028


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	(714,716	)	$	(718,324	)

Net realized gain/(loss) from investments		73,845,567			42,483,878

Net change in unrealized appreciation/(depreciation) on investments		4,711,177			118,933,471


Net Increase in Net Assets Resulting from Operations		77,842,028			160,699,025


Capital Share Transactions

Proceeds from sales of shares		1,727,224			2,909,193

Cost of shares redeemed		(96,959,083	)		(152,162,094	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(95,231,859	)		(149,252,901	)


Net Increase/(Decrease) in Net Assets		(17,389,831	)		11,446,124


Net Assets

Beginning of period		450,987,332			439,541,208


End of period	$	433,597,501		$	450,987,332


Other Information:

Shares

Sold		57,277			119,516

Redeemed		(3,163,920	)		(6,308,587	)


Net Decrease		(3,106,643	)		(6,189,071	)


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

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Loss⁽¹⁾			Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	27.88	$	(0.05)		$	5.35		$	5.30		$	33.18		19.01%	⁽⁴⁾

Year Ended 12/31/23		19.65		(0.04)			8.27			8.23			27.88		41.88%

Year Ended 12/31/22		28.69		(0.03)			(9.01	)		(9.04	)		19.65		(31.51)%

Year Ended 12/31/21		23.83		(0.09)			4.95			4.86			28.69		20.39%

Year Ended 12/31/20		17.47		(0.02)			6.38			6.36			23.83		36.41%

Year Ended 12/31/19		12.52		(0.00)	⁽⁵⁾		4.95			4.95			17.47		39.54%


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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Loss to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate

$	433,598		0.87%	⁽⁴⁾		0.91%	⁽⁴⁾		(0.33)%	⁽⁴⁾		(0.37)%	⁽⁴⁾		22%	⁽⁴⁾

	450,987		0.87%			0.91%			(0.16)%			(0.20)%			37%

	439,541		0.87%			0.89%			(0.15)%			(0.17)%			38%

	622,763		0.87%			0.87%			(0.34)%			(0.34)%			28%

	621,402		0.87%			0.89%			(0.12)%			(0.14)%			24%

	625,755		0.87%			0.96%			(0.01)%			(0.10)%			116%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾	Rounds to $(0.00) per share.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks to maximize long-term growth.

2. Significant Accounting Policies

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.


8

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


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

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

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, 2025 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $98,007.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $94,324,825 and $191,578,794, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, 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,


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				13

Nature, Extent and Quality of Services


14

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				15

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile for the 1-year and 5-year periods and in


16

the 5^th quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


				17

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•


18

Guardian Balanced Allocation VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB8173

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Large Cap Disciplined Value VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Large Cap Disciplined Value VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 98.7%

Aerospace & Defense – 2.2%

General Dynamics Corp.		5,864	$	1,701,381

Howmet Aerospace, Inc.		10,963		851,058


				2,552,439
Banks – 7.6%

Huntington Bancshares, Inc.		110,178		1,452,146

JPMorgan Chase & Co.		25,488		5,155,203

Wells Fargo & Co.		37,054		2,200,637


				8,807,986
Beverages – 0.6%

Coca-Cola Europacific Partners PLC		9,689		706,037


				706,037
Biotechnology – 2.8%

AbbVie, Inc.		9,034		1,549,512

Amgen, Inc.		5,336		1,667,233


				3,216,745
Building Products – 1.8%

Allegion PLC		4,663		550,933

Builders FirstSource, Inc.⁽¹⁾		5,930		820,771

Masco Corp.		10,889		725,970


				2,097,674
Capital Markets – 6.2%

Blue Owl Capital, Inc.		32,812		582,413

Charles Schwab Corp.		13,764		1,014,269

Goldman Sachs Group, Inc.		2,996		1,355,151

Intercontinental Exchange, Inc.		7,123		975,067

LPL Financial Holdings, Inc.		2,533		707,467

Morgan Stanley		26,075		2,534,229


				7,168,596
Chemicals – 0.1%

Olin Corp.		3,241		152,813


				152,813
Construction & Engineering – 0.5%

WillScot Mobile Mini Holdings Corp.⁽¹⁾		16,956		638,224


				638,224
Construction Materials – 1.4%

CRH PLC		22,182		1,663,206


				1,663,206
Consumer Finance – 1.5%

American Express Co.		7,752		1,794,976


				1,794,976
Consumer Staples Distribution & Retail – 4.1%

Target Corp.		6,957		1,029,914

U.S. Foods Holding Corp.⁽¹⁾		30,525		1,617,214

Walmart, Inc.		31,543		2,135,777


				4,782,905
Electric Utilities – 0.7%

FirstEnergy Corp.		21,259		813,582


				813,582


June 30, 2024 (unaudited)	Shares		Value
Electronic Equipment, Instruments & Components – 1.6%

Flex Ltd.⁽¹⁾		40,422	$	1,192,045

Keysight Technologies, Inc.⁽¹⁾		4,656		636,708


				1,828,753
Energy Equipment & Services – 1.8%

NOV, Inc.		21,857		415,502

Schlumberger NV		35,341		1,667,388


				2,082,890
Entertainment – 0.7%

Take-Two Interactive Software, Inc.⁽¹⁾		5,428		844,000


				844,000
Financial Services – 5.9%

Berkshire Hathaway, Inc., Class B⁽¹⁾		9,977		4,058,644

Corpay, Inc.⁽¹⁾		3,963		1,055,783

Fidelity National Information Services, Inc.		23,656		1,782,716


				6,897,143
Food Products – 0.7%

J M Smucker Co.		6,970		760,009


				760,009
Ground Transportation – 1.1%

Norfolk Southern Corp.		5,853		1,256,581


				1,256,581
Health Care Equipment & Supplies – 1.2%

Abbott Laboratories		13,771		1,430,945


				1,430,945
Health Care Providers & Services – 7.0%

Cencora, Inc.		8,848		1,993,454

Centene Corp.⁽¹⁾		16,595		1,100,249

Cigna Group		4,132		1,365,915

McKesson Corp.		2,715		1,585,669

UnitedHealth Group, Inc.		4,166		2,121,577


				8,166,864
Hotels, Restaurants & Leisure – 2.2%

Booking Holdings, Inc.		252		998,298

MGM Resorts International⁽¹⁾		21,411		951,505

Starbucks Corp.		7,353		572,431


				2,522,234
Household Durables – 1.0%

Lennar Corp., Class A		7,563		1,133,467


				1,133,467
Industrial Conglomerates – 1.3%

Honeywell International, Inc.		6,999		1,494,566


				1,494,566
Insurance – 2.3%

Aon PLC, Class A		2,493		731,895

Arthur J Gallagher & Co.		3,149		816,567

Chubb Ltd.		4,311		1,099,650


				2,648,112
Interactive Media & Services – 3.6%

Alphabet, Inc., Class A		22,915		4,173,967


				4,173,967


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
IT Services – 0.6%

Cognizant Technology Solutions Corp., Class A		9,480	$	644,640


				644,640
Life Sciences Tools & Services – 1.9%

Avantor, Inc.⁽¹⁾		30,676		650,331

ICON PLC⁽¹⁾		4,907		1,538,197


				2,188,528
Machinery – 2.3%

Deere & Co.		1,552		579,874

Fortive Corp.		13,372		990,865

Westinghouse Air Brake Technologies Corp.		7,215		1,140,331


				2,711,070
Media – 0.9%

Omnicom Group, Inc.		12,249		1,098,735


				1,098,735
Metals & Mining – 1.0%

Kinross Gold Corp.		43,060		358,259

Teck Resources Ltd., Class B		16,318		781,632


				1,139,891
Multi-Utilities – 0.6%

CenterPoint Energy, Inc.		23,421		725,583


				725,583
Oil, Gas & Consumable Fuels – 8.1%

Canadian Natural Resources Ltd.		31,609		1,125,280

Cenovus Energy, Inc.		94,659		1,860,996

ConocoPhillips		13,104		1,498,836

Diamondback Energy, Inc.		9,111		1,823,931

Marathon Petroleum Corp.		9,437		1,637,131

Phillips 66		10,411		1,469,721


				9,415,895
Personal Care Products – 0.8%

Kenvue, Inc.		49,706		903,655


				903,655
Professional Services – 2.3%

Jacobs Solutions, Inc.		9,189		1,283,795

Leidos Holdings, Inc.		9,512		1,387,611


				2,671,406
Semiconductors & Semiconductor Equipment – 7.3%

Advanced Micro Devices, Inc.⁽¹⁾		9,355		1,517,474

Applied Materials, Inc.		7,628		1,800,132

Lam Research Corp.		574		611,224

Microchip Technology, Inc.		15,822		1,447,713

Micron Technology, Inc.		12,917		1,698,973

NXP Semiconductors NV		2,820		758,834

QUALCOMM, Inc.		3,153		628,014


				8,462,364
Software – 3.2%

Nice Ltd., ADR⁽¹⁾		3,490		600,175

Oracle Corp.		21,910		3,093,692


				3,693,867


June 30, 2024 (unaudited)	Shares		Value
Specialized REITs – 0.7%

Extra Space Storage, Inc.		5,067	$	787,462


				787,462
Specialty Retail – 3.1%

AutoNation, Inc.⁽¹⁾		5,274		840,570

AutoZone, Inc.⁽¹⁾		673		1,994,840

Ulta Beauty, Inc.⁽¹⁾		1,898		732,381


				3,567,791
Technology Hardware, Storage & Peripherals – 1.6%

Dell Technologies, Inc., Class C		8,588		1,184,371

Hewlett Packard Enterprise Co.		33,812		715,800


				1,900,171
Tobacco – 1.8%

Philip Morris International, Inc.		20,840		2,111,717


				2,111,717
Trading Companies & Distributors – 1.6%

United Rentals, Inc.		2,117		1,369,127

WESCO International, Inc.		3,072		486,974


				1,856,101
Wireless Telecommunication Services – 1.0%

T-Mobile U.S., Inc.		6,893		1,214,409


				1,214,409

Total Common Stocks (Cost $80,737,516)				114,727,999

	Principal Amount		Value
Repurchase Agreements – 1.3%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $1,540,165, due 7/1/2024⁽²⁾	$	1,539,960		1,539,960

Total Repurchase Agreements (Cost $1,539,960)				1,539,960

Total Investments – 100.0% (Cost $82,277,476)				116,267,959

Liabilities in excess of other assets – (0.0)%				(43,567	)

Total Net Assets – 100.0%			$	116,224,392

⁽¹⁾	Non–income–producing security.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.50%		3/31/2026	$	1,561,900	$	1,570,873

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	114,727,999	$	—	$	—	$	114,727,999
Repurchase Agreements		—		1,539,960		—		1,539,960
Total	$	114,727,999	$	1,539,960	$	—	$	116,267,959


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	116,267,959

Receivable for investments sold		107,973

Dividends/interest receivable		96,093

Foreign tax reclaims receivable		71,466

Reimbursement receivable from adviser		9,630

Prepaid expenses		1,708


Total Assets		116,554,829


Liabilities

Payable for fund shares redeemed		138,757

Payable for investments purchased		69,169

Investment advisory fees payable		62,077

Distribution fees payable		24,158

Accrued audit fees		14,298

Accrued trustees’ and officers’ fees		1,828

Accrued expenses and other liabilities		20,150


Total Liabilities		330,437


Total Net Assets	$	116,224,392


Net Assets Consist of:
Paid-in capital	$	(2,319,551	)
Distributable earnings		118,543,943


Total Net Assets	$	116,224,392


Investments, at Cost	$	82,277,476


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		5,256,542

Net Asset Value Per Share		$22.11


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	1,084,897

Interest		9,765

Withholding taxes on foreign dividends		(32,272	)


Total Investment Income		1,062,390


Expenses

Investment advisory fees		409,636

Distribution fees		160,322

Professional fees		30,194

Custodian and accounting fees		20,588

Trustees’ and officers’ fees		20,135

Administrative fees		19,429

Transfer agent fees		6,266

Shareholder reports		2,903

Other expenses		4,389


Total Expenses		673,862

Less: Fees waived		(51,813	)


Total Expenses, Net		622,049


Net Investment Income/(Loss)		440,341


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		13,570,439

Net realized gain/(loss) from foreign currency transactions		206

Net change in unrealized appreciation/(depreciation) on investments		(957,015	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(335	)


Net Gain on Investments and Foreign Currency Transactions		12,613,295


Net Increase in Net Assets Resulting From Operations	$	13,053,636


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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	440,341		$	1,310,460

Net realized gain/(loss) from investments and foreign currency transactions		13,570,645			14,662,038

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(957,350	)		2,184,001


Net Increase in Net Assets Resulting from Operations		13,053,636			18,156,499


Capital Share Transactions

Proceeds from sales of shares		148,578			15,419,105

Cost of shares redeemed		(34,069,621	)		(49,677,108	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(33,921,043	)		(34,258,003	)


Net Decrease in Net Assets		(20,867,407	)		(16,101,504	)


Net Assets

Beginning of period		137,091,799			153,193,303


End of period	$	116,224,392		$	137,091,799


Other Information:

Shares

Sold		6,921			863,101

Redeemed		(1,592,605	)		(2,696,010	)


Net Decrease		(1,585,684	)		(1,832,909	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾			Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	20.04	$	0.07		$	2.00		$	2.07		$	22.11		10.33%	⁽⁴⁾

Year Ended 12/31/23		17.66		0.16			2.22			2.38			20.04		13.48%

Year Ended 12/31/22		18.57		0.18			(1.09	)		(0.91	)		17.66		(4.90)%

Year Ended 12/31/21		14.30		0.12			4.15			4.27			18.57		29.86%

Year Ended 12/31/20		14.13		0.19	⁽⁵⁾		(0.02	)		0.17			14.30		1.20%

Year Ended 12/31/19		11.45		0.16			2.52			2.68			14.13		23.41%


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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	116,224		0.97%	⁽⁴⁾		1.05%	⁽⁴⁾		0.69%	⁽⁴⁾		0.61%	⁽⁴⁾		26%	⁽⁴⁾

	137,092		0.97%			1.02%			0.88%			0.83%			56%

	153,193		0.97%			0.98%			1.01%			1.00%			33%

	219,108		0.97%			0.97%			0.71%			0.71%			45%

	223,410		0.97%			1.02%			1.53%	⁽⁵⁾		1.48%	⁽⁵⁾		73%

	213,249		0.97%			1.03%			1.22%			1.16%			66%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾

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.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

June 30, 2024 (unaudited)

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 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

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

Equity securities traded on an exchange other than 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.


8

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

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.

b. Securities Transactions Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

transactions are determined on the basis of specific identification.

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.

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, 2025 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $51,813.

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


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

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.

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $32,569,673 and $65,172,226, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

the 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 3, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2024.

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				13

Nature, Extent and Quality of Services


14

Investment Performance

The Manager discussed with the Board factors contributing to the Funds’ performance results. In

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also


				15

considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Economies of Scale

Ancillary Benefits

the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•


16

performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, that


				17

the actual management fee was in the 1^st quintile and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

than the benchmark index for the 3-year period and in line with the benchmark index for the 1-year period.

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


18

1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board noted that the Fund’s performance was below the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB8174

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Large Cap Fundamental Growth VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Large Cap Fundamental Growth VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 99.8%

Aerospace & Defense – 1.4%

General Electric Co.		20,116	$	3,197,841

Loar Holdings, Inc.⁽¹⁾		200		10,682


				3,208,523
Automobile Components – 0.1%

Mobileye Global, Inc., Class A⁽¹⁾		7,090		199,123


				199,123
Automobiles – 0.3%

BYD Co. Ltd., Class H (China)		23,627		701,194


				701,194
Beverages – 0.6%

Monster Beverage Corp.⁽¹⁾		27,699		1,383,565


				1,383,565
Biotechnology – 4.0%

Alnylam Pharmaceuticals, Inc.⁽¹⁾		8,506		2,066,958

Arcellx, Inc.⁽¹⁾		1,302		71,857

Arrowhead Pharmaceuticals, Inc.⁽¹⁾		5,499		142,919

Beam Therapeutics, Inc.⁽¹⁾		1,196		28,022

BioNTech SE, ADR⁽¹⁾		3,300		265,188

Blueprint Medicines Corp.⁽¹⁾		874		94,200

Cytokinetics, Inc.⁽¹⁾		4,468		242,076

Exact Sciences Corp.⁽¹⁾		29,827		1,260,191

Galapagos NV, ADR⁽¹⁾		9,009		223,243

Gamida Cell Ltd.⁽¹⁾⁽²⁾		59,800		1

Hookipa Pharma, Inc.⁽¹⁾		22,700		13,434

Immunocore Holdings PLC, ADR⁽¹⁾		3,803		128,884

Insmed, Inc.⁽¹⁾		22,734		1,523,178

Janux Therapeutics, Inc.⁽¹⁾		600		25,134

Krystal Biotech, Inc.⁽¹⁾		839		154,074

Legend Biotech Corp., ADR⁽¹⁾		4,893		216,711

Moderna, Inc.⁽¹⁾		2,240		266,000

Regeneron Pharmaceuticals, Inc.⁽¹⁾		2,140		2,249,204

Sarepta Therapeutics, Inc.⁽¹⁾		1,268		200,344

Vor BioPharma, Inc.⁽¹⁾		6,333		6,333

XOMA Corp.⁽¹⁾		6,280		148,773


				9,326,724
Broadline Retail – 6.3%

Amazon.com, Inc.⁽¹⁾		59,142		11,429,192

MercadoLibre, Inc.⁽¹⁾		1,213		1,993,444

PDD Holdings, Inc., ADR⁽¹⁾		7,164		952,454

Savers Value Village, Inc.⁽¹⁾		16,277		199,230


				14,574,320
Capital Markets – 0.2%

LPL Financial Holdings, Inc.		814		227,350

Morgan Stanley		900		87,471

MSCI, Inc.		200		96,350


				411,171
Chemicals – 0.1%

Aspen Aerogels, Inc.⁽¹⁾		11,041		263,328


				263,328


June 30, 2024 (unaudited)	Shares		Value
Commercial Services & Supplies – 0.0%

Montrose Environmental Group, Inc.⁽¹⁾		1,500	$	66,840


				66,840
Consumer Finance – 0.4%

Capital One Financial Corp.		7,033		973,719


				973,719
Containers & Packaging – 0.1%

International Paper Co.		5,000		215,750


				215,750
Diversified Consumer Services – 0.1%

Duolingo, Inc.⁽¹⁾		1,185		247,274


				247,274
Electrical Equipment – 1.7%

Eaton Corp. PLC		8,119		2,545,712

GE Vernova, Inc.⁽¹⁾		8,815		1,511,861


				4,057,573
Electronic Equipment, Instruments & Components – 1.9%

Coherent Corp.⁽¹⁾		3,500		253,610

Fabrinet⁽¹⁾		900		220,311

Flex Ltd.⁽¹⁾		95,623		2,819,922

Jabil, Inc.		9,572		1,041,338


				4,335,181
Entertainment – 4.3%

Live Nation Entertainment, Inc.⁽¹⁾		6,593		618,028

Netflix, Inc.⁽¹⁾		6,575		4,437,336

Universal Music Group NV (Netherlands)		125,999		3,735,027

Warner Music Group Corp., Class A		39,578		1,213,065


				10,003,456
Financial Services – 4.0%

Corebridge Financial, Inc.		17,557		511,260

Fiserv, Inc.⁽¹⁾		2,819		420,144

Global Payments, Inc.		10,410		1,006,647

Mastercard, Inc., Class A		8,192		3,613,983

Rocket Cos., Inc., Class A⁽¹⁾		28,059		384,408

Visa, Inc., Class A		12,917		3,390,325


				9,326,767
Ground Transportation – 4.0%

Uber Technologies, Inc.⁽¹⁾		127,940		9,298,679


				9,298,679
Health Care Equipment & Supplies – 3.6%

Align Technology, Inc.⁽¹⁾		3,690		890,877

Boston Scientific Corp.⁽¹⁾		74,613		5,745,947

Glaukos Corp.⁽¹⁾		4,616		546,304

Hologic, Inc.⁽¹⁾		8,606		638,995

Lantheus Holdings, Inc.⁽¹⁾		2,031		163,069

Penumbra, Inc.⁽¹⁾		1,500		269,955

Pulmonx Corp.⁽¹⁾		3,191		20,231

RxSight, Inc.⁽¹⁾		1,117		67,210


				8,342,588


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Health Care Providers & Services – 0.9%

HealthEquity, Inc.⁽¹⁾		23,812	$	2,052,594


				2,052,594
Hotels, Restaurants & Leisure – 1.9%

Airbnb, Inc., Class A⁽¹⁾		17,761		2,693,100

Domino’s Pizza, Inc.		2,514		1,298,054

Kura Sushi USA, Inc., Class A⁽¹⁾		2,664		168,072

Trip.com Group Ltd., ADR⁽¹⁾		3,734		175,498


				4,334,724
Household Durables – 0.0%

TopBuild Corp.⁽¹⁾		300		115,581


				115,581
Insurance – 0.9%

Arthur J Gallagher & Co.		6,270		1,625,874

Baldwin Insurance Group, Inc., Class A⁽¹⁾		15,127		536,554


				2,162,428
Interactive Media & Services – 6.5%

Alphabet, Inc., Class A		63,394		11,547,217

Meta Platforms, Inc., Class A		6,949		3,503,825


				15,051,042
IT Services – 1.6%

Gartner, Inc.⁽¹⁾		1,831		822,229

MongoDB, Inc.⁽¹⁾		11,201		2,799,802


				3,622,031
Life Sciences Tools & Services – 2.5%

Bio-Techne Corp.		5,354		383,614

Bruker Corp.		22,945		1,464,120

Chemometec AS (Denmark)		2,531		110,152

Codexis, Inc.⁽¹⁾		30,200		93,620

Danaher Corp.		6,962		1,739,456

MaxCyte, Inc.⁽¹⁾		24,276		95,162

Repligen Corp.⁽¹⁾		843		106,269

Sartorius Stedim Biotech (France)		1,454		237,575

Thermo Fisher Scientific, Inc.		2,679		1,481,487


				5,711,455
Machinery – 1.4%

Chart Industries, Inc.⁽¹⁾		1,601		231,088

Energy Recovery, Inc.⁽¹⁾		5,664		75,275

Ingersoll Rand, Inc.		24,623		2,236,753

Westinghouse Air Brake Technologies Corp.		4,273		675,348


				3,218,464
Oil, Gas & Consumable Fuels – 2.4%

Canadian Natural Resources Ltd.		10,100		359,560

Cheniere Energy, Inc.		11,187		1,955,823

Range Resources Corp.		31,564		1,058,341

Reliance Industries Ltd., GDR⁽³⁾		29,752		2,219,499


				5,593,223
Personal Care Products – 0.0%

Puig Brands SA, Class B (Spain)⁽¹⁾		3,511		98,139


				98,139


June 30, 2024 (unaudited)	Shares		Value
Pharmaceuticals – 3.7%

Aclaris Therapeutics, Inc.⁽¹⁾		4,400	$	4,840

Chugai Pharmaceutical Co. Ltd. (Japan)		12,659		451,886

Eli Lilly & Co.		7,194		6,513,304

Teva Pharmaceutical Industries Ltd., ADR⁽¹⁾		79,811		1,296,929

UCB SA (Belgium)		1,770		262,309


				8,529,268
Professional Services – 3.0%

Equifax, Inc.		11,258		2,729,615

KBR, Inc.		40,900		2,623,326

RELX PLC, ADR		21,793		999,863

UL Solutions, Inc., Class A		14,196		598,929


				6,951,733
Semiconductors & Semiconductor Equipment – 13.4%

Allegro MicroSystems, Inc.⁽¹⁾		32,700		923,448

ASML Holding NV		3,231		3,304,441

Astera Labs, Inc.⁽¹⁾		400		24,204

BE Semiconductor Industries NV (Netherlands)		13,675		2,284,813

Micron Technology, Inc.		11,235		1,477,740

NVIDIA Corp.		87,735		10,838,782

NXP Semiconductors NV		9,600		2,583,264

QUALCOMM, Inc.		7,489		1,491,659

SiTime Corp.⁽¹⁾		12,484		1,552,760

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		30,356		5,276,176

Universal Display Corp.		5,977		1,256,664


				31,013,951
Software – 15.2%

Autodesk, Inc.⁽¹⁾		994		245,965

HubSpot, Inc.⁽¹⁾		3,485		2,055,418

Manhattan Associates, Inc.⁽¹⁾		5,765		1,422,110

Microsoft Corp.		65,859		29,435,680

Nice Ltd., ADR⁽¹⁾		4,779		821,845

ServiceNow, Inc.⁽¹⁾		1,623		1,276,766

Volue ASA (Norway)⁽¹⁾		25,743		72,196


				35,329,980
Technology Hardware, Storage & Peripherals – 12.2%

Apple, Inc.		133,854		28,192,329


				28,192,329
Textiles, Apparel & Luxury Goods – 0.3%

LVMH Moet Hennessy Louis Vuitton SE (France)		996		764,879


				764,879
Trading Companies & Distributors – 0.8%

Ferguson PLC (United Kingdom)		9,390		1,804,532


				1,804,532

Total Common Stocks (Cost $154,115,514)				231,482,128


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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.4%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $1,013,235, due 7/1/2024⁽⁴⁾	$	1,013,100	$	1,013,100

Total Repurchase Agreements (Cost $1,013,100)				1,013,100


June 30, 2024 (unaudited)	Value

Total Investments – 100.2% (Cost $155,128,614)	$	232,495,228

Liabilities in excess of other assets – (0.2)%		(492,353	)

Total Net Assets – 100.0%	$	232,002,875

⁽¹⁾	Non–income–producing security.

⁽²⁾	Fair valued security. See Note 2a in Notes to Financial Statements.

⁽³⁾

Security that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2024, the aggregate market value of the security amounted to $2,219,499, representing 1.0% of net assets. This security has been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.50%		3/31/2026	$	1,027,500	$	1,033,368

Legend:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	221,057,564	$	10,424,563	*	$	1	$	231,482,128
Repurchase Agreements		—		1,013,100			—		1,013,100
Total	$	221,057,564	$	11,437,663		$	1	$	232,495,228

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


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	232,495,228

Receivable for investments sold		291,101

Dividends/interest receivable		55,117

Foreign tax reclaims receivable		7,326

Prepaid expenses		3,312


Total Assets		232,852,084


Liabilities

Payable for investments purchased		358,645

Payable for fund shares redeemed		282,788

Investment advisory fees payable		112,518

Distribution fees payable		47,552

Accrued audit fees		13,278

Accrued trustees’ and officers’ fees		2,148

Foreign currency overdraft		178

Accrued expenses and other liabilities		32,102


Total Liabilities		849,209


Total Net Assets	$	232,002,875


Net Assets Consist of:

Paid-in capital	$	(36,479,623	)

Distributable earnings		268,482,498


Total Net Assets	$	232,002,875

Investments, at Cost	$	155,128,614

Foreign Currency Overdraft, at Cost	$	178


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		7,365,659

Net Asset Value Per Share		$31.50


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	599,101

Interest		4,651

Withholding taxes on foreign dividends		(25,400	)


Total Investment Income		578,352


Expenses

Investment advisory fees		704,395

Distribution fees		298,040

Professional fees		42,779

Trustees’ and officers’ fees		36,076

Custodian and accounting fees		27,904

Administrative fees		26,092

Shareholder reports		8,572

Transfer agent fees		7,511

Other expenses		6,847


Total Expenses		1,158,216


Net Investment Income/(Loss)		(579,864	)


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		51,003,175

Net realized gain/(loss) from foreign currency transactions		141

Net change in unrealized appreciation/(depreciation) on investments		557,954

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(31	)


Net Gain on Investments and Foreign Currency Transactions		51,561,239


Net Increase in Net Assets Resulting From Operations	$	50,981,375


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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	(579,864	)	$	(809,720	)

Net realized gain/(loss) from investments and foreign currency transactions		51,003,316			48,476,880

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		557,923			47,904,081


Net Increase in Net Assets Resulting from Operations		50,981,375			95,571,241


Capital Share Transactions

Proceeds from sales of shares		115,336			902,641

Cost of shares redeemed		(66,012,205	)		(103,158,755	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(65,896,869	)		(102,256,114	)


Net Decrease in Net Assets		(14,915,494	)		(6,684,873	)


Net Assets

Beginning of period		246,918,369			253,603,242


End of period	$	232,002,875		$	246,918,369


Other Information:

Shares

Sold		4,071			43,185

Redeemed		(2,320,667	)		(4,737,816	)


Net Decrease		(2,316,596	)		(4,694,631	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)⁽¹⁾			Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	25.50	$	(0.07	)	$	6.07		$	6.00		$	31.50		23.53%	⁽⁴⁾

Year Ended 12/31/23		17.64		(0.07	)		7.93			7.86			25.50		44.56%

Year Ended 12/31/22		26.23		(0.05	)		(8.54	)		(8.59	)		17.64		(32.75)%

Year Ended 12/31/21		21.57		(0.08	)		4.74			4.66			26.23		21.60%

Year Ended 12/31/20		16.50		(0.03	)		5.10			5.07			21.57		30.73%

Year Ended 12/31/19		12.51		0.00	⁽⁵⁾		3.99			3.99			16.50		31.89%


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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income/(Loss) to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income/(Loss) to Average Net Assets			Portfolio Turnover Rate

$	232,003		0.97%	⁽⁴⁾		0.97%	⁽⁴⁾		(0.48)%	⁽⁴⁾		(0.48)%	⁽⁴⁾		25%	⁽⁴⁾

	246,918		0.96%			0.96%			(0.31)%			(0.31)%			98%

	253,603		0.93%			0.93%			(0.25)%			(0.25)%			31%

	348,302		0.91%			0.91%			(0.34)%			(0.34)%			21%

	339,890		1.00%			1.00%			(0.18)%			(0.18)%			20%

	349,921		1.00%			1.00%			0.01%			0.01%			44%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾	Rounds to $0.00 per share.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks long-term growth of capital.

2. Significant Accounting Policies

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.


8

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis.

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.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

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

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, 2025 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 six months ended June 30, 2024, Park Avenue did not waive any fees or pay any Fund expenses.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $59,968,362 and $127,166,544, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, 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.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of

the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				13

Nature, Extent and Quality of Services


14

recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Investment Performance

The Manager discussed with the Board factors contributing to the Funds’ performance results. In

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the


				15

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•


16

performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, that


				17

the actual management fee was in the 1^st quintile and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

was higher than the benchmark index for the 3-year period and in line with the benchmark index for the 1-year period.

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•


18

Guardian Balanced Allocation VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB8175

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Mid Cap Relative Value VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Mid Cap Relative Value VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 99.1%

Aerospace & Defense – 2.7%

L3Harris Technologies, Inc.		16,175	$	3,632,581


				3,632,581
Automobile Components – 1.1%

Aptiv PLC⁽¹⁾		20,700		1,457,694


				1,457,694
Banks – 3.0%

Fifth Third Bancorp		74,063		2,702,559

Regions Financial Corp.		65,677		1,316,167


				4,018,726
Beverages – 3.0%

Keurig Dr Pepper, Inc.		120,591		4,027,739


				4,027,739
Building Products – 3.1%

Carlisle Cos., Inc.		10,010		4,056,152


				4,056,152
Capital Markets – 2.4%

Jefferies Financial Group, Inc.		63,505		3,160,009


				3,160,009
Chemicals – 2.4%

Ashland, Inc.		9,238		872,899

Huntsman Corp.		60,486		1,377,266

RPM International, Inc.		8,620		928,201


				3,178,366
Commercial Services & Supplies – 2.8%

Republic Services, Inc.		19,265		3,743,960


				3,743,960
Construction & Engineering – 2.4%

API Group Corp.⁽¹⁾		39,829		1,498,765

MasTec, Inc.⁽¹⁾		15,872		1,698,146


				3,196,911
Construction Materials – 2.7%

Vulcan Materials Co.		14,517		3,610,088


				3,610,088
Containers & Packaging – 2.9%

AptarGroup, Inc.		7,906		1,113,244

Graphic Packaging Holding Co.		106,186		2,783,135


				3,896,379
Distributors – 2.4%

LKQ Corp.		76,991		3,202,056


				3,202,056
Electric Utilities – 4.5%

American Electric Power Co., Inc.		35,442		3,109,681

FirstEnergy Corp.		75,777		2,899,986


				6,009,667
Energy Equipment & Services – 1.5%

Baker Hughes Co.		40,444		1,422,416

NOV, Inc.		27,517		523,098


				1,945,514


June 30, 2024 (unaudited)	Shares		Value
Financial Services – 2.1%

Euronet Worldwide, Inc.⁽¹⁾		26,329	$	2,725,051

Pershing Square Tontine Holdings Ltd.^(1)(2)(3)		125,172		0


				2,725,051
Ground Transportation – 1.2%

Knight-Swift Transportation Holdings, Inc.		32,942		1,644,465


				1,644,465
Health Care Equipment & Supplies – 3.4%

Alcon, Inc.		23,426		2,086,788

Zimmer Biomet Holdings, Inc.		22,691		2,462,654


				4,549,442
Health Care Providers & Services – 3.2%

Humana, Inc.		4,188		1,564,846

Labcorp Holdings, Inc.		13,344		2,715,638


				4,280,484
Hotels, Restaurants & Leisure – 1.3%

Wendy’s Co.		39,142		663,849

Yum China Holdings, Inc.		32,392		998,969


				1,662,818
Household Products – 4.3%

Church & Dwight Co., Inc.		24,387		2,528,444

Reynolds Consumer Products, Inc.		112,282		3,141,650


				5,670,094
Insurance – 10.3%

Allstate Corp.		21,560		3,442,269

Arch Capital Group Ltd.⁽¹⁾		43,027		4,340,994

Axis Capital Holdings Ltd.		8,381		592,118

Brown & Brown, Inc.		34,924		3,122,555

Loews Corp.		27,865		2,082,630


				13,580,566
IT Services – 1.0%

Amdocs Ltd.		16,902		1,333,906


				1,333,906
Life Sciences Tools & Services – 2.3%

Charles River Laboratories International, Inc.⁽¹⁾		11,246		2,323,199

Qiagen NV⁽¹⁾		17,912		736,004


				3,059,203
Machinery – 2.2%

Donaldson Co., Inc.		12,075		864,087

Gates Industrial Corp. PLC⁽¹⁾		104,549		1,652,920

Toro Co.		4,300		402,093


				2,919,100
Metals & Mining – 1.6%

Freeport-McMoRan, Inc.		44,509		2,163,137


				2,163,137
Mortgage REITs – 2.1%

Annaly Capital Management, Inc.		146,744		2,796,941


				2,796,941


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Office REITs – 1.8%

BXP, Inc.		37,538	$	2,310,839


				2,310,839
Oil, Gas & Consumable Fuels – 4.3%

Devon Energy Corp.		23,997		1,137,458

EOG Resources, Inc.		16,280		2,049,164

Targa Resources Corp.		6,621		852,652

Valero Energy Corp.		10,850		1,700,846


				5,740,120
Professional Services – 3.9%

Dun & Bradstreet Holdings, Inc.		143,197		1,326,004

Jacobs Solutions, Inc.		27,078		3,783,068


				5,109,072
Real Estate Management & Development – 3.3%

CBRE Group, Inc., Class A⁽¹⁾		49,340		4,396,687


				4,396,687
Semiconductors & Semiconductor Equipment – 3.3%

ON Semiconductor Corp.⁽¹⁾		20,960		1,436,808

Teradyne, Inc.		19,652		2,914,195


				4,351,003
Software – 0.3%

Informatica, Inc., Class A⁽¹⁾		10,526		325,043


				325,043
Specialized REITs – 4.0%

CubeSmart		36,625		1,654,351

Gaming & Leisure Properties, Inc.		45,902		2,075,230

Weyerhaeuser Co.		54,906		1,558,781


				5,288,362
Specialty Retail – 0.8%

Foot Locker, Inc.		24,556		611,935

RH⁽¹⁾		2,053		501,836


				1,113,771
Trading Companies & Distributors – 3.7%

AerCap Holdings NV		51,877		4,834,936


				4,834,936
Water Utilities – 1.8%

American Water Works Co., Inc.		18,142		2,343,221


				2,343,221

Total Common Stocks (Cost $95,372,571)				131,334,103
Warrants – 0.0%

Pershing Square Tontine Holdings Ltd.⁽¹⁾⁽²⁾		14,344		0

Total Warrants (Cost $0)				0
Rights – 0.0%

Pershing Square Tontine Holdings Ltd.⁽¹⁾⁽²⁾		38,465		0

Total Rights (Cost $0)				0


June 30, 2024 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.9%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $1,257,881, due 7/1/2024⁽⁴⁾	$	1,257,713	$	1,257,713

Total Repurchase Agreements (Cost $1,257,713)				1,257,713

Total Investments – 100.0% (Cost $96,630,284)				132,591,816

Liabilities in excess of other assets – (0.0)%				(33,955	)

Total Net Assets – 100.0%			$	132,557,861

⁽¹⁾	Non–income–producing security.

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


Security	Shares		Cost		Value		Acquisition Date		% of Fund’s Net Assets
Pershing Square Tontine Holdings Ltd.		125,172	$	0	$	0		7/26/2022		0.00%
Pershing Square Tontine Holdings Ltd.		14,344		0		0		7/26/2022		0.00
Pershing Square Tontine Holdings Ltd.		38,465		0		0		12/19/2023		0.00

⁽³⁾	Escrow interests represent beneficial interests in bankruptcy reorganizations or liquidation proceedings and may be subject to resale, redemption or transferability restrictions. The amount and timing of future payments, if any, cannot be predicted with certainty.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.50%		3/31/2026	$	1,275,600	$	1,282,895

Legend:

REITs — Real Estate Investment Trusts


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

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	131,334,103	$	0	$	—	$	131,334,103
Warrants		—		0		—		0
Rights		—		0		—		0
Repurchase Agreements		—		1,257,713		—		1,257,713
Total	$	131,334,103	$	1,257,713	$	—	$	132,591,816


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	132,591,816

Dividends/interest receivable		253,720

Receivable for investments sold		158,882

Foreign tax reclaims receivable		5,623

Reimbursement receivable from adviser		4,321

Prepaid expenses		1,762


Total Assets		133,016,124


Liabilities

Payable for investments purchased		212,920

Payable for fund shares redeemed		92,939

Investment advisory fees payable		78,013

Distribution fees payable		27,580

Accrued audit fees		14,298

Accrued custodian and accounting fees		5,220

Accrued trustees’ and officers’ fees		1,820

Accrued expenses and other liabilities		25,473


Total Liabilities		458,263


Total Net Assets	$	132,557,861


Net Assets Consist of:

Paid-in capital	$	(1,039,372	)

Distributable earnings		133,597,233


Total Net Assets	$	132,557,861

Investments, at Cost	$	96,630,284


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		6,503,713

Net Asset Value Per Share		$20.38


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	1,453,124

Interest		10,636

Withholding taxes on foreign dividends		(962	)


Total Investment Income		1,462,798


Expenses

Investment advisory fees		510,151

Distribution fees		181,078

Professional fees		32,061

Trustees’ and officers’ fees		22,499

Administrative fees		20,220

Custodian and accounting fees		18,561

Transfer agent fees		7,131

Shareholder reports		3,234

Other expenses		4,733


Total Expenses		799,668

Less: Fees waived		(17,411	)


Total Expenses, Net		782,257


Net Investment Income/(Loss)		680,541


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments

Net realized gain/(loss) from investments		11,435,330

Net change in unrealized appreciation/(depreciation) on investments		(2,838,456	)


Net Gain on Investments		8,596,874


Net Increase in Net Assets Resulting From Operations	$	9,277,415


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

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	680,541		$	1,576,739

Net realized gain/(loss) from investments		11,435,330			10,762,512

Net change in unrealized appreciation/(depreciation) on investments		(2,838,456	)		1,872,796


Net Increase in Net Assets Resulting from Operations		9,277,415			14,212,047


Capital Share Transactions

Proceeds from sales of shares		1,558,005			11,958,943

Cost of shares redeemed		(32,083,363	)		(46,224,201	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(30,525,358	)		(34,265,258	)


Net Decrease in Net Assets		(21,247,943	)		(20,053,211	)


Net Assets

Beginning of period		153,805,804			173,859,015


End of period	$	132,557,861		$	153,805,804


Other Information:

Shares

Sold		81,752			680,437

Redeemed		(1,605,939	)		(2,553,606	)


Net Decrease		(1,524,187	)		(1,873,169	)


The accompanying notes are an integral part of these financial statements.				5

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 six reporting periods. 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.


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	19.16	$	0.09	$	1.13		$	1.22		$	20.38		6.37%	⁽⁴⁾

Year Ended 12/31/23		17.56		0.17		1.43			1.60			19.16		9.11%

Year Ended 12/31/22		18.45		0.14		(1.03	)		(0.89	)		17.56		(4.82)%

Year Ended 12/31/21		14.32		0.05		4.08			4.13			18.45		28.84%

Year Ended 12/31/20		13.93		0.09		0.30			0.39			14.32		2.80%

Year Ended 12/31/19		10.28		0.10		3.55			3.65			13.93		35.51%


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

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	132,558		1.08%	⁽⁴⁾		1.10%	⁽⁴⁾		0.94%	⁽⁴⁾		0.92%	⁽⁴⁾		7%	⁽⁴⁾

	153,806		1.08%			1.08%			0.97%			0.97%			23%

	173,859		1.05%			1.05%			0.83%			0.83%			24%

	237,063		1.05%			1.05%			0.32%			0.32%			31%

	244,930		1.06%			1.11%			0.70%			0.65%			56%

	235,342		1.00%			1.10%			0.83%			0.73%			37%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks long-term capital appreciation.

2. Significant Accounting Policies

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

Equity securities traded on an exchange other than 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.


8

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

b. Securities Transactions Securities transactions are accounted for on the date securities are purchased or sold (trade date). Realized gains or losses on securities


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

transactions are determined on the basis of specific identification.

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.

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, 2025 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $17,411.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE 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.

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $10,114,685 and $41,076,711, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

Investments. As of June 30, 2024, the Fund held three illiquid securities.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				13

Nature, Extent and Quality of Services


14

Investment Performance

The Manager discussed with the Board factors contributing to the Funds’ performance results. In

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses

The Trustees considered the sub-advisory fees paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also


				15

considered that the fees paid to the Sub-Advisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Sub-Advisers at arm’s-length.

Economies of Scale

Ancillary Benefits

the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•


16

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

Fund’s performance was higher than the benchmark index for the 3-year and 5-year periods and in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


				17

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


18

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB8176

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Mid Cap Traditional Growth VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Mid Cap Traditional Growth VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			13

Item 9. Proxy Disclosures for Open-End Management Investment Companies			13

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			13

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			13

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 100.2%

Aerospace & Defense – 1.5%

L3Harris Technologies, Inc.		4,268	$	958,508


				958,508
Biotechnology – 2.9%

Argenx SE, ADR⁽¹⁾		1,143		491,536

Ascendis Pharma AS, ADR⁽¹⁾		3,044		415,141

Sarepta Therapeutics, Inc.⁽¹⁾		2,860		451,880

Vaxcyte, Inc.⁽¹⁾		5,514		416,362


				1,774,919
Capital Markets – 2.9%

Cboe Global Markets, Inc.		1,913		325,325

Charles Schwab Corp.		7,511		553,485

LPL Financial Holdings, Inc.		3,373		942,079


				1,820,889
Chemicals – 1.3%

Corteva, Inc.		14,780		797,233


				797,233
Commercial Services & Supplies – 5.6%

Cimpress PLC⁽¹⁾		7,375		646,124

Clean Harbors, Inc.⁽¹⁾		2,744		620,556

RB Global, Inc.		9,229		704,726

Rentokil Initial PLC (United Kingdom)		39,682		231,378

Rentokil Initial PLC, ADR		19,734		585,113

Veralto Corp.		6,917		660,366


				3,448,263
Construction & Engineering – 0.8%

API Group Corp.⁽¹⁾		13,639		513,236


				513,236
Consumer Staples Distribution & Retail – 0.7%

Dollar Tree, Inc.⁽¹⁾		3,860		412,132


				412,132
Electric Utilities – 1.9%

Alliant Energy Corp.		22,733		1,157,110


				1,157,110
Electrical Equipment – 1.9%

Sensata Technologies Holding PLC		32,098		1,200,144


				1,200,144
Electronic Equipment, Instruments & Components – 5.1%

Flex Ltd.⁽¹⁾		50,556		1,490,897

TE Connectivity Ltd.		2,858		429,929

Teledyne Technologies, Inc.⁽¹⁾		3,231		1,253,563


				3,174,389
Entertainment – 2.2%

Liberty Media Corp.-Liberty Formula One, Class A⁽¹⁾		2,177		139,829

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		16,735		1,202,242


				1,342,071


June 30, 2024 (unaudited)	Shares		Value
Financial Services – 4.0%

Fidelity National Information Services, Inc.		7,024	$	529,329

Global Payments, Inc.		4,005		387,283

WEX, Inc.⁽¹⁾		8,873		1,571,763


				2,488,375

Ground Transportation – 3.4%

JB Hunt Transport Services, Inc.		8,088		1,294,080

TFI International, Inc.		5,745		833,944


				2,128,024
Health Care Equipment & Supplies – 8.8%

Boston Scientific Corp.⁽¹⁾		31,095		2,394,626

Cooper Cos., Inc.		6,333		552,871

Dentsply Sirona, Inc.		13,868		345,452

ICU Medical, Inc.⁽¹⁾		4,073		483,668

Teleflex, Inc.		8,136		1,711,245


				5,487,862
Hotels, Restaurants & Leisure – 2.5%

Aramark		25,603		871,014

DoorDash, Inc., Class A⁽¹⁾		3,537		384,755

Entain PLC (United Kingdom)		37,229		294,748


				1,550,517
Insurance – 5.8%

Intact Financial Corp. (Canada)		10,387		1,731,179

Ryan Specialty Holdings, Inc.		7,179		415,736

W.R. Berkley Corp.		18,879		1,483,512


				3,630,427
Interactive Media & Services – 0.4%

Ziff Davis, Inc.⁽¹⁾		4,034		222,072


				222,072
IT Services – 6.1%

Amdocs Ltd.		15,241		1,202,820

GoDaddy, Inc., Class A⁽¹⁾		18,450		2,577,649


				3,780,469
Life Sciences Tools & Services – 4.8%

Avantor, Inc.⁽¹⁾		33,505		710,306

Illumina, Inc.⁽¹⁾		2,375		247,903

Revvity, Inc.		13,255		1,389,919

Waters Corp.⁽¹⁾		2,192		635,943


				2,984,071
Machinery – 4.5%

Fortive Corp.		12,248		907,577

Ingersoll Rand, Inc.		9,142		830,459

Westinghouse Air Brake Technologies Corp.		6,704		1,059,567


				2,797,603
Multi-Utilities – 2.4%

Ameren Corp.		10,824		769,695

DTE Energy Co.		6,258		694,700


				1,464,395


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Passenger Airlines – 1.4%

Ryanair Holdings PLC, ADR		7,261	$	845,471


				845,471
Pharmaceuticals – 0.4%

Catalent, Inc.⁽¹⁾		4,764		267,880


				267,880
Professional Services – 6.5%

Broadridge Financial Solutions, Inc.		5,541		1,091,577

Dayforce, Inc.⁽¹⁾		11,586		574,665

SS&C Technologies Holdings, Inc.		27,525		1,724,992

TransUnion		6,417		475,885

UL Solutions, Inc., Class A		3,244		136,864


				4,003,983
Semiconductors & Semiconductor Equipment – 7.7%

KLA Corp.		974		803,073

Lam Research Corp.		404		430,199

Microchip Technology, Inc.		7,332		670,878

NXP Semiconductors NV		5,946		1,600,009

ON Semiconductor Corp.⁽¹⁾		18,553		1,271,808


				4,775,967
Software – 7.0%

AppLovin Corp., Class A⁽¹⁾		3,885		323,310

Constellation Software, Inc. (Canada)		1,106		3,186,813

Dynatrace, Inc.⁽¹⁾		7,445		333,089

Nice Ltd., ADR⁽¹⁾		1,288		221,497

Topicus.com, Inc. (Canada)		2,992		255,886


				4,320,595
Specialized REITs – 1.4%

Lamar Advertising Co., Class A		7,245		865,995


				865,995
Specialty Retail – 2.7%

Burlington Stores, Inc.⁽¹⁾		2,300		552,000

CarMax, Inc.⁽¹⁾		11,370		833,876

Wayfair, Inc., Class A⁽¹⁾		5,336		281,367


				1,667,243
Textiles, Apparel & Luxury Goods – 1.5%

Gildan Activewear, Inc.		24,324		922,366


				922,366
Trading Companies & Distributors – 2.1%

Ferguson PLC		6,774		1,311,785


				1,311,785

Total Common Stocks (Cost $44,446,830)				62,113,994


June 30, 2024 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.2%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $113,130, due 7/1/2024⁽²⁾	$	113,115	$	113,115

Total Repurchase Agreements (Cost $113,115)				113,115

Total Investments – 100.4% (Cost $44,559,945)				62,227,109

Liabilities in excess of other assets – (0.4)%				(251,277	)

Total Net Assets – 100.0%			$	61,975,832

⁽¹⁾	Non–income–producing security.

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

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

4.50%

3/31/2026

114,800

115,533

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


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

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1 Level 2					Level 3		Total
Common Stocks	$	61,587,868	$	526,126	*	$	—	$	62,113,994
Repurchase Agreements		—		113,115			—		113,115
Total	$	61,587,868	$	639,241		$	—	$	62,227,109

*	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.				3

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	62,227,109

Foreign currency, at value		7,809

Dividends/interest receivable		34,695

Receivable for investments sold		24,824

Reimbursement receivable from adviser		11,305

Prepaid expenses		891


Total Assets		62,306,633


Liabilities

Payable for investments purchased		165,564

Payable for fund shares redeemed		80,433

Investment advisory fees payable		41,328

Distribution fees payable		12,915

Accrued audit fees		12,095

Accrued trustees’ and officers’ fees		1,298

Accrued custodian and accounting fees		319

Accrued expenses and other liabilities		16,849


Total Liabilities		330,801


Total Net Assets	$	61,975,832


Net Assets Consist of:
Paid-in capital	$	(13,528,323	)
Distributable earnings		75,504,155


Total Net Assets	$	61,975,832

Investments, at Cost	$	44,559,945

Foreign Currency, at Cost	$	7,801


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		2,609,310

Net Asset Value Per Share		$23.75


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	316,964

Interest		4,661

Withholding taxes on foreign dividends		(9,163	)


Total Investment Income		312,462


Expenses

Investment advisory fees		277,455

Distribution fees		86,705

Professional fees		23,340

Custodian and accounting fees		20,336

Administrative fees		15,044

Trustees’ and officers’ fees		11,453

Transfer agent fees		5,944

Shareholder reports		2,594

Other expenses		2,406


Total Expenses		445,277

Less: Fees waived		(67,245	)


Total Expenses, Net		378,032


Net Investment Income/(Loss)		(65,570	)


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		6,649,301

Net realized gain/(loss) from foreign currency transactions		(331	)

Net change in unrealized appreciation/(depreciation) on investments		(2,772,013	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		192


Net Gain on Investments and Foreign Currency Transactions		3,877,149


Net Increase in Net Assets Resulting From Operations	$	3,811,579


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

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	(65,570	)	$	(91,156	)

Net realized gain/(loss) from investments and foreign currency transactions		6,648,970			5,905,684

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(2,771,821	)		7,980,691


Net Increase in Net Assets Resulting from Operations		3,811,579			13,795,219


Capital Share Transactions

Proceeds from sales of shares		496,475			8,918,254

Cost of shares redeemed		(20,302,905	)		(33,162,416	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(19,806,430	)		(24,244,162	)


Net Decrease in Net Assets		(15,994,851	)		(10,448,943	)


Net Assets

Beginning of period		77,970,683			88,419,626


End of period	$	61,975,832		$	77,970,683


Other Information:

Shares

Sold		21,121			444,103

Redeemed		(864,690	)		(1,572,013	)


Net Decrease		(843,569	)		(1,127,910	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Loss ⁽¹⁾			Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	22.58	$	(0.02)		$	1.19		$	1.17		$	23.75		5.18%	⁽⁴⁾

Year Ended 12/31/23		19.30		(0.02)	⁽⁵⁾		3.30			3.28			22.58		16.99%

Year Ended 12/31/22		23.32		(0.06)			(3.96	)		(4.02	)		19.30		(17.24)%

Year Ended 12/31/21		19.91		(0.05)			3.46			3.41			23.32		17.13%

Year Ended 12/31/20		16.71		(0.04)			3.24			3.20			19.91		19.15%

Year Ended 12/31/19		12.27		(0.01)			4.45			4.44			16.71		36.19%


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

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Loss to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate

$	61,976		1.09%	⁽⁴⁾		1.28%	⁽⁴⁾		(0.19)%	⁽⁴⁾		(0.38)%	⁽⁴⁾		6%	⁽⁴⁾

	77,971		1.09%			1.24%			(0.11)%	⁽⁵⁾		(0.26)%	⁽⁵⁾		19%

	88,420		1.10%			1.21%			(0.29)%			(0.40)%			16%

	123,102		1.10%			1.17%			(0.24)%			(0.31)%			10%

	130,558		1.10%			1.23%			(0.25)%			(0.38)%			19%

	125,058		1.10%			1.26%			(0.07)%			(0.23)%			10%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾

Reflects a special dividend paid out during the year by one of the Fund’s holdings. Had the Fund not received the special dividend, the Net Investment Loss per share would have been $(0.04), the Net Ratio of Net Investment Loss to Average Net Assets would have been (0.17)%, and the Gross Ratio of Net Investment Loss to Average Net Assets would have been (0.32)%.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks long-term growth of capital.

2. Significant Accounting Policies

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.


8

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


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

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

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, 2025 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $67,245.

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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $4,128,057 and $23,873,227, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, 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,


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				13

Nature, Extent and Quality of Services


14

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				15

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile for the 1-year and 5-year periods and in


16

the 5^th quintile of its performance universe for the 3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


				17

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•


18

Guardian Balanced Allocation VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				19

LOGO

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

PUB8177

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Multi-Sector Bond VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Multi-Sector Bond VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			10

Statement of Operations			10

Statements of Changes in Net Assets			11

Financial Highlights			12

Notes to Financial Statements			14

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			21

Item 9. Proxy Disclosures for Open-End Management Investment Companies			21

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			21

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			21

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Agency Mortgage–Backed Securities – 17.6%

Federal Home Loan Mortgage Corp. 2.50% due 9/1/2052	$	3,500,767	$	2,863,455
3.50% due 6/1/2052		2,851,866		2,524,500
4.00% due 10/1/2037		377,321		362,684
4.00% due 6/1/2052		3,964,548		3,627,711
4.50% due 9/1/2052		454,067		428,277
5.00% due 12/1/2052		996,981		964,601
5.50% due 9/1/2053		2,103,712		2,077,817
6.00% due 10/1/2053		2,150,902		2,156,039

Federal National Mortgage Association 2.50% due 5/1/2052		1,163,846		951,969
3.00% due 7/1/2051		1,703,296		1,448,224
3.00% due 3/1/2052		3,778,370		3,214,463
3.00% due 5/1/2052		2,053,170		1,747,845
3.50% due 6/1/2052		4,635,521		4,103,408
3.50% due 10/1/2052		1,852,866		1,639,745
3.50% due 11/1/2052		1,764,962		1,561,679
4.00% due 10/1/2052		2,367,453		2,166,309
4.00% due 12/1/2052		1,206,686		1,104,163
4.50% due 10/1/2053		2,346,582		2,211,389
5.00% due 2/1/2053		345,330		333,901
6.00% due 9/1/2053		332,954		333,782


Total Agency Mortgage–Backed Securities (Cost $36,868,685)				35,821,961
Asset–Backed Securities – 20.1%

AIMCO CLO Series 2017-AA, Class DR 8.736% (3 mo. USD Term SOFR + 3.41%) due 4/20/2034⁽¹⁾⁽²⁾		1,800,000		1,793,700

Allegro CLO VI Ltd. Series 2017-2A, Class B 7.079% (3 mo. USD Term SOFR + 1.76%) due 1/17/2031⁽¹⁾⁽²⁾		1,000,000		998,700

Anchorage Capital CLO 17 Ltd. Series 2021-17A, Class A1 6.76% (3 mo. USD Term SOFR + 1.43%) due 7/15/2034⁽¹⁾⁽²⁾		1,500,000		1,498,950

Ares XXXIV CLO Ltd. Series 2015-2A, Class BR2 7.179% (3 mo. USD Term SOFR + 1.86%) due 4/17/2033⁽¹⁾⁽²⁾		300,000		300,150

Barings CLO Ltd. Series 2020-1A, Class AR 6.74% (3 mo. USD Term SOFR + 1.41%) due 10/15/2036⁽¹⁾⁽²⁾		1,350,000		1,351,025

Battalion CLO X Ltd. Series 2016-10A, Class A1R2 6.755% (3 mo. USD Term SOFR + 1.43%) due 1/25/2035⁽¹⁾⁽²⁾		1,500,000		1,499,661


June 30, 2024 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)

Battery Park CLO II Ltd. Series 2022-1A, Class A1 7.535% (3 mo. USD Term SOFR + 2.21%) due 10/20/2035⁽¹⁾⁽²⁾	$	1,800,000	$	1,806,660

BlueMountain CLO Ltd. Series 2014-2A, Class BR2 7.336% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030⁽¹⁾⁽²⁾		600,000		599,460

CarMax Auto Owner Trust Series 2020-4, Class B 0.85% due 6/15/2026		1,250,000		1,220,660

Cathedral Lake VI Ltd. Series 2021-6A, Class AN 6.835% (3 mo. USD Term SOFR + 1.51%) due 4/25/2034⁽¹⁾⁽²⁾		1,400,000		1,402,166

CIFC Funding Ltd. Series 2013-4A, Class BRR 7.187% (3 mo. USD Term SOFR + 1.86%) due 4/27/2031⁽¹⁾⁽²⁾		1,200,000		1,198,920

DB Master Finance LLC Series 2021-1A, Class A2II 2.493% due 11/20/2051⁽¹⁾		926,250		814,165

Dryden 80 CLO Ltd. Series 2019-80A, Class AR 6.567% (3 mo. USD Term SOFR + 1.25%) due 1/17/2033⁽¹⁾⁽²⁾		1,700,000		1,697,790

Elmwood CLO IX Ltd. Series 2021-2A, Class C 7.486% (3 mo. USD Term SOFR + 2.16%) due 7/20/2034⁽¹⁾⁽²⁾		1,000,000		997,000

Greywolf CLO II Ltd. Series 2013-1A, Class C2RR 9.789% (3 mo. USD Term SOFR + 4.46%) due 4/15/2034⁽¹⁾⁽²⁾		2,400,000		2,348,333

Hyundai Auto Receivables Trust Series 2021-A, Class A3 0.38% due 9/15/2025		64,569		64,434

ICG U.S. CLO Ltd. Series 2018-2A, Class B 7.336% (3 mo. USD Term SOFR + 2.01%) due 7/22/2031⁽¹⁾⁽²⁾		1,000,000		1,002,343
Series 2022-1A, Class A1 6.865% (3 mo. USD Term SOFR + 1.54%) due 7/20/2035⁽¹⁾⁽²⁾		1,300,000		1,299,480

KKR CLO 38 Ltd. Series 38A, Class A1 6.649% (3 mo. USD Term SOFR + 1.32%) due 4/15/2033⁽¹⁾⁽²⁾		1,500,000		1,499,652


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)

Madison Park Funding XXIII Ltd. Series 2017-23A, Class BR 7.137% (3 mo. USD Term SOFR + 1.81%) due 7/27/2031⁽¹⁾⁽²⁾	$	1,150,000	$	1,149,310

Marble Point CLO XVIII Ltd. Series 2020-2A, Class A1R 6.80% (3 mo. USD Term SOFR + 1.47%) due 10/15/2034⁽¹⁾⁽²⁾		1,500,000		1,498,350

Midocean Credit CLO VIII Series 2018-8A, Class A2 6.887% (3 mo. USD Term SOFR + 1.56%) due 2/20/2031⁽¹⁾⁽²⁾		900,000		900,360

Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class BR3 7.033% (3 mo. USD Term SOFR + 1.70%) due 7/22/2038⁽¹⁾⁽²⁾		1,400,000		1,400,000

Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class A 6.649% (3 mo. USD Term SOFR + 1.32%) due 4/16/2033⁽¹⁾⁽²⁾		1,400,000		1,402,100

NextGear Floorplan Master Owner Trust Series 2024-1A, Class A2 5.12% due 3/15/2029⁽¹⁾		1,000,000		996,752

Octagon Investment Partners 50 Ltd. Series 2020-4A, Class DR 8.74% (3 mo. USD Term SOFR + 3.41%) due 1/15/2035⁽¹⁾⁽²⁾		400,000		390,800

OHA Credit Funding 2 Ltd. Series 2019-2A, Class CR 7.786% (3 mo. USD Term SOFR + 2.46%) due 4/21/2034⁽¹⁾⁽²⁾		1,800,000		1,795,860

Oscar U.S. Funding XV LLC Series 2023-1A, Class A3 5.81% due 12/10/2027⁽¹⁾		700,000		702,469

RRX 6 Ltd. Series 2021-6A, Class A1 6.78% (3 mo. USD Term SOFR + 1.45%) due 1/15/2037⁽¹⁾⁽²⁾		1,300,000		1,299,350

TCW CLO Ltd. Series 2021-1A, Class A 6.756% (3 mo. USD Term SOFR + 1.43%) due 3/18/2034⁽¹⁾⁽²⁾		1,500,000		1,500,450

TIAA CLO IV Ltd. Series 2018-1A, Class A2 7.286% (3 mo. USD Term SOFR + 1.96%) due 1/20/2032⁽¹⁾⁽²⁾		1,520,000		1,518,632


June 30, 2024 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)

Series 2018-1A, Class A2R 7.075% (3 mo. USD Term SOFR + 1.75%) due 1/20/2032⁽¹⁾⁽²⁾	$	1,520,000	$	1,520,000

Trinitas CLO XVI Ltd. Series 2021-16A, Class A1 6.766% (3 mo. USD Term SOFR + 1.44%) due 7/20/2034⁽¹⁾⁽²⁾		1,200,000		1,199,160

World Omni Auto Receivables Trust Series 2022-C, Class A2 3.73% due 3/16/2026		174,055		173,739


Total Asset–Backed Securities (Cost $40,738,462)				40,840,581
Corporate Bonds & Notes – 28.9%
Advertising – 0.5%

Neptune Bidco U.S., Inc. 9.29% due 4/15/2029⁽¹⁾		550,000		526,592

Outfront Media Capital LLC/Outfront Media Capital Corp. 4.25% due 1/15/2029⁽¹⁾		500,000		455,535


				982,127
Aerospace & Defense – 0.9%

Bombardier, Inc. 7.875% due 4/15/2027⁽¹⁾		247,000		247,773

L3Harris Technologies, Inc. 5.35% due 6/1/2034		300,000		297,804

RTX Corp. 5.75% due 1/15/2029		800,000		821,056
6.10% due 3/15/2034		500,000		526,500


				1,893,133
Apparel – 0.3%

Tapestry, Inc. 7.35% due 11/27/2028		500,000		518,775


				518,775
Auto Manufacturers – 0.5%

Hyundai Capital America 5.30% due 6/24/2029⁽¹⁾		1,000,000		995,370


				995,370
Auto Parts & Equipment – 0.9%

Adient Global Holdings Ltd. 8.25% due 4/15/2031⁽¹⁾		1,050,000		1,093,837

American Axle & Manufacturing, Inc. 5.00% due 10/1/2029		800,000		732,608


				1,826,445
Beverages – 0.9%

Anheuser-Busch InBev Worldwide, Inc. 4.95% due 1/15/2042		300,000		281,247

PepsiCo, Inc. 3.90% due 7/18/2032		1,600,000		1,493,728


				1,774,975


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

SCHEDULE OF INVESTMENTS – GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Biotechnology – 0.0%

Gilead Sciences, Inc. 5.55% due 10/15/2053	$	100,000	$	99,820


				99,820
Building Materials – 0.4%

Carrier Global Corp. 3.377% due 4/5/2040		200,000		154,878

CRH America Finance, Inc. 5.40% due 5/21/2034		700,000		693,105


				847,983
Chemicals – 0.2%

Nutrien Ltd. 5.40% due 6/21/2034		400,000		394,292


				394,292
Commercial Banks – 5.9%

AIB Group PLC 5.871% (5.871% fixed rate until 3/28/2034; 1 day USD SOFR + 1.91% thereafter) due 3/28/2035⁽¹⁾⁽²⁾		400,000		397,484

Bank of America Corp. 1.898% (1.898% fixed rate until 7/23/2030; 1 day USD SOFR + 1.53% thereafter) due 7/23/2031⁽²⁾		500,000		411,570
4.271% (4.271% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.57% thereafter) due 7/23/2029⁽²⁾		1,700,000		1,637,644

BNP Paribas SA 5.497% (5.497% fixed rate until 5/20/2029; 1 day USD SOFR + 1.59% thereafter) due 5/20/2030⁽¹⁾⁽²⁾		600,000		597,696

Comerica, Inc. 5.982% (5.982% fixed rate until 1/30/2029; 1 day USD SOFR + 2.16% thereafter) due 1/30/2030⁽²⁾		700,000		689,857

Deutsche Bank AG 2.311% (2.311% fixed rate until 11/16/2026; 1 day USD SOFR + 1.22% thereafter) due 11/16/2027⁽²⁾		1,900,000		1,753,244

JPMorgan Chase & Co. 4.493% (4.493% fixed rate until 3/24/2030; 3 mo. USD Term SOFR + 3.79% thereafter) due 3/24/2031⁽²⁾		600,000		578,508
5.04% (5.04% fixed rate until 1/23/2027; 1 day USD SOFR + 1.19% thereafter) due 1/23/2028⁽²⁾		300,000		298,461
5.581% (5.581% fixed rate until 4/22/2029; 1 day USD SOFR + 1.16% thereafter) due 4/22/2030⁽²⁾		500,000		507,920


June 30, 2024 (unaudited)	Principal Amount		Value
Commercial Banks (continued)

Lloyds Banking Group PLC 3.574% (3.574% fixed rate until 11/7/2027; 3 mo. USD Term SOFR + 1.47% thereafter) due 11/7/2028⁽²⁾	$	800,000	$	752,568

Mitsubishi UFJ Financial Group, Inc. 5.258% (5.258% fixed rate until 4/17/2029; 1 yr. CMT rate + 0.82% thereafter) due 4/17/2030⁽²⁾		700,000		698,320

Morgan Stanley 2.239% (2.239% fixed rate until 7/21/2031; 1 day USD SOFR + 1.18% thereafter) due 7/21/2032⁽²⁾		600,000		490,836
5.173% (5.173% fixed rate until 1/16/2029; 1 day USD SOFR + 1.45% thereafter) due 1/16/2030⁽²⁾		600,000		598,194

NatWest Group PLC 5.808% (5.808% fixed rate until 9/13/2028; 1 yr. CMT rate + 1.95% thereafter) due 9/13/2029⁽²⁾		900,000		911,466

Truist Bank 2.636% (2.636% fixed rate until 9/17/2024; 5 yr. CMT rate + 1.15% thereafter) due 9/17/2029⁽²⁾		500,000		489,765

Wells Fargo & Co. 2.879% (2.879% fixed rate until 10/30/2029; 3 mo. USD Term SOFR + 1.43% thereafter) due 10/30/2030⁽²⁾		1,400,000		1,241,226


				12,054,759
Commercial Services – 0.4%

Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% due 3/1/2029⁽¹⁾		800,000		732,608


				732,608
Cosmetics & Personal Care – 0.7%

Estee Lauder Cos., Inc. 4.65% due 5/15/2033		300,000		289,671

Haleon U.S. Capital LLC 3.625% due 3/24/2032		500,000		447,635

Kenvue, Inc. 4.90% due 3/22/2033		600,000		593,250


				1,330,556
Diversified Financial Services – 0.5%

Charles Schwab Corp. 6.136% (6.136% fixed rate until 8/24/2033; 1 day USD SOFR + 2.01% thereafter) due 8/24/2034⁽²⁾		500,000		520,730

Jefferies Financial Group, Inc. 6.20% due 4/14/2034		400,000		405,368


				926,098


The accompanying notes are an integral part of these financial statements.				3

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Electric – 1.8%

DTE Energy Co. 5.85% due 6/1/2034	$	1,000,000	$	1,014,560

Public Service Co. of Colorado 5.75% due 5/15/2054		200,000		197,700

Public Service Electric & Gas Co. 5.45% due 8/1/2053		100,000		98,519

Public Service Enterprise Group, Inc. 5.45% due 4/1/2034		700,000		694,260

Vistra Operations Co. LLC 6.00% due 4/15/2034⁽¹⁾		400,000		400,440

Wisconsin Public Service Corp. 2.85% due 12/1/2051		100,000		61,753

Xcel Energy, Inc. 5.50% due 3/15/2034		1,300,000		1,280,760


				3,747,992
Electronics – 0.6%

Honeywell International, Inc. 1.95% due 6/1/2030		400,000		340,960
4.875% due 9/1/2029		800,000		801,000


				1,141,960
Entertainment – 0.8%

Caesars Entertainment, Inc. 8.125% due 7/1/2027⁽¹⁾		500,000		510,215

Cinemark USA, Inc. 5.25% due 7/15/2028⁽¹⁾		250,000		238,843

Light & Wonder International, Inc. 7.00% due 5/15/2028⁽¹⁾		500,000		502,540

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 7.125% due 2/15/2031⁽¹⁾		450,000		466,587


				1,718,185
Environmental Control – 1.0%

Waste Management, Inc. 4.15% due 4/15/2032		1,600,000		1,507,584
4.95% due 7/3/2031		500,000		496,625


				2,004,209
Food – 0.4%

B&G Foods, Inc. 5.25% due 9/15/2027		550,000		510,174

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 5.75% due 4/1/2033		364,000		362,002


				872,176
Gas – 0.1%

CenterPoint Energy Resources Corp. 5.40% due 3/1/2033		200,000		199,892


				199,892


June 30, 2024 (unaudited)	Principal Amount		Value
Healthcare-Services – 0.9%

CHS/Community Health Systems, Inc. 5.25% due 5/15/2030⁽¹⁾	$	500,000	$	412,550

Elevance Health, Inc. 2.25% due 5/15/2030		300,000		256,992
4.75% due 2/15/2033		400,000		386,112
5.125% due 2/15/2053		100,000		92,004

HCA, Inc. 5.25% due 6/15/2026		300,000		298,824
5.50% due 6/15/2047		300,000		276,906
5.60% due 4/1/2034		200,000		198,706


				1,922,094
Insurance – 0.5%

Aon North America, Inc. 5.45% due 3/1/2034		300,000		298,665

Assurant, Inc. 3.70% due 2/22/2030		400,000		361,740

Chubb INA Holdings LLC 5.00% due 3/15/2034		400,000		396,308


				1,056,713
Internet – 0.3%

Amazon.com, Inc. 4.80% due 12/5/2034		600,000		595,734


				595,734
Leisure Time – 0.8%

Carnival Holdings Bermuda Ltd. 10.375% due 5/1/2028⁽¹⁾		500,000		541,465

Royal Caribbean Cruises Ltd. 7.25% due 1/15/2030⁽¹⁾		500,000		517,735

VOC Escrow Ltd. 5.00% due 2/15/2028⁽¹⁾		500,000		484,840


				1,544,040
Lodging – 0.2%

Station Casinos LLC 4.50% due 2/15/2028⁽¹⁾		500,000		470,205


				470,205
Machinery – Diversified – 0.3%

John Deere Capital Corp. 5.10% due 4/11/2034		400,000		398,780
Series I 5.15% due 9/8/2033		300,000		300,723


				699,503
Media – 0.8%

Charter Communications Operating LLC/Charter Communications Operating Capital 6.10% due 6/1/2029		600,000		602,202

Comcast Corp. 2.65% due 2/1/2030		700,000		619,682
3.75% due 4/1/2040		200,000		162,524
5.35% due 5/15/2053		200,000		191,620


				1,576,028


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Oil & Gas – 1.1%

BP Capital Markets America, Inc. 4.812% due 2/13/2033	$	1,000,000	$	969,580

Cenovus Energy, Inc. 2.65% due 1/15/2032		500,000		413,640

Comstock Resources, Inc. 6.75% due 3/1/2029⁽¹⁾		500,000		484,505

Diamondback Energy, Inc. 5.75% due 4/18/2054		300,000		290,676


				2,158,401
Packaging & Containers – 0.6%

Berry Global, Inc. 5.80% due 6/15/2031⁽¹⁾		400,000		400,064

Packaging Corp. of America 5.70% due 12/1/2033		900,000		914,625


				1,314,689
Pharmaceuticals – 2.7%

AbbVie, Inc. 4.05% due 11/21/2039		400,000		347,112
5.05% due 3/15/2034		700,000		697,837
5.40% due 3/15/2054		300,000		296,832

Astrazeneca Finance LLC 5.00% due 2/26/2034		600,000		596,532

AstraZeneca PLC 6.45% due 9/15/2037		400,000		445,112

Becton Dickinson & Co. 4.298% due 8/22/2032		200,000		187,466

Cigna Group 5.40% due 3/15/2033		600,000		602,094

CVS Health Corp. 5.30% due 6/1/2033		600,000		585,834

Eli Lilly & Co. 4.70% due 2/9/2034		500,000		490,220

Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125% due 4/30/2031⁽¹⁾		550,000		493,823

Takeda Pharmaceutical Co. Ltd. 5.30% due 7/5/2034		700,000		695,989


				5,438,851
Pipelines – 0.5%

Enterprise Products Operating LLC 4.85% due 1/31/2034		400,000		388,496
4.85% due 3/15/2044		200,000		180,380

MPLX LP 5.50% due 6/1/2034		400,000		393,892


				962,768
Real Estate Investment Trusts – 0.8%

American Homes 4 Rent LP 5.50% due 7/15/2034		200,000		197,044

AvalonBay Communities, Inc. 5.35% due 6/1/2034		300,000		300,042

Crown Castle, Inc. 3.30% due 7/1/2030		400,000		356,592
5.80% due 3/1/2034		200,000		201,992

Extra Space Storage LP 5.40% due 2/1/2034		500,000		489,385


				1,545,055


June 30, 2024 (unaudited)	Principal Amount		Value
Retail – 0.6%

Darden Restaurants, Inc. 6.30% due 10/10/2033	$	300,000	$	309,717

Home Depot, Inc. 4.95% due 6/25/2034		700,000		693,658

Lowe’s Cos., Inc. 3.70% due 4/15/2046		300,000		220,293


				1,223,668
Software – 0.4%

Cloud Software Group, Inc. 6.50% due 3/31/2029⁽¹⁾		500,000		480,325

Oracle Corp. 6.25% due 11/9/2032		400,000		423,480


				903,805
Telecommunications – 1.1%

Cisco Systems, Inc. 5.05% due 2/26/2034		500,000		499,520
5.30% due 2/26/2054		200,000		196,100

Intelsat Jackson Holdings SA 6.50% due 3/15/2030⁽¹⁾		300,000		279,840

Rogers Communications, Inc. 5.30% due 2/15/2034		800,000		784,840

T-Mobile USA, Inc. 2.70% due 3/15/2032		250,000		209,045
3.00% due 2/15/2041		300,000		214,395


				2,183,740
Transportation – 0.3%

Burlington Northern Santa Fe LLC 5.50% due 3/15/2055		300,000		301,623

Norfolk Southern Corp. 5.55% due 3/15/2034		400,000		407,800


				709,423
Trucking & Leasing – 0.2%

SMBC Aviation Capital Finance DAC 5.55% due 4/3/2034⁽¹⁾		400,000		392,332


				392,332

Total Corporate Bonds & Notes (Cost $58,592,065)				58,758,404
Non–Agency Mortgage–Backed Securities – 14.1%

1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.901% due 8/10/2035⁽¹⁾		1,100,000		1,061,578

BAMLL Commercial Mortgage Securities Trust Series 2015-200P, Class A 3.218% due 4/14/2033⁽¹⁾		550,000		533,256

BANK
Series 2017-BNK5, Class AS 3.624% due 6/15/2060		1,500,000		1,404,868
Series 2019-BNK24 3.283% due 11/15/2062⁽²⁾⁽³⁾		1,412,000		1,237,518
Series 2022-BNK43, Class B 5.327% due 8/15/2055⁽²⁾⁽³⁾		500,000		461,736

BB-UBS Trust Series 2012-SHOW, Class A 3.43% due 11/5/2036⁽¹⁾		1,200,000		1,174,164


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)

Bear Stearns ARM Trust Series 2004-10, Class 1M1 5.381% due 1/25/2035⁽²⁾⁽³⁾	$	743,812	$	715,450

Benchmark Mortgage Trust
Series 2019-B12, Class AS 3.419% due 8/15/2052		2,000,000		1,774,199
Series 2024-V5, Class AM 6.417% due 1/10/2057⁽²⁾⁽³⁾		735,000		756,711
Series 2024-V5, Class B 6.059% due 1/10/2057⁽²⁾⁽³⁾		300,000		301,802

BMO Mortgage Trust
Series 2023-C6, Class AS 6.55% due 9/15/2056⁽²⁾⁽³⁾		815,000		863,026
Series 2024-C9, Class AS 6.127% due 7/15/2057⁽²⁾⁽³⁾		870,000		896,098

BX Trust Series 2019-OC11, Class A 3.202% due 12/9/2041⁽¹⁾		1,000,000		888,933

Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-1A, Class A1 5.61% due 1/25/2036^(1)(2)(3)		1,521,357		1,373,841

CHL Mortgage Pass-Through Trust Series 2005-3, Class 1A2 6.04% due 4/25/2035⁽²⁾⁽³⁾		530,231		489,691

Citigroup Commercial Mortgage Trust Series 2016-C3, Class AS 3.366% due 11/15/2049⁽²⁾⁽³⁾		1,000,000		927,807

Commercial Mortgage Trust Series 2014-CR18, Class AM 4.103% due 7/15/2047		994,091		989,626

CWHEQ Revolving Home Equity Loan Trust Series 2005-K, Class 2A1 5.683% due 2/15/2036⁽²⁾⁽³⁾		401,376		389,115

Freddie Mac STACR REMIC Trust
Series 2021-DNA7, Class M2 7.135% due 11/25/2041^(1)(2)(3)		1,100,000		1,111,088
Series 2021-HQA4, Class M1 6.285% due 12/25/2041^(1)(2)(3)		578,048		576,554
Series 2022-DNA1, Class M1A 6.335% due 1/25/2042^(1)(2)(3)		490,904		491,033
Series 2022-HQA3, Class M1A 7.635% due 8/25/2042^(1)(2)(3)		1,087,903		1,113,644

HarborView Mortgage Loan Trust Series 2004-5, Class B1 5.166% due 6/19/2034⁽²⁾⁽³⁾		1,410,339		1,326,758

Home Equity Asset Trust Series 2004-8, Class M5 7.06% due 3/25/2035⁽²⁾⁽³⁾		578,046		581,070

Jackson Park Trust Series 2019-LIC, Class A 2.766% due 10/14/2039⁽¹⁾		1,000,000		856,852
Series 2019-LIC, Class B 2.914% due 10/14/2039⁽¹⁾		640,000		531,745


June 30, 2024 (unaudited)	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)

JP Morgan Mortgage Trust Series 2005-A4, Class B1 5.992% due 7/25/2035⁽²⁾⁽³⁾	$	788,571	$	751,382

MASTR Specialized Loan Trust Series 2005-2, Class M4 7.223% due 7/25/2035^(1)(2)(3)		901,537		899,881

Morgan Stanley Capital I Trust
Series 2004-SD2, Class M1 6.39% due 4/25/2034⁽²⁾⁽³⁾		257,315		258,393
Series 2018-H4, Class A4 4.31% due 12/15/2051		800,000		761,217
Series 2020-L4, Class AS 2.88% due 2/15/2053		1,000,000		850,991

NYC Commercial Mortgage Trust Series 2021-909, Class C 3.312% due 4/10/2043^(1)(2)(3)		385,000		255,441

SLG Office Trust Series 2021-OVA, Class A 2.585% due 7/15/2041⁽¹⁾		1,600,000		1,309,313

Stack Infrastructure Issuer LLC Series 2021-1A, Class A2 1.877% due 3/26/2046⁽¹⁾		750,000		698,079


Total Non–Agency Mortgage–Backed Securities (Cost $29,824,982)				28,612,860
Senior Secured Loans – 3.9%

Advertising – 0.1%

Outfront Media Capital LLC 2019 Term Loan B 7.095% (1 mo. USD Term SOFR + 1.75%) due 11/18/2026⁽²⁾		156,813		156,696


				156,696

Airlines – 0.8%

Air Canada 2024 Term Loan B 7.847% (3 mo. USD Term SOFR + 2.50%) due 3/21/2031⁽²⁾		324,188		324,288

American Airlines, Inc. 2021 Term Loan 10.336% (3 mo. USD Term SOFR + 4.75%) due 4/20/2028⁽²⁾		363,053		374,587

Kestrel Bidco, Inc. Term Loan B 8.428% (1 mo. USD Term SOFR + 3.00%) due 12/11/2026⁽²⁾		46,440		46,518

United Airlines, Inc. 2024 Term Loan B 8.094% (1 mo. USD Term SOFR + 2.75%) due 2/24/2031⁽²⁾		274,313		274,556


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value

Airlines (continued)

WestJet Loyalty LP Term Loan B 9.048% (3 mo. USD Term SOFR + 3.75%) due 2/14/2031⁽²⁾	$	625,000	$	627,500


				1,647,449
Commercial Services – 0.1%

Vestis Corp. Term Loan 7.577% (3 mo. USD Term SOFR + 2.25%) due 2/22/2031⁽²⁾		149,625		148,753


				148,753
Distribution/Wholesale – 0.2%

Core & Main LP 2024 Incremental Term Loan B 7.589% (3 mo. USD Term SOFR + 2.25%) due 2/10/2031⁽²⁾		399,000		399,251


				399,251
Electric – 0.2%

ExGen Renewables IV LLC 2020 Term Loan 8.109% (3 mo. USD Term SOFR + 2.50%) due 12/15/2027⁽²⁾		386,320		386,641


				386,641
Entertainment – 0.8%

Bally’s Corp. 2021 Term Loan B 8.836% (3 mo. USD Term SOFR + 3.25%) due 10/2/2028⁽²⁾		494,924		469,252

Caesars Entertainment, Inc. 2024 Term Loan B1 8.097% (3 mo. USD Term SOFR + 2.75%) due 2/6/2031⁽²⁾		648,375		647,766

Flutter Financing BV Term Loan B 7.585% (3 mo. USD Term SOFR + 2.25%) due 11/25/2030⁽²⁾		597,000		596,630


				1,713,648
Healthcare-Services – 0.2%

DaVita, Inc. 2020 Term Loan B 7.208% (1 mo. USD Term SOFR + 1.75%) due 8/12/2026⁽²⁾		293,367		293,111

ICON Luxembourg SARL 2024 LUX Term Loan B 7.335% (3 mo. USD Term SOFR + 2.00%) due 7/3/2028⁽²⁾		142,096		142,499


June 30, 2024 (unaudited)	Principal Amount		Value
Healthcare-Services (continued)

PRA Health Sciences, Inc. 2024 US Term Loan B 7.335% (3 mo. USD Term SOFR + 2.00%) due 7/3/2028⁽²⁾	$	35,403	$	35,504


				471,114
Leisure Time – 0.1%

Alterra Mountain Co. 2024 Add-on Term Loan B 0.00% due 5/31/2030⁽²⁾⁽⁴⁾		200,000		200,876


				200,876
Lodging – 0.7%

Fertitta Entertainment LLC 2022 Term Loan B 9.081% (1 mo. USD Term SOFR + 3.75%) due 1/29/2029⁽²⁾		494,937		495,248

Hilton Grand Vacations Borrower LLC 2024 Incremental Term Loan B 8.095% (1 mo. USD Term SOFR + 2.75%) due 1/17/2031⁽²⁾		249,375		249,188

Station Casinos LLC 2024 Term Loan B 7.594% (1 mo. USD Term SOFR + 2.25%) due 3/14/2031⁽²⁾		598,500		597,806


				1,342,242
Media – 0.3%

Nexstar Broadcasting, Inc. 2019 Term Loan B4 7.958% (1 mo. USD Term SOFR + 2.50%) due 9/18/2026⁽²⁾		650,000		651,261


				651,261

Software – 0.3%

Dun & Bradstreet Corp. 2024 Term Loan B 8.098% (3 mo. USD Term SOFR + 2.75%) due 1/18/2029⁽²⁾		498,750		498,750


				498,750
Telecommunications – 0.1%

Frontier Communications Corp. 2024 Term Loan B 0.00% due 6/20/2031⁽²⁾⁽⁴⁾		250,000		249,375


				249,375

Total Senior Secured Loans (Cost $7,858,133)				7,866,056
U.S. Government Securities – 9.1%

U.S. Treasury Bonds 4.625% due 5/15/2044		13,500,000		13,474,687


The accompanying notes are an integral part of these financial statements.				7

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
U.S. Government Securities (continued)
4.625% due 5/15/2054	$	5,000,000	$	5,070,313


Total U.S. Government Securities (Cost $18,299,374)				18,545,000
Commercial Paper – 2.0%

Florida Power & Light Co. 5.376% due 7/1/2024		4,000,000		4,000,000


Total Commercial Paper (Cost $4,000,000)				4,000,000

	Shares		Value
Exchange–Traded Funds – 3.6%

iShares MBS ETF		40,585		3,726,109

Vanguard Mortgage-Backed Securities ETF		80,585		3,658,559


Total Exchange–Traded Funds (Cost $7,106,903)				7,384,668

	Principal Amount		Value
Repurchase Agreements – 0.3%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $524,893, due 7/1/2024⁽⁵⁾	$	524,823		524,823


Total Repurchase Agreements (Cost $524,823)				524,823


June 30, 2024 (unaudited)	Value

Total Investments – 99.6% (Cost $203,813,427)	$	202,354,353

Assets in excess of other liabilities – 0.4%		829,829

Total Net Assets – 100.0%	$	203,184,182

⁽¹⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2024, the aggregate market value of these securities amounted to $64,380,354, representing 31.7% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2024.

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

⁽⁴⁾	Represents an unsettled loan commitment. The coupon rate will be determined at time of settlement.

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

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

0.75%

3/31/2026

573,100

$535,468

Open futures contracts at June 30, 2024:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation (Depreciation)
U.S. 2-Year Treasury Note		September 2024		274		Long	$	56,172,742	$	55,955,938	$	(216,804	)
U.S. 5-Year Treasury Note		September 2024		190		Long		20,133,182		20,249,844		116,662
U.S. Long Bond		September 2024		48		Long		5,651,222		5,679,000		27,778
U.S. Ultra Bond		September 2024		59		Long		7,255,042		7,395,281		140,239
Total							$	89,212,188	$	89,280,063	$	67,875


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S. Ultra 10-Year Treasury Note		September 2024		106		Short	$	(12,087,493	)	$	(12,034,313	)	$	53,180
Total							$	(12,087,493	)	$	(12,034,313	)	$	53,180

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STACR — Structured Agency Credit Risk

USD — United States Dollar


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	35,821,961	$	—	$	35,821,961
Asset–Backed Securities		—			40,840,581		—		40,840,581
Corporate Bonds & Notes		—			58,758,404		—		58,758,404
Non–Agency Mortgage–Backed Securities		—			28,612,860		—		28,612,860
Senior Secured Loans		—			7,866,056		—		7,866,056
U.S. Government Securities		—			18,545,000		—		18,545,000
Commercial Paper		—			4,000,000		—		4,000,000
Exchange–Traded Funds		7,384,668			—		—		7,384,668
Repurchase Agreements		—			524,823		—		524,823
Total	$	7,384,668		$	194,969,685	$	—	$	202,354,353
Other Financial Instruments
Futures Contracts
Assets	$	337,859		$	—	$	—	$	337,859
Liabilities		(216,804	)		—		—		(216,804	)
Total	$	121,055		$	—	$	—	$	121,055


The accompanying notes are an integral part of these financial statements.				9

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	202,354,353

Cash		1,679,561

Interest receivable		1,696,257

Receivable for investments sold		1,560,730

Cash deposits with brokers for futures contracts		943,426

Prepaid expenses		2,589


Total Assets		208,236,916


Liabilities

Payable for investments purchased		4,562,075

Payable for fund shares redeemed		220,134

Investment advisory fees payable		87,929

Payable for variation margin on futures contracts		84,651

Distribution fees payable		42,273

Accrued audit fees		21,451

Accrued trustees’ and officers’ fees		2,348

Accrued custodian and accounting fees		631

Accrued expenses and other liabilities		31,242


Total Liabilities		5,052,734


Total Net Assets	$	203,184,182


Net Assets Consist of:

Paid-in capital	$	221,453,544

Distributable loss		(18,269,362	)


Total Net Assets	$	203,184,182


Investments, at Cost	$	203,813,427


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		21,590,198

Net Asset Value Per Share		$9.41


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Interest	$	5,830,713

Dividends		78,436


Total Investment Income		5,909,149


Expenses

Investment advisory fees		545,419

Distribution fees		262,221

Professional fees		44,258

Custodian and accounting fees		38,252

Trustees’ and officers’ fees		31,784

Administrative fees		26,998

Transfer agent fees		6,854

Shareholder reports		4,949

Other expenses		6,446


Total Expenses		967,181


Net Investment Income/(Loss)		4,941,968


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts

Net realized gain/(loss) from investments		142,221

Net realized gain/(loss) from futures contracts		(432,819	)

Net realized gain/(loss) from swap contracts		(52,953	)

Net change in unrealized appreciation/(depreciation) on investments		(5,007,927	)

Net change in unrealized appreciation/(depreciation) on futures contracts		(492,858	)


Net Loss on Investments and Derivative Contracts		(5,844,336	)


Net Decrease in Net Assets Resulting From Operations	$	(902,368	)


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

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	4,941,968		$	8,840,512

Net realized gain/(loss) from investments and derivative contracts		(343,551	)		(16,730,266	)

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(5,500,785	)		18,271,579


Net Increase/(Decrease) in Net Assets Resulting from Operations		(902,368	)		10,381,825


Capital Share Transactions

Proceeds from sales of shares		16,701,570			24,606,130

Cost of shares redeemed		(31,413,551	)		(48,782,159	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(14,711,981	)		(24,176,029	)


Net Decrease in Net Assets		(15,614,349	)		(13,794,204	)


Net Assets

Beginning of period		218,798,531			232,592,735


End of period	$	203,184,182		$	218,798,531


Other Information:

Shares

Sold		1,786,388			2,692,031

Redeemed		(3,366,126	)		(5,356,848	)


Net Decrease		(1,579,738	)		(2,664,817	)


The accompanying notes are an integral part of these financial statements.				11

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)			Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	9.44	$	0.22	$	(0.25)		$	(0.03)	$	9.41		(0.32)%	⁽⁴⁾

Year Ended 12/31/23		9.00		0.35		0.09			0.44		9.44		4.89%

Year Ended 12/31/22		10.74		0.26		(2.00)			(1.74)		9.00		(16.20)%

Year Ended 12/31/21		10.74		0.21		(0.21)			0.00		10.74		0.00%

Year Ended 12/31/20		10.03		0.14		0.57			0.71		10.74		7.08%

Period Ended 12/31/19⁽⁵⁾		10.00		0.03		0.00	⁽⁶⁾		0.03		10.03		0.30%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	203,184		0.92%	⁽⁴⁾		0.92%	⁽⁴⁾		4.71%	⁽⁴⁾		4.71%	⁽⁴⁾		99%	⁽⁴⁾

	218,799		0.91%			0.91%			3.88%			3.88%			343%

	232,593		0.88%			0.88%			2.68%			2.68%			182%

	315,505		0.87%			0.87%			1.99%			1.99%			172%

	306,696		0.89%			0.89%			1.38%			1.38%			163%

	309,877		0.93%	⁽⁴⁾		0.93%	⁽⁴⁾		1.33%	⁽⁴⁾		1.33%	⁽⁴⁾		27%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	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.

⁽⁵⁾	Commenced operations on October 21, 2019.

⁽⁶⁾	Rounds to $0.00 per share.


The accompanying notes are an integral part of these financial statements.				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks to provide a high current income with a secondary objective of capital appreciation.

2. Significant Accounting Policies

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


14

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

c. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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.


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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, 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 0.97% 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). Prior to May 1, 2024, the expense limitation was 1.00%. 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 six months ended June 30, 2024, 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.

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

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	123,094,816	$	80,405,224
Sales		95,298,146		114,293,394

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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.

Investments. As of June 30, 2024, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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.

As of June 30, 2024, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts

Asset Derivatives
Futures Contracts¹	$	337,859


Liability Derivatives
Futures Contracts¹	$	(216,804	)

¹	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.


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

Transactions in derivative investments for the six months ended June 30, 2024 were as follows:



	Interest Rate Contracts			Credit Default Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(432,819	)	$	—

Swap Contracts²		—			(52,953	)


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts³	$	(492,858	)	$	—


Average Number of Notional Amounts
Futures Contracts⁴		498			—

Swap Contracts – Buy/Sell Protection	$	—		$	3,250,000

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

²	Statement of Operations location: Net realized gain/(loss) from swap contracts.

³	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

⁴	Amount represents number of contracts.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


20

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				21

Nature, Extent and Quality of Services


22

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				23

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile for the 1-year and 5-year periods and in the 5^th quintile of its performance universe for the


24

3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, that the actual management fee was in the 1^st quintile


				25

and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s


26

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				27

LOGO

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

PUB10525

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Short Duration Bond VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Short Duration Bond VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			8

Statement of Operations			8

Statements of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			19

Item 9. Proxy Disclosures for Open-End Management Investment Companies			19

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			19

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			19

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Asset–Backed Securities – 25.0%

Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 1.937% due 8/15/2046⁽¹⁾	$	900,000	$	829,122

Allegro CLO VI Ltd. Series 2017-2A, Class B 7.079% (3 mo. USD Term SOFR + 1.76%) due 1/17/2031⁽¹⁾⁽²⁾		1,000,000		998,700

American Express Credit Account Master Trust Series 2022-3, Class A 3.75% due 8/15/2027		2,000,000		1,964,360

AmeriCredit Automobile Receivables Trust Series 2020-3, Class C 1.06% due 8/18/2026		954,605		937,282

Anchorage Capital CLO 17 Ltd. Series 2021-17A, Class A1 6.76% (3 mo. USD Term SOFR + 1.43%) due 7/15/2034⁽¹⁾⁽²⁾		1,000,000		999,300

Anchorage Capital CLO 21 Ltd. Series 2021-21A, Class B 7.336% (3 mo. USD Term SOFR + 2.01%) due 10/20/2034⁽¹⁾⁽²⁾		1,000,000		999,200

Anchorage Capital CLO 7 Ltd. Series 2015-7A, Class BR3 7.381% (3 mo. USD Term SOFR + 2.05%) due 4/28/2037⁽¹⁾⁽²⁾		924,000		924,766

Apidos CLO XXII Ltd. Series 2015-22A, Class A2R 7.086% (3 mo. USD Term SOFR + 1.76%) due 4/20/2031⁽¹⁾⁽²⁾		1,000,000		1,003,385

Ares XXVII CLO Ltd. Series 2013-2A, Class BR2 7.237% (3 mo. USD Term SOFR + 1.91%) due 10/28/2034⁽¹⁾⁽²⁾		1,000,000		1,000,464

Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class A 1.66% due 2/20/2028⁽¹⁾		1,100,000		1,005,587

Barings CLO Ltd. Series 2020-1A, Class AR 6.74% (3 mo. USD Term SOFR + 1.41%) due 10/15/2036⁽¹⁾⁽²⁾		1,200,000		1,200,911

Battalion CLO X Ltd. Series 2016-10A, Class A2R2 7.135% (3 mo. USD Term SOFR + 1.81%) due 1/25/2035⁽¹⁾⁽²⁾		1,000,000		999,000

Benefit Street Partners CLO XVI Ltd. Series 2018-16A, Class BR 7.129% (3 mo. USD Term SOFR + 1.81%) due 1/17/2032⁽¹⁾⁽²⁾		1,200,000		1,198,800


June 30, 2024 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)

Canyon Capital CLO Ltd. Series 2022-1A, Class B 7.178% (3 mo. USD Term SOFR + 1.85%) due 4/15/2035⁽¹⁾⁽²⁾	$	1,200,000	$	1,199,360

CarMax Auto Owner Trust Series 2020-4, Class B 0.85% due 6/15/2026		850,000		830,049

Cathedral Lake VI Ltd. Series 2021-6A, Class AN 6.835% (3 mo. USD Term SOFR + 1.51%) due 4/25/2034⁽¹⁾⁽²⁾		1,200,000		1,201,856

CIFC Funding Ltd. Series 2013-4A, Class BRR 7.187% (3 mo. USD Term SOFR + 1.86%) due 4/27/2031⁽¹⁾⁽²⁾		1,000,000		999,100

Domino’s Pizza Master Issuer LLC Series 2017-1A, Class A23 4.118% due 7/25/2047⁽¹⁾		705,000		672,774

Dryden 53 CLO Ltd. Series 2017-53A, Class B 6.99% (3 mo. USD Term SOFR + 1.66%) due 1/15/2031⁽¹⁾⁽²⁾		1,100,000		1,099,780

Dryden Senior Loan Fund Series 2017-47A, Class CR 7.64% (3 mo. USD Term SOFR + 2.31%) due 4/15/2028⁽¹⁾⁽²⁾		1,000,000		999,200

Ford Credit Floorplan Master Owner Trust Series 2020-2, Class A 1.06% due 9/15/2027		1,100,000		1,043,221

ICG U.S. CLO Ltd. Series 2022-1A, Class A1 6.865% (3 mo. USD Term SOFR + 1.54%) due 7/20/2035⁽¹⁾⁽²⁾		700,000		699,720

Jamestown CLO XI Ltd. Series 2018-11A, Class A2 7.29% (3 mo. USD Term SOFR + 1.96%) due 7/14/2031⁽¹⁾⁽²⁾		1,200,000		1,198,920

KKR CLO 38 Ltd. Series 38A, Class A1 6.649% (3 mo. USD Term SOFR + 1.32%) due 4/15/2033⁽¹⁾⁽²⁾		1,225,000		1,224,716

Madison Park Funding XXIII Ltd. Series 2017-23A, Class BR 7.137% (3 mo. USD Term SOFR + 1.81%) due 7/27/2031⁽¹⁾⁽²⁾		1,050,000		1,049,370

Midocean Credit CLO VIII Series 2018-8A, Class A2 6.887% (3 mo. USD Term SOFR + 1.56%) due 2/20/2031⁽¹⁾⁽²⁾		1,500,000		1,500,600


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)

Neuberger Berman Loan Advisers CLO 26 Ltd. Series 2017-26A, Class BR 6.989% (3 mo. USD Term SOFR + 1.66%) due 10/18/2030⁽¹⁾⁽²⁾	$	1,000,000	$	999,900

Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class A 6.649% (3 mo. USD Term SOFR + 1.32%) due 4/16/2033⁽¹⁾⁽²⁾		1,200,000		1,201,800

NextGear Floorplan Master Owner Trust Series 2024-1A, Class A2 5.12% due 3/15/2029⁽¹⁾		1,000,000		996,752

Nissan Auto Lease Trust Series 2023-A, Class A4 4.80% due 7/15/2027		700,000		695,849

Octagon Investment Partners 36 Ltd. Series 2018-1A, Class B 6.98% (3 mo. USD Term SOFR + 1.65%) due 4/15/2031⁽¹⁾⁽²⁾		1,209,375		1,209,859

OHA Credit Partners XIV Ltd. Series 2017-14A, Class B 7.086% (3 mo. USD Term SOFR + 1.76%) due 1/21/2030⁽¹⁾⁽²⁾		1,000,000		1,000,000

Oscar U.S. Funding XV LLC Series 2023-1A, Class A3 5.81% due 12/10/2027⁽¹⁾		600,000		602,117

RRX 6 Ltd. Series 2021-6A, Class A1 6.78% (3 mo. USD Term SOFR + 1.45%) due 1/15/2037⁽¹⁾⁽²⁾		1,000,000		999,500

Santander Drive Auto Receivables Trust Series 2022-3, Class A3 3.40% due 12/15/2026		148,586		148,265

TIAA CLO IV Ltd. Series 2018-1A, Class A2 7.286% (3 mo. USD Term SOFR + 1.96%) due 1/20/2032⁽¹⁾⁽²⁾		1,170,000		1,168,947
Series 2018-1A, Class A2R 7.075% (3 mo. USD Term SOFR + 1.75%) due 1/20/2032⁽¹⁾⁽²⁾		1,170,000		1,170,000

Toyota Auto Loan Extended Note Trust Series 2021-1A, Class A 1.07% due 2/27/2034⁽¹⁾		1,735,000		1,618,318

World Omni Auto Receivables Trust Series 2021-B, Class A4 0.69% due 6/15/2027		1,200,000		1,149,256


Total Asset–Backed Securities (Cost $40,582,326)				40,740,106


June 30, 2024 (unaudited)	Principal Amount		Value
Corporate Bonds & Notes – 30.4%

Advertising – 0.4%

Stagwell Global LLC 5.625% due 8/15/2029⁽¹⁾	$	750,000	$	693,053


				693,053

Aerospace & Defense – 1.2%

Boeing Co. 6.259% due 5/1/2027⁽¹⁾		700,000		705,075

Bombardier, Inc. 8.75% due 11/15/2030⁽¹⁾		750,000		810,855

RTX Corp. 5.75% due 11/8/2026		500,000		505,360


				2,021,290

Agriculture – 0.3%

Reynolds American, Inc. 4.45% due 6/12/2025		400,000		395,312


				395,312

Chemicals – 0.7%

LYB International Finance III LLC 1.25% due 10/1/2025		600,000		567,966

NOVA Chemicals Corp. 5.25% due 6/1/2027⁽¹⁾		500,000		478,200


				1,046,166
Commercial Banks – 9.8%

ABN AMRO Bank NV 6.339% (6.339% fixed rate until 9/18/2026; 1 yr. CMT rate + 1.65% thereafter) due 9/18/2027⁽¹⁾⁽²⁾		500,000		506,275

Banco Santander SA 2.746% due 5/28/2025		1,000,000		974,020

Bank of America Corp. 3.384% (3.384% fixed rate until 4/2/2025; 1 day USD SOFR + 1.33% thereafter) due 4/2/2026⁽²⁾		500,000		491,105
3.419% (3.419% fixed rate until 12/20/2027; 3 mo. USD Term SOFR + 1.30% thereafter) due 12/20/2028⁽²⁾		500,000		470,055
3.559% (3.559% fixed rate until 4/23/2026; 3 mo. USD Term SOFR + 1.32% thereafter) due 4/23/2027⁽²⁾		1,000,000		967,080
5.08% (5.08% fixed rate until 1/20/2026; 1 day USD SOFR + 1.29% thereafter) due 1/20/2027⁽²⁾		500,000		496,850

Barclays PLC 2.852% (2.852% fixed rate until 5/7/2025; 1 day USD SOFR + 2.71% thereafter) due 5/7/2026⁽²⁾		1,000,000		974,910
7.325% (7.325% fixed rate until 11/2/2025; 1 yr. CMT rate + 3.05% thereafter) due 11/2/2026⁽²⁾		200,000		203,562

BNP Paribas SA 2.219% (2.219% fixed rate until 6/9/2025; 1 day USD SOFR + 2.07% thereafter) due 6/9/2026⁽¹⁾⁽²⁾		1,100,000		1,063,535


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

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
2.591% (2.591% fixed rate until 1/20/2027; 1 day USD SOFR + 1.23% thereafter) due 1/20/2028⁽¹⁾⁽²⁾	$	700,000	$	650,377

Danske Bank AS 1.621% (1.621% fixed rate until 9/11/2025; 1 yr. CMT rate + 1.35% thereafter) due 9/11/2026⁽¹⁾⁽²⁾		200,000		190,112
4.298% (4.298% fixed rate until 4/1/2027; 1 yr. CMT rate + 1.75% thereafter) due 4/1/2028⁽¹⁾⁽²⁾		300,000		290,352

Deutsche Bank AG 2.129% (2.129% fixed rate until 11/24/2025; 1 day USD SOFR + 1.87% thereafter) due 11/24/2026⁽²⁾		150,000		142,364

JPMorgan Chase & Co. 1.47% (1.47% fixed rate until 9/22/2026; 1 day USD SOFR + 0.77% thereafter) due 9/22/2027⁽²⁾		1,000,000		918,250
2.005% (2.005% fixed rate until 3/13/2025; 3 mo. USD Term SOFR + 1.59% thereafter) due 3/13/2026⁽²⁾		200,000		194,844

Mitsubishi UFJ Financial Group, Inc. 1.412% due 7/17/2025		550,000		526,988
5.354% (5.354% fixed rate until 9/13/2027; 1 yr. CMT rate + 1.90% thereafter) due 9/13/2028⁽²⁾		300,000		300,438
5.719% (5.719% fixed rate until 2/20/2025; 1 yr. CMT rate + 1.08% thereafter) due 2/20/2026⁽²⁾		200,000		199,936

Morgan Stanley Bank NA 4.952% (4.952% fixed rate until 1/14/2027; 1 day USD SOFR + 1.08% thereafter) due 1/14/2028⁽²⁾		1,000,000		992,510

NatWest Group PLC 5.847% (5.847% fixed rate until 3/2/2026; 1 yr. CMT rate + 1.35% thereafter) due 3/2/2027⁽²⁾		250,000		250,582
7.472% (7.472% fixed rate until 11/10/2025; 1 yr. CMT rate + 2.85% thereafter) due 11/10/2026⁽²⁾		300,000		306,633

Sumitomo Mitsui Trust Bank Ltd. 5.20% due 3/7/2027⁽¹⁾		300,000		299,922

Toronto-Dominion Bank 4.994% due 4/5/2029		1,000,000		990,990

Truist Bank
2.636% (2.636% fixed rate until 9/17/2024; 5 yr. CMT rate + 1.15% thereafter) due 9/17/2029⁽²⁾		500,000		489,765


June 30, 2024 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
3.625% due 9/16/2025	$	250,000	$	243,482

Truist Financial Corp. 4.00% due 5/1/2025		1,000,000		986,120
4.26% (4.26% fixed rate until 7/28/2025; 1 day USD SOFR + 1.46% thereafter) due 7/28/2026⁽²⁾		1,000,000		983,640

U.S. Bancorp 4.548% (4.548% fixed rate until 7/22/2027; 1 day USD SOFR + 1.66% thereafter) due 7/22/2028⁽²⁾		900,000		879,993


				15,984,690
Commercial Services – 0.7%

Global Payments, Inc. 2.65% due 2/15/2025		1,100,000		1,078,143


				1,078,143
Diversified Financial Services – 2.0%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.45% due 4/3/2026		500,000		490,770
6.50% due 7/15/2025		800,000		806,896

Air Lease Corp. 2.875% due 1/15/2026		200,000		191,880

American Express Co. 5.098% (5.098% fixed rate until 2/16/2027; 1 day USD SOFR + 1.00% thereafter) due 2/16/2028⁽²⁾		600,000		597,408

Charles Schwab Corp. 1.15% due 5/13/2026		200,000		185,034

Synchrony Financial 4.50% due 7/23/2025		1,000,000		983,190


				3,255,178
Electric – 0.8%

DTE Energy Co. Series F 1.05% due 6/1/2025		1,100,000		1,054,372

Pacific Gas & Electric Co. 3.45% due 7/1/2025		300,000		292,884


				1,347,256
Entertainment – 0.6%

Caesars Entertainment, Inc. 8.125% due 7/1/2027⁽¹⁾		500,000		510,215

Cinemark USA, Inc. 5.25% due 7/15/2028⁽¹⁾		500,000		477,685


				987,900
Food – 0.2%

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 2.50% due 1/15/2027		250,000		232,423


				232,423
Healthcare-Services – 1.2%

CHS/Community Health Systems, Inc. 6.00% due 1/15/2029⁽¹⁾		500,000		440,875


The accompanying notes are an integral part of these financial statements.				3

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Healthcare-Services (continued)

Elevance Health, Inc. 4.90% due 2/8/2026	$	200,000	$	198,412

LifePoint Health, Inc. 5.375% due 1/15/2029⁽¹⁾		500,000		437,880

UnitedHealth Group, Inc. 1.15% due 5/15/2026		600,000		557,982
3.10% due 3/15/2026		400,000		387,060


				2,022,209
Home Builders – 0.5%

Beazer Homes USA, Inc. 5.875% due 10/15/2027		750,000		739,057


				739,057
Insurance – 1.3%

Allstate Corp. 3.28% due 12/15/2026		600,000		574,026

Athene Global Funding 5.516% due 3/25/2027⁽¹⁾		700,000		701,057

Progressive Corp. 2.45% due 1/15/2027		800,000		750,352


				2,025,435
Leisure Time – 0.3%

Viking Cruises Ltd. 7.00% due 2/15/2029⁽¹⁾		500,000		502,675


				502,675
Lodging – 0.7%

Las Vegas Sands Corp. 5.90% due 6/1/2027		1,000,000		1,005,080

Marriott International, Inc. Series R 3.125% due 6/15/2026		200,000		191,932


				1,197,012
Media – 1.0%

Charter Communications Operating LLC/Charter Communications Operating Capital 4.908% due 7/23/2025		231,000		229,030

Discovery Communications LLC 4.90% due 3/11/2026		200,000		197,096

McGraw-Hill Education, Inc. 5.75% due 8/1/2028⁽¹⁾		500,000		482,255

Nexstar Media, Inc. 5.625% due 7/15/2027⁽¹⁾		500,000		474,880

Paramount Global 3.375% due 2/15/2028		350,000		313,036


				1,696,297
Oil & Gas – 1.8%

Diamondback Energy, Inc. 3.25% due 12/1/2026		200,000		191,060

Hess Corp. 4.30% due 4/1/2027		500,000		487,425

PBF Holding Co. LLC/PBF Finance Corp. 6.00% due 2/15/2028		500,000		487,930


June 30, 2024 (unaudited)	Principal Amount		Value
Oil & Gas (continued)

Shell International Finance BV 2.875% due 5/10/2026	$	1,000,000	$	960,750

Transocean, Inc. 8.00% due 2/1/2027⁽¹⁾		873,000		870,486


				2,997,651
Pharmaceuticals – 2.0%

AbbVie, Inc. 4.80% due 3/15/2027		1,000,000		995,500

Astrazeneca Finance LLC 4.80% due 2/26/2027		1,000,000		994,280

CVS Health Corp. 3.625% due 4/1/2027		1,100,000		1,055,164
3.875% due 7/20/2025		200,000		196,394


				3,241,338
Pipelines – 1.3%

Energy Transfer LP 2.90% due 5/15/2025		1,100,000		1,073,105

New Fortress Energy, Inc. 8.75% due 3/15/2029⁽¹⁾		500,000		455,485

TransCanada PipeLines Ltd. 6.203% due 3/9/2026		500,000		500,390


				2,028,980
Real Estate Investment Trusts – 1.3%

American Tower Corp. 2.40% due 3/15/2025		1,200,000		1,171,584

Essex Portfolio LP 3.50% due 4/1/2025		500,000		491,525

Extra Space Storage LP 3.50% due 7/1/2026		500,000		480,915


				2,144,024
Retail – 0.3%

O’Reilly Automotive, Inc. 5.75% due 11/20/2026		500,000		504,800


				504,800
Semiconductors – 0.1%

Broadcom, Inc. 3.459% due 9/15/2026		200,000		192,438


				192,438
Software – 0.6%

Cloud Software Group, Inc. 9.00% due 9/30/2029⁽¹⁾		500,000		484,880

Fiserv, Inc. 3.85% due 6/1/2025		200,000		196,642

Oracle Corp. 2.50% due 4/1/2025		300,000		293,031


				974,553
Telecommunications – 1.3%

AT&T, Inc. 1.70% due 3/25/2026		1,500,000		1,408,050

Frontier Communications Holdings LLC 5.00% due 5/1/2028⁽¹⁾		500,000		471,185


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

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Telecommunications (continued)

T-Mobile USA, Inc. 3.50% due 4/15/2025	$	200,000	$	196,642


				2,075,877

Total Corporate Bonds & Notes (Cost $49,329,990)				49,383,757
Non–Agency Mortgage–Backed Securities – 8.9%

1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.901% due 8/10/2035⁽¹⁾		600,000		579,043

Benchmark Mortgage Trust Series 2018-B3, Class AS 4.195% due 4/10/2051⁽²⁾⁽³⁾		1,150,000		1,073,291
Series 2024-V5, Class AM 6.417% due 1/10/2057⁽²⁾⁽³⁾		580,000		597,132
Series 2024-V5, Class B 6.059% due 1/10/2057⁽²⁾⁽³⁾		240,000		241,441

BMO Mortgage Trust Series 2023-C6, Class AS 6.55% due 9/15/2056⁽²⁾⁽³⁾		635,000		672,419

BX Trust Series 2019-OC11, Class A 3.202% due 12/9/2041⁽¹⁾		800,000		711,146

Commercial Mortgage Trust Series 2017-COR2, Class A3 3.51% due 9/10/2050		1,200,000		1,123,332
Series 2019-GC44, Class AM 3.263% due 8/15/2057		1,085,000		946,465

DBGS Mortgage Trust Series 2018-C1, Class AM 4.775% due 10/15/2051⁽²⁾⁽³⁾		1,100,000		1,003,473

DBUBS Mortgage Trust Series 2017-BRBK, Class A 3.452% due 10/10/2034⁽¹⁾		793,000		753,675

Freddie Mac STACR REMIC Trust Series 2021-DNA7, Class M2 7.135% due 11/25/2041^(1)(2)(3)		900,000		909,072
Series 2021-HQA4, Class M1 6.285% due 12/25/2041^(1)(2)(3)		471,950		470,731
Series 2022-DNA1, Class M1A 6.335% due 1/25/2042^(1)(2)(3)		377,618		377,718
Series 2022-HQA3, Class M1A 7.635% due 8/25/2042^(1)(2)(3)		862,820		883,235

Hilton USA Trust Series 2016-HHV, Class A 3.719% due 11/5/2038⁽¹⁾		845,000		804,986

Jackson Park Trust Series 2019-LIC, Class A 2.766% due 10/14/2039⁽¹⁾		800,000		685,481

SLG Office Trust Series 2021-OVA, Class A 2.585% due 7/15/2041⁽¹⁾		500,000		409,160

Wells Fargo Commercial Mortgage Trust Series 2015-NXS4, Class A4 3.718% due 12/15/2048		1,380,000		1,346,242
Series 2016-LC24, Class A4 2.942% due 10/15/2049		1,000,000		944,425


Total Non–Agency Mortgage–Backed Securities (Cost $14,852,252)				14,532,467


June 30, 2024 (unaudited)	Principal Amount		Value
Senior Secured Loans – 3.8%
Advertising – 0.2%

Outfront Media Capital LLC 2019 Term Loan B 7.095% (1 mo. USD Term SOFR + 1.75%) due 11/18/2026⁽²⁾	$	274,423	$	274,217


				274,217
Airlines – 0.7%

Air Canada 2024 Term Loan B 7.847% (3 mo. USD Term SOFR + 2.50%) due 3/21/2031⁽²⁾		274,313		274,397

United Airlines, Inc. 2024 Term Loan B 8.094% (1 mo. USD Term SOFR + 2.75%) due 2/24/2031⁽²⁾		274,313		274,557

WestJet Loyalty LP Term Loan B 9.048% (3 mo. USD Term SOFR + 3.75%) due 2/14/2031⁽²⁾		550,000		552,200


				1,101,154
Commercial Services – 0.1%

Vestis Corp. Term Loan 7.577% (3 mo. USD Term SOFR + 2.25%) due 2/22/2031⁽²⁾		124,688		123,961


				123,961
Distribution/Wholesale – 0.2%

Core & Main LP 2024 Incremental Term Loan B 7.589% (3 mo. USD Term SOFR + 2.25%) due 2/10/2031⁽²⁾		399,000		399,251


				399,251
Electric – 0.2%

ExGen Renewables IV LLC 2020 Term Loan 8.109% (3 mo. USD Term SOFR + 2.50%) due 12/15/2027⁽²⁾		338,030		338,311


				338,311
Entertainment – 0.6%

Caesars Entertainment, Inc. 2024 Term Loan B1 8.097% (3 mo. USD Term SOFR + 2.75%) due 2/6/2031⁽²⁾		498,750		498,281

Flutter Financing BV Term Loan B 7.585% (3 mo. USD Term SOFR + 2.25%) due 11/25/2030⁽²⁾		522,375		522,051


				1,020,332


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Healthcare-Services – 0.3%

DaVita, Inc. 2020 Term Loan B 7.208% (1 mo. USD Term SOFR + 1.75%) due 8/12/2026⁽²⁾	$	146,683	$	146,556

ICON Luxembourg SARL 2024 LUX Term Loan B 7.335% (3 mo. USD Term SOFR + 2.00%) due 7/3/2028⁽²⁾		272,191		272,964

PRA Health Sciences, Inc. 2024 US Term Loan B 7.335% (3 mo. USD Term SOFR + 2.00%) due 7/3/2028⁽²⁾		67,817		68,010


				487,530
Leisure Time – 0.1%

Alterra Mountain Co. 2024 Add-on Term Loan B 0.00% due 5/31/2030⁽²⁾⁽⁴⁾		150,000		150,657


				150,657
Lodging – 0.6%

Fertitta Entertainment LLC 2022 Term Loan B 9.081% (1 mo. USD Term SOFR + 3.75%) due 1/29/2029⁽²⁾		248,728		248,885

Hilton Grand Vacations Borrower LLC 2024 Incremental Term Loan B 8.095% (1 mo. USD Term SOFR + 2.75%) due 1/17/2031⁽²⁾		199,500		199,350

Station Casinos LLC 2024 Term Loan B 7.594% (1 mo. USD Term SOFR + 2.25%) due 3/14/2031⁽²⁾		523,688		523,080


				971,315
Media – 0.3%

Nexstar Broadcasting, Inc. 2019 Term Loan B4 7.958% (1 mo. USD Term SOFR + 2.50%) due 9/18/2026⁽²⁾		500,000		500,970


				500,970
Software – 0.3%

Dun & Bradstreet Corp. 2024 Term Loan B 8.098% (3 mo. USD Term SOFR + 2.75%) due 1/18/2029⁽²⁾		498,750		498,750


				498,750
Telecommunications – 0.2%

Frontier Communications Corp. 2024 Term Loan B 0.00% due 6/20/2031⁽²⁾⁽⁴⁾		250,000		249,375


				249,375

Total Senior Secured Loans (Cost $6,096,394)				6,115,823


June 30, 2024 (unaudited)	Principal Amount		Value

U.S. Government Agencies – 2.4%

Federal Farm Credit Banks Funding Corp. 2.64% due 4/8/2026	$	4,000,000	$	3,847,640


Total U.S. Government Agencies (Cost $3,974,055)				3,847,640
U.S. Government Securities – 13.2%

U.S. Treasury Notes 4.875% due 5/31/2026		21,500,000		21,543,672


Total U.S. Government Securities (Cost $21,494,339)				21,543,672
Commercial Paper – 1.1%

Florida Power & Light Co. 5.376% due 7/1/2024		1,800,000		1,800,000


Total Commercial Paper (Cost $1,800,000)				1,800,000
U.S. Treasury Bills – 14.3%

U.S. Treasury Bills 5.117% due 11/29/2024⁽⁵⁾		23,800,000		23,289,297


Total U.S. Treasury Bills (Cost $23,315,389)				23,289,297
Repurchase Agreements – 0.4%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $612,238, due 7/1/2024⁽⁶⁾		612,156		612,156


Total Repurchase Agreements (Cost $612,156)				612,156

Total Investments – 99.5% (Cost $162,056,901)				161,864,918

Assets in excess of other liabilities – 0.5%				892,245

Total Net Assets – 100.0%			$	162,757,163

⁽¹⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2024, the aggregate market value of these securities amounted to $52,553,385, representing 32.3% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2024.

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

⁽⁴⁾	Represents an unsettled loan commitment. The coupon rate will be determined at time of settlement.

⁽⁵⁾	Interest rate shown reflects the discount rate at time of purchase.

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

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

4.50%

3/31/2026

620,900

624,489


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

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

Open futures contracts at June 30, 2024:


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S. 2-Year Treasury Note		September 2024		316		Long	$	64,375,397		$	64,533,125		$	157,728
Total							$	64,375,397		$	64,533,125		$	157,728

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Depreciation
U.S. 5-Year Treasury Note		September 2024		42		Short	$	(4,384,917	)	$	(4,476,281	)	$	(91,364	)
U.S. Ultra 10-Year Treasury Note		September 2024		7		Short		(790,242	)		(794,719	)		(4,477	)
Total							$	(5,175,159	)	$	(5,271,000	)	$	(95,841	)

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STACR — Structured Agency Credit Risk

USD — United States Dollar


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Asset–Backed Securities	$	—		$	40,740,106	$	—	$	40,740,106
Corporate Bonds & Notes		—			49,383,757		—		49,383,757
Non–Agency Mortgage–Backed Securities		—			14,532,467		—		14,532,467
Senior Secured Loans		—			6,115,823		—		6,115,823
U.S. Government Agencies		—			3,847,640		—		3,847,640
U.S. Government Securities		—			21,543,672		—		21,543,672
Commercial Paper		—			1,800,000		—		1,800,000
U.S. Treasury Bills		—			23,289,297		—		23,289,297
Repurchase Agreements		—			612,156		—		612,156
Total	$	—		$	161,864,918	$	—	$	161,864,918
Other Financial Instruments
Futures Contracts
Assets	$	157,728		$	—	$	—	$	157,728
Liabilities		(95,841	)		—		—		(95,841	)
Total	$	61,887		$	—	$	—	$	61,887


The accompanying notes are an integral part of these financial statements.				7

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)

Assets

Investments, at value	$	161,864,918

Interest receivable		1,216,988

Receivable for investments sold		1,017,398

Cash deposits with brokers for futures contracts		327,775

Receivable for variation margin on futures contracts		136,725

Reimbursement receivable from adviser		17,639

Prepaid expenses		2,039


Total Assets		164,583,482


Liabilities

Payable for investments purchased		1,568,750

Payable for fund shares redeemed		154,492

Investment advisory fees payable		60,691

Accrued audit fees		20,836

Accrued trustees’ and officers’ fees		1,377

Accrued expenses and other liabilities		20,173


Total Liabilities		1,826,319


Total Net Assets	$	162,757,163


Net Assets Consist of:

Paid-in capital	$	157,784,171

Distributable earnings		4,972,992


Total Net Assets	$	162,757,163

Investments, at Cost	$	162,056,901


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		15,737,359

Net Asset Value Per Share		$10.34


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Interest	$	4,582,588


Total Investment Income		4,582,588


Expenses

Investment advisory fees		379,139

Professional fees		38,741

Custodian and accounting fees		24,965

Trustees’ and officers’ fees		24,774

Administrative fees		24,324

Transfer agent fees		8,701

Shareholder reports		4,654

Other expenses		5,398


Total Expenses		510,696

Less: Fees waived		(94,953	)


Total Expenses, Net		415,743


Net Investment Income/(Loss)		4,166,845


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts

Net realized gain/(loss) from investments		(903,969	)

Net realized gain/(loss) from futures contracts		(348,304	)

Net realized gain/(loss) from swap contracts		(95,683	)

Net change in unrealized appreciation/(depreciation) on investments		6,780

Net change in unrealized appreciation/(depreciation) on futures contracts		(129,623	)

Net change in unrealized appreciation/(depreciation) on swap contracts		57,733


Net Loss on Investments and Derivative Contracts		(1,413,066	)


Net Increase in Net Assets Resulting From Operations	$	2,753,779


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

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	4,166,845		$	7,541,916

Net realized gain/(loss) from investments and derivative contracts		(1,347,956	)		(7,586,580	)

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(65,110	)		7,268,825


Net Increase in Net Assets Resulting from Operations		2,753,779			7,224,161


Capital Share Transactions

Proceeds from sales of shares		15,594,599			23,933,439

Cost of shares redeemed		(25,642,769	)		(47,703,727	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(10,048,170	)		(23,770,288	)


Net Decrease in Net Assets		(7,294,391	)		(16,546,127	)


Net Assets

Beginning of period		170,051,554			186,597,681


End of period	$	162,757,163		$	170,051,554


Other Information:

Shares

Sold		1,525,989			2,431,881

Redeemed		(2,505,791	)		(4,811,534	)


Net Decrease		(979,802	)		(2,379,653	)


The accompanying notes are an integral part of these financial statements.				9

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Loss			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	10.17	$	0.25	$	(0.08)		$	0.17		$	10.34		1.67%	⁽⁴⁾

Year Ended 12/31/23		9.77		0.40		(0.00)	⁽⁵⁾		0.40			10.17		4.09%

Period Ended 12/31/22⁽⁶⁾		10.00		0.20		(0.43)			(0.23	)		9.77		(2.30)%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	162,757		0.49%	⁽⁴⁾		0.61%	⁽⁴⁾		4.95%	⁽⁴⁾		4.83%	⁽⁴⁾		106%	⁽⁴⁾

	170,052		0.50%			0.59%			4.07%			3.98%			274%

	186,598		0.49%	⁽⁴⁾		0.58%	⁽⁴⁾		3.00%	⁽⁴⁾		2.91%	⁽⁴⁾		61%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2022, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾	Rounds to $(0.00) per share.

⁽⁶⁾	Commenced operations on May 2, 2022.


The accompanying notes are an integral part of these financial statements.				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks to provide a high level of current income consistent with preservation of capital.

2. Significant Accounting Policies

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


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

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 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value 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.


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

d. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indicesThe 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.

by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

security at a price different from its current market value. There were no options transactions as of June 30, 2024.

3. Transactions with Affiliates

Park Avenue has contractually agreed through April 30, 2025 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 0.48% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2024, the expense limitation was 0.50%. 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $94,953.

4. Federal Income Taxes

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	40,131,062	$	108,127,719
Sales		23,678,214		129,740,887

c. Repurchase Agreements The Fund may invest in repurchase agreements to maintain liquidity and earn


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

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.

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.


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

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 subject the Fund to the risk that the value of the collateral for the loan may be insufficient to cover the borrower’s obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants (if any) more difficult for the Fund as legal action may have to go through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

for the six months ended June 30, 2024 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange traded futures, the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

As of June 30, 2024, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts

Asset Derivatives
Futures Contracts¹	$	157,728

Liability Derivatives
Futures Contracts¹	$	(95,841	)

¹	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 six months ended June 30, 2024 were as follows:



	Interest Rate Contracts			Credit Default Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(348,304	)	$	—

Swap Contracts²		—			(95,683	)


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts³	$	(129,623	)	$	—

Swap Contracts⁴		—			57,733


Average Number of Notional Amounts
Futures Contracts⁵		410			—

Swap Contracts – Buy/Sell Protection	$	—		$	3,642,857

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

²	Statement of Operations location: Net realized gain/(loss) from swap contracts.

³	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

⁴	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on swap contracts.

⁵	Amount represents number of contracts.

the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


18

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				19

Nature, Extent and Quality of Services


20

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				21

light of the nature, extent and quality of services rendered to the Funds by the Manager and the Sub-Advisers.

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile for the 1-year and 5-year periods and in the 5^th quintile of its performance universe for the


22

3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

Fund’s performance was below the benchmark index for the 3-year period.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


				23

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s


24

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				25

LOGO

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

PUB11741

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Small Cap Core VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Small Cap Core VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Common Stocks – 98.5%

Automobile Components – 0.9%

Visteon Corp.⁽¹⁾		17,340	$	1,850,178


				1,850,178
Banks – 8.1%

Bank OZK		70,893		2,906,613

Home Bancshares, Inc.		131,400		3,148,344

Independent Bank Corp.		46,600		2,363,552

Texas Capital Bancshares, Inc.⁽¹⁾		38,200		2,335,548

WaFd, Inc.		89,905		2,569,485
Wintrust Financial Corp.		37,706		3,716,303


				17,039,845
Biotechnology – 1.3%

Rhythm Pharmaceuticals, Inc.⁽¹⁾		14,800		607,688

Scholar Rock Holding Corp.⁽¹⁾		115,700		963,781

Ultragenyx Pharmaceutical, Inc.⁽¹⁾		26,822		1,102,384


				2,673,853
Building Products – 2.6%

Janus International Group, Inc.⁽¹⁾		186,300		2,352,969

Tecnoglass, Inc.		60,400		3,030,872


				5,383,841
Chemicals – 2.2%

Avient Corp.		46,528		2,030,947

Olin Corp.		55,623		2,622,625


				4,653,572
Communications Equipment – 0.9%

Extreme Networks, Inc.⁽¹⁾		143,400		1,928,730


				1,928,730
Construction & Engineering – 1.7%

Centuri Holdings, Inc.⁽¹⁾		48,326		941,391

Primoris Services Corp.		51,472		2,567,938


				3,509,329
Construction Materials – 1.3%

Eagle Materials, Inc.		12,200		2,653,012


				2,653,012
Consumer Finance – 3.8%

Encore Capital Group, Inc.⁽¹⁾		59,166		2,468,997

OneMain Holdings, Inc.		65,200		3,161,548

PROG Holdings, Inc.		64,851		2,249,033


				7,879,578
Diversified Consumer Services – 1.2%

Stride, Inc.⁽¹⁾		36,976		2,606,808


				2,606,808
Diversified REITs – 0.7%

Alexander & Baldwin, Inc.		86,200		1,461,952


				1,461,952
Diversified Telecommunication Services – 0.9%

Anterix, Inc.⁽¹⁾		46,439		1,838,520


				1,838,520


June 30, 2024 (unaudited)	Shares		Value
Electric Utilities – 1.4%

Portland General Electric Co.		70,104	$	3,031,297


				3,031,297

Electrical Equipment – 1.2%

EnerSys		24,935		2,581,271


				2,581,271
Electronic Equipment, Instruments & Components – 3.2%

Advanced Energy Industries, Inc.		16,092		1,750,166

Crane NXT Co.		32,700		2,008,434

Itron, Inc.⁽¹⁾		18,842		1,864,604

nLight, Inc.⁽¹⁾		94,922		1,037,498


				6,660,702
Energy Equipment & Services – 3.3%

Atlas Energy Solutions, Inc.		103,300		2,058,769

Helmerich & Payne, Inc.		52,894		1,911,589

Valaris Ltd.⁽¹⁾		38,500		2,868,250


				6,838,608
Entertainment – 1.1%

PLAYSTUDIOS, Inc.⁽¹⁾⁽²⁾		325,000		672,750

PLAYSTUDIOS, Inc.⁽¹⁾		1,895		3,923

Vivid Seats, Inc., Class A⁽¹⁾		300,300		1,726,725


				2,403,398
Financial Services – 2.7%

Essent Group Ltd.		40,400		2,270,076

Euronet Worldwide, Inc.⁽¹⁾		32,000		3,312,000


				5,582,076
Food Products – 0.9%

Utz Brands, Inc.		107,904		1,795,523


				1,795,523
Gas Utilities – 1.1%

ONE Gas, Inc.		36,000		2,298,600


				2,298,600
Ground Transportation – 0.9%

Marten Transport Ltd.		100,689		1,857,712


				1,857,712
Health Care Equipment & Supplies – 1.3%

Lantheus Holdings, Inc.⁽¹⁾		33,744		2,709,306


				2,709,306
Health Care Providers & Services – 4.7%

Acadia Healthcare Co., Inc.⁽¹⁾		43,105		2,911,312

AMN Healthcare Services, Inc.⁽¹⁾		26,300		1,347,349

HealthEquity, Inc.⁽¹⁾		37,282		3,213,708

R1 RCM, Inc.⁽¹⁾		190,447		2,392,014


				9,864,383
Hotel & Resort REITs – 0.9%

RLJ Lodging Trust		190,783		1,837,240


				1,837,240
Hotels, Restaurants & Leisure – 2.5%

Bloomin’ Brands, Inc.		84,900		1,632,627

Everi Holdings, Inc.⁽¹⁾		429,355		3,606,582


				5,239,209


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND


June 30, 2024 (unaudited)	Shares		Value
Household Durables – 1.7%

Century Communities, Inc.		44,238	$	3,612,475


				3,612,475

Industrial REITs – 0.9%

LXP Industrial Trust		195,178		1,780,023


				1,780,023
Insurance – 1.4%

Abacus Life, Inc.⁽¹⁾		79,500		687,675

Assured Guaranty Ltd.		29,205		2,253,166


				2,940,841
IT Services – 0.9%

BigCommerce Holdings, Inc., Series 1⁽¹⁾		240,300		1,936,818


				1,936,818
Life Sciences Tools & Services – 0.6%

Maravai LifeSciences Holdings, Inc., Class A⁽¹⁾		175,800		1,258,728


				1,258,728
Machinery – 3.4%

Hillman Solutions Corp.⁽¹⁾		302,675		2,678,674

Terex Corp.		52,800		2,895,552

Wabash National Corp.		75,000		1,638,000


				7,212,226
Media – 1.8%

Criteo SA, ADR⁽¹⁾		45,200		1,704,944

Gambling.com Group Ltd.⁽¹⁾		137,200		1,127,784

Gray Television, Inc.		192,816		1,002,643


				3,835,371
Metals & Mining – 3.6%

Commercial Metals Co.		31,966		1,757,810

Constellium SE⁽¹⁾		126,544		2,385,354

MP Materials Corp.⁽¹⁾		131,376		1,672,417

Warrior Met Coal, Inc.		28,600		1,795,222


				7,610,803
Mortgage REITs – 0.8%

Redwood Trust, Inc.		266,058		1,726,716


				1,726,716
Office REITs – 1.4%

COPT Defense Properties		120,534		3,016,966


				3,016,966
Oil, Gas & Consumable Fuels – 5.2%

CNX Resources Corp.⁽¹⁾		94,314		2,291,830

HF Sinclair Corp.		53,648		2,861,585

Magnolia Oil & Gas Corp., Class A		83,445		2,114,496

Matador Resources Co.		59,900		3,570,040


				10,837,951


June 30, 2024 (unaudited)	Shares		Value
Passenger Airlines – 2.1%

Allegiant Travel Co.		30,400	$	1,526,992

SkyWest, Inc.⁽¹⁾		35,900		2,946,313


				4,473,305
Pharmaceuticals – 4.9%

Axsome Therapeutics, Inc.⁽¹⁾		17,800		1,432,900

Corcept Therapeutics, Inc.⁽¹⁾		87,600		2,846,124

Intra-Cellular Therapies, Inc.⁽¹⁾		36,071		2,470,503

Prestige Consumer Healthcare, Inc.⁽¹⁾		36,500		2,513,025

Verona Pharma PLC, ADR⁽¹⁾		68,900		996,294


				10,258,846

Professional Services – 2.7%

ICF International, Inc.		20,694		3,072,231

Korn Ferry		39,761		2,669,554


				5,741,785
Retail REITs – 1.2%

Kite Realty Group Trust		115,048		2,574,774


				2,574,774
Semiconductors & Semiconductor Equipment – 2.8%

indie Semiconductor, Inc., Class A⁽¹⁾		233,400		1,440,078

Photronics, Inc.⁽¹⁾		81,100		2,000,737

SMART Global Holdings, Inc.⁽¹⁾		104,075		2,380,195


				5,821,010
Software – 2.5%

CommVault Systems, Inc.⁽¹⁾		16,125		1,960,316

Q2 Holdings, Inc.⁽¹⁾		37,400		2,256,342

Rapid7, Inc.⁽¹⁾		24,934		1,077,897


				5,294,555
Specialized REITs – 1.0%

PotlatchDeltic Corp.		52,400		2,064,036


				2,064,036
Specialty Retail – 4.6%

Academy Sports & Outdoors, Inc.		30,600		1,629,450

Group 1 Automotive, Inc.		9,629		2,862,509

Murphy USA, Inc.		10,879		5,107,255


				9,599,214
Textiles, Apparel & Luxury Goods – 1.0%

Oxford Industries, Inc.		21,800		2,183,270


				2,183,270
Trading Companies & Distributors – 3.2%

Custom Truck One Source, Inc.⁽¹⁾		279,817		1,217,204

GATX Corp.		21,901		2,898,816

Rush Enterprises, Inc., Class A		64,340		2,693,916


				6,809,936

Total Common Stocks (Cost $170,579,825)				206,768,192


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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.3%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $732,059, due 7/1/2024⁽³⁾	$	731,962	$	731,962

Total Repurchase Agreements (Cost $731,962)				731,962

Total Investments — 98.8% (Cost $171,311,787)				207,500,154

Assets in excess of other liabilities — 1.2%				2,498,257

Total Net Assets — 100.0%			$	209,998,411

⁽¹⁾	Non–income–producing security.

⁽²⁾

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 June 30, 2024, the aggregate market value of the security amounted to $672,750, representing 0.3% of net assets.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.50%		3/31/2026	$	742,400	$	746,675

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	206,768,192	$	—	$	—	$	206,768,192
Repurchase Agreements		—		731,962		—		731,962
Total	$	206,768,192	$	731,962	$	—	$	207,500,154


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	207,500,154

Receivable for investments sold		3,057,644

Dividends/interest receivable		190,048

Reimbursement receivable from adviser		4,181

Prepaid expenses		2,896


Total Assets		210,754,923


Liabilities

Payable for investments purchased		287,007

Payable for fund shares redeemed		247,005

Investment advisory fees payable		119,970

Distribution fees payable		43,467

Accrued audit fees		14,298

Accrued custodian and accounting fees		5,688

Accrued trustees’ and officers’ fees		3,659

Accrued expenses and other liabilities		35,418


Total Liabilities		756,512


Total Net Assets	$	209,998,411


Net Assets Consist of:

Paid-in capital	$	130,566,367

Distributable earnings		79,432,044


Total Net Assets	$	209,998,411

Investments, at Cost	$	171,311,787


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		17,296,450

Net Asset Value Per Share		$12.14


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Dividends	$	1,603,337

Interest		19,886


Total Investment Income		1,623,223


Expenses

Investment advisory fees		784,805

Distribution fees		284,350

Professional fees		42,861

Trustees’ and officers’ fees		36,182

Administrative fees		25,957

Custodian and accounting fees		17,841

Transfer agent fees		7,790

Shareholder reports		3,751

Other expenses		7,012


Total Expenses		1,210,549

Less: Fees waived		(16,280	)


Total Expenses, Net		1,194,269


Net Investment Income/(Loss)		428,954


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments

Net realized gain/(loss) from investments		1,184,930

Net change in unrealized appreciation/(depreciation) on investments		(6,877,002	)


Net Loss on Investments		(5,692,072	)


Net Decrease in Net Assets Resulting From Operations	$	(5,263,118	)


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

FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	428,954		$	1,032,407

Net realized gain/(loss) from investments		1,184,930			(5,831,067	)

Net change in unrealized appreciation/(depreciation) on investments		(6,877,002	)		46,725,968


Net Increase/(Decrease) in Net Assets Resulting from Operations		(5,263,118	)		41,927,308


Capital Share Transactions

Proceeds from sales of shares		5,462,081			38,742,693

Cost of shares redeemed		(39,227,806	)		(78,168,165	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(33,765,725	)		(39,425,472	)


Net Increase/(Decrease) in Net Assets		(39,028,843	)		2,501,836


Net Assets

Beginning of period		249,027,254			246,525,418


End of period	$	209,998,411		$	249,027,254


Other Information:

Shares

Sold		448,695			3,540,433

Redeemed		(3,206,065	)		(6,690,181	)


Net Decrease		(2,757,370	)		(3,149,748	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾			Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	12.42	$	0.02		$	(0.30)	$	(0.28)	$	12.14		(2.25)%	⁽⁴⁾

Year Ended 12/31/23		10.62		0.05			1.75		1.80		12.42		16.95%

Year Ended 12/31/22		13.42		0.03			(2.83)		(2.80)		10.62		(20.86)%

Year Ended 12/31/21		11.40		0.00	⁽⁵⁾		2.02		2.02		13.42		17.72%

Year Ended 12/31/20		11.13		0.05			0.22		0.27		11.40		2.43%

Period Ended 12/31/19⁽⁶⁾		10.00		0.01			1.12		1.13		11.13		11.30%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	209,998		1.05%	⁽⁴⁾		1.06%	⁽⁴⁾		0.38%	⁽⁴⁾		0.37%	⁽⁴⁾		11%	⁽⁴⁾

	249,027		1.05%			1.05%			0.42%			0.42%			48%

	246,525		1.04%			1.04%			0.23%			0.23%			48%

	284,144		1.04%			1.04%			0.01%			0.01%			45%

	337,527		1.05%			1.05%			0.53%			0.53%			69%

	310,451		1.01%	⁽⁴⁾		1.09%	⁽⁴⁾		0.57%	⁽⁴⁾		0.49%	⁽⁴⁾		98%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	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.

⁽⁵⁾	Rounds to $0.00 per share.

⁽⁶⁾	Commenced operations on October 21, 2019.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks capital appreciation.

2. Significant Accounting Policies

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.


8

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

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.

b. Securities Transactions Securities transactions are accounted for on the date securities are purchased or


				9

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.

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.

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, 2025 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $16,280.

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


10

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.

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $23,947,126 and $59,160,813, respectively, for the six months ended June 30, 2024. During the six months ended June 30, 2024, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

Investments. As of June 30, 2024, the Fund held one restricted security, 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. As of June 30, 2024, the Fund did not hold any PIPEs.

g. Special Purpose Acquisition Companies A Fund may invest in stock, warrants, rights and other securities of special purpose acquisition companies (“SPACs”) or similar special purpose entities in a private placement transaction or as part of a public offering. A SPAC, sometimes referred to as “blank check company,” is a private or publicly traded company that raises investment capital for the purpose of acquiring or merging with an existing company. The shares of a SPAC are typically issued in “units” that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares of common stock. At a specified time, the rights and warrants may be separated from the common stock at the election of the holder, after which time each security typically is freely tradeable. Private companies can combine with a SPAC to go public by taking the SPAC’s place on an exchange as an alternative to making an initial public offering. Additionally, a Fund may purchase units or shares of SPACs that have completed an IPO on a secondary market, during a SPAC’s IPO or

through a PIPE offering. PIPE transactions involve the purchase of securities typically at a discount to the market price of the company’s common stock and may be subject to transfer restrictions, which typically would make them less liquid than equity issued through a public offering. Investments in SPACs also have risks peculiar to the SPAC structure and investment process. Until an acquisition or merger is completed, a SPAC generally invests its assets, less a portion retained to cover expenses, in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. To the extent a SPAC is invested in cash or similar securities, this may impact a Fund’s ability to meet its investment objective. SPAC shareholders may not approve any proposed acquisition or merger, or an acquisition or merger, once effected, may prove unsuccessful. If an acquisition or merger is not completed within a pre-established period (typically, two years), the remainder of funds invested in the SPAC are returned to its shareholders. While a SPAC investor may receive both stock in the SPAC, as well as warrants or other rights at no marginal cost, those warrants or other rights may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price. A Fund may also be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC. Moreover, interests in SPACs may be illiquid and/or be subject to restrictions on resale, which may remain for an extended time, and may only be traded in the over-the-counter market. As of June 30, 2024, the Fund did not hold any SPACs.

h. Market Risk An investment in the Fund is based on the values of the Fund’s investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

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 3, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2024.

7. Indemnifications


				13

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


14

Nature, Extent and Quality of Services


				15

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


16

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile for the 1-year and 5-year periods and in the 5^th quintile of its performance universe for the


				17

3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, that


18

the actual management fee was in the 1^st quintile and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

for the 3-year period and in line with the benchmark index for the 1-year period.

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


				19

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


20

LOGO

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

PUB10526

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian Total Return Bond VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Total Return Bond VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			10

Statement of Operations			10

Statements of Changes in Net Assets			11

Financial Highlights			12

Notes to Financial Statements			14

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			21

Item 9. Proxy Disclosures for Open-End Management Investment Companies			21

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			21

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			21

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Agency Mortgage–Backed Securities – 16.7%

Federal Home Loan Mortgage Corp.
3.00% due 3/1/2052	$	1,961,320	$	1,670,413
3.50% due 6/1/2052		3,564,833		3,155,625
4.00% due 10/1/2037		377,321		362,684
4.00% due 6/1/2052		660,758		604,618
4.50% due 9/1/2052		454,067		428,278
5.00% due 12/1/2052		1,178,251		1,139,983
5.50% due 9/1/2053		2,404,242		2,374,649
6.00% due 10/1/2053		2,431,455		2,437,262

Federal National Mortgage Association
2.50% due 1/1/2052		3,709,719		3,028,414
2.50% due 5/1/2052		2,527,435		2,067,318
3.00% due 7/1/2051		2,129,120		1,810,279
3.00% due 3/1/2052		3,225,437		2,744,053
3.00% due 5/1/2052		4,463,413		3,799,663
3.50% due 6/1/2052		4,100,653		3,629,938
3.50% due 10/1/2052		2,223,440		1,967,694
3.50% due 11/1/2052		2,136,533		1,890,453
4.00% due 10/1/2052		2,731,677		2,499,587
4.00% due 12/1/2052		1,206,686		1,104,163
4.50% due 10/1/2053		2,737,678		2,579,954
5.00% due 2/1/2053		395,312		382,228
6.00% due 9/1/2053		379,197		380,140


Total Agency Mortgage–Backed Securities (Cost $41,298,020)				40,057,396
Asset–Backed Securities – 21.6%

Allegro CLO VI Ltd. Series 2017-2A, Class B 7.079% (3 mo. USD Term SOFR + 1.76%) due 1/17/2031⁽¹⁾⁽²⁾		1,000,000		998,700

Anchorage Capital CLO 17 Ltd. Series 2021-17A, Class A1 6.76% (3 mo. USD Term SOFR + 1.43%) due 7/15/2034⁽¹⁾⁽²⁾		1,700,000		1,698,810

Anchorage Capital CLO 7 Ltd. Series 2015-7A, Class BR3 7.381% (3 mo. USD Term SOFR + 2.05%) due 4/28/2037⁽¹⁾⁽²⁾		462,000		462,383

Ares XXXIIR CLO Ltd. Series 2014-32RA, Class B 7.384% (3 mo. USD Term SOFR + 2.06%) due 5/15/2030⁽¹⁾⁽²⁾		1,200,000		1,199,280

Ares XXXIV CLO Ltd. Series 2015-2A, Class BR2 7.179% (3 mo. USD Term SOFR + 1.86%) due 4/17/2033⁽¹⁾⁽²⁾		450,000		450,225

Barings CLO Ltd. Series 2020-1A, Class AR 6.74% (3 mo. USD Term SOFR + 1.41%) due 10/15/2036⁽¹⁾⁽²⁾		1,550,000		1,551,177


June 30, 2024 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)

Battalion CLO XX Ltd. Series 2021-20A, Class D 8.69% (3 mo. USD Term SOFR + 3.36%) due 7/15/2034⁽¹⁾⁽²⁾	$	2,000,000	$	1,921,032

BlueMountain CLO Ltd. Series 2014-2A, Class BR2 7.336% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030⁽¹⁾⁽²⁾		800,000		799,280

Carlyle U.S. CLO Ltd. Series 2017-3A, Class BR 7.586% (3 mo. USD Term SOFR + 2.26%) due 7/20/2029⁽¹⁾⁽²⁾		3,000,000		2,993,700

CarMax Auto Owner Trust Series 2020-4, Class B 0.85% due 6/15/2026		1,400,000		1,367,139

Cathedral Lake VI Ltd. Series 2021-6A, Class AN 6.835% (3 mo. USD Term SOFR + 1.51%) due 4/25/2034⁽¹⁾⁽²⁾		1,200,000		1,201,856

CIFC Funding Ltd. Series 2013-4A, Class BRR 7.187% (3 mo. USD Term SOFR + 1.86%) due 4/27/2031⁽¹⁾⁽²⁾		800,000		799,280

DB Master Finance LLC Series 2021-1A, Class A2II 2.493% due 11/20/2051⁽¹⁾		1,023,750		899,867

Elmwood CLO IX Ltd. Series 2021-2A, Class C 7.486% (3 mo. USD Term SOFR + 2.16%) due 7/20/2034⁽¹⁾⁽²⁾		3,000,000		2,991,000

Ford Credit Floorplan Master Owner Trust Series 2020-2, Class A 1.06% due 9/15/2027		1,500,000		1,422,574

ICG U.S. CLO Ltd. Series 2018-2A, Class B 7.336% (3 mo. USD Term SOFR + 2.01%) due 7/22/2031⁽¹⁾⁽²⁾		1,300,000		1,303,046
Series 2022-1A, Class A1 6.865% (3 mo. USD Term SOFR + 1.54%) due 7/20/2035⁽¹⁾⁽²⁾		1,500,000		1,499,400

KKR CLO 38 Ltd. Series 38A, Class A1 6.649% (3 mo. USD Term SOFR + 1.32%) due 4/15/2033⁽¹⁾⁽²⁾		1,725,000		1,724,600

Madison Park Funding XXIII Ltd. Series 2017-23A, Class BR 7.137% (3 mo. USD Term SOFR + 1.81%) due 7/27/2031⁽¹⁾⁽²⁾		1,300,000		1,299,220


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)

Midocean Credit CLO VIII Series 2018-8A, Class A2 6.887% (3 mo. USD Term SOFR + 1.56%) due 2/20/2031⁽¹⁾⁽²⁾	$	900,000	$	900,360

Neuberger Berman CLO XVI-S Ltd. Series 2017-16SA, Class BR 6.99% (3 mo. USD Term SOFR + 1.66%) due 4/15/2034⁽¹⁾⁽²⁾		1,000,000		997,300

Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class BR3 7.033% (3 mo. USD Term SOFR + 1.70%) due 7/22/2038⁽¹⁾⁽²⁾		1,100,000		1,100,000

Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class A 6.649% (3 mo. USD Term SOFR + 1.32%) due 4/16/2033⁽¹⁾⁽²⁾		1,500,000		1,502,250

NextGear Floorplan Master Owner Trust Series 2024-1A, Class A2 5.12% due 3/15/2029⁽¹⁾		1,500,000		1,495,128

Octagon Investment Partners 50 Ltd. Series 2020-4A, Class DR 8.74% (3 mo. USD Term SOFR + 3.41%) due 1/15/2035⁽¹⁾⁽²⁾		1,100,000		1,074,700

Octagon Loan Funding Ltd. Series 2014-1A, Class CRR 7.787% (3 mo. USD Term SOFR + 2.46%) due 11/18/2031⁽¹⁾⁽²⁾		3,200,000		3,193,280

OHA Credit Funding 3 Ltd. Series 2019-3A, Class CR 7.536% (3 mo. USD Term SOFR + 2.21%) due 7/2/2035⁽¹⁾⁽²⁾		3,000,000		2,992,500

Oscar U.S. Funding XV LLC Series 2023-1A, Class A3 5.81% due 12/10/2027⁽¹⁾		800,000		802,822

Riserva CLO Ltd. Series 2016-3A, Class CRR 7.389% (3 mo. USD Term SOFR + 2.06%) due 1/18/2034⁽¹⁾⁽²⁾		3,000,000		2,997,900

RRX 6 Ltd. Series 2021-6A, Class A1 6.78% (3 mo. USD Term SOFR + 1.45%) due 1/15/2037⁽¹⁾⁽²⁾		1,150,000		1,149,425

Synchrony Card Funding LLC Series 2022-A1, Class A 3.37% due 4/15/2028		1,190,000		1,169,169


June 30, 2024 (unaudited)	Principal Amount		Value
Asset–Backed Securities (continued)

TCW CLO Ltd. Series 2021-1A, Class A 6.756% (3 mo. USD Term SOFR + 1.43%) due 3/18/2034⁽¹⁾⁽²⁾	$	1,650,000	$	1,650,495

TIAA CLO IV Ltd. Series 2018-1A, Class A2 7.286% (3 mo. USD Term SOFR + 1.96%) due 1/20/2032⁽¹⁾⁽²⁾		1,720,000		1,718,452
Series 2018-1A, Class A2R 7.075% (3 mo. USD Term SOFR + 1.75%) due 1/20/2032⁽¹⁾⁽²⁾		1,720,000		1,720,000

Trinitas CLO XVI Ltd. Series 2021-16A, Class A1 6.766% (3 mo. USD Term SOFR + 1.44%) due 7/20/2034⁽¹⁾⁽²⁾		800,000		799,440

World Omni Auto Receivables Trust Series 2022-C, Class A2 3.73% due 3/16/2026		198,920		198,558


Total Asset–Backed Securities (Cost $52,157,968)				52,044,348
Corporate Bonds & Notes – 29.5%

Advertising – 0.2%

Neptune Bidco U.S., Inc. 9.29% due 4/15/2029⁽¹⁾		450,000		430,848


				430,848
Aerospace & Defense – 0.5%

L3Harris Technologies, Inc. 5.35% due 6/1/2034		300,000		297,804

RTX Corp. 5.75% due 1/15/2029		500,000		513,160
6.10% due 3/15/2034		400,000		421,200


				1,232,164
Agriculture – 0.1%

Philip Morris International, Inc. 5.125% due 2/13/2031		300,000		296,160


				296,160
Apparel – 0.2%

Tapestry, Inc. 7.35% due 11/27/2028		500,000		518,775


				518,775
Auto Manufacturers – 0.5%

Hyundai Capital America 5.30% due 6/24/2029⁽¹⁾		1,200,000		1,194,444


				1,194,444
Auto Parts & Equipment – 0.4%

Adient Global Holdings Ltd. 8.25% due 4/15/2031⁽¹⁾		450,000		468,788

American Axle & Manufacturing, Inc. 5.00% due 10/1/2029		450,000		412,092


				880,880


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Beverages – 0.8%

Anheuser-Busch InBev Worldwide, Inc. 4.95% due 1/15/2042	$	400,000	$	374,996

PepsiCo, Inc. 3.90% due 7/18/2032		1,600,000		1,493,728


				1,868,724
Biotechnology – 0.1%

Gilead Sciences, Inc.
5.25% due 10/15/2033		200,000		201,330
5.55% due 10/15/2053		100,000		99,820


				301,150
Building Materials – 0.4%

Carrier Global Corp. 3.377% due 4/5/2040		300,000		232,317

CRH America Finance, Inc. 5.40% due 5/21/2034		700,000		693,105


				925,422
Chemicals – 0.2%

Nutrien Ltd. 5.40% due 6/21/2034		400,000		394,292


				394,292
Commercial Banks – 6.7%

AIB Group PLC 5.871% (5.871% fixed rate until 3/28/2034; 1 day USD SOFR + 1.91% thereafter) due 3/28/2035⁽¹⁾⁽²⁾		500,000		496,855

Bank of America Corp. 1.898% (1.898% fixed rate until 7/23/2030; 1 day USD SOFR + 1.53% thereafter) due 7/23/2031⁽²⁾		600,000		493,884
4.271% (4.271% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.57% thereafter) due 7/23/2029⁽²⁾		2,000,000		1,926,640

BNP Paribas SA 5.497% (5.497% fixed rate until 5/20/2029; 1 day USD SOFR + 1.59% thereafter) due 5/20/2030⁽¹⁾⁽²⁾		600,000		597,696

Citibank NA 5.57% due 4/30/2034		500,000		508,285

Comerica, Inc. 5.982% (5.982% fixed rate until 1/30/2029; 1 day USD SOFR + 2.16% thereafter) due 1/30/2030⁽²⁾		800,000		788,408

Deutsche Bank AG 2.311% (2.311% fixed rate until 11/16/2026; 1 day USD SOFR + 1.22% thereafter) due 11/16/2027⁽²⁾		2,200,000		2,030,072


June 30, 2024 (unaudited)	Principal Amount		Value
Commercial Banks (continued)

JPMorgan Chase & Co. 4.493% (4.493% fixed rate until 3/24/2030; 3 mo. USD Term SOFR + 3.79% thereafter) due 3/24/2031⁽²⁾	$	1,100,000	$	1,060,598
5.04% (5.04% fixed rate until 1/23/2027; 1 day USD SOFR + 1.19% thereafter) due 1/23/2028⁽²⁾		400,000		397,948
5.581% (5.581% fixed rate until 4/22/2029; 1 day USD SOFR + 1.16% thereafter) due 4/22/2030⁽²⁾		600,000		609,504

Lloyds Banking Group PLC 3.574% (3.574% fixed rate until 11/7/2027; 3 mo. USD Term SOFR + 1.47% thereafter) due 11/7/2028⁽²⁾		900,000		846,639

Mitsubishi UFJ Financial Group, Inc. 5.258% (5.258% fixed rate until 4/17/2029; 1 yr. CMT rate + 0.82% thereafter) due 4/17/2030⁽²⁾		1,000,000		997,600

Morgan Stanley 2.239% (2.239% fixed rate until 7/21/2031; 1 day USD SOFR + 1.18% thereafter) due 7/21/2032⁽²⁾		400,000		327,224
5.123% (5.123% fixed rate until 2/1/2028; 1 day USD SOFR + 1.73% thereafter) due 2/1/2029⁽²⁾		300,000		298,821
5.173% (5.173% fixed rate until 1/16/2029; 1 day USD SOFR + 1.45% thereafter) due 1/16/2030⁽²⁾		1,300,000		1,296,087

NatWest Group PLC 5.808% (5.808% fixed rate until 9/13/2028; 1 yr. CMT rate + 1.95% thereafter) due 9/13/2029⁽²⁾		1,400,000		1,417,836

Truist Bank 2.636% (2.636% fixed rate until 9/17/2024; 5 yr. CMT rate + 1.15% thereafter) due 9/17/2029⁽²⁾		450,000		440,788

Wells Fargo & Co. 2.879% (2.879% fixed rate until 10/30/2029; 3 mo. USD Term SOFR + 1.43% thereafter) due 10/30/2030⁽²⁾		1,700,000		1,507,203


				16,042,088


The accompanying notes are an integral part of these financial statements.				3

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Commercial Services – 0.2%

Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% due 3/1/2029⁽¹⁾	$	450,000	$	412,092


				412,092
Computers – 0.4%

Apple, Inc. 3.25% due 8/8/2029		1,000,000		936,260


				936,260
Cosmetics & Personal Care – 0.6%

Estee Lauder Cos., Inc. 4.65% due 5/15/2033		300,000		289,671

Haleon U.S. Capital LLC 3.625% due 3/24/2032		500,000		447,635

Kenvue, Inc. 4.90% due 3/22/2033		600,000		593,250


				1,330,556
Diversified Financial Services – 0.4%

Charles Schwab Corp. 6.136% (6.136% fixed rate until 8/24/2033; 1 day USD SOFR + 2.01% thereafter) due 8/24/2034⁽²⁾		500,000		520,730

Jefferies Financial Group, Inc. 6.20% due 4/14/2034		500,000		506,710


				1,027,440
Electric – 2.1%

Alabama Power Co. 3.94% due 9/1/2032		550,000		505,373

Constellation Energy Generation LLC 5.75% due 3/15/2054		300,000		290,817

DTE Energy Co. 5.85% due 6/1/2034		1,200,000		1,217,472

Public Service Co. of Colorado 5.75% due 5/15/2054		300,000		296,550

Public Service Electric & Gas Co. 5.45% due 8/1/2053		100,000		98,519

Public Service Enterprise Group, Inc. 5.45% due 4/1/2034		900,000		892,620

Vistra Operations Co. LLC 6.00% due 4/15/2034⁽¹⁾		400,000		400,440

Wisconsin Public Service Corp. 2.85% due 12/1/2051		150,000		92,629

Xcel Energy, Inc. 5.50% due 3/15/2034		1,400,000		1,379,280


				5,173,700
Electronics – 0.5%

Honeywell International, Inc. 1.95% due 6/1/2030		600,000		511,440
4.875% due 9/1/2029		800,000		801,000


				1,312,440
Environmental Control – 1.0%

Waste Management, Inc. 4.15% due 4/15/2032		1,900,000		1,790,256
4.95% due 7/3/2031		500,000		496,625


				2,286,881


June 30, 2024 (unaudited)	Principal Amount		Value
Food – 0.4%

B&G Foods, Inc. 5.25% due 9/15/2027	$	450,000	$	417,416

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 5.75% due 4/1/2033		436,000		433,606


				851,022
Gas – 0.2%

CenterPoint Energy Resources Corp. 5.40% due 3/1/2033		500,000		499,730


				499,730
Healthcare-Services – 0.8%

Elevance Health, Inc. 4.75% due 2/15/2033		600,000		579,168
5.125% due 2/15/2053		100,000		92,004

HCA, Inc. 5.25% due 6/15/2026		400,000		398,432
5.50% due 6/15/2047		300,000		276,906
5.60% due 4/1/2034		500,000		496,765


				1,843,275
Insurance – 0.6%

Aon North America, Inc. 5.45% due 3/1/2034		500,000		497,775

Assurant, Inc. 3.70% due 2/22/2030		400,000		361,740

Chubb INA Holdings LLC 5.00% due 3/15/2034		600,000		594,462


				1,453,977
Internet – 0.3%

Amazon.com, Inc. 4.80% due 12/5/2034		700,000		695,023


				695,023
Leisure Time – 0.4%

Royal Caribbean Cruises Ltd. 7.25% due 1/15/2030⁽¹⁾		500,000		517,735

Viking Cruises Ltd. 9.125% due 7/15/2031⁽¹⁾		500,000		541,160


				1,058,895
Machinery – Diversified – 0.6%

Deere & Co. 3.90% due 6/9/2042		100,000		83,468

John Deere Capital Corp. 5.10% due 4/11/2034		500,000		498,475
Series I 5.15% due 9/8/2033		900,000		902,169


				1,484,112
Media – 1.0%

Charter Communications Operating LLC/Charter Communications Operating Capital 6.10% due 6/1/2029		1,000,000		1,003,670

Comcast Corp. 2.65% due 2/1/2030		500,000		442,630


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Media (continued)
3.75% due 4/1/2040	$	300,000	$	243,786
5.35% due 5/15/2053		300,000		287,430

Nexstar Media, Inc. 5.625% due 7/15/2027⁽¹⁾		500,000		474,880


				2,452,396
Oil & Gas – 1.1%

BP Capital Markets America, Inc. 3.633% due 4/6/2030		700,000		652,477
4.812% due 2/13/2033		900,000		872,622

Cenovus Energy, Inc. 2.65% due 1/15/2032		600,000		496,368

Diamondback Energy, Inc. 5.40% due 4/18/2034		300,000		296,955
5.75% due 4/18/2054		300,000		290,676


				2,609,098
Packaging & Containers – 0.5%

Berry Global, Inc. 5.80% due 6/15/2031⁽¹⁾		400,000		400,064

Packaging Corp. of America 5.70% due 12/1/2033		800,000		813,000


				1,213,064
Pharmaceuticals – 3.0%

AbbVie, Inc. 4.05% due 11/21/2039		500,000		433,890
5.05% due 3/15/2034		1,200,000		1,196,292
5.40% due 3/15/2054		200,000		197,888

Astrazeneca Finance LLC 5.00% due 2/26/2034		900,000		894,798

AstraZeneca PLC 6.45% due 9/15/2037		400,000		445,112

Becton Dickinson & Co. 4.298% due 8/22/2032		200,000		187,466

Cigna Group 5.00% due 5/15/2029		300,000		298,698
5.40% due 3/15/2033		700,000		702,443

CVS Health Corp. 5.00% due 2/20/2026		300,000		297,729
5.30% due 6/1/2033		700,000		683,473

Eli Lilly & Co. 4.70% due 2/9/2034		700,000		686,308

Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125% due 4/30/2031⁽¹⁾		450,000		404,037

Takeda Pharmaceutical Co. Ltd. 5.30% due 7/5/2034		900,000		894,843


				7,322,977
Pipelines – 0.6%

Cheniere Energy Partners LP 5.95% due 6/30/2033		500,000		506,255

Enterprise Products Operating LLC 4.85% due 1/31/2034		400,000		388,496
4.85% due 3/15/2044		300,000		270,570

MPLX LP 5.50% due 6/1/2034		400,000		393,892


				1,559,213


June 30, 2024 (unaudited)	Principal Amount		Value
Real Estate Investment Trusts – 0.9%

American Homes 4 Rent LP 5.50% due 7/15/2034	$	200,000	$	197,044

AvalonBay Communities, Inc. 5.35% due 6/1/2034		200,000		200,028

Crown Castle, Inc. 3.30% due 7/1/2030		600,000		534,888
5.80% due 3/1/2034		500,000		504,980

Extra Space Storage LP 5.40% due 2/1/2034		800,000		783,016


				2,219,956
Retail – 1.0%

Darden Restaurants, Inc. 6.30% due 10/10/2033		400,000		412,956

Home Depot, Inc. 4.95% due 6/25/2034		900,000		891,846

Lowe’s Cos., Inc. 3.70% due 4/15/2046		300,000		220,293
5.15% due 7/1/2033		300,000		298,509

Target Corp. 4.50% due 9/15/2032		700,000		674,415


				2,498,019
Software – 0.7%

Cloud Software Group, Inc. 6.50% due 3/31/2029⁽¹⁾		500,000		480,325
9.00% due 9/30/2029⁽¹⁾		500,000		484,880

Oracle Corp. 6.25% due 11/9/2032		700,000		741,090


				1,706,295
Telecommunications – 1.5%

Cisco Systems, Inc. 5.05% due 2/26/2034		700,000		699,328
5.30% due 2/26/2054		300,000		294,150

Frontier Communications Holdings LLC 5.875% due 10/15/2027⁽¹⁾		500,000		487,855

Intelsat Jackson Holdings SA 6.50% due 3/15/2030⁽¹⁾		450,000		419,760

Rogers Communications, Inc. 5.30% due 2/15/2034		1,000,000		981,050

T-Mobile USA, Inc. 2.70% due 3/15/2032		600,000		501,708
3.00% due 2/15/2041		300,000		214,395


				3,598,246
Transportation – 0.4%

Burlington Northern Santa Fe LLC 5.50% due 3/15/2055		400,000		402,164

Norfolk Southern Corp. 5.55% due 3/15/2034		500,000		509,750


				911,914
Trucking & Leasing – 0.2%

SMBC Aviation Capital Finance DAC 5.55% due 4/3/2034⁽¹⁾		400,000		392,332


				392,332

Total Corporate Bonds & Notes (Cost $71,002,758)				70,933,860


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Non–Agency Mortgage–Backed Securities – 9.3%

1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.901% due 8/10/2035⁽¹⁾	$	1,250,000	$	1,206,339

BAMLL Commercial Mortgage Securities Trust Series 2015-200P, Class A 3.218% due 4/14/2033⁽¹⁾		450,000		436,301

BANK Series 2019-BNK24 3.283% due 11/15/2062⁽²⁾⁽³⁾		1,413,000		1,238,394
Series 2022-BNK43, Class B 5.327% due 8/15/2055⁽²⁾⁽³⁾		500,000		461,736

BB-UBS Trust Series 2012-SHOW, Class A 3.43% due 11/5/2036⁽¹⁾		1,250,000		1,223,088

Benchmark Mortgage Trust Series 2024-V5, Class AM 6.417% due 1/10/2057⁽²⁾⁽³⁾		855,000		880,255
Series 2024-V5, Class B 6.059% due 1/10/2057⁽²⁾⁽³⁾		360,000		362,162

BMO Mortgage Trust Series 2023-C6, Class AS 6.55% due 9/15/2056⁽²⁾⁽³⁾		950,000		1,005,982

BX Trust Series 2019-OC11, Class A 3.202% due 12/9/2041⁽¹⁾		1,200,000		1,066,720

Citigroup Commercial Mortgage Trust Series 2016-C3, Class AS 3.366% due 11/15/2049⁽²⁾⁽³⁾		1,125,000		1,043,783

Commercial Mortgage Trust Series 2014-CR18, Class AM 4.103% due 7/15/2047		1,058,997		1,054,241

Freddie Mac STACR REMIC Trust
Series 2021-DNA7, Class M2 7.135% due 11/25/2041^(1)(2)(3)		1,300,000		1,313,104
Series 2021-HQA4, Class M1 6.285% due 12/25/2041^(1)(2)(3)		658,536		656,834
Series 2022-DNA1, Class M1A 6.335% due 1/25/2042^(1)(2)(3)		553,840		553,986
Series 2022-HQA3, Class M1A 7.635% due 8/25/2042^(1)(2)(3)		1,200,445		1,228,848

Jackson Park Trust
Series 2019-LIC, Class A 2.766% due 10/14/2039⁽¹⁾		1,200,000		1,028,222
Series 2019-LIC, Class B 2.914% due 10/14/2039⁽¹⁾		680,000		564,979

Morgan Stanley Capital I Trust
Series 2018-H4, Class A4 4.31% due 12/15/2051		900,000		856,369
Series 2020-L4, Class AS 2.88% due 2/15/2053		750,000		638,243

NYC Commercial Mortgage Trust Series 2021-909, Class C 3.312% due 4/10/2043^(1)(2)(3)		580,000		384,820


June 30, 2024 (unaudited)	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)

SLG Office Trust Series 2021-OVA, Class A 2.585% due 7/15/2041⁽¹⁾	$	1,800,000	$	1,472,977

Stack Infrastructure Issuer LLC Series 2021-1A, Class A2 1.877% due 3/26/2046⁽¹⁾		1,250,000		1,163,465

Wells Fargo Commercial Mortgage Trust Series 2018-AUS, Class A 4.194% due 8/17/2036^(1)(2)(3)		2,000,000		1,872,782
Series 2021-SAVE, Class A 6.594% due 2/15/2040^(1)(2)(3)		744,439		738,904


Total Non–Agency Mortgage–Backed Securities (Cost $23,914,671)				22,452,534
Senior Secured Loans – 3.4%

Advertising – 0.2%

Outfront Media Capital LLC 2019 Term Loan B 7.095% (1 mo. USD Term SOFR + 1.75%) due 11/18/2026⁽²⁾		392,033		391,739


				391,739
Airlines – 0.6%

Air Canada 2024 Term Loan B 7.847% (3 mo. USD Term SOFR + 2.50%) due 3/21/2031⁽²⁾		408,975		409,102

United Airlines, Inc. 2024 Term Loan B 8.094% (1 mo. USD Term SOFR + 2.75%) due 2/24/2031⁽²⁾		374,063		374,395

WestJet Loyalty LP Term Loan B 9.048% (3 mo. USD Term SOFR + 3.75%) due 2/14/2031⁽²⁾		700,000		702,800


				1,486,297
Commercial Services – 0.1%

Vestis Corp. Term Loan 7.577% (3 mo. USD Term SOFR + 2.25%) due 2/22/2031⁽²⁾		174,563		173,545


				173,545
Distribution/Wholesale – 0.2%

Core & Main LP 2024 Incremental Term Loan B 7.589% (3 mo. USD Term SOFR + 2.25%) due 2/10/2031⁽²⁾		448,875		449,158


				449,158
Electric – 0.2%

ExGen Renewables IV LLC 2020 Term Loan 8.109% (3 mo. USD Term SOFR + 2.50%) due 12/15/2027⁽²⁾		482,900		483,301


				483,301


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Entertainment – 0.6%

Caesars Entertainment, Inc. 2024 Term Loan B1 8.097% (3 mo. USD Term SOFR + 2.75%) due 2/6/2031⁽²⁾	$	748,125	$	747,422

Flutter Financing BV Term Loan B 7.585% (3 mo. USD Term SOFR + 2.25%) due 11/25/2030⁽²⁾		746,250		745,787


				1,493,209
Healthcare-Services – 0.2%

DaVita, Inc. 2020 Term Loan B 7.208% (1 mo. USD Term SOFR + 1.75%) due 8/12/2026⁽²⁾		293,367		293,112

ICON Luxembourg SARL 2024 LUX Term Loan B 7.335% (3 mo. USD Term SOFR + 2.00%) due 7/3/2028⁽²⁾		177,551		178,055

PRA Health Sciences, Inc. 2024 US Term Loan B 7.335% (3 mo. USD Term SOFR + 2.00%) due 7/3/2028⁽²⁾		44,237		44,363


				515,530
Leisure Time – 0.1%

Alterra Mountain Co. 2024 Add-on Term Loan B 0.00% due 5/31/2030⁽²⁾⁽⁴⁾		250,000		251,095


				251,095
Lodging – 0.6%

Fertitta Entertainment LLC 2022 Term Loan B 9.081% (1 mo. USD Term SOFR + 3.75%) due 1/29/2029⁽²⁾		298,473		298,661

Hilton Grand Vacations Borrower LLC 2024 Incremental Term Loan B 8.095% (1 mo. USD Term SOFR + 2.75%) due 1/17/2031⁽²⁾		299,250		299,026

Station Casinos LLC 2024 Term Loan B 7.594% (1 mo. USD Term SOFR + 2.25%) due 3/14/2031⁽²⁾		748,125		747,257


				1,344,944
Media – 0.3%

Nexstar Broadcasting, Inc. 2019 Term Loan B4 7.958% (1 mo. USD Term SOFR + 2.50%) due 9/18/2026⁽²⁾		750,000		751,455


				751,455


June 30, 2024 (unaudited)	Principal Amount		Value
Software – 0.2%

Dun & Bradstreet Corp. 2024 Term Loan B 8.098% (3 mo. USD Term SOFR + 2.75%) due 1/18/2029⁽²⁾	$	498,750		498,750


				498,750
Telecommunications – 0.1%

Frontier Communications Corp. 2024 Term Loan B 0.00% due 6/20/2031⁽²⁾⁽⁴⁾		350,000	$	349,125


				349,125

Total Senior Secured Loans (Cost $8,162,720)				8,188,148
U.S. Government Securities – 14.0%

U.S. Treasury Bonds
4.625% due 5/15/2044		19,000,000		18,964,375
4.625% due 5/15/2054		9,000,000		9,126,562

U.S. Treasury Notes 4.50% due 5/31/2029		5,500,000		5,537,813


Total U.S. Government Securities (Cost $33,203,563)				33,628,750

	Shares		Value
Exchange–Traded Funds – 3.6%

iShares MBS ETF		47,985		4,405,503

Vanguard Mortgage-Backed Securities ETF		93,285		4,235,139


Total Exchange–Traded Funds (Cost $8,316,338)				8,640,642

	Principal Amount		Value
Commercial Paper – 1.8%

Florida Power & Light Co. 5.376% due 7/1/2024	$	4,400,000		4,400,000


Total Commercial Paper (Cost $4,400,000)				4,400,000
Repurchase Agreements – 0.2%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $492,720, due 7/1/2024⁽⁵⁾		492,654		492,654


Total Repurchase Agreements (Cost $492,654)				492,654


The accompanying notes are an integral part of these financial statements.				7

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2024 (unaudited)	Value

Total Investments – 100.1% (Cost $242,948,692)	$	240,838,332

Liabilities in excess of other assets – (0.1)%		(145,492	)

Total Net Assets – 100.0%	$	240,692,840

⁽¹⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2024, the aggregate market value of these securities amounted to $71,402,468, representing 29.7% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2024.

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

⁽⁴⁾	Represents an unsettled loan commitment. The coupon rate will be determined at time of settlement.

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

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

0.75%

3/31/2026

537,900

502,512

Open futures contracts at June 30, 2024:


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation (Depreciation)
U.S. 2-Year Treasury Note		September 2024		348		Long	$	71,014,823		$	71,068,125		$	53,302
U.S. 5-Year Treasury Note		September 2024		192		Long		20,352,938			20,463,000			110,062
U.S. Long Bond		September 2024		10		Long		1,423,107			1,183,125			(239,982	)
U.S. Ultra Bond		September 2024		41		Long		5,056,357			5,139,094			82,737
Total							$	97,847,225		$	97,853,344		$	6,119

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S. Ultra 10-Year Treasury Note		September 2024		110		Short	$	(12,544,698	)	$	(12,488,438	)	$	56,260
Total							$	(12,544,698	)	$	(12,488,438	)	$	56,260

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STACR — Structured Agency Credit Risk

USD — United States Dollar


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	40,057,396	$	—	$	40,057,396
Asset–Backed Securities		—			52,044,348		—		52,044,348
Corporate Bonds & Notes		—			70,933,860		—		70,933,860
Non–Agency Mortgage–Backed Securities		—			22,452,534		—		22,452,534
Senior Secured Loans		—			8,188,148		—		8,188,148
U.S. Government Securities		—			33,628,750		—		33,628,750
Exchange–Traded Funds		8,640,642			—		—		8,640,642
Commercial Paper		—			4,400,000		—		4,400,000
Repurchase Agreements		—			492,654		—		492,654
Total	$	8,640,642		$	232,197,690	$	—	$	240,838,332
Other Financial Instruments
Futures Contracts
Assets	$	302,361		$	—	$	—	$	302,361
Liabilities		(239,982	)		—		—		(239,982	)
Total	$	62,379		$	—	$	—	$	62,379


The accompanying notes are an integral part of these financial statements.				9

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	240,838,332

Cash		167,898

Receivable for investments sold		2,375,236

Interest receivable		2,006,432

Cash deposits with brokers for futures contracts		760,760

Receivable for variation margin on futures contracts		140,290

Reimbursement receivable from adviser		8,922

Prepaid expenses		3,098


Total Assets		246,300,968


Liabilities

Payable for investments purchased		5,227,909

Payable for fund shares redeemed		190,055

Investment advisory fees payable		89,913

Distribution fees payable		49,952

Accrued audit fees		21,452

Accrued trustees’ and officers’ fees		2,616

Accrued expenses and other liabilities		26,231


Total Liabilities		5,608,128


Total Net Assets	$	240,692,840


Net Assets Consist of:

Paid-in capital	$	261,708,045

Distributable loss		(21,015,205	)


Total Net Assets	$	240,692,840

Investments, at Cost	$	242,948,692


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		25,548,252

Net Asset Value Per Share		$9.42


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Interest	$	6,500,881

Dividends		91,535


Total Investment Income		6,592,416


Expenses

Investment advisory fees		552,171

Distribution fees		306,762

Professional fees		48,264

Trustees’ and officers’ fees		36,858

Custodian and accounting fees		29,348

Administrative fees		29,220

Transfer agent fees		7,213

Shareholder reports		4,960

Other expenses		7,356


Total Expenses		1,022,152

Less: Fees waived		(52,785	)


Total Expenses, Net		969,367


Net Investment Income/(Loss)		5,623,049


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts

Net realized gain/(loss) from investments		86,573

Net realized gain/(loss) from futures contracts		(533,641	)

Net realized gain/(loss) from swap contracts		(67,520	)

Net change in unrealized appreciation/(depreciation) on investments		(5,266,169	)

Net change in unrealized appreciation/(depreciation) on futures contracts		(612,652	)


Net Loss on Investments and Derivative Contracts		(6,393,409	)


Net Decrease in Net Assets Resulting From Operations	$	(770,360	)


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

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	5,623,049		$	10,318,292

Net realized gain/(loss) from investments and derivative contracts		(514,588	)		(21,880,799	)

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(5,878,821	)		24,273,349


Net Increase/(Decrease) in Net Assets Resulting from Operations		(770,360	)		12,710,842


Capital Share Transactions

Proceeds from sales of shares		18,886,809			26,581,652

Cost of shares redeemed		(31,462,687	)		(51,622,991	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(12,575,878	)		(25,041,339	)


Net Decrease in Net Assets		(13,346,238	)		(12,330,497	)


Net Assets

Beginning of period		254,039,078			266,369,575


End of period	$	240,692,840		$	254,039,078


Other Information:

Shares

Sold		2,020,187			2,911,694

Redeemed		(3,368,823	)		(5,668,610	)


Net Decrease		(1,348,636	)		(2,756,916	)


The accompanying notes are an integral part of these financial statements.				11

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	9.44	$	0.21	$	(0.23	)	$	(0.02	)	$	9.42		(0.21)%	⁽⁴⁾

Year Ended 12/31/23		8.98		0.36		0.10			0.46			9.44		5.12%

Year Ended 12/31/22		10.61		0.24		(1.87	)		(1.63	)		8.98		(15.36)%

Year Ended 12/31/21		10.70		0.18		(0.27	)		(0.09	)		10.61		(0.84)%

Year Ended 12/31/20		10.03		0.14		0.53			0.67			10.70		6.68%

Period Ended 12/31/19⁽⁵⁾		10.00		0.03		0.00	⁽⁶⁾		0.03			10.03		0.30%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND



Ratios/Supplemental Data

Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	240,693		0.79%	⁽⁴⁾		0.83%	⁽⁴⁾		4.58%	⁽⁴⁾		4.54%	⁽⁴⁾		114%	⁽⁴⁾

	254,039		0.79%			0.82%			3.94%			3.91%			324%

	266,370		0.79%			0.80%			2.54%			2.53%			154%

	355,203		0.79%			0.79%			1.68%			1.68%			155%

	333,391		0.79%			0.81%			1.40%			1.38%			112%

	337,312		0.75%	⁽⁴⁾		0.85%	⁽⁴⁾		1.56%	⁽⁴⁾		1.46%	⁽⁴⁾		18%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	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.

⁽⁵⁾	Commenced operations on October 21, 2019.

⁽⁶⁾	Rounds to $0.00 per share.


The accompanying notes are an integral part of these financial statements.				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks total return with an emphasis on current income as well as capital appreciation.

2. Significant Accounting Policies

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


14

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


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

security at a price different from its current market value. There were no options transactions as of June 30, 2024.

3. Transactions with Affiliates

Park Avenue has contractually agreed through April 30, 2025 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $52,785.

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

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


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

(excluding short-term investments and to be announced (TBA) securities) for the six months ended June 30, 2024, were as follows:



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	142,681,302	$	132,766,649
Sales		112,805,897		164,690,727


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as “prepayment risk”) or later (known as “extension risk”) than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

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.

As of June 30, 2024, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts

Asset Derivatives
Futures Contracts¹	$	302,361

Liability Derivatives
Futures Contracts¹	$	(239,982	)

¹	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

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 six months ended June 30, 2024 were as follows:



	Interest Rate Contracts			Credit Default Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(533,641	)	$	—
Swap Contracts²		—			(67,520	)

Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts³	$	(612,652	)	$	—

Average Number of Notional Amounts
Futures Contracts⁴		532			—
Swap Contracts – Buy/Sell Protection	$	—		$	3,714,286

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

²	Statement of Operations location: Net realized gain/(loss) from swap contracts.

³	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

⁴	Amount represents number of contracts.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


20

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				21

Nature, Extent and Quality of Services


22

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				23

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•


24

performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, that


				25

the actual management fee was in the 1^st quintile and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

was higher than the benchmark index for the 3-year period and in line with the benchmark index for the 1-year period.

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•


26

Guardian Balanced Allocation VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				27

LOGO

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

PUB10524

Guardian Variable

Products Trust

2024

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2024

Guardian U.S. Government Securities VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian U.S. Government Securities VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			15

Item 9. Proxy Disclosures for Open-End Management Investment Companies			15

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			15

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			15

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Agency Mortgage–Backed Securities – 49.7%

Fannie Mae ACES
Series 2018-M2, Class A2 3.002% due 1/25/2028⁽¹⁾⁽²⁾	$	1,439,296	$	1,355,641
Series 2019-M4, Class A2 3.61% due 2/25/2031		7,087,576		6,607,630
Series 2021-M4, Class A2 1.512% due 2/25/2031⁽¹⁾⁽²⁾		1,000,000		814,476

Federal Home Loan Mortgage Corp.
2.50% due 9/1/2037		1,605,613		1,450,897
3.00% due 4/1/2052		2,734,181		2,328,641
3.50% due 11/1/2052		3,033,162		2,684,046
4.00% due 10/1/2052		2,656,088		2,430,421
4.50% due 2/1/2053		1,529,669		1,442,080
5.00% due 12/1/2052		3,625,387		3,507,640
5.50% due 6/1/2053		1,528,738		1,507,539
5.50% due 9/1/2053		1,826,299		1,803,820
6.00% due 8/1/2053		1,531,201		1,535,501
6.00% due 10/1/2053		1,776,832		1,781,076
6.00% due 3/1/2054		1,994,397		2,004,057

Federal National Mortgage Association
2.00% due 6/1/2037		1,824,269		1,604,034
2.00% due 9/1/2037		1,754,958		1,543,090
2.50% due 10/1/2037		21,431		19,366
2.50% due 11/1/2037		833,755		753,414
2.50% due 1/1/2052		1,966,689		1,605,498
2.50% due 3/1/2052		1,855,859		1,518,001
2.50% due 4/1/2052		1,851,308		1,515,424
2.50% due 5/1/2052		1,823,074		1,492,313
2.50% due 7/1/2052		7,280,718		5,955,269
3.00% due 11/1/2037		1,028,676		950,832
3.00% due 7/1/2051		1,532,966		1,303,401
3.00% due 3/1/2052		724,174		616,763
3.00% due 4/1/2052		899,083		765,750
3.00% due 11/1/2052		4,261,265		3,624,074
3.50% due 10/1/2052		1,667,580		1,475,771
3.50% due 11/1/2052		3,251,246		2,876,777
4.00% due 10/1/2052		2,003,230		1,833,031
4.50% due 9/1/2052		1,008,430		951,160
4.50% due 2/1/2053		1,520,097		1,433,057
4.50% due 10/1/2053		2,053,259		1,934,965
5.00% due 2/1/2053		1,581,248		1,528,913
6.00% due 9/1/2053		1,424,302		1,427,844

Freddie Mac Multifamily Structured Pass-Through Certificates
Series K048, Class A2 3.284% due 6/25/2025⁽¹⁾⁽²⁾		2,170,000		2,129,216
Series K078, Class A2 3.854% due 6/25/2028		600,000		578,623
Series K082, Class A2 3.92% due 9/25/2028⁽¹⁾⁽²⁾		3,385,000		3,267,794
Series K102, Class A2 2.537% due 10/25/2029		3,510,000		3,151,223
Series K104, Class A2 2.253% due 1/25/2030		1,950,000		1,717,990
Series K123, Class A2 1.621% due 12/25/2030		465,000		385,103
Series K124, Class A2 1.658% due 12/25/2030		4,200,000		3,480,475


June 30, 2024 (unaudited)	Principal Amount		Value
Agency Mortgage–Backed Securities (continued)
Series K730, Class A2 3.59% due 1/25/2025⁽¹⁾⁽²⁾	$	3,661,246	$	3,622,684


Total Agency Mortgage–Backed Securities (Cost $89,972,094)				86,315,320
Asset–Backed Securities – 4.3%

Barings CLO Ltd. Series 2020-1A, Class AR 6.74% (3 mo. USD Term SOFR + 1.41%) due 10/15/2036⁽¹⁾⁽³⁾		1,100,000		1,100,835

BlueMountain CLO Ltd. Series 2014-2A, Class BR2 7.336% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030⁽¹⁾⁽³⁾		600,000		599,460

Cathedral Lake VI Ltd. Series 2021-6A, Class AN 6.835% (3 mo. USD Term SOFR + 1.51%) due 4/25/2034⁽¹⁾⁽³⁾		1,200,000		1,201,856

Golden Credit Card Trust Series 2022-4A, Class A 4.31% due 9/15/2027⁽³⁾		525,000		517,487

KKR CLO 38 Ltd. Series 38A, Class A1 6.649% (3 mo. USD Term SOFR + 1.32%) due 4/15/2033⁽¹⁾⁽³⁾		1,250,000		1,249,710

Midocean Credit CLO VIII Series 2018-8A, Class A2 6.887% (3 mo. USD Term SOFR + 1.56%) due 2/20/2031⁽¹⁾⁽³⁾		500,000		500,200

NextGear Floorplan Master Owner Trust Series 2024-1A, Class A2 5.12% due 3/15/2029⁽³⁾		700,000		697,726

Oscar U.S. Funding XV LLC Series 2023-1A, Class A3 5.81% due 12/10/2027⁽³⁾		600,000		602,117

RRX 6 Ltd. Series 2021-6A, Class A1 6.78% (3 mo. USD Term SOFR + 1.45%) due 1/15/2037⁽¹⁾⁽³⁾		1,000,000		999,500


Total Asset–Backed Securities (Cost $7,388,360)				7,468,891
Non–Agency Mortgage–Backed Securities – 2.1%

BX Trust Series 2019-OC11, Class A 3.202% due 12/9/2041⁽³⁾		500,000		444,466

Commercial Mortgage Trust Series 2014-UBS3, Class A4 3.819% due 6/10/2047		638,780		625,503
Series 2015-CR23, Class A4 3.497% due 5/10/2048		1,400,000		1,373,560

SLG Office Trust Series 2021-OVA, Class A 2.585% due 7/15/2041⁽³⁾		600,000		490,992


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND


June 30, 2024 (unaudited)	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)

Wells Fargo Commercial Mortgage Trust Series 2016-LC24, Class A4 2.942% due 10/15/2049	$	418,000	$	394,770
Series 2021-SAVE, Class A 6.594% due 2/15/2040^(1)(2)(3)		400,852		397,872


Total Non–Agency Mortgage–Backed Securities (Cost $3,801,698)				3,727,163
U.S. Government Agencies – 4.0%

Federal Home Loan Bank Discount Notes 5.289% due 7/1/2024⁽⁴⁾		7,000,000		6,996,920


Total U.S. Government Agencies (Cost $7,000,000)				6,996,920
U.S. Government Securities – 28.8%

U.S. Treasury Notes
4.375% due 5/15/2034		7,100,000		7,102,219
4.50% due 5/31/2029		22,200,000		22,352,625
4.875% due 5/31/2026		20,500,000		20,541,640


Total U.S. Government Securities (Cost $49,713,318)				49,996,484

	Shares		Value
Exchange–Traded Funds – 9.2%

iShares MBS ETF		86,290		7,922,285

Vanguard Mortgage-Backed Securities ETF		176,050		7,992,670


Total Exchange–Traded Funds (Cost $15,629,015)				15,914,955


June 30, 2024 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.3%

Fixed Income Clearing Corp., 1.60%, dated 6/28/2024, proceeds at maturity value of $600,480, due 7/1/2024⁽⁵⁾	$	600,400	$	600,400


Total Repurchase Agreements (Cost $600,400)				600,400

Total Investments – 98.4% (Cost $174,104,885)				171,020,133

Assets in excess of other liabilities – 1.6%				2,766,215

Total Net Assets – 100.0%			$	173,786,348

⁽¹⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2024.

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

⁽³⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2024, the aggregate market value of these securities amounted to $8,802,221, representing 5.1% 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.

⁽⁴⁾	Interest rate shown reflects the discount rate at time of purchase.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.50%		3/31/2026	$	609,000	$	612,545

Open futures contracts at June 30, 2024:


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S. 2-Year Treasury Note		September 2024		215		Long	$	43,887,211		$	43,907,031		$	19,820
Total							$	43,887,211		$	43,907,031		$	19,820

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation (Depreciation)
U.S. Long Bond		September 2024		15		Short	$	(1,608,877	)	$	(1,774,687	)	$	(165,810	)
U.S. Ultra 10-Year Treasury Note		September 2024		26		Short		(2,982,601	)		(2,951,812	)		30,789
Total							$	(4,591,478	)	$	(4,726,499	)	$	(135,021	)

Legend:

ACES — Alternative Credit Enhancement Securities

CLO — Collateralized Loan Obligation

SOFR — Secured Overnight Financing Rate

USD — United States Dollar


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

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	86,315,320	$	—	$	86,315,320
Asset–Backed Securities		—			7,468,891		—		7,468,891
Non–Agency Mortgage–Backed Securities		—			3,727,163		—		3,727,163
U.S. Government Agencies		—			6,996,920		—		6,996,920
U.S. Government Securities		—			49,996,484		—		49,996,484
Exchange–Traded Funds		15,914,955			—		—		15,914,955
Repurchase Agreements		—			600,400		—		600,400
Total	$	15,914,955		$	155,105,178	$	—	$	171,020,133
Other Financial Instruments
Futures Contracts
Assets	$	50,609		$	—	$	—	$	50,609
Liabilities		(165,810	)		—		—		(165,810	)
Total	$	(115,201	)	$	—	$	—	$	(115,201	)


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND


Statement of Assets and Liabilities As of June 30, 2024 (unaudited)
Assets

Investments, at value	$	171,020,133

Receivable for investments sold		2,017,980

Interest receivable		576,348

Receivable for variation margin on futures contracts		238,229

Cash deposits with brokers for futures contracts		236,335

Reimbursement receivable from adviser		18,481

Prepaid expenses		2,154


Total Assets		174,109,660


Liabilities

Payable for fund shares redeemed		169,141

Investment advisory fees payable		67,876

Distribution fees payable		36,104

Accrued audit fees		14,218

Accrued custodian and accounting fees		4,325

Accrued trustees’ and officers’ fees		1,780

Accrued expenses and other liabilities		29,868


Total Liabilities		323,312


Total Net Assets	$	173,786,348


Net Assets Consist of:

Paid-in capital	$	181,449,907

Distributable loss		(7,663,559	)


Total Net Assets	$	173,786,348


Investments, at Cost	$	174,104,885


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		17,779,343

Net Asset Value Per Share		$9.77


Statement of Operations For the Six Months Ended June 30, 2024 (unaudited)
Investment Income

Interest	$	3,481,005

Dividends		220,061


Total Investment Income		3,701,066


Expenses

Investment advisory fees		420,955

Distribution fees		223,912

Professional fees		38,680

Trustees’ and officers’ fees		26,800

Administrative fees		25,000

Custodian and accounting fees		21,163

Transfer agent fees		7,751

Shareholder reports		4,572

Other expenses		5,674


Total Expenses		774,507

Less: Fees waived		(105,714	)


Total Expenses, Net		668,793


Net Investment Income/(Loss)		3,032,273


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts

Net realized gain/(loss) from investments		(230,349	)

Net realized gain/(loss) from futures contracts		(37,055	)

Net realized gain/(loss) from swap contracts		(120,745	)

Net change in unrealized appreciation/(depreciation) on investments		(2,932,765	)

Net change in unrealized appreciation/(depreciation) on futures contracts		(396,192	)

Net change in unrealized appreciation/(depreciation) on swap contracts		80,113


Net Loss on Investments and Derivative Contracts		(3,636,993	)


Net Decrease in Net Assets Resulting From Operations	$	(604,720	)


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

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/24			For the Year Ended 12/31/23

Operations

Net investment income/(loss)	$	3,032,273		$	6,045,300

Net realized gain/(loss) from investments and derivative contracts		(388,149	)		(11,728,270	)

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(3,248,844	)		13,016,521


Net Increase/(Decrease) in Net Assets Resulting from Operations		(604,720	)		7,333,551


Capital Share Transactions

Proceeds from sales of shares		16,712,976			22,882,316

Cost of shares redeemed		(26,783,924	)		(47,076,568	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(10,070,948	)		(24,194,252	)


Net Decrease in Net Assets		(10,675,668	)		(16,860,701	)


Net Assets

Beginning of period		184,462,016			201,322,717


End of period	$	173,786,348		$	184,462,016


Other Information:

Shares

Sold		1,719,224			2,396,108

Redeemed		(2,761,702	)		(4,942,331	)


Net Decrease		(1,042,478	)		(2,546,223	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/24	$	9.80	$	0.16	$	(0.19)	$	(0.03)	$	9.77		(0.31)%	⁽⁴⁾

Year Ended 12/31/23		9.42		0.29		0.09		0.38		9.80		4.03%

Year Ended 12/31/22		10.27		0.11		(0.96)		(0.85)		9.42		(8.28)%

Year Ended 12/31/21		10.53		0.06		(0.32)		(0.26)		10.27		(2.47)%

Year Ended 12/31/20		10.00		0.09		0.44		0.53		10.53		5.30%

Period Ended 12/31/19⁽⁶⁾		10.00		0.02		(0.02)		0.00		10.00		0.00%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND



Ratios/Supplemental Data

Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	173,786		0.75%	⁽⁴⁾		0.86%	⁽⁴⁾		3.38%	⁽⁴⁾		3.27%	⁽⁴⁾		146%	⁽⁴⁾

	184,462		0.75%			0.85%			3.07%			2.97%			369%	⁽⁵⁾

	201,323		0.75%			0.83%			1.18%			1.10%			52%

	273,908		0.75%			0.82%			0.61%			0.54%			64%

	263,190		0.75%			0.84%			0.84%			0.75%			76%

	270,003		0.70%	⁽⁴⁾		0.89%	⁽⁴⁾		1.29%	⁽⁴⁾		1.10%	⁽⁴⁾		31%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	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.

⁽³⁾	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.

⁽⁴⁾	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.

⁽⁵⁾	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.

⁽⁶⁾	Commenced operations on October 21, 2019.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

June 30, 2024 (unaudited)

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 Fund seeks total return with an emphasis on current income as well as capital appreciation.

2. Significant Accounting Policies

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.


8

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


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

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.

by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

security at a price different from its current market value. There were no options transactions as of June 30, 2024.

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, 2025 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 0.74% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2024, the expense limitation was 0.75%. 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 six months ended June 30, 2024, Park Avenue waived fees and/or paid Fund expenses in the amount of $105,714.

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

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	21,118,210	$	231,392,926
Sales		24,099,810		234,289,741


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

i. Derivative Instruments Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into futures contracts for the six months ended June 30, 2024 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange traded futures, the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

As of June 30, 2024, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts

Asset Derivatives
Futures Contracts¹	$	50,609


Liability Derivatives
Futures Contracts¹	$	(165,810	)

¹	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.


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

Transactions in derivative investments for the six months ended June 30, 2024 were as follows:



	Interest Rate Contracts			Credit Default Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(37,055	)	$	—

Swap Contracts²		—			(120,745	)


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts³	$	(396,192	)	$	—

Swap Contracts⁴		—			80,113


Average Number of Notional Amounts
Futures Contracts⁵		189			—

Swap Contracts – Buy/Sell Protection	$	—		$	3,900,000

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

²	Statement of Operations location: Net realized gain/(loss) from swap contracts.

³	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

⁴	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on swap contracts.

⁵	Amount represents number of contracts.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


14

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


				15

Nature, Extent and Quality of Services


16

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				17

Economies of Scale

Ancillary Benefits

tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-Advisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-Advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian Large Cap Fundamental Growth VIP Fund

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile for the 1-year and 5-year periods and in the 5^th quintile of its performance universe for the


18

3-year period. The Board also noted that the Fund’s performance was below the benchmark index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and that contractual management fee and actual total expenses were in the 3^rd quintile.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group and that the actual management fee and actual total expenses were in the 2^nd quintile.

Guardian Equity Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian All Cap Core VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, that


				19

the actual management fee was in the 1^st quintile and that the actual total expenses were in the 4^th quintile.

Guardian Select Mid Cap Core VIP Fund

•

from the Manager. The Board noted that the Fund’s performance was in line with the benchmark index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

Guardian Small-Mid Cap Core VIP Fund

•

Guardian Small Cap Core VIP Fund

•

was higher than the benchmark index for the 3-year period and in line with the benchmark index for the 1-year period.

•

Guardian International Growth VIP Fund

•

Guardian International Equity VIP Fund

•

Guardian Global Utilities VIP Fund

•


20

Guardian Balanced Allocation VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and actual total expenses were in the 1^st quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and actual management fee were in the 2^nd quintile of the expense group and that actual total expenses were in the 3^rd quintile.

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee was in the 1^st quintile, the actual management fee was in the 2^nd quintile and the actual total expenses were in the 3^rd quintile.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and the actual total expenses were in the 2^nd quintile.

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the contractual management fee and actual total expenses were in the 1^st quintile and the actual management fee was in the 2^nd quintile.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period. The Board acknowledged the Fund’s short operational history. The Board noted that it would have an opportunity to review such information in connection with future annual reviews. The Board noted that, in the meantime, it received monthly performance reports from the Manager. The Board also noted that the Fund’s performance was lower than the benchmark index for the 1-year period.

•

Guardian U.S. Government Securities VIP Fund

•

Conclusion


				21

LOGO

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

PUB10527

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Included in Item 7 of this Form N-CSR.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Included in Item 7 of this Form N-CSR.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included in Item 7 of this Form N-CSR.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Included in Item 7 of this Form N-CSR.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15.

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.

Item 16.

Controls and Procedures.

(a)

Based on their evaluation of the registrant’s disclosure controls and procedures, the registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms.

(b)

There were no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Certification for principal executive officer of Registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of Registrant as required by Rule 30a-2(a) under the Act are attached hereto.

(b) Certification for principal executive officer and principal financial officer of Registrant as required by Rule 30a-2(b) under the Act are attached hereto.

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: September 3, 2024

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: September 3, 2024


By (Signature and Title)		/s/ Larry Weiss
		Larry Weiss, Treasurer
		(Principal Financial and Accounting Officer)

Date: September 3, 2024