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)

Keith A. Namiot

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, 2025

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, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Core Fixed Income VIP Fund	$27	0.53%^{Footnote Reference*}

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.

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$342,414,581
Total # of Portfolio Holdings	221
Portfolio Turnover Rate	98%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Bond Sector Allocation

(% of Total Net Assets)

U.S. Government Securities	45.1
Corporate Bonds & Notes	24.2
Agency Mortgage-Backed Securities	19.8
Asset-Backed Securities	8.9
Non-Agency Mortgage-Backed Securities	3.7
Cash/Other Assets and Liabilities	(1.7)
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

U.S. Treasury Notes, 4.125%, due 2/29/2032	14.0
U.S. Treasury Notes, 4.000%, due 2/28/2030	9.7
U.S. Treasury Bonds, 4.625%, due 11/15/2044	8.6
U.S. Treasury Notes, 4.625%, due 2/15/2035	5.0
U.S. Treasury Notes, 4.250%, due 2/15/2028	2.7
U.S. Treasury Bonds, 4.750%, due 2/15/2045	2.2
Uniform Mortgage-Backed Security, 2.000%, due 7/1/2054	1.9
U.S. Treasury Bonds, 4.625%, due 2/15/2055	1.6
Uniform Mortgage-Backed Security, 2.500%, due 7/1/2055	1.5
U.S. Treasury Bonds, 4.500%, due 11/15/2054	1.4
Total	48.6

Guardian Core Fixed Income VIP Fund

What changes have occurred since the beginning of the reporting period?

This is a summary of certain changes of the Fund since January 1, 2025.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust held on February 27, 2025, the Board considered and approved the appointment of FIAM LLC as the sub-adviser to the Fund, effective March 3, 2025.

There were also related changes to the Fund’s principal investment strategies, principal risks, and portfolio managers.

For more complete information, you may review the Fund’s Prospectus dated May 1, 2025. The Prospectus is available on the Trust’s website: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses/. Contract owners of variable life insurance policies may obtain a copy of the Prospectus by calling 1-888-GUARDIAN (1-888-482-7342). Contract owners of variable annuity contracts may obtain a copy of the Prospectus by calling 1-800-830-4147.

Availability of Additional Information

The Fund’s Prospectus, Summary Prospectus, Statement of Additional Information, 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, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Core Plus Fixed Income VIP Fund	$41	0.81%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$150,359,381
Total # of Portfolio Holdings	444
Portfolio Turnover Rate	67%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Bond Sector Allocation

(% of Total Net Assets)

Corporate Bonds & Notes	43.7
Agency Mortgage-Backed Securities	31.1
Asset-Backed Securities	15.9
U.S. Government Securities	15.3
Non-Agency Mortgage-Backed Securities	10.1
Senior Secured Loans	2.2
Foreign Government	0.3
Cash/Other Assets and Liabilities	(18.6)
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

U.S. Treasury Bonds, 4.500%, due 11/15/2054	4.0
U.S. Treasury Bonds, 4.625%, due 11/15/2044	2.8
U.S. Treasury Notes, 3.750%, due 4/30/2027	2.4
U.S. Treasury Bonds, 4.750%, due 2/15/2045	2.0
U.S. Treasury Notes, 4.000%, due 3/31/2030	2.0
Uniform Mortgage-Backed Security, 5.500%, due 8/1/2039	2.0
Government National Mortgage Association, 5.500%, due 7/20/2054	1.9
Government National Mortgage Association, 6.000%, due 7/20/2054	1.6
U.S. Treasury Bonds, 3.375%, due 8/15/2042	1.4
Uniform Mortgage-Backed Security, 2.500%, due 8/1/2054	1.3
Total	21.4

Guardian Core Plus Fixed Income VIP Fund

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Guardian Core Plus Fixed Income VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Diversified Research VIP Fund	$49	0.96%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$108,388,055
Total # of Portfolio Holdings	132
Portfolio Turnover Rate	49%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Information Technology	32.0
Financials	13.9
Communication Services	10.5
Health Care	9.4
Consumer Discretionary	9.3
Industrials	7.4
Consumer Staples	5.5
Energy	3.3
Materials	3.0
Utilities	2.7
Real Estate	2.1
Cash/Other Assets and Liabilities	0.9
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Microsoft Corp.	7.8
NVIDIA Corp.	7.3
Amazon.com, Inc.	4.9
Apple, Inc.	4.3
Meta Platforms, Inc., Class A	3.7
Alphabet, Inc., Class A	3.2
Broadcom, Inc.	3.2
Cisco Systems, Inc.	1.9
Tesla, Inc.	1.9
Mastercard, Inc., Class A	1.8
Total	40.0

Guardian Diversified Research VIP Fund

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Guardian Diversified Research VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Global Utilities VIP Fund	$57	1.07%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$45,509,507
Total # of Portfolio Holdings	27
Portfolio Turnover Rate	19%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Geographic Region/Country Allocation

(% of Total Net Assets)

North America	60.1
Europe	23.9
Asia-Pacific	6.4
United Kingdom	4.6
South America	3.7
Cash/Other Assets and Liabilities	1.3
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

NextEra Energy, Inc.	6.4
American Electric Power Co., Inc.	6.4
E.ON SE	6.2
Engie SA	5.8
Sempra	5.7
Iberdrola SA	5.5
Enel SpA	5.1
National Grid PLC	4.6
Dominion Energy, Inc.	4.6
Atmos Energy Corp.	4.4
Total	54.7

Guardian Global Utilities VIP Fund

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Guardian Global Utilities VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Growth & Income VIP Fund	$49	0.97%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$101,416,112
Total # of Portfolio Holdings	74
Portfolio Turnover Rate	26%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Financials	23.1
Health Care	18.0
Industrials	17.1
Consumer Staples	9.0
Information Technology	8.7
Consumer Discretionary	6.6
Energy	6.2
Communication Services	5.9
Materials	2.8
Real Estate	1.0
Cash/Other Assets and Liabilities	1.6
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

JPMorgan Chase & Co.	4.3
Berkshire Hathaway, Inc., Class B	3.9
Philip Morris International, Inc.	3.8
Johnson & Johnson	3.7
Walmart, Inc.	3.3
RTX Corp.	3.2
Texas Instruments, Inc.	2.6
S&P Global, Inc.	2.5
EOG Resources, Inc.	2.5
Fiserv, Inc.	2.2
Total	32.0

Guardian Growth & Income VIP Fund

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Guardian Growth & Income VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian All Cap Core VIP Fund	$43	0.84%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$239,447,224
Total # of Portfolio Holdings	179
Portfolio Turnover Rate	28%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Information Technology	28.5
Financials	14.0
Industrials	12.5
Consumer Discretionary	11.0
Health Care	10.3
Communication Services	9.1
Consumer Staples	4.6
Energy	3.1
Real Estate	2.2
Utilities	2.2
Materials	2.1
Cash/Other Assets and Liabilities	0.4
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Microsoft Corp.	7.2
Amazon.com, Inc.	4.7
NVIDIA Corp.	4.0
Meta Platforms, Inc., Class A	3.2
Apple, Inc.	3.1
Alphabet, Inc., Class A	2.9
Broadcom, Inc.	2.8
JPMorgan Chase & Co.	2.1
Mastercard, Inc., Class A	1.7
TransUnion	1.5
Total	33.2

Guardian All Cap Core VIP Fund

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Guardian All Cap Core VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Balanced Allocation VIP Fund	$46	0.91%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$212,889,597
Total # of Portfolio Holdings	383
Portfolio Turnover Rate	87%

What were the Fund’s portfolio holdings? (as of June 30, 2025)

Portfolio Composition

(% of Total Net Assets)

Value	Value
Equities	66.5
Fixed Income	32.8
Cash/Other Assets and Liabilities	0.7

Top Ten Holdings

(% of Total Net Assets)

NVIDIA Corp.	5.8
Microsoft Corp.	4.9
Amazon.com, Inc.	3.8
Meta Platforms, Inc., Class A	2.7
Wells Fargo & Co.	2.7
Broadcom, Inc.	2.4
Alphabet, Inc., Class A	2.4
Philip Morris International, Inc.	2.1
Sempra	1.9
Apple, Inc.	1.8
Total	30.5

Guardian Balanced Allocation VIP Fund

Equity Sector Allocation

(% of Total Net Assets)

Information Technology	21.2
Financials	9.2
Communication Services	8.2
Consumer Discretionary	7.9
Health Care	6.5
Industrials	3.9
Consumer Staples	3.0
Energy	2.3
Utilities	1.9
Materials	1.6
Real Estate	0.8

Bond Sector Allocation

(% of Total Net Assets)

U.S. Government Securities	15.6
Agency Mortgage-Backed Securities	8.5
Corporate Bonds & Notes	7.0
Asset-Backed Securities	1.2
Non-Agency Mortgage-Backed Securities	0.8
Exchange-Traded Funds	0.5
Municipals	0.3
Foreign Government	0.3
Agency Mortgage-Backed Securities TBA Sale Commitments	(1.4)
Cash/Other Assets and Liabilities	0.7
Total	100.0

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Guardian Balanced Allocation VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Equity Income VIP Fund	$30	0.58%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$926,918,284
Total # of Portfolio Holdings	71
Portfolio Turnover Rate	158%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Financials	19.2
Health Care	14.5
Industrials	13.2
Consumer Staples	9.5
Information Technology	9.1
Energy	8.8
Utilities	8.6
Real Estate	6.0
Materials	5.0
Consumer Discretionary	4.0
Communication Services	0.9
Cash/Other Assets and Liabilities	1.2
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Bank of America Corp.	3.1
Johnson & Johnson	2.7
JPMorgan Chase & Co.	2.6
UnitedHealth Group, Inc.	2.5
ConocoPhillips	2.3
Merck & Co., Inc.	2.2
PACCAR, Inc.	2.0
American International Group, Inc.	2.0
Gilead Sciences, Inc.	1.9
Unilever PLC, ADR	1.8
Total	23.1

Guardian Equity Income VIP Fund

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Guardian Equity Income VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$179,730,111
Total # of Portfolio Holdings	203
Portfolio Turnover Rate	32%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Industrials	22.3
Financials	17.8
Consumer Discretionary	12.9
Information Technology	11.6
Health Care	8.4
Real Estate	6.8
Materials	5.8
Consumer Staples	5.2
Energy	3.7
Utilities	2.8
Communication Services	1.2
Government	0.2
Cash/Other Assets and Liabilities	1.3
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Howmet Aerospace, Inc.	1.7
Bancorp, Inc.	1.6
HEICO Corp., Class A	1.5
Popular, Inc.	1.5
XPO, Inc.	1.4
American Financial Group, Inc.	1.3
Carlisle Cos., Inc.	1.3
ITT, Inc.	1.1
Esab Corp.	1.1
Masimo Corp.	1.1
Total	13.6

Guardian Select Mid Cap Core VIP Fund

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Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Small-Mid Cap Core VIP Fund	$51	1.04%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$230,413,289
Total # of Portfolio Holdings	74
Portfolio Turnover Rate	42%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Industrials	24.4
Financials	19.7
Information Technology	16.6
Consumer Discretionary	12.1
Health Care	9.7
Materials	7.3
Real Estate	6.0
Energy	2.6
Consumer Staples	1.3
Cash/Other Assets and Liabilities	0.3
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Marvell Technology, Inc.	2.6
Air Lease Corp.	2.5
Carlisle Cos., Inc.	2.2
National Vision Holdings, Inc.	2.2
QXO, Inc.	2.0
API Group Corp.	1.9
Dynatrace, Inc.	1.9
WNS Holdings Ltd.	1.9
HealthEquity, Inc.	1.9
Planet Fitness, Inc., Class A	1.8
Total	20.9

Guardian Small-Mid Cap Core VIP Fund

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Guardian Small-Mid Cap Core VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Strategic Large Cap Core VIP Fund	$47	0.92%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$197,459,109
Total # of Portfolio Holdings	84
Portfolio Turnover Rate	22%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Information Technology	33.2
Financials	16.8
Industrials	11.0
Health Care	10.1
Consumer Discretionary	9.2
Communication Services	8.1
Consumer Staples	5.3
Utilities	2.6
Energy	1.9
Real Estate	0.9
Cash/Other Assets and Liabilities	0.9
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Microsoft Corp.	8.6
Apple, Inc.	4.3
Broadcom, Inc.	3.4
NVIDIA Corp.	3.2
Alphabet, Inc., Class C	2.8
Amazon.com, Inc.	2.7
Meta Platforms, Inc., Class A	2.4
Visa, Inc., Class A	2.2
Intuit, Inc.	2.0
McKesson Corp.	1.9
Total	33.5

Guardian Strategic Large Cap Core VIP Fund

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Guardian Strategic Large Cap Core VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Integrated Research VIP Fund	$44	0.86%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$267,675,003
Total # of Portfolio Holdings	66
Portfolio Turnover Rate	16%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Information Technology	32.5
Financials	14.1
Communication Services	11.2
Consumer Discretionary	10.3
Industrials	10.1
Health Care	8.3
Consumer Staples	4.9
Energy	2.9
Materials	2.0
Utilities	1.9
Real Estate	1.2
Cash/Other Assets and Liabilities	0.6
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

NVIDIA Corp.	8.3
Microsoft Corp.	7.9
Apple, Inc.	6.5
Amazon.com, Inc.	5.1
Alphabet, Inc., Class A	4.1
Broadcom, Inc.	3.6
Meta Platforms, Inc., Class A	3.4
JPMorgan Chase & Co.	2.5
Mastercard, Inc., Class A	2.2
Eli Lilly & Co.	2.1
Total	45.7

Guardian Integrated Research VIP Fund

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Guardian Integrated Research VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian International Equity VIP Fund	$62	1.14%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$215,417,141
Total # of Portfolio Holdings	100
Portfolio Turnover Rate	14%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Financials	20.5
Industrials	16.5
Health Care	15.4
Consumer Discretionary	12.5
Information Technology	12.3
Consumer Staples	8.3
Communication Services	6.1
Materials	2.6
Utilities	2.3
Energy	2.3
Real Estate	0.6
Cash/Other Assets and Liabilities	0.6
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

SAP SE (Germany)	3.2
Mitsubishi UFJ Financial Group, Inc. (Japan)	2.5
Shell PLC (United Kingdom)	2.3
Roche Holding AG (Switzerland)	2.2
ASML Holding NV (Netherlands)	2.0
AstraZeneca PLC (United Kingdom)	2.0
Sony Group Corp. (Japan)	2.0
Allianz SE (Germany)	1.9
Banco Bilbao Vizcaya Argentaria SA (Spain)	1.8
Unilever PLC (United Kingdom)	1.7
Total	21.6

Guardian International Equity VIP Fund

Geographic Region/Country Allocation

(% of Total Net Assets)

Europe	47.2
Asia-Pacific	28.1
United Kingdom	19.2
North America	4.9
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, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian International Growth VIP Fund	$62	1.16%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$75,743,256
Total # of Portfolio Holdings	68
Portfolio Turnover Rate	25%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Industrials	26.4
Financials	17.4
Consumer Discretionary	13.4
Information Technology	13.3
Health Care	10.0
Materials	5.8
Consumer Staples	5.5
Communication Services	4.8
Utilities	1.6
Real Estate	0.8
Cash/Other Assets and Liabilities	1.0
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Safran SA (France)	4.5
Sony Group Corp. (Japan)	4.2
Air Liquide SA (France)	4.0
SAP SE (Germany)	3.0
Hitachi Ltd. (Japan)	2.7
RELX PLC (United Kingdom)	2.5
Cie Financiere Richemont SA, Class A (Switzerland)	2.5
Schneider Electric SE (France)	2.4
London Stock Exchange Group PLC (United Kingdom)	2.4
Rolls-Royce Holdings PLC (United Kingdom)	2.4
Total	30.6

Guardian International Growth VIP Fund

Geographic Region/Country Allocation

(% of Total Net Assets)

Europe	46.3
Asia-Pacific	31.0
United Kingdom	20.8
North America	0.9
Cash/Other Assets and Liabilities	1.0
Total	100.0

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Guardian International Growth VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Large Cap Disciplined Growth VIP Fund	$44	0.87%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$371,835,080
Total # of Portfolio Holdings	53
Portfolio Turnover Rate	30%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Information Technology	51.2
Communication Services	15.4
Consumer Discretionary	11.5
Financials	7.1
Health Care	6.0
Industrials	4.4
Consumer Staples	2.2
Materials	1.0
Real Estate	0.8
Cash/Other Assets and Liabilities	0.4
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

NVIDIA Corp.	13.4
Microsoft Corp.	10.8
Apple, Inc.	10.8
Amazon.com, Inc.	6.4
Broadcom, Inc.	5.0
Alphabet, Inc., Class A	5.0
Meta Platforms, Inc., Class A	5.0
Eli Lilly & Co.	2.7
Mastercard, Inc., Class A	2.7
Netflix, Inc.	2.7
Total	64.5

Guardian Large Cap Disciplined Growth VIP Fund

What changes have occurred since the beginning of the reporting period?

This is a summary of certain changes of the Fund since January 1, 2025.

Effective May 1, 2025, the Fund’s sub-classification under the Investment Company Act of 1940 was changed from “diversified” to “non-diversified, which permits the Fund to invest a greater percentage of its assets in the obligations or securities of a smaller number of issuers or any one issuer as compared to a diversified fund, as further described in the Fund’s Prospectus.

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Guardian Large Cap Disciplined Growth VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Large Cap Disciplined Value VIP Fund	$50	0.97%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$84,929,008
Total # of Portfolio Holdings	87
Portfolio Turnover Rate	27%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Financials	23.4
Industrials	15.8
Information Technology	12.1
Health Care	10.6
Consumer Staples	9.3
Consumer Discretionary	6.9
Energy	6.7
Materials	5.6
Communication Services	4.6
Utilities	4.5
Cash/Other Assets and Liabilities	0.5
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

JPMorgan Chase & Co.	4.5
Philip Morris International, Inc.	3.0
Amazon.com, Inc.	2.2
Uber Technologies, Inc.	2.0
U.S. Foods Holding Corp.	2.0
Honeywell International, Inc.	1.9
Oracle Corp.	1.9
Cencora, Inc.	1.9
Walt Disney Co.	1.9
CRH PLC	1.8
Total	23.1

Guardian Large Cap Disciplined Value VIP Fund

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Guardian Large Cap Disciplined Value VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Large Cap Fundamental Growth VIP Fund	$51	1.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$188,991,229
Total # of Portfolio Holdings	120
Portfolio Turnover Rate	23%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Information Technology	31.0
Consumer Discretionary	18.7
Health Care	14.0
Communication Services	10.4
Financials	10.1
Industrials	8.9
Consumer Staples	2.2
Materials	2.0
Energy	1.5
Real Estate	0.8
Cash/Other Assets and Liabilities	0.4
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

NVIDIA Corp.	11.7
Amazon.com, Inc.	10.7
Microsoft Corp.	6.0
Alphabet, Inc., Class A	4.7
Apple, Inc.	3.9
Taiwan Semiconductor Manufacturing Co. Ltd.	2.6
Mastercard, Inc., Class A	2.5
Eli Lilly & Co.	2.4
Meta Platforms, Inc., Class A	2.4
Visa, Inc., Class A	2.4
Total	49.3

Guardian Large Cap Fundamental Growth VIP Fund

What changes have occurred since the beginning of the reporting period?

This is a summary of certain changes of the Fund since January 1, 2025.

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Guardian Large Cap Fundamental Growth VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Mid Cap Relative Value VIP Fund	$54	1.08%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$102,860,020
Total # of Portfolio Holdings	70
Portfolio Turnover Rate	17%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Industrials	24.5
Financials	16.4
Health Care	9.7
Materials	9.4
Real Estate	8.9
Utilities	7.2
Consumer Discretionary	6.4
Energy	5.9
Consumer Staples	5.6
Information Technology	5.4
Cash/Other Assets and Liabilities	0.6
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Keurig Dr. Pepper, Inc.	2.9
AerCap Holdings NV	2.9
American Electric Power Co., Inc.	2.9
CBRE Group, Inc., Class A	2.9
Labcorp Holdings, Inc.	2.7
Carlisle Cos., Inc.	2.6
Arch Capital Group Ltd.	2.5
Vulcan Materials Co.	2.4
Jefferies Financial Group, Inc.	2.4
FirstEnergy Corp.	2.4
Total	26.6

Guardian Mid Cap Relative Value VIP Fund

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Guardian Mid Cap Relative Value VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners).

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Mid Cap Traditional Growth VIP Fund	$55	1.09%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$46,046,362
Total # of Portfolio Holdings	78
Portfolio Turnover Rate	10%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Information Technology	26.8
Industrials	26.3
Health Care	13.1
Financials	12.8
Consumer Discretionary	7.8
Utilities	4.7
Real Estate	3.0
Communication Services	2.9
Materials	1.6
Consumer Staples	0.6
Energy	0.4
Cash/Other Assets and Liabilities	(0.0)
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Constellation Software, Inc.	5.1
SS&C Technologies Holdings, Inc.	3.7
Flex Ltd.	3.6
Intact Financial Corp.	3.5
Ferguson Enterprises, Inc.	2.8
AppLovin Corp., Class A	2.6
Boston Scientific Corp.	2.6
LPL Financial Holdings, Inc.	2.4
Teledyne Technologies, Inc.	2.4
Liberty Media Corp.-Liberty Formula One, Class C	2.3
Total	31.0

Guardian Mid Cap Traditional Growth VIP Fund

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Guardian Mid Cap Traditional Growth VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Multi-Sector Bond VIP Fund	$48	0.95%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$167,727,501
Total # of Portfolio Holdings	343
Portfolio Turnover Rate	138%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Bond Sector Allocation

(% of Total Net Assets)

Non-Agency Mortgage-Backed Securities	34.5
Corporate Bonds & Notes	33.6
Asset-Backed Securities	17.6
Senior Secured Loans	10.5
Agency Mortgage-Backed Securities	7.2
Exchange-Traded Funds	4.6
Common Stocks	0.3
Cash/Other Assets and Liabilities	(8.3)
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Janus Henderson Emerging Markets Debt Hard Currency ETF	4.6
Uniform Mortgage-Backed Security, 5.500%, due 7/1/2054	1.7
Uniform Mortgage-Backed Security, 3.500%, due 7/1/2054	1.2
Connecticut Avenue Securities Trust, Class 1B1, 6.256%, due 2/25/2045	1.1
Freddie Mac STACR REMIC Trust, Class M2, 6.105%, due 11/25/2041	1.1
Homeward Opportunities Fund Trust, Class A1, 5.476%, due 3/25/2040	1.1
Connecticut Avenue Securities Trust, Class 1B1, 6.006%, due 1/25/2045	1.1
Freddie Mac STACR REMIC Trust, Class M2, 5.755%, due 10/25/2044	1.1
Freddie Mac STACR REMIC Trust, Class M2, 5.955%, due 2/25/2045	1.1
Connecticut Avenue Securities Trust, Class 2B1, 6.305%, due 7/25/2044	1.1
Total	15.2

Guardian Multi-Sector Bond VIP Fund

What changes have occurred since the beginning of the reporting period?

This is a summary of certain changes of the Fund since January 1, 2025.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust held on February 27, 2025, the Board considered and approved the appointment of Janus Henderson Investors US LLC as the sub-adviser to the Fund, effective March 3, 2025.

There were also related changes to the Fund’s principal investment strategies, principal risks, and portfolio managers.

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Guardian Multi-Sector Bond VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Short Duration Bond VIP Fund	$24	0.47%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$133,098,965
Total # of Portfolio Holdings	80
Portfolio Turnover Rate	137%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Bond Sector Allocation

(% of Total Net Assets)

Corporate Bonds & Notes	36.5
Asset-Backed Securities	26.3
Agency Mortgage-Backed Securities	25.9
U.S. Treasury Bills	7.5
Non-Agency Mortgage-Backed Securities	1.5
Cash/Other Assets and Liabilities	2.3
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Class A2, 3.244%, due 8/25/2027	5.2
Federal National Mortgage Association, 3.000%, due 9/1/2034	4.9
Federal Home Loan Mortgage Corp., 3.000%, due 5/1/2033	4.9
Federal National Mortgage Association, 3.000%, due 5/1/2037	4.7
Federal National Mortgage Association, 3.000%, due 4/1/2033	4.0
CARDS II Trust, Class A, 4.630%, due 3/15/2031	2.3
NextGear Floorplan Master Owner Trust, Class B, 4.890%, due 2/15/2030	2.3
GMF Floorplan Owner Revolving Trust, Class C, 4.880%, due 3/15/2029	2.2
Verizon Master Trust, Class C, 4.900%, due 3/20/2030	2.2
Hertz Vehicle Financing III LLC, Class A, 4.910%, due 9/25/2029	2.2
Total	34.9

Guardian Short Duration Bond VIP Fund

What changes have occurred since the beginning of the reporting period?

This is a summary of certain changes of the Fund since January 1, 2025.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust held on February 27, 2025, the Board considered and approved the appointment of Allspring Global Investments, LLC as the sub-adviser to the Fund, effective March 3, 2025.

The Board also approved a change in the Fund’s investment objective to the following: “The Fund seeks to preserve principal and meet liquidity needs while maximizing total return.”

There were also related changes to the Fund’s principal investment strategies, principal risks, and portfolio managers.

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Guardian Short Duration Bond VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

Guardian Small Cap Value Diversified VIP Fund

(formerly, Guardian Small Cap Core VIP Fund)

This semi-annual shareholder report contains important information about Guardian Small Cap Value Diversified VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$177,270,056
Total # of Portfolio Holdings	93
Portfolio Turnover Rate	114%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Sector Allocation

(% of Total Net Assets)

Financials	21.8
Industrials	20.0
Information Technology	11.6
Materials	9.8
Energy	7.6
Consumer Discretionary	6.5
Health Care	6.4
Real Estate	5.9
Utilities	5.5
Communication Services	1.4
Consumer Staples	1.3
Cash/Other Assets and Liabilities	2.2
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Silicon Motion Technology Corp.ADR	2.9
BGC Group, Inc., Class A	2.4
Kemper Corp.	2.4
BrightView Holdings, Inc.	2.2
Brixmor Property Group, Inc.	2.0
Teleflex, Inc.	1.9
Enterprise Financial Services Corp.	1.9
Hanover Insurance Group, Inc.	1.9
Enovis Corp.	1.9
Air Lease Corp.	1.9
Total	21.4

Guardian Small Cap Value Diversified VIP Fund

What changes have occurred since the beginning of the reporting period?

This is a summary of certain changes of the Fund since January 1, 2025.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust held on February 27, 2025, the Board considered and approved the removal of ClearBridge Investments, LLC and the appointment of Boston Partners Global Investors, Inc. as the sub-adviser to the Fund, effective May 1, 2025.

The Board also approved a change to the Fund’s name to Guardian Small Cap Value Diversified VIP Fund, effective May 1, 2025.

There were also related changes to the Fund’s principal investment strategies, principal risks, and portfolio managers.

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Guardian Small Cap Value Diversified VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

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, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Total Return Bond VIP Fund	$40	0.80%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$201,429,599
Total # of Portfolio Holdings	208
Portfolio Turnover Rate	92%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Bond Sector Allocation

(% of Total Net Assets)

Corporate Bonds & Notes	40.7
U.S. Government Securities	23.8
Asset-Backed Securities	22.7
Non-Agency Mortgage-Backed Securities	9.0
Foreign Government	2.1
Municipals	0.1
Cash/Other Assets and Liabilities	1.6
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

U.S. Treasury Bonds, 4.625%, due 11/15/2044	12.5
U.S. Treasury Bonds, 4.500%, due 11/15/2054	5.9
U.S. Treasury Notes, 4.250%, due 1/31/2030	3.7
Carlyle U.S. CLO Ltd., Class CR2, 6.269%, due 10/21/2037	1.5
Octagon Loan Funding Ltd., Class CRR, 6.786%, due 11/18/2031	1.1
OHA Credit Funding 3 Ltd., Class CR2, 6.019%, due 1/20/2038	1.0
U.S. Treasury Bonds, 4.250%, due 2/15/2054	0.9
Deutsche Bank AG, 5.403%, due 9/11/2035	0.9
TIAA CLO IV Ltd., Class A2R, 6.019%, due 1/20/2032	0.9
Westlake Automobile Receivables Trust, Class A3, 6.240%, due 7/15/2027	0.8
Total	29.2

Guardian Total Return Bond VIP Fund

What changes have occurred since the beginning of the reporting period?

This is a summary of certain changes of the Fund since January 1, 2025.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust held on February 27, 2025, the Board considered and approved the appointment of Massachusetts Financial Services Company (MFS^®) as the sub-adviser to the Fund effective March 3, 2025.

The Board also approved a change in the Fund’s investment objective to the following: “The Fund seeks total return with an emphasis on high current income as well as capital appreciation.”

There were also related changes to the Fund’s principal investment strategies, principal risks, and portfolio managers.

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Guardian Total Return Bond VIP Fund

Semi-Annual Shareholder Report

June 30, 2025

Guardian U.S. Government/Credit VIP Fund

(formerly, Guardian U.S. Government Securities VIP Fund)

This semi-annual shareholder report contains important information about Guardian U.S. Government/Credit VIP Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. 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) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian U.S. Government/Credit VIP Fund	$37	0.74%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized. Reflects fee waivers and/or expense reimbursements, without which expenses would be higher.

Fund Statistics

(as of June 30, 2025)

FUND STATISTICS	fund
Total Net Assets	$141,797,647
Total # of Portfolio Holdings	165
Portfolio Turnover Rate	116%

What were the Fund’s portfolio holdings?

(as of June 30, 2025)

Bond Sector Allocation

(% of Total Net Assets)

U.S. Government Securities	51.9
Corporate Bonds & Notes	41.6
Asset-Backed Securities	3.9
Agency Mortgage-Backed Securities	3.6
Non-Agency Mortgage-Backed Securities	1.1
Cash/Other Assets and Liabilities	(2.1)
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

U.S. Treasury Notes, 4.250%, due 1/31/2030	5.4
U.S. Treasury Notes, 4.125%, due 1/31/2027	3.9
U.S. Treasury Notes, 2.625%, due 5/31/2027	3.8
U.S. Treasury Notes, 4.250%, due 2/28/2029	3.7
U.S. Treasury Notes, 3.625%, due 8/31/2029	3.5
U.S. Treasury Notes, 4.125%, due 10/31/2029	3.4
U.S. Treasury Notes, 4.500%, due 5/31/2029	3.4
U.S. Treasury Notes, 4.375%, due 7/15/2027	3.0
U.S. Treasury Notes, 4.125%, due 2/28/2027	2.9
U.S. Treasury Notes, 4.375%, due 8/31/2028	2.7
Total	35.7

Guardian U.S. Government/Credit VIP Fund

What changes have occurred since the beginning of the reporting period?

This is a summary of certain changes of the Fund since January 1, 2025.

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust held on February 27, 2025, the Board considered and approved the appointment of Lord, Abbett & Co. LLC as the sub-adviser to the Fund, effective March 3, 2025.

The Board also approved a change to the Fund’s name to Guardian U.S. Government/Credit VIP Fund, effective May 1, 2025.

In connection with the Fund’s name change, the Board approved the following changes to the Fund’s 80% investment policy with respect to investments in U.S. government securities, effective May 1, 2025: “Under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes in U.S. government securities and corporate credit investments.”

There were also related changes to the Fund’s principal investment strategies, principal risks, and portfolio managers.

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Guardian U.S. Government/Credit VIP Fund

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

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

Guardian Core Fixed Income VIP Fund

LOGO


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

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			7

Statement of Operations			7

Statements of Changes in Net Assets			8

Financial Highlights			10

Notes to Financial Statements			12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			20

Item 9. Proxy Disclosures for Open-End Management Investment Companies			20

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			20

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			20

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2025. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 19.8%

Federal Home Loan Mortgage Corp. 2.00% due 11/1/2035	$	3,600,512	$	3,313,777
2.00% due 1/1/2052		513,480		412,363
2.00% due 2/1/2052		1,349,323		1,082,667
2.00% due 3/1/2052		922,122		737,979
4.00% due 10/1/2037		321,062		315,814
4.00% due 6/1/2052		1,612,878		1,504,314
4.50% due 9/1/2052		422,586		405,340
5.50% due 9/1/2053		3,707,095		3,738,129
6.00% due 10/1/2053		3,342,713		3,403,455

Federal National Mortgage Association 2.50% due 2/1/2037		1,275,170		1,194,233
2.50% due 5/1/2051		1,343,563		1,134,082
2.50% due 4/1/2052		1,574,433		1,323,590
3.00% due 11/1/2051		549,995		476,035
3.00% due 3/1/2052		574,568		498,827
3.00% due 4/1/2052		105,727		92,750
3.00% due 5/1/2052		3,973,947		3,443,195
3.50% due 10/1/2052		2,941,419		2,653,039
5.00% due 12/1/2039		1,440,813		1,451,262
5.00% due 2/1/2053		269,131		264,785
5.50% due 1/1/2054		977,859		978,938
6.00% due 9/1/2053		241,945		246,480
6.00% due 5/1/2055		196,032		201,636

Government National Mortgage Association 2.00% due 10/20/2050		4,724,677		3,853,932
2.50% due 4/20/2050		2,841,389		2,423,334
2.50% due 7/20/2054⁽¹⁾		150,000		127,446
2.50% due 8/20/2054⁽¹⁾		250,000		212,425
3.00% due 5/20/2052		1,799,999		1,592,231
3.50% due 7/20/2052		545,420		498,396
3.50% due 8/20/2052		349,168		319,091
3.50% due 10/20/2052		97,965		89,496
3.50% due 8/20/2054⁽¹⁾		450,000		407,876
4.00% due 8/20/2054⁽¹⁾		1,000,000		929,304
4.50% due 4/20/2055		997,320		954,614
5.00% due 5/20/2055		1,124,999		1,105,369
5.00% due 6/20/2055		375,000		368,456
5.50% due 7/20/2054⁽¹⁾		1,750,000		1,752,048
6.00% due 1/20/2055		2,949,344		2,992,749

Uniform Mortgage-Backed Security 2.00% due 7/1/2039⁽¹⁾		1,100,000		1,004,682
2.00% due 7/1/2054⁽¹⁾		8,250,000		6,528,868
2.00% due 8/1/2054⁽¹⁾		3,550,000		2,810,929
2.50% due 7/1/2055⁽¹⁾		6,000,000		4,975,470
3.00% due 7/1/2054⁽¹⁾		100,000		86,501
4.50% due 7/1/2054⁽¹⁾		1,100,000		1,052,097
5.00% due 7/1/2054⁽¹⁾		1,500,000		1,470,272
6.00% due 7/1/2054⁽¹⁾		600,000		609,798
6.00% due 8/1/2054⁽¹⁾		1,200,000		1,218,672
6.50% due 8/1/2054⁽¹⁾		1,700,000		1,752,496


Total Agency Mortgage-Backed Securities (Cost $67,723,031)				68,009,242


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities – 8.9%

AASET LLC Series 2022-1A, Class A 6.00% due 5/16/2047⁽²⁾	$	1,174,976	$	1,191,844

ALTDE Trust Series 2025-1A, Class A 5.90% due 8/15/2050⁽²⁾		734,529		749,208

Ares LIV CLO Ltd. Series 2019-54A, Class AR2 5.602% (3 mo. USD Term SOFR + 1.31%) due 7/15/2038⁽²⁾⁽³⁾		250,000		250,000

Ares LVIII CLO Ltd. Series 2020-58A, Class A1R2 5.528% (3 mo. USD Term SOFR + 1.24%) due 4/15/2038⁽²⁾⁽³⁾		267,175		267,673

Ares LXXVI CLO Ltd. Series 2025-76A, Class A1 5.726% (3 mo. USD Term SOFR + 1.40%) due 5/27/2038⁽²⁾⁽³⁾		563,000		563,282

BCRED BSL Static CLO Ltd. Series 2025-1A, Class AR 5.541% (3 mo. USD Term SOFR + 1.25%) due 7/24/2035⁽²⁾⁽³⁾		250,000		249,813

Cedar Funding XII CLO Ltd. Series 2020-12A, Class ARR 5.457% (3 mo. USD Term SOFR + 1.20%) due 1/25/2038⁽²⁾⁽³⁾		100,000		100,060

DB Master Finance LLC
Series 2021-1A, Class A2I 2.045% due 11/20/2051⁽²⁾		106,150		101,953
Series 2021-1A, Class A2II 2.493% due 11/20/2051⁽²⁾		936,050		864,968

Domino’s Pizza Master Issuer LLC
Series 2017-1A, Class A23 4.118% due 7/25/2047⁽²⁾		1,085,700		1,067,215
Series 2018-1A, Class A2II 4.328% due 7/25/2048⁽²⁾		506,913		500,335

Dryden 80 CLO Ltd. Series 2019-80A, Class AR 5.53% (3 mo. USD Term SOFR + 1.25%) due 1/17/2033⁽²⁾⁽³⁾		3,229,818		3,228,526

Dryden 86 CLO Ltd. Series 2020-86A, Class A1R 5.641% (3 mo. USD Term SOFR + 1.36%) due 7/17/2034⁽²⁾⁽³⁾		1,093,000		1,092,563

Flatiron CLO 28 Ltd. Series 2024-1A, Class A1 5.576% (3 mo. USD Term SOFR + 1.32%) due 7/15/2036⁽²⁾⁽³⁾		1,000,000		999,600


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Flatiron CLO 32 Ltd. Series 2025-32A, Class A1 5.582% (3 mo. USD Term SOFR + 1.29%) due 10/22/2038⁽²⁾⁽³⁾	$	250,000	$	250,000

Flatiron RR CLO 30 Ltd. Series 2025-30A, Class A1 5.443% (3 mo. USD Term SOFR + 1.16%) due 4/15/2038⁽²⁾⁽³⁾		262,000		262,150

Green Lakes Park CLO LLC Series 2025-1A, Class ARR 5.462% (3 mo. USD Term SOFR + 1.18%) due 1/25/2038⁽²⁾⁽³⁾		2,000,000		1,997,800

Horizon Aircraft Finance II Ltd. Series 2019-1, Class A 3.721% due 7/15/2039⁽²⁾		1,029,591		983,588

Jersey Mike’s Funding LLC
Series 2019-1A, Class A2 4.433% due 2/15/2050⁽²⁾		395,000		391,489
Series 2024-1A, Class A2 5.636% due 2/15/2055⁽²⁾		349,125		344,778

Lakeside Park CLO Ltd. Series 2025-1A, Class A 5.406% (3 mo. USD Term SOFR + 1.15%) due 4/15/2038⁽²⁾⁽³⁾		250,000		250,147

Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A 5.681% (3 mo. USD Term SOFR + 1.41%) due 4/19/2033⁽²⁾⁽³⁾		1,815,941		1,819,391

Magnetite XLV Ltd. Series 2025-45A, Class A1 5.435% (3 mo. USD Term SOFR + 1.15%) due 4/15/2038⁽²⁾⁽³⁾		184,000		184,097

Magnetite XXVI Ltd. Series 2020-26A, Class AR2 5.416% (3 mo. USD Term SOFR + 1.15%) due 1/25/2038⁽²⁾⁽³⁾		1,500,000		1,495,050

Magnetite XXXVI Ltd. Series 2023-36A, Class AR 5.636% (3 mo. USD Term SOFR + 1.32%) due 7/25/2038⁽²⁾⁽³⁾		250,000		249,934

Morgan Stanley Eaton Vance CLO Ltd. Series 2025-21A, Class A1 5.285% (3 mo. USD Term SOFR + 1.17%) due 4/15/2038⁽²⁾⁽³⁾		316,000		316,205

OHA Credit Funding Ltd. Series 2023-14RA, Class A 5.625% (3 mo. USD Term SOFR + 1.23%) due 4/20/2038⁽²⁾⁽³⁾		250,000		250,215


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

OHA Credit Partners VII Ltd. Series 2012-7A, Class AR4 5.462% (3 mo. USD Term SOFR + 1.14%) due 2/20/2038⁽²⁾⁽³⁾	$	2,000,000	$	2,000,448

Palmer Square Loan Funding Ltd. Series 2025-2A, Class A1 5.232% (3 mo. USD Term SOFR + 0.94%) due 7/15/2033⁽²⁾⁽³⁾		250,000		250,000

Planet Fitness Master Issuer LLC
Series 2019-1A, Class A2 3.858% due 12/5/2049⁽²⁾		1,734,075		1,646,162
Series 2022-1A, Class A2II 4.008% due 12/5/2051⁽²⁾		967,500		892,955

RR 36 Ltd. Series 2024-36RA, Class A1R 5.546% (3 mo. USD Term SOFR + 1.29%) due 1/15/2040⁽²⁾⁽³⁾		1,900,000		1,900,462

Sixth Street CLO XX Ltd. Series 2021-20A, Class A1R 5.612% (3 mo. USD Term SOFR + 1.32%) due 7/17/2038⁽²⁾⁽³⁾		250,000		250,000

SLAM Ltd. Series 2025-1A, Class A 5.807% due 5/15/2050⁽²⁾		250,000		258,462

Subway Funding LLC Series 2024-1A, Class A2I 6.028% due 7/30/2054⁽²⁾		49,750		50,553

Toyota Auto Loan Extended Note Trust Series 2021-1A, Class A 1.07% due 2/27/2034⁽²⁾		2,175,000		2,127,018

Wheels Fleet Lease Funding 1 LLC Series 2024-3A, Class A1 4.80% due 9/19/2039⁽²⁾		700,000		703,518

Willis Engine Structured Trust VIII Series 2025-A, Class A 5.582% due 6/15/2050⁽²⁾		250,000		253,988


Total Asset-Backed Securities (Cost $30,249,665)				30,355,450
Corporate Bonds & Notes – 24.2%
Aerospace & Defense – 0.3%

Boeing Co. 5.15% due 5/1/2030		1,000,000		1,018,380


				1,018,380
Agriculture – 0.3%

BAT Capital Corp. 6.421% due 8/2/2033		1,000,000		1,088,420


				1,088,420
Auto Manufacturers – 0.4%

General Motors Financial Co., Inc. 5.55% due 7/15/2029		1,200,000		1,225,632


				1,225,632


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Commercial Banks – 9.0%

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⁽³⁾	$	2,300,000	$	2,020,090
4.271% (4.271% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.57% thereafter) due 7/23/2029⁽³⁾		1,500,000		1,495,845
4.623% (4.623% fixed rate until 5/9/2028; 1 day USD SOFR + 1.11% thereafter) due 5/9/2029⁽³⁾		693,000		697,539

Barclays PLC 5.367% (5.367% fixed rate until 2/25/2030; 1 day USD SOFR + 1.23% thereafter) due 2/25/2031⁽³⁾		1,500,000		1,531,665

BNP Paribas SA 5.786% (6.183% fixed rate until 1/30/2032; 1 day USD SOFR + 1.62% thereafter) due 1/13/2033⁽²⁾⁽³⁾		1,000,000		1,040,200

Citigroup, Inc. 4.412% (4.412% fixed rate until 3/31/2030; 1 day USD SOFR + 3.91% thereafter) due 3/31/2031⁽³⁾		1,000,000		989,090
4.91% (4.91% fixed rate until 5/24/2032; 1 day USD SOFR + 2.09% thereafter) due 5/24/2033⁽³⁾		3,000,000		2,992,920

Citizens Financial Group, Inc. 5.718% (5.718% fixed rate until 7/23/2031; 1 day USD SOFR + 1.91% thereafter) due 7/23/2032⁽³⁾		1,000,000		1,035,510

Deutsche Bank AG 2.311% (2.311% fixed rate until 11/16/2026; 1 day USD SOFR + 1.22% thereafter) due 11/16/2027⁽³⁾		800,000		776,280

Goldman Sachs Group, Inc. 3.80% due 3/15/2030		2,000,000		1,951,520
4.017% (4.017% fixed rate until 10/31/2037; 3 mo. USD Term SOFR + 1.63% thereafter) due 10/31/2038⁽³⁾		1,000,000		871,550

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⁽³⁾		2,600,000		2,595,112
4.995% (4.995% fixed rate until 7/22/2029; 1 day USD SOFR + 1.13% thereafter) due 7/22/2030⁽³⁾		1,700,000		1,730,821


June 30, 2025 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
5.103% (5.103% fixed rate until 4/22/2030; 1 day USD SOFR + 1.44% thereafter) due 4/22/2031⁽³⁾	$	270,000	$	276,685
5.502% (5.502% fixed rate until 1/24/2035; 1 day USD SOFR + 1.32% thereafter) due 1/24/2036⁽³⁾		1,000,000		1,030,410
5.572% (5.572% fixed rate until 4/22/2035; 1 day USD SOFR + 1.68% thereafter) due 4/22/2036⁽³⁾		320,000		331,952

Morgan Stanley 4.654% (4.654% fixed rate until 10/18/2029; 1 day USD SOFR + 1.10% thereafter) due 10/18/2030⁽³⁾		700,000		701,449
5.123% (5.123% fixed rate until 2/1/2028; 1 day USD SOFR + 1.73% thereafter) due 2/1/2029⁽³⁾		2,100,000		2,136,666
5.192% (5.192% fixed rate until 4/17/2030; 1 day USD SOFR + 1.51% thereafter) due 4/17/2031⁽³⁾		244,000		250,202
5.587% (5.587% fixed rate until 1/18/2035; 1 day USD SOFR + 1.42% thereafter) due 1/18/2036⁽³⁾		700,000		719,754
5.664% (5.664% fixed rate until 4/17/2035; 1 day USD SOFR + 1.76% thereafter) due 4/17/2036⁽³⁾		194,000		201,104

PNC Financial Services Group, Inc. 4.812% (4.812% fixed rate until 10/21/2031; 1 day USD SOFR + 1.26% thereafter) due 10/21/2032⁽³⁾		1,000,000		1,002,450

UBS Group AG 5.428% (5.428% fixed rate until 2/8/2029; 1 yr. CMT rate + 1.52% thereafter) due 2/8/2030⁽²⁾⁽³⁾		1,500,000		1,539,660

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⁽³⁾		2,200,000		2,055,504
5.15% (5.15% fixed rate until 4/23/2030; 1 day USD SOFR + 1.50% thereafter) due 4/23/2031⁽³⁾		365,000		373,870
5.605% (5.605% fixed rate until 4/23/2035; 1 day USD SOFR + 1.74% thereafter) due 4/23/2036⁽³⁾		322,000		332,375


				30,680,223


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Computers – 0.3%

Dell International LLC/EMC Corp. 5.30% due 10/1/2029	$	1,000,000	$	1,028,910


				1,028,910
Diversified Financial Services – 2.5%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust 5.375% due 12/15/2031		1,800,000		1,840,734

Ally Financial, Inc. 5.543% (5.543% fixed rate until 1/17/2030; 1 day USD SOFR + 1.73% thereafter) due 1/17/2031⁽³⁾		2,500,000		2,532,875
5.737% (5.737% fixed rate until 5/15/2028; 1 day USD SOFR + 1.96% thereafter) due 5/15/2029⁽³⁾		65,000		66,183

American Express Co. 5.085% (5.085% fixed rate until 1/30/2030; 1 day USD SOFR + 1.02% thereafter) due 1/30/2031⁽³⁾		1,000,000		1,022,750
5.282% (5.282% fixed rate until 7/27/2028; 1 day USD SOFR + 1.28% thereafter) due 7/27/2029⁽³⁾		300,000		308,484

Avolon Holdings Funding Ltd. 5.15% due 1/15/2030⁽²⁾		27,000		27,198
5.375% due 5/30/2030⁽²⁾		146,000		148,659
5.75% due 3/1/2029⁽²⁾		1,000,000		1,027,050
6.375% due 5/4/2028⁽²⁾		40,000		41,691

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⁾		1,500,000		1,551,585


				8,567,209
Electric – 0.6%

Duke Energy Corp. 5.45% due 6/15/2034		1,000,000		1,028,090

Southern Co. 5.70% due 3/15/2034		1,000,000		1,045,350


				2,073,440
Entertainment – 0.5%

Warnermedia Holdings, Inc. 4.054% due 3/15/2029		1,000,000		814,550
4.279% due 3/15/2032		291,000		216,393
5.05% due 3/15/2042		1,000,000		590,350


				1,621,293
Food – 0.4%

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 5.50% due 1/15/2030		320,000		328,800

Mars, Inc. 4.80% due 3/1/2030⁽²⁾		262,000		265,422
5.00% due 3/1/2032⁽²⁾		197,000		199,634
5.20% due 3/1/2035⁽²⁾		164,000		165,930


June 30, 2025 (unaudited)	Principal Amount		Value
Food (continued)
5.65% due 5/1/2045⁽²⁾	$	159,000	$	159,143
5.70% due 5/1/2055⁽²⁾		300,000		299,247


				1,418,176
Gas – 0.3%

NiSource, Inc. 3.60% due 5/1/2030		1,000,000		960,520


				960,520
Healthcare-Services – 0.4%

Centene Corp. 4.625% due 12/15/2029		1,000,000		973,370

Cigna Group 5.40% due 3/15/2033		400,000		413,304


				1,386,674
Insurance – 1.6%

Aon North America, Inc. 5.45% due 3/1/2034		800,000		821,768

Athene Global Funding 4.721% due 10/8/2029⁽²⁾		1,000,000		997,110

Corebridge Financial, Inc. 3.90% due 4/5/2032		1,000,000		938,640

MetLife, Inc. 5.375% due 7/15/2033		600,000		624,612

Reinsurance Group of America, Inc. 5.75% due 9/15/2034		1,000,000		1,028,210

Unum Group 5.75% due 8/15/2042		1,000,000		967,790

Western-Southern Global Funding 4.90% due 5/1/2030⁽²⁾		106,000		107,073


				5,485,203
Internet – 0.1%

VeriSign, Inc. 5.25% due 6/1/2032		314,000		319,887


				319,887
Investment Companies – 0.3%

Ares Capital Corp. 7.00% due 1/15/2027		500,000		516,135

Ares Strategic Income Fund 5.45% due 9/9/2028⁽²⁾		206,000		206,167
5.80% due 9/9/2030⁽²⁾		167,000		167,735


				890,037
Media – 0.6%

Charter Communications Operating LLC/Charter Communications Operating Capital 5.25% due 4/1/2053		200,000		170,476
6.10% due 6/1/2029		1,000,000		1,047,060
6.484% due 10/23/2045		1,000,000		990,760


				2,208,296
Oil & Gas – 1.6%

Cenovus Energy, Inc. 2.65% due 1/15/2032		800,000		691,336


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Oil & Gas (continued)

Hess Corp. 5.60% due 2/15/2041	$	1,000,000	$	992,960

Occidental Petroleum Corp. 7.50% due 5/1/2031		1,000,000		1,101,290

Petroleos Mexicanos 5.95% due 1/28/2031		1,500,000		1,354,410
7.69% due 1/23/2050		1,500,000		1,179,960


				5,319,956
Pharmaceuticals – 0.6%

Bayer U.S. Finance LLC 6.375% due 11/21/2030⁽²⁾		1,000,000		1,065,460

CVS Health Corp. 3.75% due 4/1/2030		1,000,000		959,170


				2,024,630
Pipelines – 1.6%

Columbia Pipelines Operating Co. LLC 5.439% due 2/15/2035⁽²⁾		1,000,000		1,005,810

Energy Transfer LP 5.70% due 4/1/2035		800,000		814,728
6.20% due 4/1/2055		400,000		393,896

MPLX LP 4.95% due 9/1/2032		1,000,000		990,600
5.50% due 6/1/2034		100,000		100,481

ONEOK, Inc. 5.05% due 11/1/2034		600,000		583,974

Targa Resources Corp. 4.90% due 9/15/2030		126,000		127,174
5.65% due 2/15/2036		303,000		306,100

Western Midstream Operating LP 5.45% due 11/15/2034		300,000		294,261

Williams Cos., Inc. 4.65% due 8/15/2032		1,000,000		981,060


				5,598,084
Real Estate Investment Trusts – 1.5%

American Homes 4 Rent LP 4.95% due 6/15/2030		293,000		295,898
5.50% due 7/15/2034		200,000		202,552

Brixmor Operating Partnership LP 4.125% due 5/15/2029		900,000		885,348

Healthpeak OP LLC 5.375% due 2/15/2035		1,000,000		1,010,220

Kite Realty Group Trust 4.75% due 9/15/2030		1,000,000		997,120

Omega Healthcare Investors, Inc. 3.25% due 4/15/2033		937,000		808,153

VICI Properties LP 4.75% due 4/1/2028		61,000		61,512
5.125% due 5/15/2032		1,000,000		996,560


				5,257,363
Retail – 0.2%

O’Reilly Automotive, Inc. 5.00% due 8/19/2034		700,000		695,268


				695,268


June 30, 2025 (unaudited)	Principal Amount		Value
Semiconductors – 0.3%

Broadcom, Inc. 3.419% due 4/15/2033⁽²⁾	$	112,000	$	101,445
3.50% due 2/15/2041⁽²⁾		888,000		702,532

Marvell Technology, Inc. 4.75% due 7/15/2030		89,000		89,450
5.45% due 7/15/2035		146,000		147,139


				1,040,566
Software – 0.0%

Paychex, Inc. 5.10% due 4/15/2030		32,000		32,768
5.35% due 4/15/2032		46,000		47,221
5.60% due 4/15/2035		36,000		37,208


				117,197
Telecommunications – 0.8%

AT&T, Inc. 2.55% due 12/1/2033		1,000,000		837,100
5.40% due 2/15/2034		700,000		720,363

T-Mobile USA, Inc. 2.70% due 3/15/2032		300,000		264,252

Verizon Communications, Inc. 2.55% due 3/21/2031		1,000,000		897,050


				2,718,765

Total Corporate Bonds & Notes (Cost $81,919,094)				82,744,129
Non-Agency Mortgage-Backed Securities – 3.7%

BMP Trust Series 2024-MF23, Class B 5.953% due 6/15/2041^(2)(3)(4)		213,000		212,934

BPR Commercial Mortgage Trust Series 2024-PARK, Class A 5.392% due 11/5/2039^(2)(3)(4)		774,000		783,170

BX Commercial Mortgage Trust
Series 2020-VIV2, Class C 3.661% due 3/9/2044^(2)(3)(4)		467,000		429,516
Series 2020-VIV3, Class B 3.662% due 3/9/2044^(2)(3)(4)		1,000,000		929,488
Series 2022-LP2, Class C 5.874% due 2/15/2039^(2)(3)(4)		700,000		698,180
Series 2024-GPA3, Class A 5.605% due 12/15/2039^(2)(3)(4)		165,975		166,120
Series 2024-XL4, Class A 5.754% due 2/15/2039^(2)(3)(4)		686,553		687,294
Series 2024-XL5, Class A 5.703% due 3/15/2041^(2)(3)(4)		1,300,834		1,301,804
Series 2025-SPOT, Class A 5.755% due 4/15/2040^(2)(3)(4)		575,000		574,459

BX Trust
Series 2019-OC11, Class A 3.202% due 12/9/2041⁽²⁾		2,000,000		1,864,248
Series 2021-LBA, Class AJV 5.227% due 2/15/2036^(2)(3)(4)		275,000		274,519
Series 2024-CNYN, Class A 5.754% due 4/15/2041^(2)(3)(4)		240,863		241,257
Series 2025-DIME, Class A 5.462% due 2/15/2035^(2)(3)(4)		100,000		99,617
Series 2025-ROIC, Class B 5.705% due 3/15/2030^(2)(3)(4)		1,500,000		1,488,834


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
Series 2025-TAIL, Class A 5.712% due 6/15/2035^(2)(3)(4)	$	100,000	$	100,127

Hilton USA Trust
Series 2016-HHV, Class A 3.719% due 11/5/2038⁽²⁾		1,875,000		1,843,059
Series 2016-HHV, Class B 4.333% due 11/5/2038^(2)(3)(4)		250,000		246,959

TCO Commercial Mortgage Trust Series 2024-DPM, Class A 5.555% due 12/15/2039^(2)(3)(4)		600,000		599,197

Total Non-Agency Mortgage-Backed Securities (Cost $12,506,272)				12,540,782

U.S. Government Securities – 45.1%

U.S. Treasury Bonds 4.50% due 11/15/2054		5,000,000		4,767,187
4.625% due 11/15/2044		30,000,000		29,371,875
4.625% due 2/15/2055		5,800,000		5,647,750
4.75% due 2/15/2045		7,500,000		7,461,328

U.S. Treasury Notes 4.00% due 2/28/2030		32,800,000		33,125,438
4.125% due 2/29/2032		47,400,000		47,844,375
4.125% due 5/31/2032		150,000		151,289
4.25% due 2/15/2028		9,000,000		9,122,344
4.625% due 2/15/2035		16,500,000		17,028,516


Total U.S. Government Securities (Cost $154,314,760)				154,520,102


June 30, 2025 (unaudited)	Principal Amount		Value
Repurchase Agreements – 5.0%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $17,102,774, due 7/1/2025⁽⁵⁾	$	17,102,128	$	17,102,128

Total Repurchase Agreements (Cost $17,102,128)				17,102,128

Total Investments – 106.7% (Cost $363,814,950)				365,271,833

Liabilities in excess of other assets – (6.7)%				(22,857,252	)

Total Net Assets – 100.0%			$	342,414,581

⁽¹⁾	TBA — To be announced.

⁽²⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $52,163,398, representing 15.2% 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.

⁽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, 2025.

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

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.375%		5/15/2034	$	17,149,500	$	17,444,344

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

The following is a summary of the inputs used as of June 30, 2025 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	$	—	$	68,009,242	$	—	$	68,009,242
Asset-Backed Securities		—		30,355,450		—		30,355,450
Corporate Bonds & Notes		—		82,744,129		—		82,744,129
Non-Agency Mortgage-Backed Securities		—		12,540,782		—		12,540,782
U.S. Government Securities		—		154,520,102		—		154,520,102
Repurchase Agreements		—		17,102,128		—		17,102,128
Total	$	—	$	365,271,833	$	—	$	365,271,833


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

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND


Statement of Assets and Liabilities As of June 30, 2025 (unaudited)
Assets

Investments, at value	$	365,271,833

Foreign currency, at value		28

Receivable for investments sold		11,087,767

Interest receivable		3,623,863

Receivable for fund shares subscribed		378,882

Reimbursement receivable from adviser		14,206

Prepaid expenses		4,586


Total Assets		380,381,165


Liabilities

Payable for investments purchased		37,493,398

Payable for fund shares redeemed		240,532

Investment advisory fees payable		124,272

Accrued custodian and accounting fees		27,516

Accrued audit fees		22,661

Accrued expenses and other liabilities		58,205


Total Liabilities		37,966,584


Total Net Assets	$	342,414,581


Net Assets Consist of:

Paid-in capital	$	319,895,025

Distributable earnings		22,519,556


Total Net Assets	$	342,414,581

Investments, at Cost	$	363,814,950

Foreign Currency, at Cost	$	27


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		32,105,149

Net Asset Value Per Share		$10.67


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Interest	$	8,330,564

Dividends		92,428


Total Investment Income		8,422,992


Expenses

Investment advisory fees		785,531

Trustees’ and officers’ fees		64,322

Professional fees		54,153

Custodian and accounting fees		41,359

Administrative fees		41,297

Shareholder reports		16,860

Transfer agent fees		11,037

Other expenses		11,774


Total Expenses		1,026,333

Less: Fees waived		(89,793	)


Total Expenses, Net		936,540


Net Investment Income/(Loss)		7,486,452


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

Net realized gain/(loss) from investments		(477,283	)

Net realized gain/(loss) from futures contracts		(196,236	)

Net change in unrealized appreciation/(depreciation) on investments		5,567,027

Net change in unrealized appreciation/(depreciation) on futures contracts		527,692

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		1


Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions		5,421,201


Net Increase in Net Assets Resulting From Operations	$	12,907,653


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

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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	7,486,452		$	18,310,150

Net realized gain/(loss) from investments and derivative contracts		(673,519	)		2,530,412

Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies		6,094,720			(14,525,413	)


Net Increase in Net Assets Resulting from Operations		12,907,653			6,315,149


Capital Share Transactions

Proceeds from sales of shares		10,472,957			51,407,522

Cost of shares redeemed		(52,238,675	)		(111,003,577	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(41,765,718	)		(59,596,055	)


Net Decrease in Net Assets		(28,858,065	)		(53,280,906	)


Net Assets

Beginning of period		371,272,646			424,553,552


End of period	$	342,414,581		$	371,272,646


Other Information:

Shares

Sold		1,003,225			5,058,137

Redeemed		(4,993,103	)		(10,851,737	)


Net Decrease		(3,989,878	)		(5,793,600	)


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

This Page Intentionally Left Blank


				9

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 6/30/25	$	10.29	$	0.22	$	0.16	$	0.38	$	10.67		3.69%	⁽⁴⁾

Year Ended 12/31/24		10.14		0.47		(0.32)		0.15		10.29		1.48%

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⁾


10				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

$	342,415		0.53%	⁽⁴⁾		0.58%	⁽⁴⁾		4.21%	⁽⁴⁾		4.16%	⁽⁴⁾		98%	⁽⁴⁾

	371,273		0.52%			0.56%			4.58%			4.54%			205%

	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.				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

June 30, 2025 (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.


12

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, 2025, 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, 2025 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, 2025, 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


				13

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. There were no futures contracts held as of June 30, 2025.

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. There were no credit default swaps held as of June 30, 2025.

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, 2025.


14

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.

h. Segment Reporting The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The Fund’s adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. Park Avenue acts as the Fund’s Chief Operating Decision Maker (“CODM’’) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.

3. Transactions with Affiliates

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

Park Avenue has contractually agreed through April 30, 2026 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 0.52% 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, 2025, the expense limitation was 0.53%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $89,793.

Park Avenue has entered into a Sub-Advisory Agreement with FIAM LLC (“FIAM”), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. 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.

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


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the six months ended June 30, 2025, were as follows:



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	126,596,112	$	205,471,983
Sales		212,998,566		163,024,884

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

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

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.

To-be-announced (“TBA”) securities and purchase commitments are commitments to purchase

mortgage-backed securities for a fixed price at a future date. At the time of purchase, the seller does not specify the particular mortgage-backed securities to be delivered. Instead, a Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, a Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. The principal risks are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

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, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

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

g. Mortgage- and Asset-Backed Securities The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market’s perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as “Ginnie Mae”), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as “Fannie Mae” and “Freddie Mac”), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. 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 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, 2025 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.

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

In addition to the risks generally applicable to derivatives, risks associated with credit default swap


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

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.

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:



	Interest Rate Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(196,236	)

Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	527,692

Average Number of Notional Amounts
Futures Contracts³		113

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.

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.

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 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 $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 December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

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.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.


				19

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.

Board of Trustees Meeting held February 27, 2025

At a meeting of the Board of Trustees (the “Board” or “Trustees”) of Guardian Variable Products Trust (the “Trust”) held on February 27, 2025 (the “February Meeting”), the Trustees, including the Trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”) considered proposed sub-advisory agreements between Park Avenue Institutional Advisers LLC (the “Manager”) and each of (i) Boston Partners Global Investors, Inc. (“Boston Partners”) engaged to serve as sub-adviser to the Guardian Small Cap Core VIP Fund; (ii) FIAM LLC (“FIAM”) engaged to serve as sub-adviser to the Guardian Core Fixed Income VIP Fund; (iii) Janus Henderson Investors US LLC (“Janus”) engaged to serve as sub-adviser to the Guardian Multi-Sector Bond VIP Fund; (iv) Allspring Global Investments, LLC (“Allspring”) engaged to serve as sub-adviser to the Guardian Short Duration Bond VIP Fund; (v) Massachusetts Financial Services Company (“MFS”) engaged to serve as sub-adviser to the Guardian Total Return Bond VIP Fund; and (vi) Lord, Abbett & Co. LLC (“Lord Abbett”)

engaged to serve as sub-adviser to the Guardian U.S. Government Securities VIP Fund. Boston Partners, FIAM, Janus, Allspring, MFS and Lord Abbett are each referred to as a “Sub-adviser” and are collectively referred to as the “Sub-advisers.” The sub-advisory agreements with the Sub-advisers are each referred to as an Agreement and are collectively referred to as the “Agreements.” Guardian Small Cap Core VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund are each referred to as a “Fund” and are collectively referred to as the “Funds.” The Board, including the Independent Trustees voting separately, unanimously approved the Agreements for an initial term of two years. The Trustees also considered and approved modifications to certain Funds’ investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers’ investment processes.

The Board is responsible for overseeing the management of the Funds. In determining whether to approve 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 February Meeting and at a meeting held on February 3, 2025, the Trustees received materials and information designed to assist in their consideration of the Agreements. At its February 3, 2025 Board meeting, the Trustees received a presentation from representatives of the Sub-advisers regarding the services to be rendered to the Funds. The Manager also discussed proposed changes to certain Funds’ investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers’ investment processes. In light of the proposed changes to the investment strategies and risks, the Trustees considered and approved the change of the name of the Guardian U.S. Government Securities VIP Fund to the Guardian U.S. Government/Credit VIP Fund. The Trustees received written responses from the Sub-advisers to a series of questions and requests for information covering a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The 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.


20

During the course of their deliberations, the Independent Trustees met to discuss and evaluate the Agreements in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager and the Sub-advisers.

In reaching its decisions to approve the Agreements, the Trustees took into account the materials and information described above as well as other materials and information provided to the Trustees and discussed with and among the Trustees. Individual Trustees may have given different weight to different factors and information with respect to the Agreements, 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 Trustees’ decision to approve the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services to be provided to the Funds by the Sub-advisers; (ii) the investment performance of accounts managed by the Sub-advisers with strategies similar to the Funds; (iii) the fees to be charged and estimated profitability; (iv) the extent to which economies of scale may in the future exist for the Funds, and the extent to which the Funds may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Sub-advisers (or their 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 to be provided to the Funds by the Sub-advisers. The Trustees also considered, among other things, the terms of the Agreements and the range of investment advisory services to be provided to the Funds by the Sub-advisers under the oversight of the Manager. In evaluating the investment advisory services, the Trustees considered, among other things, each Sub-adviser’s investment philosophy, style and process and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Sub-advisers with similar strategies as the Funds, including performance and portfolio characteristics. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputation of the Sub-advisers.

The Trustees considered that the Sub-advisers’ compliance programs had been reviewed by the Funds’ Chief Compliance Officer and that he determined each Sub-adviser’s program to be reasonably designed to prevent violation of the federal securities laws by a Fund. The Trustees also considered the information presented regarding the capabilities and financial condition of each Sub-adviser and its ability to carry out its responsibilities under its Agreement. The Trustees also considered the information provided by management regarding the personnel, potential benefits and risks, philosophy, and investment processes of the Sub-advisers. The Trustees also considered the presentations by the Sub-advisers to the Board.

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

Investment Performance

The Trustees considered the Sub-advisers’ performance history with respect to similarly-managed investment accounts. While there was no historical Sub-adviser performance information with respect to the Funds for review, the Board noted that it would have an opportunity to review such information in connection with future annual reviews of the Agreements.

Costs and Profitability

The Trustees considered the proposed sub-advisory fees to be paid under the Agreements and evaluated the reasonableness of the fees. The Trustees considered information regarding the fees charged to funds and accounts managed by the Sub-advisers with similar strategies as the Funds. The Trustees also considered that the fees to be paid to each Sub-adviser would be paid by the Manager. The Trustees considered that the Manager had negotiated the fees with the Sub-advisers at arm’s-length.

The Trustees did not request or consider any projected profitability information from the Sub-advisers because the Manager, not the Fund, would be responsible for payment of the fees and 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 Trustees concluded that the proposed sub-advisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the Funds by the Sub-advisers.


				21

Economies of Scale

The Trustees noted that for three of six Funds, the 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 Trustees concluded that it was appropriate to revisit potential economies of scale in connection with future reviews of the Agreements or earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on current and anticipated asset levels.

Ancillary Benefits

The Trustees considered the potential benefits, other than the sub-advisory fee, that the Sub-advisers and their affiliates may receive because of their relationships with the Funds. The Trustees concluded that 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 Funds.

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.

Board of Trustees Meeting held March 26-27, 2025

At a meeting of the Board of Trustees (the “Board” or “Trustees”) of Guardian Variable Products Trust (the “Trust”) held on March 26-27, 2025 (the “March Meeting”), the Trustees, 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 the March 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 the following investment advisory firms engaged to serve as sub-advisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) 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; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a “Sub-adviser” and collectively, the “Sub-advisers”) for a one-year term.


22

Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

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 March 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.

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 Trustee who is not an Independent Trustee 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 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 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 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 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 investment, legal and administrative capabilities of the


				23

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 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 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 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 each 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 the returns of a relevant benchmark index used for performance evaluation. 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 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 some 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 because of the arm’s length negotiation.

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, including the expense limitation arrangements for May 1, 2025, through April 30, 2026. Although the Board recognized that the comparisons between the management fees and 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 their evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.


24

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 for the periods ended December 31, 2024, and is considered “in line with” the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2025, through April 30, 2026 (which is reflected in the descriptions below).

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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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.


				25

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income 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 and in the 3^rd quintile of its performance universe for the 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and that the total expenses were in the 3^rd 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

The Board noted that the contractual management fee, the actual management fee and total expenses were 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 5-year period, in the 3^rd quintile of its performance universe for the 5-year period, and in the 4^th quintile of its performance universe for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

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 5-year period, in the 4^th quintile of its performance universe for the 3-year period and in the 5^th quintile of its performance universe for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.


26

•

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 of the expense group and that total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated 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 period, in the 4^th quintile of its performance universe for 3-year period, and in the 3^rd quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year period, lower than the S&P 500 Index for the 3-year period, and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

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

Guardian International Growth 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 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth 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 and in the 3^rd quintile of its performance universe for the 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Large Cap Fundamental Growth VIP Fund

•

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

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.


				27

Guardian Mid Cap Traditional Growth 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, in the 1^st quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for 5-year period.

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth 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 total expenses were in the 3^rd quintile of the expense group.

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and lower than the Bloomberg US Aggregate Bond Index for the 3-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 the total expenses were in the 2^nd quintile of the expense group.

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond 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 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.


28

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 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 that the total expenses were in the 2^nd quintile of the expense group.

Guardian Total Return Bond 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 and in the 5^th quintile of its performance universe for the 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

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 1-year and 3-year periods and in the 2^nd quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


				29

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

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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			13

Statement of Operations			13

Statements of Changes in Net Assets			14

Financial Highlights			16

Notes to Financial Statements			18

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			26

Item 9. Proxy Disclosures for Open-End Management Investment Companies			26

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			26

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			26

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 31.1%

Federal Home Loan Mortgage Corp. 5.00% due 7/1/2052	$	457,620	$	453,517
5.00% due 8/1/2052		707,848		701,545
5.50% due 7/1/2054		162,366		164,743
5.50% due 11/1/2054		1,035,968		1,053,108
6.00% due 8/1/2039		740,566		768,100
6.00% due 9/1/2039		189,387		196,008
6.00% due 2/1/2055		140,387		145,221
6.50% due 11/1/2053		619,526		643,800

Federal National Mortgage Association 2.50% due 8/1/2050		1,867,562		1,590,966
2.50% due 1/1/2051		996,422		844,142
3.00% due 12/1/2048		1,677,828		1,490,937
3.50% due 9/1/2051		194,562		178,110
3.50% due 4/1/2052		846,329		770,990
4.00% due 5/1/2052		875,443		826,684
5.00% due 7/1/2052		609,824		605,936
5.00% due 8/1/2052		965,178		955,946
5.50% due 3/1/2054		857,983		866,656
5.50% due 10/1/2054		526,243		533,893
6.00% due 2/1/2039		98,454		101,962
6.00% due 10/1/2054		119,710		123,832
6.00% due 1/1/2055		266,492		275,286

Freddie Mac Multifamily Structured Pass-Through Certificates Series K-153, Class A2 3.82% due 12/25/2032⁽¹⁾⁽²⁾		440,000		423,161
Series K-161, Class A2 4.90% due 10/25/2033⁽¹⁾⁽²⁾		230,000		236,155
Series K-169, Class A2 4.66% due 12/25/2034⁽¹⁾⁽²⁾		250,000		251,293
Series K-143, Class A2 2.35% due 3/25/2032		680,000		601,806
Series K-146, Class A2 2.92% due 6/25/2032		460,000		420,308
Series KG-07, Class A2 3.123% due 8/25/2032⁽¹⁾⁽²⁾		1,146,000		1,057,990
Series KG-08, Class A2 4.134% due 5/25/2033⁽¹⁾⁽²⁾		550,000		537,523

Government National Mortgage Association 2.00% due 7/20/2054⁽³⁾		572,000		465,831
2.50% due 7/20/2054⁽³⁾		1,490,000		1,265,959
3.00% due 7/20/2054⁽³⁾		1,117,000		987,360
3.00% due 8/20/2054⁽³⁾		1,005,000		888,198
4.50% due 7/20/2054⁽³⁾		1,228,000		1,175,169
5.00% due 7/20/2054⁽³⁾		1,469,000		1,442,877
5.00% due 8/20/2054⁽³⁾		634,000		622,402
5.50% due 7/20/2054⁽³⁾		2,794,000		2,797,269
6.00% due 7/20/2054⁽³⁾		2,382,000		2,416,158
6.00% due 8/20/2054⁽³⁾		24,000		24,318
6.50% due 7/20/2054⁽³⁾		772,000		792,412
6.50% due 8/20/2054⁽³⁾		751,000		769,242

Uniform Mortgage-Backed Security 2.00% due 7/1/2054⁽³⁾		924,000		731,233
2.00% due 8/1/2054⁽³⁾		405,000		320,683


June 30, 2025 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities (continued)
2.50% due 7/1/2039⁽³⁾	$	1,629,000	$	1,519,934
2.50% due 8/1/2054⁽³⁾		2,380,000		1,974,434
2.50% due 7/1/2055⁽³⁾		731,000		606,178
3.00% due 7/1/2054⁽³⁾		45,000		38,926
3.50% due 7/1/2054⁽³⁾		166,000		149,457
3.50% due 8/1/2054⁽³⁾		302,000		271,875
4.50% due 7/1/2054⁽³⁾		570,000		545,178
5.00% due 7/1/2039⁽³⁾		312,000		314,268
5.00% due 8/1/2039⁽³⁾		1,192,000		1,200,189
5.00% due 7/1/2054⁽³⁾		26,000		25,485
5.00% due 8/1/2054⁽³⁾		547,000		535,915
5.50% due 8/1/2039⁽³⁾		2,943,000		2,995,533
5.50% due 7/1/2040⁽³⁾		898,000		914,326
5.50% due 7/1/2054⁽³⁾		248,000		247,990
5.50% due 8/1/2054⁽³⁾		1,454,000		1,452,988
6.00% due 7/1/2039⁽³⁾		157,000		161,432
6.00% due 8/1/2039⁽³⁾		513,000		527,385
6.00% due 7/1/2054⁽³⁾		181,000		183,956
6.00% due 8/1/2054⁽³⁾		949,000		963,766
7.00% due 7/1/2054⁽³⁾		110,000		115,763
7.00% due 8/1/2054⁽³⁾		443,000		464,485


Total Agency Mortgage-Backed Securities (Cost $46,967,314)				46,728,192
Asset-Backed Securities – 15.9%

AB BSL CLO 3 Ltd. Series 2021-3A, Class BR 5.82% (3 mo. USD Term SOFR + 1.55%) due 4/20/2038⁽¹⁾⁽⁴⁾		500,000		499,731

Affirm Asset Securitization Trust Series 2023-B, Class A 6.82% due 9/15/2028⁽⁴⁾		945,000		948,645
Series 2024-A, Class 1A 5.61% due 2/15/2029⁽⁴⁾		455,000		457,100

AmeriCredit Automobile Receivables Trust Series 2022-2, Class C 5.32% due 4/18/2028		185,000		186,313

Avant Loans Funding Trust Series 2024-REV1, Class A 5.92% due 10/15/2033⁽⁴⁾		295,000		298,355

Avid Automobile Receivables Trust Series 2021-1, Class E 3.39% due 4/17/2028⁽⁴⁾		798,784		795,474

Cajun Global LLC Series 2021-1, Class A2 3.931% due 11/20/2051⁽⁴⁾		154,600		151,279

CarMax Auto Owner Trust
Series 2022-3, Class B 4.69% due 2/15/2028		430,000		430,938
Series 2024-3, Class A3 4.89% due 7/16/2029		335,000		338,284

CarMax Select Receivables Trust Series 2024-A, Class A3 5.40% due 11/15/2028		380,000		384,101


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Cherry Securitization Trust Series 2025-1A, Class A 6.13% due 11/15/2032⁽⁴⁾	$	225,000	$	228,227

Citizens Auto Receivables Trust Series 2023-1, Class A3 5.84% due 1/18/2028⁽⁴⁾		746,851		751,717
Series 2024-2, Class A4 5.26% due 4/15/2031⁽⁴⁾		545,000		552,870

Clover CLO LLC Series 2018-1A, Class A2RR 6.00% (3 mo. USD Term SOFR + 1.73%) due 4/20/2037⁽¹⁾⁽⁴⁾		330,000		330,165

DLLAD LLC Series 2023-1A, Class A4 4.80% due 6/20/2030⁽⁴⁾		510,000		515,444

Exeter Automobile Receivables Trust
Series 2024-4A, Class C 5.48% due 8/15/2030		165,000		166,662
Series 2025-3A, Class B 4.86% due 2/15/2030		180,000		181,569

First National Master Note Trust Series 2024-1, Class A 5.34% due 5/15/2030		805,000		821,156

Flagship Credit Auto Trust Series 2020-4, Class E 3.84% due 7/17/2028⁽⁴⁾		405,000		398,614

Ford Credit Auto Owner Trust Series 2021-1, Class A 1.37% due 10/17/2033⁽⁴⁾		800,000		780,844

Galaxy 31 CLO Ltd. Series 2023-31A, Class BR 6.111% (3 mo. USD Term SOFR + 1.80%) due 7/15/2038⁽¹⁾⁽⁴⁾		250,000		250,847

Generate CLO 14 Ltd. Series 2024-14A, Class B 6.379% (3 mo. USD Term SOFR + 2.10%) due 4/22/2037⁽¹⁾⁽⁴⁾		250,000		250,800

GLS Auto Select Receivables Trust Series 2025-3A, Class A2 4.46% due 10/15/2030⁽⁴⁾		390,000		390,000

GM Financial Automobile Leasing Trust Series 2024-3, Class A3 4.21% due 10/20/2027		480,000		479,843

GM Financial Consumer Automobile Receivables Trust Series 2024-2, Class C 5.43% due 12/17/2029		95,000		96,804

Huntington Auto Trust Series 2024-1A, Class A3 5.23% due 1/16/2029⁽⁴⁾		375,000		378,984

Hyundai Auto Lease Securitization Trust Series 2025-B, Class B 4.94% due 8/15/2029⁽⁴⁾		175,000		176,591


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

KKR CLO 35 Ltd. Series 35A, Class BR 5.87% (3 mo. USD Term SOFR + 1.60%) due 1/20/2038⁽¹⁾⁽⁴⁾	$	340,000	$	339,617

LAD Auto Receivables Trust Series 2024-3A, Class A4 4.60% due 12/17/2029⁽⁴⁾		235,000		236,445

Lending Funding Trust Series 2020-2A, Class A 2.32% due 4/21/2031⁽⁴⁾		630,000		613,621

Lendmark Funding Trust Series 2021-1A, Class A 1.90% due 11/20/2031⁽⁴⁾		750,000		717,003

LoanCore Issuer LLC Series 2025-CRE8, Class A 5.699% (1 mo. USD Term SOFR + 1.39%) due 8/17/2042⁽¹⁾⁽⁴⁾		280,000		276,932

M&T Equipment Notes Series 2025-1A, Class A3 4.78% due 9/17/2029⁽⁴⁾		360,000		362,155

Mariner Finance Issuance Trust Series 2021-AA, Class A 1.86% due 3/20/2036⁽⁴⁾		290,000		280,862

Mercury Financial Credit Card Master Trust Series 2024-2A, Class A 6.56% due 7/20/2029⁽⁴⁾		360,000		363,072

MF1 LLC Series 2024-FL14, Class A 6.055% (1 mo. USD Term SOFR + 1.74%) due 3/19/2039⁽¹⁾⁽⁴⁾		390,000		390,366

Neuberger Berman Loan Advisers CLO 46 Ltd. Series 2021-46A, Class CR 6.02% (3 mo. USD Term SOFR + 1.75%) due 1/20/2037⁽¹⁾⁽⁴⁾		450,000		450,552

Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 5.93% due 3/15/2028		220,000		221,873

OCP CLO Ltd. Series 2021-22A, Class CR 6.22% (3 mo. USD Term SOFR + 1.95%) due 10/20/2037⁽¹⁾⁽⁴⁾		270,000		269,784

Octagon 69 Ltd. Series 2024-3A, Class A2 5.935% (3 mo. USD Term SOFR + 1.66%) due 7/24/2037⁽¹⁾⁽⁴⁾		250,000		251,025

PEAC Solutions Receivables LLC
Series 2024-1A, Class A3 5.64% due 11/20/2030⁽⁴⁾		340,000		346,864


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)
Series 2024-2A, Class A2 4.74% due 4/20/2027⁽⁴⁾	$	311,252	$	311,181

PFS Financing Corp. Series 2023-B, Class A 5.27% due 5/15/2028⁽⁴⁾		210,000		211,376

RAD CLO 27 Ltd. Series 2024-27A, Class A1 5.611% (3 mo. USD Term SOFR + 1.32%) due 1/15/2038⁽¹⁾⁽⁴⁾		330,000		330,410

Regatta XXVIII Funding Ltd. Series 2024-2A, Class A2 6.032% (3 mo. USD Term SOFR + 1.75%) due 4/25/2037⁽¹⁾⁽⁴⁾		250,000		250,950

Santander Drive Auto Receivables Trust Series 2022-7, Class C 6.69% due 3/17/2031		1,060,000		1,086,300
Series 2024-2, Class C 5.84% due 6/17/2030		195,000		198,936
Series 2025-2, Class B 4.87% due 5/15/2031		260,000		261,992

SBNA Auto Receivables Trust Series 2024-A, Class A3 5.32% due 12/15/2028⁽⁴⁾		555,496		556,996

SEB Funding LLC Series 2021-1A, Class A2 4.969% due 1/30/2052⁽⁴⁾		371,070		364,007

Silver Point CLO 10 Ltd. Series 2025-10A, Class A1 5.742% (3 mo. USD Term SOFR + 1.45%) due 7/15/2038⁽¹⁾⁽⁴⁾		380,000		380,000

Silver Point CLO 4 Ltd. Series 2024-4A, Class A2 6.086% (3 mo. USD Term SOFR + 1.83%) due 4/15/2037⁽¹⁾⁽⁴⁾		250,000		251,050

Trinitas CLO XXVII Ltd. Series 2024-27A, Class B 6.47% (3 mo. USD Term SOFR + 2.20%) due 4/18/2037⁽¹⁾⁽⁴⁾		250,000		251,050

Verizon Master Trust Series 2024-2, Class A 4.83% due 12/22/2031⁽⁴⁾		310,000		315,693

Warwick Capital CLO 6 Ltd. Series 2025-6A, Class A1 5.705% (3 mo. USD Term SOFR + 1.43%) due 7/20/2038⁽¹⁾⁽⁴⁾		405,000		405,000

Westlake Automobile Receivables Trust Series 2023-1A, Class C 5.74% due 8/15/2028⁽⁴⁾		1,015,000		1,021,103
Series 2024-2A, Class C 5.68% due 3/15/2030⁽⁴⁾		400,000		405,478


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

World Omni Auto Receivables Trust Series 2024-B, Class A3 5.27% due 9/17/2029	$	440,000	$	444,622

World Omni Automobile Lease Securitization Trust Series 2025-A, Class B 4.68% due 5/15/2030		425,000		425,672


Total Asset-Backed Securities (Cost $23,803,841)				23,833,344
Corporate Bonds & Notes – 43.7%

Aerospace & Defense – 0.8%

Boeing Co. 6.528% due 5/1/2034		453,000		492,619
6.858% due 5/1/2054		225,000		246,427

Northrop Grumman Corp. 3.25% due 1/15/2028		249,000		243,293

TransDigm, Inc. 4.625% due 1/15/2029		152,000		149,106


				1,131,445
Agriculture – 1.7%

Altria Group, Inc. 4.875% due 2/4/2028		197,000		199,660

BAT Capital Corp. 5.35% due 8/15/2032		320,000		327,331
5.834% due 2/20/2031		211,000		221,991

Imperial Brands Finance PLC 5.875% due 7/1/2034⁽⁴⁾		1,017,000		1,042,557

Japan Tobacco, Inc. 5.85% due 6/15/2035⁽⁴⁾		316,000		330,280

Viterra Finance BV 4.90% due 4/21/2027⁽⁴⁾		398,000		398,844


				2,520,663
Airlines – 0.4%

AS Mileage Plan IP Ltd. 5.308% due 10/20/2031⁽⁴⁾		441,000		437,287

JetBlue Airways Corp./JetBlue Loyalty LP 9.875% due 9/20/2031⁽⁴⁾		162,000		157,704


				594,991
Auto Manufacturers – 1.7%

Ford Motor Co. 9.625% due 4/22/2030		288,000		331,462

Ford Motor Credit Co. LLC 2.70% due 8/10/2026		200,000		194,742
3.375% due 11/13/2025		275,000		273,119
4.134% due 8/4/2025		253,000		252,502
6.125% due 3/8/2034		356,000		346,370
7.20% due 6/10/2030		272,000		286,081

Hyundai Capital America 1.80% due 10/15/2025⁽⁴⁾		402,000		398,523

JB Poindexter & Co., Inc. 8.75% due 12/15/2031⁽⁴⁾		177,000		180,361

Nissan Motor Acceptance Co. LLC 7.05% due 9/15/2028⁽⁴⁾		233,000		237,043


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Auto Manufacturers (continued)

Toyota Motor Credit Corp. 4.55% due 9/20/2027	$	122,000	$	123,272


				2,623,475
Auto Parts & Equipment – 0.3%

Clarios Global LP/Clarios U.S. Finance Co. 6.75% due 2/15/2030⁽⁴⁾		53,000		55,111

Goodyear Tire & Rubber Co. 5.00% due 7/15/2029		156,000		152,456

ZF North America Capital, Inc. 6.75% due 4/23/2030⁽⁴⁾		170,000		163,698


				371,265
Beverages – 0.3%

Bacardi Ltd./Bacardi-Martini BV 5.40% due 6/15/2033⁽⁴⁾		440,000		438,557


				438,557
Biotechnology – 0.3%

Amgen, Inc. 5.15% due 3/2/2028		206,000		210,452

Royalty Pharma PLC 3.35% due 9/2/2051		84,000		54,379
5.40% due 9/2/2034		249,000		252,272


				517,103
Building Materials – 0.2%

EMRLD Borrower LP/Emerald Co-Issuer, Inc. 6.75% due 7/15/2031⁽⁴⁾		204,000		211,193

Smyrna Ready Mix Concrete LLC 6.00% due 11/1/2028⁽⁴⁾		159,000		158,634


				369,827
Chemicals – 0.5%

International Flavors & Fragrances, Inc. 1.23% due 10/1/2025⁽⁴⁾		415,000		411,016

Rain Carbon, Inc. 12.25% due 9/1/2029⁽⁴⁾		249,000		267,100


				678,116
Coal – 0.1%

SunCoke Energy, Inc. 4.875% due 6/30/2029⁽⁴⁾		209,000		194,667


				194,667
Commercial Banks – 6.7%

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⁽¹⁾⁽⁴⁾		200,000		175,902

AIB Group PLC 6.608% (6.608% fixed rate until 9/13/2028; 1 day USD SOFR + 2.33% thereafter) due 9/13/2029⁽¹⁾⁽⁴⁾		389,000		411,418


June 30, 2025 (unaudited)	Principal Amount		Value
Commercial Banks (continued)

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⁽¹⁾	$	769,000	$	720,830

BankUnited, Inc. 5.125% due 6/11/2030		288,000		284,875

Citigroup, Inc. 3.98% (3.98% fixed rate until 3/20/2029; 3 mo. USD Term SOFR + 1.60% thereafter) due 3/20/2030⁽¹⁾		7,000		6,858

Citizens Financial Group, Inc. 5.718% (5.718% fixed rate until 7/23/2031; 1 day USD SOFR + 1.91% thereafter) due 7/23/2032⁽¹⁾		350,000		362,428

Freedom Mortgage Corp. 12.25% due 10/1/2030⁽⁴⁾		200,000		221,756

Goldman Sachs Group, Inc. 2.383% (2.383% fixed rate until 7/21/2031; 1 day USD SOFR + 1.25% thereafter) due 7/21/2032⁽¹⁾		310,000		270,738

Intesa Sanpaolo SpA 6.625% due 6/20/2033⁽⁴⁾		240,000		260,292

JPMorgan Chase & Co. 4.946% (4.946% fixed rate until 10/22/2034; 1 day USD SOFR + 1.34% thereafter) due 10/22/2035⁽¹⁾		428,000		423,583

KeyCorp 6.401% (6.401% fixed rate until 3/6/2034; 1 day USD SOFR + 2.42% thereafter) due 3/6/2035⁽¹⁾		211,000		225,076

Macquarie Group Ltd. 2.691% (2.691% fixed rate until 6/23/2031; 1 day USD SOFR + 1.44% thereafter) due 6/23/2032⁽¹⁾⁽⁴⁾		178,000		157,562
4.654% (4.654% fixed rate until 3/27/2028; 3mo. USD Term SOFR + 1.99% thereafter) due 3/27/2029⁽¹⁾⁽⁴⁾		334,000		334,504

Morgan Stanley 5.297% (5.297% fixed rate until 4/20/2032; 1 day USD SOFR + 2.62% thereafter) due 4/20/2037⁽¹⁾		1,004,000		999,121

PNC Financial Services Group, Inc. 5.401% (5.401% fixed rate until 7/23/2034; 1 day USD SOFR + 1.60% thereafter) due 7/23/2035⁽¹⁾		286,000		291,168


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
5.676% (5.676% fixed rate until 1/22/2034; 1 day USD SOFR + 1.90% thereafter) due 1/22/2035⁽¹⁾	$	417,000	$	433,063

Truist Financial Corp. 5.711% (5.711% fixed rate until 1/24/2034; 1 day USD SOFR + 1.92% thereafter) due 1/24/2035⁽¹⁾		273,000		282,877

U.S. Bancorp 5.678% (5.678% fixed rate until 1/23/2034; 1 day USD SOFR + 1.86% thereafter) due 1/23/2035⁽¹⁾		634,000		658,422

UBS Group AG 1.364% (1.364% fixed rate until 1/30/2026; 1 yr. CMT rate + 1.08% thereafter) due 1/30/2027⁽¹⁾⁽⁴⁾		473,000		464,330
1.494% (1.494% fixed rate until 8/10/2026; 1 yr. CMT rate + 0.85% thereafter) due 8/10/2027⁽¹⁾⁽⁴⁾		504,000		487,428
4.703% (4.703% fixed rate until 8/5/2026; 1 yr. CMT rate + 2.05% thereafter) due 8/5/2027⁽¹⁾⁽⁴⁾		365,000		365,657
6.327% (6.327% fixed rate until 12/22/2026; 1 yr. CMT rate + 1.60% thereafter) due 12/22/2027⁽¹⁾⁽⁴⁾		403,000		413,595
6.373% (6.373% fixed rate until 7/15/2025; 1 day USD SOFR + 3.34% thereafter) due 7/15/2026⁽¹⁾⁽⁴⁾		690,000		690,304
6.442% (6.442% fixed rate until 8/11/2027; 1 day USD SOFR + 3.70% thereafter) due 8/11/2028⁽¹⁾⁽⁴⁾		509,000		528,749

Wells Fargo & Co. 2.393% (2.393% fixed rate until 6/2/2027; 1 day USD SOFR + 2.10% thereafter) due 6/2/2028⁽¹⁾		365,000		351,747
3.35% (3.35% fixed rate until 3/2/2032; 1 day USD SOFR + 1.50% thereafter) due 3/2/2033⁽¹⁾		322,000		294,186


				10,116,469
Commercial Services – 1.2%

Allied Universal Holdco LLC 7.875% due 2/15/2031⁽⁴⁾		283,000		295,848

EquipmentShare.com, Inc. 9.00% due 5/15/2028⁽⁴⁾		277,000		292,841

GXO Logistics, Inc. 6.50% due 5/6/2034		521,000		544,044

Herc Holdings, Inc. 7.25% due 6/15/2033⁽⁴⁾		137,000		143,580

Rentokil Terminix Funding LLC 5.625% due 4/28/2035⁽⁴⁾		200,000		202,898


June 30, 2025 (unaudited)	Principal Amount		Value
Commercial Services (continued)

Rollins, Inc. 5.25% due 2/24/2035	$	349,000	$	350,173


				1,829,384
Computers – 0.4%

CACI International, Inc. 6.375% due 6/15/2033⁽⁴⁾		133,000		137,390

Gartner, Inc. 4.50% due 7/1/2028⁽⁴⁾		309,000		305,666

International Business Machines Corp. 6.50% due 1/15/2028		83,000		87,788


				530,844
Cosmetics & Personal Care – 0.2%

Opal Bidco SAS 6.50% due 3/31/2032⁽⁴⁾		230,000		234,434


				234,434
Diversified Financial Services – 3.4%

Aircastle Ltd. 2.85% due 1/26/2028⁽⁴⁾		600,000		571,308

American Express Co. 5.667% (5.667% fixed rate until 4/25/2035; 1 day USD SOFR + 1.79% thereafter) due 4/25/2036⁽¹⁾		235,000		243,434

Aviation Capital Group LLC 1.95% due 1/30/2026⁽⁴⁾		408,000		401,562
6.375% due 7/15/2030⁽⁴⁾		280,000		297,116

Avolon Holdings Funding Ltd. 2.125% due 2/21/2026⁽⁴⁾		289,000		283,830
2.528% due 11/18/2027⁽⁴⁾		78,000		74,104
5.375% due 5/30/2030⁽⁴⁾		245,000		249,461

Cboe Global Markets, Inc. 3.65% due 1/12/2027		210,000		208,268

Citadel Securities Global Holdings LLC 6.20% due 6/18/2035⁽⁴⁾		250,000		256,663

Jane Street Group/JSG Finance, Inc. 6.125% due 11/1/2032⁽⁴⁾		166,000		167,467
6.75% due 5/1/2033⁽⁴⁾		202,000		208,199

LPL Holdings, Inc. 4.00% due 3/15/2029⁽⁴⁾		672,000		652,949
5.75% due 6/15/2035		190,000		192,136

Muthoot Finance Ltd., Reg S 6.375% due 4/23/2029		225,000		223,974

Navient Corp. 11.50% due 3/15/2031		132,000		149,498

Neuberger Berman Group LLC/Neuberger Berman Finance Corp. 4.50% due 3/15/2027⁽⁴⁾		365,000		363,901

Nuveen LLC 5.85% due 4/15/2034⁽⁴⁾		304,000		316,385

Rocket Cos., Inc. 6.375% due 8/1/2033⁽⁴⁾		187,000		191,568


				5,051,823


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Electric – 4.3%

AES Corp. 2.45% due 1/15/2031	$	294,000	$	257,015
3.95% due 7/15/2030⁽⁴⁾		781,000		741,911

American Transmission Systems, Inc. 2.65% due 1/15/2032⁽⁴⁾		238,000		209,400

Appalachian Power Co. 5.65% due 4/1/2034		334,000		343,903

Ausgrid Finance Pty. Ltd. 4.35% due 8/1/2028⁽⁴⁾		580,000		576,682

Capital Power U.S. Holdings, Inc. 6.189% due 6/1/2035⁽⁴⁾		200,000		206,354

Chile Electricity Lux MPC II SARL 5.58% due 10/20/2035⁽⁴⁾		195,501		196,236

Constellation Energy Generation LLC 5.60% due 6/15/2042		182,000		178,540

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⁽¹⁾		145,000		152,249

DTE Electric Co. 5.85% due 5/15/2055		45,000		46,151

Enel Finance International NV 5.125% due 6/26/2029⁽⁴⁾		287,000		292,384

Entergy Louisiana LLC 5.70% due 3/15/2054		327,000		322,703
5.80% due 3/15/2055		197,000		197,207

Entergy Texas, Inc. 5.25% due 4/15/2035		139,000		140,273
5.55% due 9/15/2054		164,000		156,633

FIEMEX Energia – Banco Actinver SA Institucion de Banca Multiple 7.25% due 1/31/2041⁽⁴⁾		198,850		201,578

Florida Power & Light Co. 5.80% due 3/15/2065		107,000		108,498

Jersey Central Power & Light Co. 5.10% due 1/15/2035		95,000		94,821

Lightning Power LLC 7.25% due 8/15/2032⁽⁴⁾		184,000		193,654

Narragansett Electric Co. 5.35% due 5/1/2034⁽⁴⁾		333,000		338,065

NRG Energy, Inc. 4.45% due 6/15/2029⁽⁴⁾		280,000		275,436
6.00% due 2/1/2033⁽⁴⁾		146,000		147,466

Oglethorpe Power Corp. 5.80% due 6/1/2054		194,000		188,471

PSEG Power LLC 5.75% due 5/15/2035⁽⁴⁾		124,000		127,616

Union Electric Co. 5.25% due 4/15/2035		170,000		173,511

Vistra Operations Co. LLC 5.70% due 12/30/2034⁽⁴⁾		441,000		448,982
7.75% due 10/15/2031⁽⁴⁾		138,000		146,625


				6,462,364


June 30, 2025 (unaudited)	Principal Amount		Value
Electronics – 0.1%

Vontier Corp. 2.95% due 4/1/2031	$	243,000	$	217,483


				217,483
Energy-Alternate Sources – 0.2%

Greenko Dutch BV 3.85% due 3/29/2026⁽⁴⁾		346,720		340,132


				340,132
Engineering & Construction – 0.2%

MasTec, Inc. 4.50% due 8/15/2028⁽⁴⁾		351,000		346,290


				346,290
Entertainment – 0.1%

Warnermedia Holdings, Inc. 4.054% due 3/15/2029		132,000		107,521


				107,521
Food – 1.1%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 6.25% due 3/15/2033⁽⁴⁾		100,000		103,214

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 3.625% due 1/15/2032		366,000		334,791
5.75% due 4/1/2033		207,000		212,856

JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. 6.375% due 4/15/2066⁽⁴⁾		211,000		212,561

Mars, Inc. 5.00% due 3/1/2032⁽⁴⁾		238,000		241,182
5.20% due 3/1/2035⁽⁴⁾		340,000		344,002
5.70% due 5/1/2055⁽⁴⁾		159,000		158,601


				1,607,207
Gas – 0.1%

National Fuel Gas Co. 5.95% due 3/15/2035		144,000		147,259


				147,259
Healthcare-Products – 0.1%

Medline Borrower LP/Medline Co-Issuer, Inc. 6.25% due 4/1/2029⁽⁴⁾		143,000		146,814


				146,814
Healthcare-Services – 2.0%

Centene Corp. 2.45% due 7/15/2028		536,000		498,341
3.375% due 2/15/2030		480,000		442,018
4.25% due 12/15/2027		419,000		412,782

HCA, Inc. 5.45% due 9/15/2034		135,000		136,027
5.50% due 3/1/2032		456,000		470,624

LifePoint Health, Inc. 9.875% due 8/15/2030⁽⁴⁾		159,000		172,127

UnitedHealth Group, Inc. 3.45% due 1/15/2027		167,000		165,228


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Healthcare-Services (continued)
4.50% due 4/15/2033	$	209,000	$	203,652
5.35% due 2/15/2033		185,000		190,424

Universal Health Services, Inc. 5.05% due 10/15/2034		358,000		342,022


				3,033,245
Insurance – 3.0%

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75% due 4/15/2028⁽⁴⁾		160,000		162,614

Athene Global Funding 5.62% due 5/8/2026⁽⁴⁾		710,000		716,333

Beacon Funding Trust 6.266% due 8/15/2054⁽⁴⁾		273,000		270,232

Brighthouse Financial Global Funding 5.65% due 6/10/2029⁽⁴⁾		408,000		417,237

Brown & Brown, Inc. 2.375% due 3/15/2031		338,000		297,470
5.25% due 6/23/2032		38,000		38,776
5.55% due 6/23/2035		78,000		79,633

CNO Global Funding 5.875% due 6/4/2027⁽⁴⁾		362,000		371,756

GA Global Funding Trust 5.20% due 12/9/2031⁽⁴⁾		352,000		352,887
5.50% due 4/1/2032⁽⁴⁾		343,000		348,711

Hanwha Life Insurance Co. Ltd. 6.30% (6.30% fixed rate until 6/24/2030; 5 yr. CMT rate + 2.29% thereafter) due 6/24/2055⁽¹⁾⁽⁴⁾		200,000		206,392

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		259,858

HUB International Ltd. 7.375% due 1/31/2032⁽⁴⁾		143,000		149,594

Jackson National Life Global Funding 4.60% due 10/1/2029⁽⁴⁾		302,000		301,284

Metropolitan Life Global Funding I 4.05% due 8/25/2025⁽⁴⁾		302,000		301,719

Sammons Financial Group Global Funding 5.10% due 12/10/2029⁽⁴⁾		207,000		211,604


				4,486,100
Internet – 0.5%

Prosus NV, Reg S 4.027% due 8/3/2050		247,000		164,230

Uber Technologies, Inc. 4.50% due 8/15/2029⁽⁴⁾		438,000		435,745

Weibo Corp. 3.375% due 7/8/2030		200,000		186,094


				786,069


June 30, 2025 (unaudited)	Principal Amount		Value
Iron & Steel – 0.1%

ATI, Inc. 7.25% due 8/15/2030	$	197,000	$	207,029


				207,029
Leisure Time – 0.3%

Carnival Corp. 6.125% due 2/15/2033⁽⁴⁾		145,000		148,222

Royal Caribbean Cruises Ltd. 5.375% due 7/15/2027⁽⁴⁾		227,000		228,400


				376,622
Lodging – 0.3%

MGM China Holdings Ltd., Reg S 4.75% due 2/1/2027		240,000		237,665

Wynn Macau Ltd. 5.625% due 8/26/2028⁽⁴⁾		200,000		196,452


				434,117
Machinery-Diversified – 0.6%

nVent Finance SARL 4.55% due 4/15/2028		403,000		403,427

Regal Rexnord Corp. 6.05% due 2/15/2026		541,000		544,014


				947,441
Media – 0.4%

CCO Holdings LLC/CCO Holdings Capital Corp. 4.50% due 5/1/2032		164,000		152,630
4.75% due 3/1/2030⁽⁴⁾		171,000		165,743

Directv Financing LLC/Directv Financing Co-Obligor, Inc. 5.875% due 8/15/2027⁽⁴⁾		152,000		151,480

Univision Communications, Inc. 8.50% due 7/31/2031⁽⁴⁾		199,000		199,251


				669,104
Mining – 2.3%

Anglo American Capital PLC 3.875% due 3/16/2029⁽⁴⁾		340,000		331,840
5.50% due 5/2/2033⁽⁴⁾		200,000		203,286
5.75% due 4/5/2034⁽⁴⁾		294,000		302,882

Antofagasta PLC 6.25% due 5/2/2034⁽⁴⁾		200,000		207,756

FMG Resources August 2006 Pty. Ltd. 4.375% due 4/1/2031⁽⁴⁾		205,000		190,990

Glencore Funding LLC 5.634% due 4/4/2034⁽⁴⁾		483,000		493,051
6.375% due 10/6/2030⁽⁴⁾		216,000		231,552

Hecla Mining Co. 7.25% due 2/15/2028		179,000		180,328

Ivanhoe Mines Ltd. 7.875% due 1/23/2030⁽⁴⁾		245,000		244,419

Minera Mexico SA de CV 5.625% due 2/12/2032⁽⁴⁾		377,000		383,858

Navoi Mining & Metallurgical Combinat 6.75% due 5/14/2030⁽⁴⁾		200,000		203,934


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Mining (continued)

Novelis Corp. 6.875% due 1/30/2030⁽⁴⁾	$	247,000	$	255,393

Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. 5.854% due 5/13/2032⁽⁴⁾		200,000		204,284


				3,433,573
Miscellaneous Manufacturing – 0.2%

Axon Enterprise, Inc. 6.25% due 3/15/2033⁽⁴⁾		171,000		176,650

LSB Industries, Inc. 6.25% due 10/15/2028⁽⁴⁾		192,000		190,525


				367,175
Oil & Gas – 2.9%

Aethon United BR LP/Aethon United Finance Corp. 7.50% due 10/1/2029⁽⁴⁾		149,000		156,113

Antero Resources Corp. 7.625% due 2/1/2029⁽⁴⁾		449,000		461,118

APA Corp. 4.25% due 1/15/2030⁽⁴⁾		268,000		256,353

Continental Resources, Inc. 5.75% due 1/15/2031⁽⁴⁾		713,000		719,481

Crescent Energy Finance LLC 7.375% due 1/15/2033⁽⁴⁾		204,000		195,226

Ecopetrol SA 8.375% due 1/19/2036		126,000		121,609

EQT Corp. 4.75% due 1/15/2031⁽⁴⁾		128,000		126,010
6.375% due 4/1/2029⁽⁴⁾		109,000		112,399
7.00% due 2/1/2030		304,000		329,211
7.50% due 6/1/2030⁽⁴⁾		225,000		247,291

Kimmeridge Texas Gas LLC 8.50% due 2/15/2030⁽⁴⁾		250,000		258,762

Occidental Petroleum Corp. 6.625% due 9/1/2030		551,000		582,754

Ovintiv, Inc. 6.50% due 2/1/2038		113,000		113,897

SM Energy Co. 6.75% due 8/1/2029⁽⁴⁾		158,000		157,461

Tengizchevroil Finance Co. International Ltd. 3.25% due 8/15/2030⁽⁴⁾		200,000		177,909

TGNR Intermediate Holdings LLC 5.50% due 10/15/2029⁽⁴⁾		163,000		158,024

Vermilion Energy, Inc. 6.875% due 5/1/2030⁽⁴⁾		171,000		164,700


				4,338,318
Packaging & Containers – 0.1%

Clydesdale Acquisition Holdings, Inc. 6.75% due 4/15/2032⁽⁴⁾		144,000		147,581


				147,581


June 30, 2025 (unaudited)	Principal Amount		Value
Pharmaceuticals – 0.5%

Bayer Corp. 6.65% due 2/15/2028⁽⁴⁾	$	343,000	$	358,593

Bayer U.S. Finance LLC 6.375% due 11/21/2030⁽⁴⁾		400,000		426,184

Teva Pharmaceutical Finance Netherlands III BV 3.15% due 10/1/2026		23,000		22,554


				807,331
Pipelines – 1.4%

Boardwalk Pipelines LP 3.40% due 2/15/2031		231,000		213,338

Eastern Energy Gas Holdings LLC 5.65% due 10/15/2054		116,000		111,072
5.80% due 1/15/2035		207,000		215,528

Enbridge, Inc. 8.50% (8.50% fixed rate until 10/15/2033; 5 yr. CMT rate + 4.43% thereafter) due 1/15/2084⁽¹⁾		512,000		570,716

NGPL PipeCo LLC 3.25% due 7/15/2031⁽⁴⁾		564,000		501,870

Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.50% due 3/1/2030		310,000		314,477

Venture Global LNG, Inc. 8.375% due 6/1/2031⁽⁴⁾		167,000		173,503


				2,100,504
Real Estate – 0.1%

Kennedy-Wilson, Inc. 4.75% due 3/1/2029		201,000		188,480


				188,480
Real Estate Investment Trusts – 1.2%

Brandywine Operating Partnership LP 4.55% due 10/1/2029		194,000		183,400

Crown Castle, Inc. 3.30% due 7/1/2030		794,000		743,073

EPR Properties 4.50% due 6/1/2027		180,000		179,096

Host Hotels & Resorts LP 5.70% due 6/15/2032		219,000		222,224

Iron Mountain Information Management Services, Inc. 5.00% due 7/15/2032⁽⁴⁾		161,000		154,441

VICI Properties LP/VICI Note Co., Inc. 4.625% due 12/1/2029⁽⁴⁾		314,000		307,930


				1,790,164
Retail – 0.4%

Arcos Dorados BV 6.375% due 1/29/2032⁽⁴⁾		200,000		207,554

QXO Building Products, Inc. 6.75% due 4/30/2032⁽⁴⁾		315,000		325,216


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Retail (continued)

Walgreens Boots Alliance, Inc. 8.125% due 8/15/2029	$	75,000	$	79,553


				612,323
Semiconductors – 1.3%

Broadcom Corp./Broadcom Cayman Finance Ltd. 3.875% due 1/15/2027		151,000		150,061

Broadcom, Inc. 4.15% due 4/15/2032⁽⁴⁾		427,000		411,146
4.30% due 11/15/2032		287,000		278,169
5.15% due 11/15/2031		225,000		231,446

Foundry JV Holdco LLC 5.50% due 1/25/2031⁽⁴⁾		200,000		205,084
5.90% due 1/25/2033⁽⁴⁾		647,000		670,874


				1,946,780
Software – 1.3%

AppLovin Corp. 5.375% due 12/1/2031		320,000		325,654

Atlassian Corp. 5.50% due 5/15/2034		269,000		275,997

Cloud Software Group, Inc. 6.50% due 3/31/2029⁽⁴⁾		148,000		149,345

Fair Isaac Corp. 6.00% due 5/15/2033⁽⁴⁾		251,000		253,879

Paychex, Inc. 5.35% due 4/15/2032		465,000		477,341

Synopsys, Inc. 5.00% due 4/1/2032		490,000		496,243


				1,978,459
Telecommunications – 0.2%

Sprint Capital Corp. 8.75% due 3/15/2032		212,000		257,194


				257,194
Transportation – 0.2%

Rand Parent LLC 8.50% due 2/15/2030⁽⁴⁾		276,000		276,902


				276,902

Total Corporate Bonds & Notes (Cost $64,807,976)				65,762,644
Non-Agency Mortgage-Backed Securities – 10.1%

ALA Trust Series 2025-OANA, Class A 6.043% due 6/15/2040^(1)(2)(4)		250,000		250,917

Bank5 Series 2025-5YR14, Class A3 5.646% due 4/15/2058		610,000		634,875

BBCMS Mortgage Trust Series 2023-C21, Class A5 6.00% due 9/15/2056⁽¹⁾⁽²⁾		370,000		393,937
Series 2025-5C33, Class A4 5.839% due 3/15/2058		480,000		502,314
Series 2025-5C34, Class A3 5.659% due 5/15/2058		210,000		218,821


June 30, 2025 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

Benchmark Mortgage Trust Series 2024-V12, Class A3 5.739% due 12/15/2057	$	210,000	$	218,542
Series 2024-V7, Class A3 6.228% due 5/15/2056⁽¹⁾⁽²⁾		580,000		611,337
Series 2024-V9, Class A3 5.602% due 8/15/2057		350,000		361,702

BMO Mortgage Trust
Series 2023-C5, Class A4 5.494% due 6/15/2056		220,000		226,567
Series 2024-5C5, Class A3 5.857% due 2/15/2057		230,000		239,505
Series 2024-5C8, Class A3 5.625% due 12/15/2057⁽¹⁾⁽²⁾		210,000		217,414

BSPRT Issuer Ltd. Series 2022-FL8, Class A 5.804% due 2/15/2037^(1)(2)(4)		33,978		33,914

BX Trust
Series 2025-ROIC, Class B 5.705% due 3/15/2030^(1)(2)(4)		310,000		307,692
Series 2025-TAIL, Class A 5.712% due 6/15/2035^(1)(2)(4)		110,000		110,140

Chase Home Lending Mortgage Trust Series 2024-RPL2, Class A1A 3.25% due 8/25/2064^(1)(2)(4)		212,637		188,380
Series 2024-RPL4, Class A1A 3.375% due 12/25/2064^(1)(2)(4)		150,876		138,885

CIM Trust
Series 2021-INV1, Class A2 2.50% due 7/1/2051^(1)(2)(4)		334,488		272,401
Series 2021-J3, Class A1 2.50% due 6/25/2051^(1)(2)(4)		810,279		658,402

CONE Trust Series 2024-DFW1, Class A 5.954% due 8/15/2041^(1)(2)(4)		210,000		209,723

Connecticut Avenue Securities Trust Series 2022-R02, Class 2M1 5.505% due 1/25/2042^(1)(2)(4)		118,830		118,790
Series 2022-R08, Class 1M1 6.855% due 7/25/2042^(1)(2)(4)		151,614		155,051
Series 2023-R03, Class 2M2 8.205% due 4/25/2043^(1)(2)(4)		85,000		90,408
Series 2023-R04, Class 1M1 6.606% due 5/25/2043^(1)(2)(4)		229,473		234,278
Series 2023-R04, Class 1M2 7.856% due 5/25/2043^(1)(2)(4)		135,000		142,573
Series 2025-R04, Class 1A1 5.305% due 5/25/2045^(1)(2)(4)		184,764		184,741

Flagstar Mortgage Trust
Series 2021-3INV, Class A2 2.50% due 6/25/2051^(1)(2)(4)		546,145		443,784
Series 2021-7, Class A1 2.50% due 8/25/2051^(1)(2)(4)		399,938		325,535

Freddie Mac STACR REMIC Trust
Series 2022-DNA1, Class M2 6.805% due 1/25/2042^(1)(2)(4)		415,000		422,638
Series 2022-HQA1, Class M2 9.555% due 3/25/2042^(1)(2)(4)		300,000		318,767


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
Series 2025-HQA1, Class M1 5.455% due 2/25/2045^(1)(2)(4)	$	244,838	$	244,783

GS Mortgage-Backed Securities Trust Series 2021-MM1, Class A2 2.50% due 4/25/2052^(1)(2)(4)		203,094		164,902
Series 2021-PJ2, Class A2 2.50% due 7/25/2051^(1)(2)(4)		425,494		346,577
Series 2021-PJ8, Class A2 2.50% due 1/25/2052^(1)(2)(4)		566,088		460,757
Series 2022-HP1, Class A2 3.00% due 9/25/2052^(1)(2)(4)		82,947		70,506

Hudson Yards Mortgage Trust Series 2025-SPRL, Class A 5.649% due 1/13/2040^(1)(2)(4)		280,000		288,435

JP Morgan Mortgage Trust
Series 2021-13, Class A3 2.50% due 4/25/2052^(1)(2)(4)		439,502		357,606
Series 2021-INV6, Class A2 3.00% due 4/25/2052^(1)(2)(4)		178,615		152,049
Series 2021-INV8, Class A2 3.00% due 5/25/2052^(1)(2)(4)		406,707		345,851
Series 2022-1, Class A3 2.50% due 7/25/2052^(1)(2)(4)		198,147		161,191
Series 2022-4, Class A3 3.00% due 10/25/2052^(1)(2)(4)		319,417		270,170
Series 2022-INV1, Class A3 3.00% due 3/25/2052^(1)(2)(4)		240,563		204,701
Series 2025-DSC1, Class A1 5.664% due 9/25/2065^(1)(2)(4)		300,000		302,034

KIND Commercial Mortgage Trust Series 2024-1, Class A 6.202% due 8/15/2041^(1)(2)(4)		220,000		220,172

Morgan Stanley Bank of America Merrill Lynch Trust Series 2025-5C1, Class A3 5.635% due 3/15/2058		240,000		249,292

New Residential Mortgage Loan Trust Series 2025-NQM3, Class A1 5.53% due 5/25/2065^(1)(2)(4)		346,992		349,333

PFP Ltd. Series 2023-10, Class A 6.679% due 9/16/2038^(1)(2)(4)		292,812		293,620

ROCK Trust Series 2024-CNTR, Class A 5.388% due 11/13/2041⁽⁴⁾		350,000		357,676

SWCH Commercial Mortgage Trust Series 2025-DATA, Class A 5.755% due 2/15/2042^(1)(2)(4)		370,000		366,899

TEXAS Commercial Mortgage Trust Series 2025-TWR, Class B 5.905% due 4/15/2042^(1)(2)(4)		300,000		298,163

Towd Point Mortgage Trust Series 2019-HY1, Class M2 6.434% due 10/25/2048^(1)(2)(4)		210,000		221,367


June 30, 2025 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

Wells Fargo Commercial Mortgage Trust Series 2019-C51, Class A3 3.055% due 6/15/2052	$	264,019	$	250,473
Series 2024-MGP, Class A12 6.003% due 8/15/2041^(1)(2)(4)		350,000		348,251
Series 2025-5C3, Class A3 6.096% due 1/15/2058		260,000		274,513

Wells Fargo Mortgage-Backed Securities Trust Series 2021-INV2, Class A2 2.50% due 9/25/2051^(1)(2)(4)		362,182		293,933


Total Non-Agency Mortgage-Backed Securities (Cost $15,144,041)				15,125,287
Senior Secured Loans – 2.2%

Airlines – 0.1%

American Airlines, Inc. 2025 Term Loan 6.522% (3 mo. USD Term SOFR + 2.25%) due 4/20/2028⁽¹⁾		115,793		114,906


				114,906
Commercial Services – 0.3%

Prime Security Services Borrower LLC 2025 Incremental Term Loan B 0.00% due 3/7/2032⁽¹⁾⁽⁵⁾		222,443		220,312

Trans Union LLC 2024 Term Loan B8 6.077% (1 mo. USD Term SOFR + 1.75%) due 6/24/2031⁽¹⁾		60,541		60,590
2024 Term Loan B9 6.077% (1 mo. USD Term SOFR + 1.75%) due 6/24/2031⁽¹⁾		141,574		141,663


				422,565
Diversified Financial Services – 0.5%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 6.071% (1 mo. USD Term SOFR + 1.75%) due 6/24/2030⁽¹⁾		420,885		421,066

Colossus Acquireco LLC Term Loan B 0.00% due 6/11/2032⁽¹⁾⁽⁵⁾		236,000		234,289

Hudson River Trading LLC 2024 Term Loan B 0.00% due 3/18/2030⁽¹⁾⁽⁵⁾		79,799		79,961


				735,316
Electric – 0.5%

Alpha Generation LLC Term Loan B 0.00% due 9/30/2031⁽¹⁾⁽⁵⁾		338,148		337,445


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Electric (continued)

Calpine Corp. 2024 Term Loan B10 6.077% (1 mo. USD Term SOFR + 1.75%) due 1/31/2031⁽¹⁾	$	181,000	$	180,864

NRG Energy, Inc. 2024 Term Loan 6.03% (3 mo. USD Term SOFR + 1.75%) due 4/16/2031⁽¹⁾		77,547		77,644

Vistra Operations Co. LLC 1st Lien Term Loan B3 6.077% (1 mo. USD Term SOFR + 1.75%) due 12/20/2030⁽¹⁾		120,389		120,631


				716,584
Entertainment – 0.4%

Flutter Financing BV 2024 Term Loan B 6.046% (3 mo. USD Term SOFR + 1.75%) due 11/30/2030⁽¹⁾		367,129		365,752

SeaWorld Parks & Entertainment, Inc. 2024 Term Loan B3 0.00% due 12/4/2031⁽¹⁾⁽⁵⁾		121,897		121,592

Six Flags Entertainment Corp. 2024 Term Loan B 0.00% due 5/1/2031⁽¹⁾⁽⁵⁾		117,703		117,703


				605,047
Household Products & Wares – 0.1%

Reynolds Consumer Products LLC 2025 Term Loan B 6.077% (1 mo. USD Term SOFR + 1.75%) due 3/4/2032⁽¹⁾		145,350		145,834


				145,834
Insurance – 0.1%

Asurion LLC 2021 Term Loan B9 7.691% (1 mo. USD Term SOFR + 3.25%) due 7/31/2027⁽¹⁾		152,602		152,379


				152,379
Media – 0.1%

Charter Communications Operating LLC 2024 Term Loan B5 6.548% (3 mo. USD Term SOFR + 2.25%) due 12/15/2031⁽¹⁾		210,940		211,231


				211,231


June 30, 2025 (unaudited)	Principal Amount		Value
Pharmaceuticals – 0.1%

Elanco Animal Health, Inc. Term Loan B 0.00% due 8/1/2027⁽¹⁾⁽⁵⁾	$	229,926	$	229,668


				229,668

Total Senior Secured Loans (Cost $3,338,858)				3,333,530
Foreign Government – 0.3%

Baiterek National Managing Holding JSC 5.45% due 5/8/2028⁽⁴⁾		USD 222,000		224,415

Hungary Government International Bonds, Reg S 6.125% due 5/22/2028		USD 290,000		299,121


Total Foreign Government (Cost $522,946)				523,536
U.S. Government Securities – 15.3%

U.S. Treasury Bonds 3.375% due 8/15/2042	$	2,467,000		2,070,353
4.50% due 11/15/2054		6,373,900		6,077,115
4.625% due 11/15/2044		4,320,000		4,229,550
4.625% due 2/15/2055		966,000		940,643
4.75% due 2/15/2045		3,077,000		3,061,134

U.S. Treasury Notes 3.75% due 4/30/2027		3,569,500		3,569,221
4.00% due 3/31/2030		2,976,900		3,005,041


Total U.S. Government Securities (Cost $22,972,075)				22,953,057
Repurchase Agreements – 1.6%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $2,460,154, due 7/1/2025⁽⁶⁾		2,460,061		2,460,061

Total Repurchase Agreements (Cost $2,460,061)				2,460,061

Total Investments – 120.2% (Cost $180,017,112)				180,719,651

Liabilities in excess of other assets – (20.2)%				(30,360,270	)

Total Net Assets – 100.0%			$	150,359,381

⁽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, 2025.

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

⁽³⁾	TBA — To be announced.

⁽⁴⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $67,444,126, representing 44.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.375%		5/15/2034	$	2,466,900	$	2,509,338

Open futures contracts at June 30, 2025:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation
U.S. 2-Year Treasury Note		September 2025		43		Long	$	8,910,755	$	8,945,008	$	34,253
U.S. 5-Year Treasury Note		September 2025		19		Long		2,058,747		2,071,000		12,253
U.S. Ultra Bond		September 2025		23		Long		2,645,371		2,739,875		94,504
Total							$	13,614,873	$	13,755,883	$	141,010


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Depreciation
U.S. Ultra 10-Year Treasury Note		September 2025		10		Short	$	(1,040,112	)	$	(1,142,656	)	$	(102,544	)

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	$	—		$	46,728,192	$	—	$	46,728,192
Asset-Backed Securities		—			23,833,344		—		23,833,344
Corporate Bonds & Notes		—			65,762,644		—		65,762,644
Non-Agency Mortgage-Backed Securities		—			15,125,287		—		15,125,287
Senior Secured Loans		—			3,333,530		—		3,333,530
Foreign Government		—			523,536		—		523,536
U.S. Government Securities		—			22,953,057		—		22,953,057
Repurchase Agreements		—			2,460,061		—		2,460,061
Total	$	—		$	180,719,651	$	—	$	180,719,651
Other Financial Instruments
Futures Contracts
Assets	$	141,010		$	—	$	—	$	141,010
Liabilities		(102,544	)		—		—		(102,544	)
Total	$	38,466		$	—	$	—	$	38,466


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

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


Statement of Assets and Liabilities As of June 30, 2025 (unaudited)
Assets

Investments, at value	$	180,719,651

Cash		273,242

Foreign currency, at value		4

Receivable for investments sold		26,311,712

Interest receivable		1,430,918

Cash deposits with brokers for futures contracts		177,182

Reimbursement receivable from adviser		17,186

Receivable for fund shares subscribed		13,025

Receivable for variation margin on futures contracts		2,320

Prepaid expenses		1,933


Total Assets		208,947,173


Liabilities

Payable for investments purchased		58,202,119

Payable for fund shares redeemed		212,907

Investment advisory fees payable		55,543

Accrued custodian and accounting fees		32,486

Distribution fees payable		30,857

Accrued audit fees		16,757

Accrued expenses and other liabilities		37,123


Total Liabilities		58,587,792


Total Net Assets	$	150,359,381


Net Assets Consist of:

Paid-in capital	$	120,756,950

Distributable earnings		29,602,431


Total Net Assets	$	150,359,381


Investments, at Cost	$	180,017,112


Foreign Currency, at Cost	$	4


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		13,487,311

Net Asset Value Per Share		$11.15


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Interest	$	4,172,801


Total Investment Income		4,172,801


Expenses

Investment advisory fees		359,564

Distribution fees		199,758

Custodian and accounting fees		79,965

Professional fees		34,911

Trustees’ and officers’ fees		28,991

Administrative fees		25,546

Shareholder reports		9,393

Transfer agent fees		7,673

Other expenses		5,599


Total Expenses		751,400

Less: Fees waived		(101,648	)


Total Expenses, Net		649,752


Net Investment Income/(Loss)		3,523,049


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

Net realized gain/(loss) from investments		(2,350,641	)

Net realized gain/(loss) from futures contracts		(268,780	)

Net change in unrealized appreciation/(depreciation) on investments		4,587,545

Net change in unrealized appreciation/(depreciation) on futures contracts		314,416


Net Gain on Investments and Derivative Contracts		2,282,540


Net Increase in Net Assets Resulting From Operations	$	5,805,589


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

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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	3,523,049		$	8,849,335

Net realized gain/(loss) from investments and derivative contracts		(2,619,421	)		(698,191	)

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		4,901,961			(3,233,090	)


Net Increase in Net Assets Resulting from Operations		5,805,589			4,918,054


Capital Share Transactions

Proceeds from sales of shares		3,099,166			24,217,318

Cost of shares redeemed		(27,977,013	)		(84,348,756	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(24,877,847	)		(60,131,438	)


Net Decrease in Net Assets		(19,072,258	)		(55,213,384	)


Net Assets

Beginning of period		169,431,639			224,645,023


End of period	$	150,359,381		$	169,431,639


Other Information:

Shares

Sold		285,559			2,301,423

Redeemed		(2,562,022	)		(7,926,283	)


Net Decrease		(2,276,463	)		(5,624,860	)


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

This Page Intentionally Left Blank


				15

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 6/30/25	$	10.75	$	0.24	$	0.16	$	0.40		$	11.15		3.72%	⁽⁴⁾

Year Ended 12/31/24		10.50		0.47		(0.22)		0.25			10.75		2.38%

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%


16				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

$	150,359		0.81%	⁽⁴⁾		0.94%	⁽⁴⁾		4.41%	⁽⁴⁾		4.28%	⁽⁴⁾		67%	⁽⁴⁾

	169,432		0.81%			0.88%			4.45%			4.38%			123%

	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%

⁽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.				17

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

June 30, 2025 (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

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.

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


18

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

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.


				19

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, 2025.

f. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the


20

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

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

fee waiver and/or expense reimbursement to 0.82% 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, 2025, the expense limitation was 0.81%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $101,648.

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, 2025, the Fund incurred distribution fees in the amount of $199,758 to PAS.

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

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity


				21

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

(“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, 2025, were as follows:



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	50,024,170	$	56,600,285
Sales		55,545,808		68,608,189

To-be-announced (“TBA”) securities and purchase commitments are commitments to purchase mortgage-backed securities for a fixed price at a future date. At the time of purchase, the seller does not specify the particular mortgage-backed securities to be delivered. Instead, a Fund agrees to accept any mortgage-backed security that meets specified terms. Thus, a Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. The principal risks are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

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.


22

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

Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

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

while the principal value rises or falls based on changes in a published Consumer Price Index (“CPI”). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

i. 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, 2025 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, 2025, 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	$	141,010

Liability Derivatives
Futures Contracts¹	$	(102,544	)

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.


				23

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

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:



	Interest Rate Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(268,780	)


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	314,416


Average Number of Notional Amounts
Futures Contracts³		99

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.

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 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


24

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

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.

8. Subsequent Events


				25

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

[Guardian Core Plus Fixed Income VIP Fund ONLY]

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 subadvisory 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.

Board of Trustees Meeting held March 26-27, 2025

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 26-27, 2025 (the “March 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 the March 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 subadvisory agreements (the “Subadvisory Agreements,” collectively with the Management Agreement and Sub-Subadvisory Agreement, the “Agreements”) between the Manager and the following investment advisory firms engaged to serve as subadvisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) 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; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Small-Mid Cap Core VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund and Guardian Select Mid Cap Core VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the March Meeting, (each, a “Subadviser” and collectively, the “Subadvisers”) for a one-year term.


26

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 Subadviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

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 March 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 Subadviser 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.

Subadvisers; (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 Subadvisers (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 Subadviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. 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.


				27

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 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 Funds by the Subadvisers. The Trustees also considered, among other things, the terms of the Subadvisory Agreements and the range of investment advisory services provided by the Subadvisers under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, the Subadvisers’ investment philosophies, styles and/or processes and approaches to managing the 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 Funds and the capabilities and resources of the Subadvisers.

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 Subadvisers for strategies used in managing the Funds. The Board concluded that the investment performance generated by the Manager and each Subadviser was generally satisfactory, or, that any steps being taken by the Manager and Subadvisers to address any performance issues were satisfactory.

Profitability

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

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

Fees and Expenses


28

between the management fees and 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 their 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 subadvisory fees paid under the Subadvisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Subadvisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Subadvisers 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 subadvisory fees were reasonable in light of the nature, extent and quality of services rendered to the Funds by the Manager and the Subadvisers.

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 subadvisory 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

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 subadvisory fees, that the Subadvisers 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 Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•


				29

•

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

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 noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd

quintile of the expense group and that the total expenses were in the 3^rd 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

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


30

5-year period, in the 4^th quintile of its performance universe for the 3-year period and in the 5^th quintile of its performance universe for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the

1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.


				31

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•


32

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion

Board of Trustees Meeting held June 4-5, 2025

At a meeting of the Board of Trustees (the “Board” or “Trustees”) of Guardian Variable Products Trust (the “Trust”) held on June 4-5, 2025 (the “June Meeting”), the Trustees, including the Trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act (the “Independent Trustees”) considered a proposed amendment (the “Amendment”) to the subadvisory agreement (the “Sub-Advisory Agreement”) between Park Avenue Institutional Advisers LLC (the “Manager”) and Lord, Abbett & Co. LLC (“Lord Abbett”), the subadviser to the Guardian Core Plus Fixed Income VIP Fund (the “Fund”), solely with respect to the subadvisory fee schedule applicable to the Fund, in substantially the form presented at the June Meeting. In addition to the materials and information presented to the Board in connection with the renewal of the Sub-Advisory Agreement at its March 26-27, 2025 meeting, the Board took into account the Manager’s and Lord Abbett’s representations that there would be no change in the nature, extent and quality of the services provided to the Fund under the Sub-Advisory Agreement as a result of the Amendment, noting that no terms of the Sub-Advisory Agreement were impacted other than the sub-advisory fee schedule. The Board considered the current and proposed sub-advisory fee schedules for the Fund that were included in the meeting materials. The Board noted that the Manager confirmed that the Amendment was individually negotiated at arm’s length between PAIA and Lord Abbett. The Board also took into account pro-forma profitability information for the Manager reflecting the revised breakpoint schedule and information regarding the proposed revised breakpoint schedule as compared to subadvisory fees of a peer group of other funds selected by Broadridge Financial Solutions.

The Board unanimously approved the Amendment, which revised the subadvisory fee breakpoint schedule to reduce the subadvisory fees payable to Lord Abbett at all asset levels.


				33

LOGO

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

PUB8167

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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

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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 98.7%
Aerospace & Defense – 1.5%

Airbus SE (Netherlands)		2,380	$	498,001

Northrop Grumman Corp.		988		493,980

RTX Corp.		4,271		623,651


				1,615,632
Air Freight & Logistics – 0.8%

FedEx Corp.		3,722		846,048


				846,048
Automobiles – 2.1%

General Motors Co.		4,326		212,883

Tesla, Inc.⁽¹⁾		6,358		2,019,682


				2,232,565
Banks – 2.4%

Citigroup, Inc.		14,787		1,258,669

JPMorgan Chase & Co.		3,857		1,118,183

PNC Financial Services Group, Inc.		1,099		204,876


				2,581,728
Beverages – 1.5%

Coca-Cola Co.		17,204		1,217,183

Keurig Dr Pepper, Inc.		7,856		259,719

PepsiCo, Inc.		1,116		147,357


				1,624,259
Biotechnology – 1.4%

AbbVie, Inc.		3,856		715,751

Gilead Sciences, Inc.		2,808		311,323

Regeneron Pharmaceuticals, Inc.		318		166,950

Vertex Pharmaceuticals, Inc.⁽¹⁾		610		271,572


				1,465,596
Broadline Retail – 4.9%

Amazon.com, Inc.⁽¹⁾		24,053		5,276,988


				5,276,988
Building Products – 0.5%

Trane Technologies PLC		1,142		499,522


				499,522
Capital Markets – 2.0%

Blackrock, Inc.		608		637,944

Charles Schwab Corp.		6,505		593,516

CME Group, Inc.		1,198		330,193

Nasdaq, Inc.		1,494		133,593

TPG, Inc.		9,644		505,828


				2,201,074
Chemicals – 1.7%

Corteva, Inc.		12,366		921,638

DuPont de Nemours, Inc.		6,248		428,550

Linde PLC		264		123,864

PPG Industries, Inc.		2,766		314,632


				1,788,684
Commercial Services & Supplies – 0.7%

Cintas Corp.		1,028		229,110

Copart, Inc.⁽¹⁾		4,906		240,738


June 30, 2025 (unaudited)	Shares		Value

Commercial Services & Supplies (continued)

Waste Connections, Inc.		1,568	$	292,777


				762,625
Communications Equipment – 1.9%

Cisco Systems, Inc.		29,527		2,048,583


				2,048,583
Construction Materials – 0.6%

CRH PLC		7,470		685,746


				685,746
Consumer Finance – 1.2%

Capital One Financial Corp.		6,072		1,291,879


				1,291,879
Consumer Staples Distribution & Retail – 2.3%

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		1,808		194,956

Costco Wholesale Corp.		553		547,437

Target Corp.		2,437		240,410

Walmart, Inc.		15,032		1,469,829


				2,452,632
Containers & Packaging – 0.1%

Ball Corp.		2,748		154,135


				154,135

Diversified Telecommunication Services – 0.7%

AT&T, Inc.		26,014		752,845


				752,845
Electric Utilities – 2.0%

Constellation Energy Corp.		682		220,122

NextEra Energy, Inc.		7,367		511,417

NRG Energy, Inc.		5,026		807,075

PPL Corp.		9,301		315,211

Southern Co.		3,530		324,160


				2,177,985
Electrical Equipment – 0.4%

GE Vernova, Inc.		825		436,549


				436,549
Electronic Equipment, Instruments & Components – 0.1%

Ralliant Corp.⁽¹⁾		2,819		136,693


				136,693
Entertainment – 2.8%

Live Nation Entertainment, Inc.⁽¹⁾		4,928		745,508

Netflix, Inc.⁽¹⁾		626		838,295

Spotify Technology SA⁽¹⁾		510		391,343

Walt Disney Co.		8,665		1,074,547


				3,049,693
Financial Services – 4.7%

Apollo Global Management, Inc.		4,244		602,096

Berkshire Hathaway, Inc., Class B⁽¹⁾		2,718		1,320,323

Corebridge Financial, Inc.		5,433		192,871

Mastercard, Inc., Class A		3,470		1,949,932

Toast, Inc., Class A⁽¹⁾		5,318		235,534

Visa, Inc., Class A		2,374		842,889


				5,143,645


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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Food Products – 0.2%

Mondelez International, Inc., Class A		3,740	$	252,226


				252,226
Ground Transportation – 0.5%

Union Pacific Corp.		2,503		575,890


				575,890
Health Care Equipment & Supplies – 2.1%

Abbott Laboratories		3,702		503,509

Becton Dickinson & Co.		1,888		325,208

Boston Scientific Corp.⁽¹⁾		5,143		552,410

Dexcom, Inc.⁽¹⁾		1,045		91,218

Intuitive Surgical, Inc.⁽¹⁾		918		498,850

Medtronic PLC		2,999		261,423


				2,232,618
Health Care Providers & Services – 2.2%

Cencora, Inc.		510		152,924

Cigna Group		671		221,819

CVS Health Corp.		4,451		307,030

HCA Healthcare, Inc.		334		127,955

McKesson Corp.		1,071		784,807

UnitedHealth Group, Inc.		2,620		817,362


				2,411,897
Health Care REITs – 0.5%

Welltower, Inc.		3,652		561,422


				561,422
Hotels, Restaurants & Leisure – 0.8%

Chipotle Mexican Grill, Inc.⁽¹⁾		6,130		344,199

McDonald’s Corp.		1,325		387,125

Starbucks Corp.		1,501		137,537


				868,861
Household Products – 0.8%

Procter & Gamble Co.		5,239		834,678


				834,678
Industrial Conglomerates – 0.9%

Honeywell International, Inc.		4,377		1,019,316


				1,019,316
Industrial REITs – 0.4%

Prologis, Inc.		4,139		435,092


				435,092
Insurance – 3.2%

Allstate Corp.		5,374		1,081,840

American International Group, Inc.		6,558		561,299

Arch Capital Group Ltd.		3,726		339,252

Assured Guaranty Ltd.		1,263		110,007

Progressive Corp.		1,992		531,585

Prudential PLC (United Kingdom)		26,920		337,966

Unum Group		2,976		240,342

Willis Towers Watson PLC		709		217,309


				3,419,600


June 30, 2025 (unaudited)	Shares		Value
Interactive Media & Services – 6.9%

Alphabet, Inc., Class A		19,819	$	3,492,702

Meta Platforms, Inc., Class A		5,384		3,973,877


				7,466,579
Life Sciences Tools & Services – 1.2%

Bio-Rad Laboratories, Inc., Class A⁽¹⁾		966		233,115

Danaher Corp.		1,145		226,183

Thermo Fisher Scientific, Inc.		2,093		848,628


				1,307,926
Machinery – 1.4%

Fortive Corp.		8,457		440,863

Ingersoll Rand, Inc.		3,747		311,675

Otis Worldwide Corp.		7,427		735,422


				1,487,960
Media – 0.1%

Charter Communications, Inc., Class A⁽¹⁾		188		76,856


				76,856
Metals & Mining – 0.6%

Agnico Eagle Mines Ltd. (Canada)		1,733		206,471

Glencore PLC (United Kingdom)⁽¹⁾		101,300		394,450


				600,921
Multi-Utilities – 0.7%

Ameren Corp.		5,471		525,435

CenterPoint Energy, Inc.		6,266		230,213


				755,648
Oil, Gas & Consumable Fuels – 3.3%

Antero Resources Corp.⁽¹⁾		4,405		177,433

BP PLC (United Kingdom)		43,592		217,457

Cenovus Energy, Inc. (Canada)		36,531		497,095

ConocoPhillips		3,774		338,679

Exxon Mobil Corp.		16,523		1,781,180

Shell PLC (United Kingdom)		16,991		595,412


				3,607,256
Passenger Airlines – 0.2%

Southwest Airlines Co.		8,230		266,981


				266,981
Pharmaceuticals – 2.5%

Eli Lilly & Co.		2,116		1,649,486

Innoviva, Inc.⁽¹⁾		7,994		160,599

Johnson & Johnson		3,468		529,737

Merck & Co., Inc.		5,326		421,606


				2,761,428
Semiconductors & Semiconductor Equipment – 13.5%

Analog Devices, Inc.		5,778		1,375,280

Broadcom, Inc.		12,523		3,451,965

Marvell Technology, Inc.		19,092		1,477,721

NVIDIA Corp.		49,946		7,890,968

QUALCOMM, Inc.		2,973		473,480


				14,669,414


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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Software – 11.0%

AppLovin Corp., Class A⁽¹⁾		546	$	191,144

Microsoft Corp.		16,894		8,403,244

Oracle Corp.		6,999		1,530,191

Palantir Technologies, Inc., Class A⁽¹⁾		6,706		914,162

Salesforce, Inc.		3,414		930,964


				11,969,705
Specialized REITs – 1.2%

American Tower Corp.		5,673		1,253,846


				1,253,846
Specialty Retail – 0.9%

Home Depot, Inc.		1,456		533,828

TJX Cos., Inc.		3,722		459,630


				993,458
Technology Hardware, Storage & Peripherals – 5.4%

Apple, Inc.		22,568		4,630,276

Seagate Technology Holdings PLC		8,678		1,252,496


				5,882,772
Textiles, Apparel & Luxury Goods – 0.6%

Levi Strauss & Co., Class A		11,851		219,125

Lululemon Athletica, Inc.⁽¹⁾		828		196,716

NIKE, Inc., Class B		514		36,515

On Holding AG, Class A⁽¹⁾		4,109		213,874


				666,230
Tobacco – 0.8%

Philip Morris International, Inc.		4,550		828,692


				828,692
Trading Companies & Distributors – 0.5%

United Rentals, Inc.		735		553,749


				553,749

Total Common Stocks (Cost $71,737,010)				106,986,127

Exchange-Traded Funds – 0.5% SPDR S&P 500 ETF Trust 845				522,083

Total Exchange-Traded Funds (Cost $461,526)				522,083


June 30, 2025 (unaudited)	Principal Amount		Value
Repurchase Agreements – 1.0%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,149,769, due 7/1/2025⁽²⁾	$	1,149,725	$	1,149,725

Total Repurchase Agreements (Cost $1,149,725)				1,149,725

Total Investments – 100.2% (Cost $73,348,261)				108,657,935

Liabilities in excess of other assets – (0.2)%				(269,880	)

Total Net Assets – 100.0%			$	108,388,055

⁽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		4.375%		5/15/2034	$	1,153,000	$	1,172,915

Legend:

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	104,942,841	$	2,043,286	*	$	—	$	106,986,127
Exchange-Traded Funds		522,083		—			—		522,083
Repurchase Agreements		—		1,149,725			—		1,149,725
Total	$	105,464,924	$	3,193,011		$	—	$	108,657,935

*	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, 2025 (unaudited)
Assets

Investments, at value	$	108,657,935

Foreign currency, at value		4,543

Receivable for investments sold		439,101

Dividends/interest receivable		66,601

Reimbursement receivable from adviser		6,074

Foreign tax reclaims receivable		1,470

Prepaid expenses		1,580


Total Assets		109,177,304


Liabilities

Payable for investments purchased		464,935

Payable for fund shares redeemed		195,974

Investment advisory fees payable		52,280

Distribution fees payable		21,783

Accrued audit fees		15,645

Accrued custodian and accounting fees		15,219

Accrued expenses and other liabilities		23,413


Total Liabilities		789,249


Total Net Assets	$	108,388,055


Net Assets Consist of:

Paid-in capital	$	(53,883,597	)

Distributable earnings		162,271,652


Total Net Assets	$	108,388,055


Investments, at Cost	$	73,348,261


Foreign Currency, at Cost	$	4,543


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		3,258,066

Net Asset Value Per Share		$33.27


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	661,406

Interest		5,376

Withholding taxes on foreign dividends		(2,318	)


Total Investment Income		664,464


Expenses

Investment advisory fees		313,594

Distribution fees		130,664

Professional fees		25,324

Custodian and accounting fees		22,811

Trustees’ and officers’ fees		18,946

Administrative fees		18,114

Transfer agent fees		7,793

Shareholder reports		5,062

Other expenses		3,807


Total Expenses		546,115

Less: Fees waived		(46,110	)


Total Expenses, Net		500,005


Net Investment Income/(Loss)		164,459


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		14,978,717

Net realized gain/(loss) from foreign currency transactions		2,040

Net change in unrealized appreciation/(depreciation) on investments		(9,502,659	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		209


Net Gain on Investments and Foreign Currency Transactions		5,478,307


Net Increase in Net Assets Resulting From Operations	$	5,642,766


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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	164,459		$	412,420

Net realized gain/(loss) from investments and foreign currency transactions		14,980,757			32,192,761

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(9,502,450	)		(2,207,695	)


Net Increase in Net Assets Resulting from Operations		5,642,766			30,397,486


Capital Share Transactions

Proceeds from sales of shares		3,127,292			647,071

Cost of shares redeemed		(14,553,263	)		(54,621,613	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(11,425,971	)		(53,974,542	)


Net Decrease in Net Assets		(5,783,205	)		(23,577,056	)


Net Assets

Beginning of period		114,171,260			137,748,316


End of period	$	108,388,055		$	114,171,260


Other Information:

Shares

Sold		103,712			21,915

Redeemed		(463,545	)		(1,898,253	)


Net Decrease		(359,833	)		(1,876,338	)


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 6/30/25	$	31.56	$	0.05	$	1.66	$	1.71	$	33.27		5.42%	⁽⁴⁾

Year Ended 12/31/24		25.07		0.09		6.40		6.49		31.56		25.89%

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%


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

$	108,388		0.96%	⁽⁴⁾		1.04%	⁽⁴⁾		0.31%	⁽⁴⁾		0.23%	⁽⁴⁾		49%	⁽⁴⁾

	114,171		0.96%			1.02%			0.32%			0.26%			52%

	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%

⁽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, 2025 (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

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).


				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.

g. Segment Reporting The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The Fund’s adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. Park Avenue acts as the Fund’s Chief Operating Decision Maker (“CODM’’) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.

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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

litigation and extraordinary expenses). Prior to May 1, 2025, 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $46,110.

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.

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

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 $52,438,399 and $64,008,934, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.

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


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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

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.

8. Subsequent Events


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

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

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 the March Meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.


				13

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

(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 that the 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 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

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

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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.


16

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

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 of the expense group and that total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.


18

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.


				19

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

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				21

LOGO

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

PUB8168

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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

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

SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 98.7%

Bermuda – 2.9%

CK Infrastructure Holdings Ltd.		199,000	$	1,317,753


				1,317,753
Brazil – 3.7%

Cia de Saneamento Basico do Estado de Sao Paulo		76,100		1,668,622


				1,668,622
China – 2.7%

ENN Energy Holdings Ltd.		152,900		1,223,080


				1,223,080
France – 5.8%

Engie SA		111,420		2,623,773


				2,623,773
Germany – 6.1%

E.ON SE		152,355		2,805,305


				2,805,305
Italy – 5.1%

Enel SpA		243,690		2,312,902


				2,312,902
Japan – 3.7%

Kansai Electric Power Co., Inc.		81,600		965,684

Tokyo Gas Co. Ltd.		22,100		734,713


				1,700,397
Portugal – 1.4%

EDP SA		146,287		635,126


				635,126
Spain – 5.5%

Iberdrola SA		129,419		2,487,882


				2,487,882
United Kingdom – 4.6%

National Grid PLC		144,297		2,109,821


				2,109,821


June 30, 2025 (unaudited)	Shares		Value
United States – 57.2%

American Electric Power Co., Inc.		28,222	$	2,928,315

Atmos Energy Corp.		13,113		2,020,844

Constellation Energy Corp.		3,475		1,121,591

Dominion Energy, Inc.		37,109		2,097,401

Duke Energy Corp.		16,314		1,925,052

Exelon Corp.		30,883		1,340,940

IDACORP, Inc.		9,707		1,120,673

NextEra Energy, Inc.		42,269		2,934,314

NRG Energy, Inc.		1,769		284,066

ONE Gas, Inc.		17,033		1,223,991

PG&E Corp.		44,359		618,364

Sempra		34,223		2,593,077

Southern Co.		21,961		2,016,679

Vistra Corp.		10,117		1,960,776

WEC Energy Group, Inc.		17,890		1,864,138


				26,050,221

Total Common Stocks (Cost $33,019,361)				44,934,882


	Principal Amount		Value
Repurchase Agreements – 1.2%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $518,745, due 7/1/2025⁽¹⁾	$	518,726		518,726

Total Repurchase Agreements (Cost $518,726)				518,726

Total Investments – 99.9% (Cost $33,538,087)				45,453,608

Assets in excess of other liabilities – 0.1%				55,899

Total Net Assets – 100.0%			$	45,509,507

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

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

4.375%

5/15/2034

520,200

529,182


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	$	—	$	1,317,753	*	$	—	$	1,317,753
Brazil		1,668,622		—			—		1,668,622
China		—		1,223,080	*		—		1,223,080
France		—		2,623,773	*		—		2,623,773
Germany		—		2,805,305	*		—		2,805,305
Italy		—		2,312,902	*		—		2,312,902
Japan		—		1,700,397	*		—		1,700,397
Portugal		—		635,126	*		—		635,126
Spain		—		2,487,882	*		—		2,487,882
United Kingdom		—		2,109,821	*		—		2,109,821
United States		26,050,221		—			—		26,050,221
Repurchase Agreements		—		518,726			—		518,726
Total	$	27,718,843	$	17,734,765		$	—	$	45,453,608

*	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, 2025 (unaudited)
Assets

Investments, at value	$	45,453,608

Foreign currency, at value		88

Dividends/interest receivable		127,497

Foreign tax reclaims receivable		113,470

Reimbursement receivable from adviser		8,064

Prepaid expenses		604


Total Assets		45,703,331


Liabilities

Payable for investments purchased		61,766

Payable for fund shares redeemed		36,799

Investment advisory fees payable		27,088

Accrued audit fees		16,062

Accrued custodian and accounting fees		14,177

Accrued shareholder reports fees		12,871

Distribution fees payable		9,277

Accrued trustees’ and officers’ fees		42

Accrued expenses and other liabilities		15,742


Total Liabilities		193,824


Total Net Assets	$	45,509,507


Net Assets Consist of:

Paid-in capital	$	9,938,348

Distributable earnings		35,571,159


Total Net Assets	$	45,509,507


Investments, at Cost	$	33,538,087


Foreign Currency, at Cost	$	88


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		2,668,690

Net Asset Value Per Share		$17.05


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	1,147,475

Interest		2,517

Withholding taxes on foreign dividends		(55,092	)


Total Investment Income		1,094,900


Expenses

Investment advisory fees		173,702

Distribution fees		59,487

Custodian and accounting fees		26,671

Professional fees		20,575

Administrative fees		13,719

Trustees’ and officers’ fees		8,710

Shareholder reports		8,562

Transfer agent fees		6,712

Other expenses		3,160


Total Expenses		321,298

Less: Fees waived		(66,866	)


Total Expenses, Net		254,432


Net Investment Income/(Loss)		840,468


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		4,945,891

Net realized gain/(loss) from foreign currency transactions		(1,944	)

Net change in unrealized appreciation/(depreciation) on investments		1,487,585

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		14,128


Net Gain on Investments and Foreign Currency Transactions		6,445,660


Net Increase in Net Assets Resulting From Operations	$	7,286,128


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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	840,468		$	1,449,315

Net realized gain/(loss) from investments and foreign currency transactions		4,943,947			5,288,557

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		1,501,713			2,839,643


Net Increase in Net Assets Resulting from Operations		7,286,128			9,577,515


Capital Share Transactions

Proceeds from sales of shares		1,934,486			4,502,379

Cost of shares redeemed		(11,669,002	)		(24,412,129	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(9,734,516	)		(19,909,750	)


Net Decrease in Net Assets		(2,448,388	)		(10,332,235	)


Net Assets

Beginning of period		47,957,895			58,290,130


End of period	$	45,509,507		$	47,957,895


Other Information:

Shares

Sold		130,025			376,630

Redeemed		(729,613	)		(1,784,902	)


Net Decrease		(599,588	)		(1,408,272	)


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

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				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 6/30/25	$	14.67	$	0.27	$	2.11		$	2.38		$	17.05		16.22%	⁽⁴⁾

Year Ended 12/31/24		12.46		0.36		1.85			2.21			14.67		17.74%

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%


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

$	45,510		1.07%	⁽⁴⁾		1.35%	⁽⁴⁾		3.53%	⁽⁴⁾		3.25%	⁽⁴⁾		19%	⁽⁴⁾

	47,958		1.04%			1.30%			2.62%			2.36%			29%

	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%

⁽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 GLOBAL UTILITIES VIP FUND

June 30, 2025 (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).

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 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


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

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, 2026 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 1.11% 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, 2025, the expense limitation was 1.05%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $66,866.

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 $8,951,452 and $18,190,518, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

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.

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

8. Subsequent Events


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

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

Sub-advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered that the 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 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 investment, legal and administrative capabilities of the


14

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

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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.


16

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

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 of the expense group and that total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth 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 and in the 3^rd quintile of its performance universe for the 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.


18

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.


				19

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

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				21

LOGO

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

PUB10537

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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			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

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

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 98.4%
Aerospace & Defense – 3.8%

Curtiss-Wright Corp.		1,393	$	680,550

RTX Corp.		21,964		3,207,183


				3,887,733
Automobile Components – 0.3%

BorgWarner, Inc.		10,464		350,335


				350,335
Banks – 8.4%

Citigroup, Inc.		25,667		2,184,775

JPMorgan Chase & Co.		15,053		4,364,015

Wells Fargo & Co.		24,883		1,993,626


				8,542,416
Biotechnology – 4.5%

Gilead Sciences, Inc.		16,858		1,869,047

Regeneron Pharmaceuticals, Inc.		3,885		2,039,625

United Therapeutics Corp.⁽¹⁾		2,412		693,088


				4,601,760
Building Products – 1.1%

Allegion PLC		4,542		654,593

Carlisle Cos., Inc.		1,194		445,840


				1,100,433
Capital Markets – 3.1%

Blackstone Secured Lending Fund		21,337		656,113

S&P Global, Inc.		4,745		2,501,991


				3,158,104
Chemicals – 1.9%

CF Industries Holdings, Inc.		10,257		943,644

PPG Industries, Inc.		9,010		1,024,887


				1,968,531
Commercial Services & Supplies – 1.6%

Veralto Corp.		16,020		1,617,219


				1,617,219
Communications Equipment – 0.7%

Cisco Systems, Inc.		9,533		661,400


				661,400
Consumer Staples Distribution & Retail – 4.5%

Casey’s General Stores, Inc.		2,467		1,258,836

Walmart, Inc.		34,097		3,334,005


				4,592,841
Diversified Telecommunication Services – 1.3%

AT&T, Inc.		46,476		1,345,015


				1,345,015
Electrical Equipment – 2.4%

Generac Holdings, Inc.⁽¹⁾		11,991		1,717,231

nVent Electric PLC		9,135		669,139


				2,386,370


June 30, 2025 (unaudited)	Shares		Value
Electronic Equipment, Instruments & Components – 0.5%

Zebra Technologies Corp., Class A⁽¹⁾		1,588	$	489,676


				489,676
Energy Equipment & Services – 0.3%

Cactus, Inc., Class A		6,981		305,209


				305,209
Entertainment – 3.2%

Electronic Arts, Inc.		8,337		1,331,419

Walt Disney Co.		15,552		1,928,603


				3,260,022
Financial Services – 8.0%

Berkshire Hathaway, Inc., Class B⁽¹⁾		8,130		3,949,310

Fiserv, Inc.⁽¹⁾		13,134		2,264,433

Mastercard, Inc., Class A		2,640		1,483,522

MGIC Investment Corp.		14,668		408,357


				8,105,622
Food Products – 0.7%

Mondelez International, Inc., Class A		10,352		698,139


				698,139
Ground Transportation – 3.3%

CSX Corp.		33,867		1,105,080

JB Hunt Transport Services, Inc.		7,320		1,051,152

Landstar System, Inc.		1,781		247,595

Uber Technologies, Inc.⁽¹⁾		10,272		958,377


				3,362,204
Health Care Equipment & Supplies – 1.1%

GE HealthCare Technologies, Inc.		9,149		677,666

ResMed, Inc.		1,562		402,996


				1,080,662
Health Care Providers & Services – 6.7%

Cencora, Inc.		5,681		1,703,448

Elevance Health, Inc.		5,694		2,214,738

HCA Healthcare, Inc.		2,697		1,033,221

Quest Diagnostics, Inc.		10,273		1,845,339


				6,796,746
Hotels, Restaurants & Leisure – 0.6%

Starbucks Corp.		7,111		651,581


				651,581
Insurance – 3.6%

Axis Capital Holdings Ltd.		19,059		1,978,705

MetLife, Inc.		21,111		1,697,747


				3,676,452
IT Services – 2.2%

Accenture PLC, Class A		7,387		2,207,900


				2,207,900
Life Sciences Tools & Services – 1.0%

Agilent Technologies, Inc.		8,401		991,402


				991,402


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

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Machinery – 3.9%

Allison Transmission Holdings, Inc.		5,392	$	512,186

Otis Worldwide Corp.		8,884		879,694

PACCAR, Inc.		10,526		1,000,602

Westinghouse Air Brake Technologies Corp.		7,661		1,603,830


				3,996,312
Media – 1.3%

Comcast Corp., Class A		37,657		1,343,978


				1,343,978
Metals & Mining – 0.9%

Steel Dynamics, Inc.		7,053		902,854


				902,854
Oil, Gas & Consumable Fuels – 5.9%

Chevron Corp.		9,003		1,289,140

ConocoPhillips		13,757		1,234,553

EOG Resources, Inc.		20,895		2,499,251

Phillips 66		7,844		935,789


				5,958,733
Pharmaceuticals – 4.8%

Johnson & Johnson		24,339		3,717,782

Roche Holding AG, ADR		27,564		1,123,509


				4,841,291
Professional Services – 0.3%

FTI Consulting, Inc.⁽¹⁾		2,160		348,840

				348,840
Real Estate Management & Development – 0.2%

Jones Lang LaSalle, Inc.⁽¹⁾		806		206,159

				206,159
Semiconductors & Semiconductor Equipment – 4.7%

Lam Research Corp.		6,150		598,641

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		6,831		1,547,153

Texas Instruments, Inc.		12,462		2,587,361


				4,733,155
Software – 0.8%

Nice Ltd., ADR⁽¹⁾		4,622		780,702


				780,702
Specialized REITs – 0.8%

Public Storage		2,655		779,030


				779,030
Specialty Retail – 4.6%

Dick’s Sporting Goods, Inc.		6,943		1,373,395

Lowe’s Cos., Inc.		3,724		826,244

Ross Stores, Inc.		8,895		1,134,824

Ulta Beauty, Inc.⁽¹⁾		2,888		1,351,064


				4,685,527


June 30, 2025 (unaudited)	Shares		Value
Textiles, Apparel & Luxury Goods – 1.0%

Lululemon Athletica, Inc.⁽¹⁾		1,331	$	316,219

NIKE, Inc., Class B		9,545		678,077


				994,296
Tobacco – 3.8%

Philip Morris International, Inc.		20,945		3,814,713


				3,814,713
Trading Companies & Distributors – 0.6%

MSC Industrial Direct Co., Inc., Class A		7,227		614,440


				614,440

Total Common Stocks (Cost $77,369,377)				99,837,802


	Principal Amount		Value
Repurchase Agreements – 2.1%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $2,133,371, due 7/1/2025⁽²⁾	$	2,133,290		2,133,290

Total Repurchase Agreements (Cost $2,133,290)				2,133,290

Total Investments – 100.5% (Cost $79,502,667)				101,971,092

Liabilities in excess of other assets – (0.5)%				(554,980	)

Total Net Assets – 100.0%			$	101,416,112

⁽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

4.375%

5/15/2034

2,139,200

2,175,979

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 GROWTH & INCOME VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	99,837,802	$	—	$	—	$	99,837,802
Repurchase Agreements		—		2,133,290		—		2,133,290
Total	$	99,837,802	$	2,133,290	$	—	$	101,971,092


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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND


Statement of Assets and Liabilities As of June 30, 2025 (unaudited)
Assets

Investments, at value	$	101,971,092

Foreign tax reclaims receivable		98,477

Dividends/interest receivable		81,390

Reimbursement receivable from adviser		9,952

Receivable for fund shares subscribed		7,526

Prepaid expenses		1,458


Total Assets		102,169,895


Liabilities

Payable for investments purchased		456,046

Payable for fund shares redeemed		178,105

Investment advisory fees payable		53,535

Distribution fees payable		20,597

Accrued audit fees		14,924

Accrued custodian and accounting fees		8,137

Accrued expenses and other liabilities		22,439


Total Liabilities		753,783


Total Net Assets	$	101,416,112


Net Assets Consist of:

Paid-in capital	$	(10,701,967	)

Distributable earnings		112,118,079


Total Net Assets	$	101,416,112


Investments, at Cost	$	79,502,667


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		4,328,269

Net Asset Value Per Share		$23.43


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	941,464

Interest		8,512

Withholding taxes on foreign dividends		(4,272	)


Total Investment Income		945,704


Expenses

Investment advisory fees		331,610

Distribution fees		127,931

Professional fees		24,344

Trustees’ and officers’ fees		18,584

Custodian and accounting fees		18,450

Administrative fees		18,080

Transfer agent fees		7,717

Shareholder reports		4,925

Other expenses		3,767


Total Expenses		555,408

Less: Fees waived		(59,037	)


Total Expenses, Net		496,371


Net Investment Income/(Loss)		449,333


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

Net realized gain/(loss) from investments		5,245,370

Net change in unrealized appreciation/(depreciation) on investments		(1,445,850	)


Net Gain on Investments		3,799,520


Net Increase in Net Assets Resulting From Operations	$	4,248,853


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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND


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

	For the Six Months Ended 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	449,333		$	1,144,954

Net realized gain/(loss) from investments		5,245,370			21,318,328

Net change in unrealized appreciation/(depreciation) on investments		(1,445,850	)		(8,305,508	)


Net Increase in Net Assets Resulting from Operations		4,248,853			14,157,774


Capital Share Transactions

Proceeds from sales of shares		1,876,556			2,091,892

Cost of shares redeemed		(12,671,053	)		(44,478,877	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(10,794,497	)		(42,386,985	)


Net Decrease in Net Assets		(6,545,644	)		(28,229,211	)


Net Assets

Beginning of period		107,961,756			136,190,967


End of period	$	101,416,112		$	107,961,756


Other Information:

Shares

Sold		84,214			95,465

Redeemed		(554,115	)		(2,015,076	)


Net Decrease		(469,901	)		(1,919,611	)


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

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 6/30/25	$	22.50	$	0.10	$	0.83		$	0.93		$	23.43		4.13%	⁽⁴⁾

Year Ended 12/31/24		20.27		0.20		2.03			2.23			22.50		11.00%

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%


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

$	101,416		0.97%	⁽⁴⁾		1.09%	⁽⁴⁾		0.88%	⁽⁴⁾		0.76%	⁽⁴⁾		26%	⁽⁴⁾

	107,962		0.97%			1.05%			0.90%			0.82%			45%

	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%

⁽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, 2025 (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

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 GROWTH & INCOME VIP FUND

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

•

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

•

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


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

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

g. Segment Reporting The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The Fund’s adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. Park Avenue acts as the Fund’s Chief Operating Decision Maker (“CODM’’) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.

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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $59,037.

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.

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 $27,031,309 and $38,120,311, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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

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 December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

8. Subsequent Events


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

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

(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 that the 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 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


14

organizational structure 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

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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.


16

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

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 of the expense group and that total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth 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 and in the 3^rd quintile of its performance universe for the 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the


18

1-year period, in the 1^st quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for 5-year period.

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.


				19

•

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd

quintile of the expense group and that the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

This Page Intentionally Left Blank


				21

LOGO

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

PUB8169

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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

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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 99.6%

Aerospace & Defense – 2.4%

Curtiss-Wright Corp.		1,088	$	531,542

General Dynamics Corp.		2,477		722,442

General Electric Co.		6,251		1,608,945

Howmet Aerospace, Inc.		7,179		1,336,227

RTX Corp.		9,371		1,368,354

StandardAero, Inc.⁽¹⁾		7,525		238,166


				5,805,676
Automobile Components – 0.5%

Aptiv PLC⁽¹⁾		17,282		1,178,978


				1,178,978
Automobiles – 0.4%

Tesla, Inc.⁽¹⁾		3,335		1,059,396


				1,059,396
Banks – 3.9%

Hancock Whitney Corp. (United States)		6,666		382,629

JPMorgan Chase & Co.		17,567		5,092,849

Pacific Premier Bancorp, Inc.		15,254		321,707

PNC Financial Services Group, Inc.		7,288		1,358,629

Popular, Inc.		5,549		611,555

Wells Fargo & Co.		20,968		1,679,956


				9,447,325
Beverages – 1.1%

Coca-Cola Europacific Partners PLC		10,769		998,502

Constellation Brands, Inc., Class A		1,791		291,360

PepsiCo, Inc.		10,405		1,373,876


				2,663,738
Biotechnology – 2.1%

AbbVie, Inc.		16,478		3,058,647

Exact Sciences Corp.⁽¹⁾		4,624		245,719

Vertex Pharmaceuticals, Inc.⁽¹⁾		3,790		1,687,308


				4,991,674
Broadline Retail – 4.7%

Amazon.com, Inc.⁽¹⁾		51,392		11,274,891


				11,274,891
Building Products – 0.7%

Builders FirstSource, Inc.⁽¹⁾		4,697		548,093

Trane Technologies PLC		2,547		1,114,083


				1,662,176
Capital Markets – 3.3%

Charles Schwab Corp.		11,089		1,011,761

CME Group, Inc.		4,357		1,200,876

KKR & Co., Inc.		11,807		1,570,685

Moody’s Corp.		2,252		1,129,581

Morgan Stanley		11,131		1,567,913

Northern Trust Corp.		3,562		451,626

Raymond James Financial, Inc.		3,503		537,255

TPG, Inc.		9,525		499,586


				7,969,283


June 30, 2025 (unaudited)	Shares		Value
Chemicals – 1.4%

Air Products & Chemicals, Inc.		2,055	$	579,633

Corteva, Inc.		7,858		585,657

DuPont de Nemours, Inc.		2,969		203,644

Eastman Chemical Co.		4,445		331,863

Linde PLC		2,073		972,610

Sherwin-Williams Co.		1,769		607,404


				3,280,811
Commercial Services & Supplies – 0.3%

GFL Environmental, Inc.		15,967		805,695


				805,695
Communications Equipment – 0.3%

Motorola Solutions, Inc.		1,839		773,226


				773,226
Construction & Engineering – 0.4%

API Group Corp.⁽¹⁾		20,491		1,046,066


				1,046,066
Construction Materials – 0.5%

CRH PLC		13,509		1,240,126


				1,240,126
Consumer Staples Distribution & Retail – 1.1%

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		18,226		1,965,310

U.S. Foods Holding Corp.⁽¹⁾		7,953		612,460


				2,577,770
Containers & Packaging – 0.2%

Smurfit WestRock PLC		9,676		417,519


				417,519
Distributors – 0.3%

LKQ Corp.		16,902		625,543


				625,543
Diversified Consumer Services – 0.2%

Bright Horizons Family Solutions, Inc.⁽¹⁾		2,325		287,347

Grand Canyon Education, Inc.⁽¹⁾		1,487		281,043


				568,390
Electric Utilities – 1.5%

Duke Energy Corp.		6,766		798,388

Evergy, Inc.		4,109		283,233

Exelon Corp.		8,556		371,502

NextEra Energy, Inc.		11,003		763,828

PG&E Corp.		71,362		994,786

Xcel Energy, Inc.		5,164		351,669


				3,563,406
Electrical Equipment – 2.2%

AMETEK, Inc.		5,322		963,069

Eaton Corp. PLC		5,047		1,801,729

Emerson Electric Co.		10,725		1,429,964

GE Vernova, Inc.		1,468		776,792

Regal Rexnord Corp.		2,613		378,781


				5,350,335


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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Electronic Equipment, Instruments & Components – 2.3%

Amphenol Corp., Class A		15,127	$	1,493,791

CDW Corp.		14,282		2,550,622

Flex Ltd.⁽¹⁾		3,495		174,471

Insight Enterprises, Inc.⁽¹⁾		9,942		1,372,841


				5,591,725
Energy Equipment & Services – 0.2%

TechnipFMC PLC		11,505		396,232


				396,232
Entertainment – 2.1%

Electronic Arts, Inc.		3,074		490,918

Spotify Technology SA⁽¹⁾		3,128		2,400,239

Take-Two Interactive Software, Inc.⁽¹⁾		2,476		601,297

Walt Disney Co.		12,623		1,565,378


				5,057,832
Financial Services – 3.2%

Corebridge Financial, Inc.		18,800		667,400

Fidelity National Information Services, Inc.		8,351		679,855

Fiserv, Inc.⁽¹⁾		4,791		826,016

Mastercard, Inc., Class A		7,349		4,129,697

Visa, Inc., Class A		3,802		1,349,900


				7,652,868
Food Products – 0.5%

Mondelez International, Inc., Class A		16,469		1,110,669


				1,110,669
Ground Transportation – 0.3%

JB Hunt Transport Services, Inc.		2,349		337,317

Old Dominion Freight Line, Inc.		1,824		296,035


				633,352
Health Care Equipment & Supplies – 2.7%

Becton Dickinson & Co.		8,634		1,487,207

Boston Scientific Corp.⁽¹⁾		15,652		1,681,181

Dexcom, Inc.⁽¹⁾		6,481		565,726

Medtronic PLC		23,853		2,079,266

STERIS PLC		3,075		738,677


				6,552,057
Health Care Providers & Services – 1.6%

Cigna Group		6,317		2,088,274

Humana, Inc.		1,584		387,256

McKesson Corp.		1,934		1,417,197


				3,892,727
Health Care Technology – 0.2%

Veeva Systems, Inc., Class A⁽¹⁾		1,567		451,265


				451,265
Hotels, Restaurants & Leisure – 2.5%

Aramark		29,781		1,246,931

Booking Holdings, Inc.		400		2,315,696

DraftKings, Inc., Class A⁽¹⁾		6,767		290,237

Hilton Worldwide Holdings, Inc.		4,101		1,092,260

Starbucks Corp.		8,888		814,407

Viking Holdings Ltd.⁽¹⁾		6,083		324,163


				6,083,694


June 30, 2025 (unaudited)	Shares		Value
Household Durables – 0.2%

Mohawk Industries, Inc.⁽¹⁾		3,914	$	410,344


				410,344
Household Products – 0.7%

Colgate-Palmolive Co.		8,838		803,374

Procter & Gamble Co.		4,866		775,251


				1,578,625
Independent Power and Renewable Electricity Producers – 0.4%

Vistra Corp.		4,964		962,073


				962,073
Industrial REITs – 0.3%

Rexford Industrial Realty, Inc.		16,826		598,501


				598,501
Insurance – 3.6%

American International Group, Inc.		11,770		1,007,394

Aon PLC, Class A		5,458		1,947,196

Arthur J Gallagher & Co.		4,391		1,405,647

Assurant, Inc.		1,948		384,711

Chubb Ltd.		5,597		1,621,563

Everest Group Ltd.		1,208		410,539

Principal Financial Group, Inc.		5,396		428,604

Selective Insurance Group, Inc.		4,786		414,707

Willis Towers Watson PLC		2,931		898,351


				8,518,712
Interactive Media & Services – 6.1%

Alphabet, Inc., Class A		39,913		7,033,868

Meta Platforms, Inc., Class A		10,324		7,620,041


				14,653,909
IT Services – 1.0%

Accenture PLC, Class A		1,840		549,957

EPAM Systems, Inc.⁽¹⁾		3,101		548,319

MongoDB, Inc.⁽¹⁾		2,218		465,758

Okta, Inc.⁽¹⁾		8,339		833,650


				2,397,684
Leisure Products – 0.2%

Brunswick Corp.		2,638		145,723

Hasbro, Inc.		4,173		308,051


				453,774
Life Sciences Tools & Services – 1.0%

Bio-Techne Corp.		14,531		747,620

Waters Corp.⁽¹⁾		4,843		1,690,401


				2,438,021
Machinery – 1.7%

Caterpillar, Inc.		2,612		1,014,004

Crane Co.		3,364		638,790

Nordson Corp.		4,234		907,642

Pentair PLC		5,354		549,642

Westinghouse Air Brake Technologies Corp.		4,868		1,019,116


				4,129,194


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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Media – 0.4%

Comcast Corp., Class A		19,441	$	693,849

Omnicom Group, Inc.		3,670		264,020


				957,869
Multi-Utilities – 0.3%

Sempra		8,227		623,360


				623,360
Office REITs – 0.1%

Highwoods Properties, Inc.		11,455		356,136


				356,136
Oil, Gas & Consumable Fuels – 3.0%

Cheniere Energy, Inc.		6,049		1,473,053

ConocoPhillips		13,468		1,208,618

Expand Energy Corp.		4,149		485,184

Exxon Mobil Corp.		21,078		2,272,208

Hess Corp.		5,458		756,151

Permian Resources Corp.		25,046		341,127

Phillips 66		2,407		287,155

Valero Energy Corp.		2,134		286,852


				7,110,348
Personal Care Products – 0.6%

e.l.f. Beauty, Inc.⁽¹⁾		4,413		549,154

Kenvue, Inc.		40,655		850,909


				1,400,063
Pharmaceuticals – 2.7%

Johnson & Johnson		23,584		3,602,456

Pfizer, Inc.		113,613		2,753,979


				6,356,435
Professional Services – 3.9%

Equifax, Inc.		1,985		514,849

Jacobs Solutions, Inc.		7,843		1,030,962

Leidos Holdings, Inc.		6,385		1,007,298

TransUnion		42,029		3,698,552

TriNet Group, Inc.		31,069		2,272,387

Verisk Analytics, Inc.		2,652		826,098


				9,350,146
Residential REITs – 0.2%

Equity LifeStyle Properties, Inc.		6,177		380,936


				380,936
Retail REITs – 0.6%

Federal Realty Investment Trust		8,380		796,016

NNN REIT, Inc.		16,650		718,947


				1,514,963
Semiconductors & Semiconductor Equipment – 10.1%

Analog Devices, Inc.		6,430		1,530,469

Broadcom, Inc.		24,683		6,803,869

First Solar, Inc.⁽¹⁾		1,609		266,354

KLA Corp.		1,640		1,469,014

Lam Research Corp.		24,485		2,383,370

MACOM Technology Solutions Holdings, Inc.⁽¹⁾		1,071		153,463


June 30, 2025 (unaudited)	Shares		Value
Semiconductors & Semiconductor Equipment (continued)

Monolithic Power Systems, Inc.		976	$	713,827

NVIDIA Corp.		60,640		9,580,513

NXP Semiconductors NV		4,826		1,054,433

Onto Innovation, Inc.⁽¹⁾		2,110		212,962


				24,168,274
Software – 11.7%

Atlassian Corp., Class A⁽¹⁾		6,994		1,420,411

Cadence Design Systems, Inc.⁽¹⁾		8,417		2,593,698

Elastic NV⁽¹⁾		6,621		558,349

Guidewire Software, Inc.⁽¹⁾		4,005		942,977

HubSpot, Inc.⁽¹⁾		1,044		581,122

Microsoft Corp.		34,848		17,333,744

Roper Technologies, Inc.		990		561,172

Salesforce, Inc.		9,081		2,476,298

SentinelOne, Inc., Class A⁽¹⁾		23,478		429,178

Tyler Technologies, Inc.⁽¹⁾		1,209		716,744

Vertex, Inc., Class A⁽¹⁾		11,302		399,356


				28,013,049
Specialized REITs – 1.0%

American Tower Corp.		9,218		2,037,362

Extra Space Storage, Inc.		2,685		395,877


				2,433,239
Specialty Retail – 1.7%

Home Depot, Inc.		7,214		2,644,941

Lithia Motors, Inc.		854		288,498

Ross Stores, Inc.		7,152		912,452

TJX Cos., Inc.		1,500		185,235


				4,031,126
Technology Hardware, Storage & Peripherals – 3.1%

Apple, Inc.		35,596		7,303,231


				7,303,231
Textiles, Apparel & Luxury Goods – 0.3%

Tapestry, Inc.		7,084		622,046

VF Corp.		9,837		115,585


				737,631
Tobacco – 0.7%

Philip Morris International, Inc.		9,065		1,651,008


				1,651,008
Trading Companies & Distributors – 0.4%

Ferguson Enterprises, Inc.		2,322		505,615

WW Grainger, Inc.		496		515,959


				1,021,574
Wireless Telecommunication Services – 0.5%

T-Mobile U.S., Inc.		4,847		1,154,846


				1,154,846

Total Common Stocks (Cost $188,135,139)				238,429,516


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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.8%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,880,468, due 7/1/2025⁽²⁾	$	1,880,397	$	1,880,397

Total Repurchase Agreements (Cost $1,880,397)				1,880,397

Total Investments – 100.4% (Cost $190,015,536)				240,309,913

Liabilities in excess of other assets – (0.4)%				(862,689	)

Total Net Assets – 100.0%			$	239,447,224

⁽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		4.375%		5/15/2034	$	1,885,600	$	1,918,012

Legend:

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	238,429,516	$	—	$	—	$	238,429,516
Repurchase Agreements		—		1,880,397		—		1,880,397
Total	$	238,429,516	$	1,880,397	$	—	$	240,309,913


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, 2025 (unaudited)
Assets

Investments, at value	$	240,309,913

Receivable for investments sold		996,603

Dividends/interest receivable		137,825

Receivable for fund shares subscribed		2,913

Prepaid expenses		2,563


Total Assets		241,449,817


Liabilities

Payable for investments purchased		1,300,383

Payable for fund shares redeemed		510,730

Investment advisory fees payable		84,800

Distribution fees payable		48,182

Accrued audit fees		14,923

Accrued custodian and accounting fees		12,097

Accrued trustees’ and officers’ fees		1,652

Accrued expenses and other liabilities		29,826


Total Liabilities		2,002,593


Total Net Assets	$	239,447,224


Net Assets Consist of:

Paid-in capital	$	169,289,077

Distributable earnings		70,158,147


Total Net Assets	$	239,447,224

Investments, at Cost	$	190,015,536


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		18,292,793

Net Asset Value Per Share		$13.09


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	1,274,873

Interest		10,460

Withholding taxes on foreign dividends		(2,068	)


Total Investment Income		1,283,265


Expenses

Investment advisory fees		422,979

Distribution fees		240,329

Professional fees		34,380

Trustees’ and officers’ fees		33,542

Custodian and accounting fees		28,068

Administrative fees		24,790

Transfer agent fees		9,328

Shareholder reports		6,395

Other expenses		5,824


Total Expenses		805,635


Net Investment Income/(Loss)		477,630


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		8,911,233

Net realized gain/(loss) from foreign currency transactions		2

Net change in unrealized appreciation/(depreciation) on investments		5,309,724

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(4	)


Net Gain on Investments and Foreign Currency Transactions		14,220,955


Net Increase in Net Assets Resulting From Operations	$	14,698,585


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 6/30/25			For the Year Ended 12/31/24


Operations

Net investment income/(loss)	$	477,630		$	833,785

Net realized gain/(loss) from investments and foreign currency transactions		8,911,235			12,886,519

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		5,309,720			19,232,328


Net Increase in Net Assets Resulting from Operations		14,698,585			32,952,632


Capital Share Transactions

Proceeds from sales of shares		58,256,155			2,447,778

Cost of shares redeemed		(14,140,009	)		(29,233,265	)


Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		44,116,146			(26,785,487	)


Net Increase in Net Assets		58,814,731			6,167,145


Net Assets

Beginning of period		180,632,493			174,465,348


End of period	$	239,447,224		$	180,632,493


Other Information:

Shares

Sold		4,970,652			215,911

Redeemed		(1,139,376	)		(2,523,550	)


Net Increase/(Decrease)		3,831,276			(2,307,639	)


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 6/30/25	$	12.49	$	0.03	$	0.57	$	0.60	$	13.09		4.80%	⁽⁴⁾

Year Ended 12/31/24		10.40		0.05		2.04		2.09		12.49		20.10%

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

$	239,447		0.84%	⁽⁴⁾		0.84%	⁽⁴⁾		0.49%	⁽⁴⁾		0.49%	⁽⁴⁾		28%	⁽⁴⁾

	180,632		0.82%			0.83%			0.46%			0.45%			33%

	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, 2025 (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

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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

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

•

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

•

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


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL 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 0.44% 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.


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

litigation and extraordinary expenses). Prior to May 1, 2025, 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, 2025, Park Avenue did not waive any fees or pay any Fund expenses.

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.

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 $99,319,675 and $55,428,881, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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

8. Subsequent Events


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

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

Sub-advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered that the 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 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 investment, legal and administrative capabilities of the


16

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


				17

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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.


18

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.


				19

•

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.


20

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.


				21

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


22

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24

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				25

LOGO

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

PUB11407

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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			9

Statement of Operations			9

Statements of Changes in Net Assets			10

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

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 66.5%

Aerospace & Defense – 0.6%

Northrop Grumman Corp.		2,710	$	1,354,946


				1,354,946
Automobiles – 0.3%

Tesla, Inc.⁽¹⁾		2,276		722,994


				722,994
Banks – 2.7%

Wells Fargo & Co.		71,332		5,715,120


				5,715,120
Biotechnology – 1.3%

AbbVie, Inc.		4,751		881,880

Vertex Pharmaceuticals, Inc.⁽¹⁾		4,304		1,916,141


				2,798,021
Broadline Retail – 3.8%

Amazon.com, Inc.⁽¹⁾		36,643		8,039,108


				8,039,108
Capital Markets – 4.0%

Ares Management Corp., Class A		9,937		1,721,088

Goldman Sachs Group, Inc.		2,603		1,842,273

KKR & Co., Inc.		24,882		3,310,053

Nasdaq, Inc.		19,343		1,729,651


				8,603,065
Chemicals – 1.1%

Celanese Corp.		5,646		312,393

FMC Corp.		12,606		526,301

Linde PLC		2,911		1,365,783

PPG Industries, Inc.		1,711		194,626


				2,399,103
Commercial Services & Supplies – 1.1%

Clean Harbors, Inc.⁽¹⁾		8,340		1,928,041

Waste Connections, Inc.		2,309		431,137


				2,359,178
Communications Equipment – 0.3%

Arista Networks, Inc.⁽¹⁾		6,449		659,797


				659,797
Construction Materials – 0.5%

James Hardie Industries PLC, ADR⁽¹⁾		39,951		1,074,282


				1,074,282
Consumer Staples Distribution & Retail – 0.9%

Kroger Co.		25,120		1,801,858


				1,801,858
Distributors – 0.7%

Pool Corp.		4,847		1,412,804


				1,412,804
Electrical Equipment – 0.4%

Vertiv Holdings Co., Class A		6,372		818,228


				818,228
Electronic Equipment, Instruments & Components – 0.5%

Celestica, Inc.⁽¹⁾		7,361		1,149,126


				1,149,126


June 30, 2025 (unaudited)	Shares		Value
Entertainment – 2.3%

Netflix, Inc.⁽¹⁾		1,761	$	2,358,208

ROBLOX Corp., Class A⁽¹⁾		14,229		1,496,891

Walt Disney Co.		8,935		1,108,029


				4,963,128
Financial Services – 1.5%

Mastercard, Inc., Class A		5,485		3,082,241


				3,082,241
Ground Transportation – 0.7%

Uber Technologies, Inc.⁽¹⁾		15,982		1,491,121


				1,491,121
Health Care Equipment & Supplies – 1.9%

Boston Scientific Corp.⁽¹⁾		23,403		2,513,716

Edwards Lifesciences Corp.⁽¹⁾		18,467		1,444,304


				3,958,020
Health Care Providers & Services – 0.4%

UnitedHealth Group, Inc.		2,668		832,336


				832,336
Health Care REITs – 0.8%

Welltower, Inc.		11,694		1,797,719


				1,797,719
Hotels, Restaurants & Leisure – 2.3%

Airbnb, Inc., Class A⁽¹⁾		16,268		2,152,907

Carnival Corp.⁽¹⁾		44,038		1,238,348

Marriott International, Inc., Class A		5,484		1,498,284


				4,889,539
Insurance – 1.0%

Marsh & McLennan Cos., Inc.		9,972		2,180,278


				2,180,278
Interactive Media & Services – 5.1%

Alphabet, Inc., Class A		29,360		5,174,113

Meta Platforms, Inc., Class A		7,805		5,760,792


				10,934,905
IT Services – 1.4%

Shopify, Inc., Class A⁽¹⁾		10,674		1,231,246

Snowflake, Inc., Class A⁽¹⁾		3,044		681,156

VeriSign, Inc.		3,432		991,161


				2,903,563
Life Sciences Tools & Services – 0.4%

ICON PLC⁽¹⁾		5,618		817,138


				817,138
Machinery – 1.1%

IDEX Corp.		6,616		1,161,571

Westinghouse Air Brake Technologies Corp.		5,672		1,187,433


				2,349,004
Multi-Utilities – 1.9%

Sempra		53,841		4,079,533


				4,079,533


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Oil, Gas & Consumable Fuels – 2.3%

Exxon Mobil Corp.		27,493	$	2,963,745

Shell PLC, ADR		26,822		1,888,537


				4,852,282
Pharmaceuticals – 2.5%

Eli Lilly & Co.		4,352		3,392,514

Merck & Co., Inc.		24,904		1,971,401


				5,363,915
Semiconductors & Semiconductor Equipment – 9.6%

Broadcom, Inc.		18,893		5,207,855

Micron Technology, Inc.		4,842		596,777

NVIDIA Corp.		78,625		12,421,964

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		9,308		2,108,169


				20,334,765
Software – 7.6%

HubSpot, Inc.⁽¹⁾		912		507,646

Microsoft Corp.		20,972		10,431,682

SAP SE, ADR		4,686		1,425,013

ServiceNow, Inc.⁽¹⁾		2,172		2,232,990

Synopsys, Inc.⁽¹⁾		3,035		1,555,984


				16,153,315
Specialty Retail – 0.9%

O’Reilly Automotive, Inc.⁽¹⁾		20,306		1,830,180


				1,830,180
Technology Hardware, Storage & Peripherals – 1.8%

Apple, Inc.		18,729		3,842,629


				3,842,629
Tobacco – 2.1%

Philip Morris International, Inc.		24,805		4,517,735


				4,517,735
Wireless Telecommunication Services – 0.7%

T-Mobile U.S., Inc.		6,482		1,544,401


				1,544,401

Total Common Stocks (Cost $117,149,202)				141,625,377

	Principal Amount		Value
Agency Mortgage-Backed Securities – 8.5%

Federal Home Loan Mortgage Corp.
2.00% due 5/1/2051	$	873,543		699,391
2.00% due 4/1/2052		1,157,505		930,369
2.50% due 7/1/2041		325,026		289,229
2.50% due 2/1/2042		474,946		423,083
2.50% due 7/1/2051		862,158		725,781
2.50% due 10/1/2051		55,888		46,576
2.50% due 11/1/2051		348,644		292,234
3.00% due 10/1/2049		219,437		192,478
4.00% due 4/1/2047		7,982		7,658
4.00% due 11/1/2048		105,121		99,765
4.00% due 5/1/2049		14,166		13,492
4.00% due 7/1/2049		16,703		16,078


June 30, 2025 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities (continued)
4.00% due 4/1/2052	$	302,476	$	282,653
4.50% due 1/1/2038		91,702		91,219
4.50% due 5/1/2038		19,463		19,348
4.50% due 11/1/2048		20,775		20,218
4.50% due 8/1/2049		48,978		47,757
4.50% due 8/1/2052		50,922		48,852
4.50% due 10/1/2052		82,073		78,884
5.00% due 1/1/2053		113,404		111,754
5.50% due 9/1/2052		223,379		225,315
5.50% due 2/1/2053		22,049		22,117
5.50% due 3/1/2053		32,622		32,705
5.50% due 5/1/2053		49,902		49,979
5.50% due 6/1/2053		67,159		67,320
5.50% due 7/1/2053		411,176		412,214
5.50% due 8/1/2053		115,527		115,683
5.50% due 9/1/2053		32,505		32,729
6.00% due 11/1/2053		177,040		180,244
6.50% due 11/1/2053		337,532		349,058

Federal National Mortgage Association
2.00% due 12/1/2050		1,096,720		876,357
2.50% due 2/1/2041		55,499		49,591
2.50% due 5/1/2051		515,951		433,277
3.00% due 6/1/2043		202,303		183,020
3.00% due 10/1/2051		646,565		563,050
3.50% due 8/1/2043		201,756		188,510
3.50% due 7/1/2051		447,967		407,736
3.50% due 4/1/2052		268,906		244,127
4.00% due 3/1/2046		8,199		7,866
4.00% due 1/1/2049		10,345		9,924
4.00% due 8/1/2049		7,020		6,735
4.00% due 8/1/2051		9,269		8,922
4.00% due 8/1/2052		21,406		19,958
4.00% due 10/1/2052		117,510		109,777
4.50% due 4/1/2038		346,420		344,368
4.50% due 7/1/2048		69,394		67,730
4.50% due 11/1/2048		30,544		29,796
4.50% due 10/1/2050		15,346		14,934
4.50% due 8/1/2052		14,532		13,960
4.50% due 9/1/2052		107,882		104,138
4.50% due 11/1/2052		68,818		66,595
5.00% due 8/1/2052		592,009		583,280
5.00% due 9/1/2052		33,642		33,188
5.00% due 10/1/2052		21,683		21,415
5.50% due 1/1/2053		134,494		135,105
5.50% due 8/1/2053		33,022		33,105
6.00% due 9/1/2053		1,009,407		1,028,685

Freddie Mac Multifamily Structured Pass-Through Certificates Series K-150, Class A2 3.71% due 9/25/2032⁽²⁾⁽³⁾		78,000		74,673
Series K-157, Class A2 3.99% due 5/25/2033⁽²⁾⁽³⁾		125,000		123,669
Series K-758, Class A2 4.68% due 10/25/2031⁽²⁾⁽³⁾		100,000		101,879

Government National Mortgage Association
2.00% due 12/20/2050		372,585		303,861
2.00% due 1/20/2051		101,786		83,004
2.00% due 2/20/2051		89,692		73,122
2.00% due 7/20/2054⁽⁴⁾		235,000		191,382
2.50% due 5/20/2051		461,099		392,345


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities (continued)
2.50% due 8/20/2051	$	462,660	$	393,566
3.00% due 1/20/2051		428,281		379,868
3.00% due 5/20/2051		223,468		197,882
3.50% due 1/20/2052		386,783		353,663
3.50% due 2/20/2052		385,187		352,204
4.00% due 4/20/2052		73,391		68,844
4.00% due 5/20/2052		211,215		198,127
4.00% due 8/20/2052		313,798		294,354
4.50% due 8/20/2048		151,418		147,841
4.50% due 6/20/2052		532,222		513,769
4.50% due 8/20/2052		477,544		460,987
5.50% due 7/20/2054⁽⁴⁾		300,000		300,351

Uniform Mortgage-Backed Security
2.50% due 7/1/2055⁽⁴⁾		306,000		253,749
3.00% due 7/1/2054⁽⁴⁾		251,000		217,118
4.50% due 7/1/2054⁽⁴⁾		76,000		72,690
5.00% due 7/1/2054⁽⁴⁾		331,000		324,440
5.50% due 7/1/2040⁽⁴⁾		670,000		682,181


Total Agency Mortgage-Backed Securities (Cost $18,479,044)				18,064,901
Asset-Backed Securities – 1.2%

CF Hippolyta Issuer LLC
Series 2021-1A, Class A1 1.53% due 3/15/2061⁽⁵⁾		183,777		177,203
Series 2022-1A, Class A1 5.97% due 8/15/2062⁽⁵⁾		97,713		98,001

Chesapeake Funding II LLC Series 2024-1A, Class A1 5.52% due 5/15/2036⁽⁵⁾		118,886		120,059

Enterprise Fleet Financing LLC Series 2023-3, Class A2 6.40% due 3/20/2030⁽⁵⁾		153,511		155,752

GM Financial Consumer Automobile Receivables Trust Series 2023-2, Class A3 4.47% due 2/16/2028		74,586		74,572

GM Financial Revolving Receivables Trust Series 2023-2, Class A 5.77% due 8/11/2036⁽⁵⁾		174,000		182,008

Kubota Credit Owner Trust Series 2023-2A, Class A3 5.28% due 1/18/2028⁽⁵⁾		155,000		156,260

Navient Private Education Refi Loan Trust Series 2023-A, Class A 5.51% due 10/15/2071⁽⁵⁾		149,103		152,323

New Economy Assets – Phase 1 Sponsor LLC Series 2021-1, Class A1 1.91% due 10/20/2061⁽⁵⁾		335,000		314,177

Retained Vantage Data Centers Issuer LLC Series 2023-1A, Class A2A 5.00% due 9/15/2048⁽⁵⁾		346,000		343,527

Vantage Data Centers Issuer LLC Series 2021-1A, Class A2 2.165% due 10/15/2046⁽⁵⁾		175,000		168,482


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Volkswagen Auto Lease Trust Series 2024-A, Class A3 5.21% due 6/21/2027	$	190,000	$	191,631

Wheels Fleet Lease Funding 1 LLC
Series 2023-1A, Class A 5.80% due 4/18/2038⁽⁵⁾		187,577		188,857
Series 2023-2A, Class A 6.46% due 8/18/2038⁽⁵⁾		99,597		100,957
Series 2024-2A, Class A1 4.87% due 6/21/2039⁽⁵⁾		96,656		97,047


Total Asset-Backed Securities (Cost $2,495,590)				2,520,856
Corporate Bonds & Notes – 7.0%

Aerospace & Defense – 0.1%

Boeing Co.
5.805% due 5/1/2050		16,000		15,350
6.858% due 5/1/2054		196,000		214,665


				230,015
Airlines – 0.0%

United Airlines Pass-Through Trust Series 2016-1, Class AA 3.10% due 7/7/2028		36,255		34,585


				34,585
Commercial Banks – 1.1%

Bank of America Corp.
5.015% (5.015% fixed rate until 7/22/2032; SOFR + 2.16% thereafter) due 7/22/2033⁽²⁾		58,000		58,685
5.162% (5.162% fixed rate until 1/24/2030; 1 day USD SOFR + 1.00% thereafter) due 1/24/2031⁽²⁾		305,000		312,631

Barclays PLC 5.086% (5.086% fixed rate until 2/25/2028; 1 day USD SOFR + 0.96% thereafter) due 2/25/2029⁽²⁾		200,000		202,522

BPCE SA 5.876% (5.876% fixed rate until 1/14/2030; 1 day USD SOFR + 1.68% thereafter) due 1/14/2031⁽²⁾⁽⁵⁾		250,000		259,530

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⁽²⁾		60,000		62,120

Commonwealth Bank of Australia 5.071% due 9/14/2028⁽⁵⁾		250,000		257,493

JPMorgan Chase & Co.
4.912% (4.912% fixed rate until 7/25/2032; 1 day USD SOFR + 2.08% thereafter) due 7/25/2033⁽²⁾		165,000		165,950


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Commercial Banks (continued)
5.14% (5.14% fixed rate until 1/24/2030; 1 day USD SOFR + 0.90% thereafter) due 1/24/2031⁽²⁾	$	125,000	$	128,231

Morgan Stanley
4.35% due 9/8/2026		268,000		267,625
4.889% due 7/20/2033⁽²⁾		30,000		30,035

Wells Fargo & Co.
5.244% (5.244% fixed rate until 1/24/2030; 1 day USD SOFR + 1.11% thereafter) due 1/24/2031⁽²⁾		185,000		189,779
5.557% due 7/25/2034⁽²⁾		103,000		106,366
6.303% (6.303% fixed rate until 10/23/2028; 1 day USD SOFR + 1.79% thereafter) due 10/23/2029⁽²⁾		220,000		232,551


				2,273,518
Diversified Financial Services – 0.3%

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⁾		50,000		51,720
5.884% (5.884% fixed rate until 7/26/2034; 1 day USD SOFR + 1.99% thereafter) due 7/26/2035⁽²⁾		183,000		188,660
6.051% (6.051% fixed rate until 2/1/2034; 1 day USD SOFR + 2.26% thereafter) due 2/1/2035⁽²⁾		117,000		122,077
6.312% (6.312% fixed rate until 6/8/2028; 1 day USD SOFR + 2.64% thereafter) due 6/8/2029⁽²⁾		104,000		109,188
7.624% (7.624% fixed rate until 10/30/2030; 1 day USD SOFR + 3.07% thereafter) due 10/30/2031⁽²⁾		13,000		14,687
7.964% (7.964% fixed rate until 11/2/2033; 1 day USD SOFR + 3.37% thereafter) due 11/2/2034⁽²⁾		145,000		168,536


				654,868
Electric – 0.4%

Alabama Power Co. 5.10% due 4/2/2035		20,000		20,160
Series 20-A 1.45% due 9/15/2030		18,000		15,602

FirstEnergy Pennsylvania Electric Co.
3.60% due 6/1/2029⁽⁵⁾		34,000		32,790
5.15% due 3/30/2026⁽⁵⁾		5,000		5,012
5.20% due 4/1/2028⁽⁵⁾		10,000		10,203

Georgia Power Co.
4.85% due 3/15/2031		95,000		97,103
4.95% due 5/17/2033		166,000		167,413


June 30, 2025 (unaudited)	Principal Amount		Value
Electric (continued)
Series 2010-C 4.75% due 9/1/2040	$	38,000	$	35,419

Ohio Edison Co. 4.95% due 12/15/2029⁽⁵⁾		20,000		20,275

Public Service Co. of Oklahoma 5.45% due 1/15/2036		175,000		176,333

Texas Electric Market Stabilization Funding LLC Series A-1 4.265% due 8/1/2034⁽⁵⁾		179,063		177,863

Trans-Allegheny Interstate Line Co. 5.00% due 1/15/2031⁽⁵⁾		20,000		20,348


				778,521
Food – 0.4%

JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. 6.375% due 4/15/2066⁽⁵⁾		205,000		206,517

Mars, Inc. 5.65% due 5/1/2045⁽⁵⁾		50,000		50,045
5.70% due 5/1/2055⁽⁵⁾		152,000		151,618

Pilgrim’s Pride Corp. 4.25% due 4/15/2031		566,000		545,964


				954,144
Gas – 0.1%

Boston Gas Co. 3.15% due 8/1/2027⁽⁵⁾		35,000		34,078

KeySpan Gas East Corp. 2.742% due 8/15/2026⁽⁵⁾		162,000		158,201


				192,279
Healthcare-Products – 0.2%

GE HealthCare Technologies, Inc.
4.80% due 1/15/2031		231,000		233,058
5.50% due 6/15/2035		244,000		250,166


				483,224
Healthcare-Services – 0.1%

Providence St. Joseph Health Obligated Group 5.403% due 10/1/2033		110,000		111,194

Sutter Health Series 20A 2.294% due 8/15/2030		25,000		22,580


				133,774
Insurance – 1.3%

American International Group, Inc. 4.85% due 5/7/2030		50,000		50,785

Athene Global Funding
2.50% due 3/24/2028⁽⁵⁾		382,000		361,418
5.583% due 1/9/2029⁽⁵⁾		175,000		179,805

Athene Holding Ltd. 6.625% due 5/19/2055		60,000		61,674

Beacon Funding Trust 6.266% due 8/15/2054⁽⁵⁾		100,000		98,986


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Insurance (continued)

Belrose Funding Trust II 6.792% due 5/15/2055⁽⁵⁾	$	130,000	$	132,760

Brighthouse Financial Global Funding 5.65% due 6/10/2029⁽⁵⁾		266,000		272,022

Brown & Brown, Inc.
4.90% due 6/23/2030		55,000		55,558
5.25% due 6/23/2032		10,000		10,204

GA Global Funding Trust 5.20% due 12/9/2031⁽⁵⁾		230,000		230,580

Henneman Trust 6.58% due 5/15/2055⁽⁵⁾		175,000		176,239

Liberty Mutual Group, Inc. 4.569% due 2/1/2029⁽⁵⁾		109,000		109,120

Lincoln Financial Global Funding 4.625% due 5/28/2028⁽⁵⁾		55,000		55,397

Mutual of Omaha Cos Global Funding 5.00% due 4/1/2030⁽⁵⁾		95,000		96,866

Pricoa Global Funding I 5.35% due 5/28/2035⁽⁵⁾		150,000		152,496

Protective Life Global Funding 5.432% due 1/14/2032⁽⁵⁾		185,000		190,972

RGA Global Funding 5.25% due 1/9/2030⁽⁵⁾		165,000		169,194

Sammons Financial Group Global Funding 4.95% due 6/12/2030⁽⁵⁾		260,000		263,076


				2,667,152
Investment Companies – 0.1%

Abu Dhabi Developmental Holding Co. PJSC 4.375% due 10/2/2031⁽⁵⁾		265,000		260,283


				260,283
Media – 0.1%

Charter Communications Operating LLC/Charter Communications Operating Capital 3.90% due 6/1/2052		347,000		237,799


				237,799
Mining – 0.3%

Glencore Funding LLC
5.371% due 4/4/2029⁽⁵⁾		110,000		112,709
5.893% due 4/4/2054⁽⁵⁾		92,000		90,177
6.141% due 4/1/2055⁽⁵⁾		35,000		35,355
6.375% due 10/6/2030⁽⁵⁾		309,000		331,248


				569,489
Oil & Gas – 0.2%

Saudi Arabian Oil Co.
5.375% due 6/2/2035⁽⁵⁾		240,000		240,972
6.375% due 6/2/2055⁽⁵⁾		200,000		199,518


				440,490


June 30, 2025 (unaudited)	Principal Amount		Value
Pipelines – 0.8%

Columbia Pipelines Holding Co. LLC
5.097% due 10/1/2031⁽⁵⁾	$	75,000	$	75,344
5.681% due 1/15/2034⁽⁵⁾		40,000		40,434

Columbia Pipelines Operating Co. LLC
5.927% due 8/15/2030⁽⁵⁾		45,000		47,505
6.497% due 8/15/2043⁽⁵⁾		89,000		91,986

Enbridge, Inc.
4.90% due 6/20/2030		50,000		50,526
5.55% due 6/20/2035		50,000		50,885

Energy Transfer LP
4.95% due 6/15/2028		12,000		12,174
5.20% due 4/1/2030		260,000		265,668
6.20% due 4/1/2055		158,000		155,589

Enterprise Products Operating LLC 5.20% due 1/15/2036		125,000		126,074

Gray Oak Pipeline LLC
2.60% due 10/15/2025⁽⁵⁾		85,000		84,266
3.45% due 10/15/2027⁽⁵⁾		15,000		14,688

Greensaif Pipelines Bidco SARL
5.853% due 2/23/2036⁽⁵⁾		200,000		201,988
6.103% due 8/23/2042⁽⁵⁾		205,000		204,596

Whistler Pipeline LLC
5.40% due 9/30/2029⁽⁵⁾		193,000		195,357
5.70% due 9/30/2031⁽⁵⁾		130,000		132,632


				1,749,712
Real Estate Investment Trusts – 0.5%

American Tower Trust I 5.49% due 3/15/2028⁽⁵⁾		315,000		320,091

Crown Castle, Inc.
2.10% due 4/1/2031		15,000		12,871
2.25% due 1/15/2031		5,000		4,350
3.30% due 7/1/2030		34,000		31,819
4.30% due 2/15/2029		28,000		27,645
4.80% due 9/1/2028		36,000		36,215
4.90% due 9/1/2029		49,000		49,415
5.10% due 5/1/2033		76,000		75,716
5.20% due 9/1/2034		106,000		104,978

Extra Space Storage LP 5.40% due 6/15/2035		308,000		309,672

Kite Realty Group LP 5.20% due 8/15/2032		25,000		25,264

WEA Finance LLC
2.875% due 1/15/2027⁽⁵⁾		20,000		19,467
3.50% due 6/15/2029⁽⁵⁾		45,000		43,078


				1,060,581
Retail – 0.0%

Starbucks Corp. 4.80% due 5/15/2030		60,000		60,746


				60,746
Semiconductors – 0.4%

Foundry JV Holdco LLC
5.90% due 1/25/2033⁽⁵⁾		200,000		207,380
6.15% due 1/25/2032⁽⁵⁾		200,000		210,294


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Semiconductors (continued)

Intel Corp.
4.60% due 3/25/2040	$	345,000	$	303,055
5.60% due 2/21/2054		260,000		238,225


				958,954
Software – 0.4%

Constellation Software, Inc.
5.158% due 2/16/2029⁽⁵⁾		30,000		30,570
5.461% due 2/16/2034⁽⁵⁾		232,000		236,617

Oracle Corp.
3.65% due 3/25/2041		215,000		169,231
4.70% due 9/27/2034		101,000		98,076
5.25% due 2/3/2032		85,000		87,207

Synopsys, Inc. 5.00% due 4/1/2032		160,000		162,038


				783,739
Telecommunications – 0.2%

AT&T, Inc.
3.50% due 6/1/2041		100,000		78,430
3.65% due 6/1/2051		95,000		67,374
3.85% due 6/1/2060		19,000		13,284
4.30% due 12/15/2042		242,000		203,888


				362,976

Total Corporate Bonds & Notes (Cost $14,660,332)				14,886,849
Municipals – 0.3%

Chicago Transit Authority Sales & Transfer Tax Receipts Revenue Series A 6.899% due 12/1/2040		46,927		51,959

Dallas Fort Worth International Airport Series A 4.087% due 11/1/2051		100,000		80,885

Metropolitan Transportation Authority Series C2 5.175% due 11/15/2049		10,000		8,947

Municipal Electric Authority of Georgia Series A 6.637% due 4/1/2057		144,000		155,629
Regents of the University of California Medical Center Pooled Revenue Series N 3.006% due 5/15/2050		125,000		80,387

Texas Natural Gas Securitization Finance Corp.
5.102% due 4/1/2035		105,921		108,219
5.169% due 4/1/2041		35,000		35,333


Total Municipals (Cost $576,070)				521,359
Non-Agency Mortgage-Backed Securities – 0.8%

Fannie Mae REMIC
Series 2019-42, Class LA 3.00% due 8/25/2049		230,958		213,465


June 30, 2025 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
Series 2020-27, Class HC 1.50% due 10/25/2049	$	342,819	$	269,988

Freddie Mac REMIC
Series 3967, Class ZP 4.00% due 9/15/2041		220,235		213,314
Series 5170, Class DP 2.00% due 7/25/2050		196,372		171,864

Ginnie Mae REMIC Series 2021-215, Class KA 2.50% due 10/20/2049		246,546		216,841

PRET Trust Series 2025-RPL2, Class A1 4.00% due 8/25/2064^(2)(3)(5)		248,308		238,716

RFR Trust Series 2025-SGRM, Class A 5.562% due 3/11/2041^(2)(3)(5)		447,317		455,539


Total Non-Agency Mortgage-Backed Securities (Cost $1,818,896)				1,779,727
Foreign Government – 0.3%

Israel Government International Bonds 5.375% due 3/12/2029	USD	220,000		223,997

Mexico Government International Bonds 6.75% due 9/27/2034	USD	196,000		208,152

Saudi Government International Bonds 5.375% due 1/13/2031⁽⁵⁾	USD	270,000		279,164


Total Foreign Government (Cost $701,755)				711,313
U.S. Government Securities – 15.6%

U.S. Treasury Bonds
2.25% due 2/15/2052	$	566,900		346,429
2.375% due 5/15/2051		358,700		227,494
2.50% due 2/15/2045		207,700		146,234
3.00% due 11/15/2044		70,500		54,274
3.25% due 5/15/2042		25,000		20,680
3.375% due 8/15/2042		29,600		24,841
3.625% due 2/15/2053		385,000		314,377
3.625% due 5/15/2053		232,300		189,506
3.875% due 2/15/2043		544,700		487,592
3.875% due 5/15/2043		536,200		478,977
4.00% due 11/15/2042		976,900		891,116
4.00% due 11/15/2052		389,300		340,516
4.125% due 8/15/2044		334,800		306,813
4.125% due 8/15/2053		268,100		239,531
4.25% due 2/15/2054		38,700		35,314
4.375% due 8/15/2043		478,600		456,315
4.50% due 2/15/2044		392,900		379,701
4.50% due 11/15/2054		211,400		201,557
4.625% due 5/15/2044		478,200		469,010
4.625% due 11/15/2044		382,000		374,002
4.625% due 5/15/2054		312,700		303,808
4.625% due 2/15/2055		269,200		262,134
4.75% due 11/15/2043		435,700		435,223
4.75% due 2/15/2045		427,400		425,196
4.75% due 11/15/2053		377,800		374,494


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
U.S. Government Securities (continued)
4.75% due 5/15/2055	$	380,500	$	378,419
5.00% due 5/15/2045		478,100		491,173

U.S. Treasury Notes
2.75% due 4/30/2027		373,200		366,582
3.50% due 9/30/2029		479,300		474,544
3.625% due 8/31/2029		554,600		551,914
3.75% due 4/30/2027		698,800		698,745
3.75% due 6/30/2027		1,143,200		1,143,914
3.75% due 8/15/2027		282,900		283,033
3.75% due 5/15/2028		686,300		687,426
3.75% due 12/31/2028		539,400		539,906
3.75% due 8/31/2031		29,400		29,127
3.875% due 3/31/2027		1,194,900		1,196,907
3.875% due 5/31/2027		609,300		610,752
3.875% due 10/15/2027		141,500		141,997
3.875% due 12/31/2027		219,600		220,526
3.875% due 12/31/2029		147,100		147,732
3.875% due 4/30/2030		896,900		900,614
3.875% due 6/30/2030		536,600		538,696
4.00% due 1/15/2027		197,000		197,477
4.00% due 12/15/2027		46,300		46,629
4.00% due 6/30/2028		155,000		156,332
4.00% due 1/31/2029		337,900		340,989
4.00% due 7/31/2029		310,500		313,435
4.00% due 10/31/2029		441,900		446,146
4.00% due 2/28/2030		906,500		915,494
4.00% due 3/31/2030		738,200		745,178
4.00% due 5/31/2030		860,100		868,567
4.125% due 10/31/2026		488,400		489,774
4.125% due 1/31/2027		401,600		403,483
4.125% due 2/28/2027		993,300		998,577
4.125% due 9/30/2027		373,400		376,813
4.125% due 3/31/2029		324,900		329,342
4.125% due 10/31/2029		24,400		24,753
4.125% due 11/30/2029		429,200		435,537
4.125% due 10/31/2031		41,800		42,241
4.125% due 3/31/2032		341,100		344,191
4.125% due 5/31/2032		277,300		279,683
4.25% due 11/30/2026		405,900		408,025
4.25% due 1/15/2028		279,800		283,451
4.25% due 2/28/2029		546,400		556,133
4.25% due 6/30/2029		494,000		503,262
4.25% due 1/31/2030		535,000		545,658
4.25% due 11/15/2034		269,800		270,727
4.25% due 5/15/2035		951,900		953,536
4.375% due 12/15/2026		250,000		251,875
4.375% due 7/15/2027		280,500		284,006
4.375% due 11/30/2028		410,000		418,616
4.375% due 12/31/2029		340,200		348,705
4.50% due 5/31/2029		468,600		481,450
4.50% due 12/31/2031		235,300		242,653
4.625% due 11/15/2026		648,000		654,353
4.625% due 9/30/2028		443,200		455,526
4.625% due 4/30/2029		554,400		571,812
4.625% due 4/30/2031		62,600		65,006
4.625% due 2/15/2035		755,500		779,700
4.875% due 10/31/2028		140,700		145,767


Total U.S. Government Securities (Cost $33,458,883)				33,162,043


June 30, 2025 (unaudited)	Share			Value
Exchange-Traded Funds – 0.5%

SPDR S&P 500 ETF Trust		1,601		$	989,178


Total Exchange-Traded Funds (Cost $964,360)					989,178

	Principal Amount			Value
Repurchase Agreements – 0.4%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $934,928, due 7/1/2025⁽⁶⁾	$	934,892			934,892


Total Repurchase Agreements (Cost $934,892)					934,892

Total Investments Before TBA Sale Commitments – 101.1%

(Cost $191,239,024)					215,196,495
TBA Sale Commitments
Agency Mortgage-Backed Securities – (1.4)%

Government National Mortgage Association 3.00% due 7/20/2054⁽⁴⁾		(128,000	)		(113,144	)
4.00% due 7/20/2054⁽⁴⁾		(403,000	)		(374,590	)
4.50% due 7/20/2054⁽⁴⁾		(293,000	)		(280,395	)

Uniform Mortgage-Backed Security
4.50% due 7/1/2039⁽⁴⁾		(359,000	)		(356,775	)
2.00% due 7/1/2054⁽⁴⁾		(878,000	)		(694,830	)
3.50% due 7/1/2054⁽⁴⁾		(486,000	)		(437,568	)
4.00% due 7/1/2054⁽⁴⁾		(213,000	)		(198,064	)
6.00% due 7/1/2054⁽⁴⁾		(534,000	)		(542,720	)


Total TBA Sale Commitments (Proceeds $2,955,884)					(2,998,086	)

Assets in excess of other liabilities – 0.3%					691,188

Total Net Assets – 100.0%				$	212,889,597

⁽¹⁾	Non–income–producing security.

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

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

⁽⁴⁾	TBA — To be announced.

⁽⁵⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $10,527,531, representing 4.9% 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.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.375%		5/15/2034	$	937,500	$	953,637


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

Open futures contracts at June 30, 2025:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation
U.S. 5-Year Treasury Note		September 2025		6		Long	$	650,793	$	654,000	$	3,207

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

USD — United States Dollar


	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks	$	141,625,377	$	—		$	—	$	141,625,377
Agency Mortgage-Backed Securities		—		18,064,901			—		18,064,901
Asset-Backed Securities		—		2,520,856			—		2,520,856
Corporate Bonds & Notes		—		14,886,849			—		14,886,849
Municipals		—		521,359			—		521,359
Non-Agency Mortgage-Backed Securities		—		1,779,727			—		1,779,727
Foreign Government		—		711,313			—		711,313
U.S. Government Securities		—		33,162,043			—		33,162,043
Exchange-Traded Funds		989,178		—			—		989,178
Repurchase Agreements		—		934,892			—		934,892
Total	$	142,614,555	$	72,581,940		$	—	$	215,196,495
Other Financial Instruments
TBA Sale Commitments
Liabilities	$	—	$	(2,998,086	)	$	—	$	(2,998,086	)
Futures Contracts
Assets		3,207		—			—		3,207
Total	$	3,207	$	(2,998,086	)	$	—	$	(2,994,879	)


8				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, 2025 (unaudited)
Assets

Investments, at value	$	215,196,495

Receivable for investments sold		4,872,215

Due from broker for TBA sale commitments		2,955,884

Dividends/interest receivable		657,016

Cash deposits with brokers for futures contracts		8,250

Receivable for fund shares subscribed		3,627

Foreign tax reclaims receivable		443

Prepaid expenses		2,974


Total Assets		223,696,904


Liabilities

Payable for investments purchased		7,322,342

TBA sale commitments, at value		2,998,086

Payable for fund shares redeemed		276,927

Investment advisory fees payable		82,267

Distribution fees payable		42,848

Accrued custodian and accounting fees		29,626

Accrued audit fees		20,518

Payable for variation margin on futures contracts		7,107

Accrued expenses and other liabilities		27,586


Total Liabilities		10,807,307


Total Net Assets	$	212,889,597


Net Assets Consist of:

Paid-in capital	$	150,277,402

Distributable earnings		62,612,195


Total Net Assets	$	212,889,597


Investments, at Cost	$	191,239,024


TBA Sale Commitments, Proceeds	$	2,955,884


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		15,926,455

Net Asset Value Per Share		$13.37


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Interest	$	1,710,906

Dividends		753,437

Withholding taxes on foreign dividends		(6,164	)


Total Investment Income		2,458,179


Expenses

Investment advisory fees		497,982

Distribution fees		259,365

Custodian and accounting fees		61,518

Professional fees		41,161

Trustees’ and officers’ fees		37,569

Administrative fees		26,328

Transfer agent fees		10,482

Shareholder reports		7,144

Other expenses		6,906


Total Expenses		948,455


Net Investment Income/(Loss)		1,509,724


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

Net realized gain/(loss) from investments		10,357,412

Net realized gain/(loss) from futures contracts		18,840

Net change in unrealized appreciation/(depreciation) on investments		(1,244,772	)

Net change in unrealized appreciation/(depreciation) on futures contracts		2,259


Net Gain on Investments and Derivative Contracts		9,133,739


Net Increase in Net Assets Resulting From Operations	$	10,643,463


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

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND


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

	For the Six Months Ended 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	1,509,724		$	3,116,532

Net realized gain/(loss) from investments and derivative contracts		10,376,252			23,158,178

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(1,242,513	)		2,746,156


Net Increase in Net Assets Resulting from Operations		10,643,463			29,020,866


Capital Share Transactions

Proceeds from sales of shares		680,068			4,729,385

Cost of shares redeemed		(17,611,362	)		(36,474,915	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(16,931,294	)		(31,745,530	)


Net Decrease in Net Assets		(6,287,831	)		(2,724,664	)


Net Assets

Beginning of period		219,177,428			221,902,092


End of period	$	212,889,597		$	219,177,428


Other Information:

Shares

Sold		54,456			401,623

Redeemed		(1,399,115	)		(3,032,921	)


Net Decrease		(1,344,659	)		(2,631,298	)


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

This Page Intentionally Left Blank


				11

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 6/30/25	$	12.69	$	0.09	$	0.59		$	0.68		$	13.37		5.36%	⁽⁴⁾

Year Ended 12/31/24		11.15		0.17		1.37			1.54			12.69		13.81%

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⁾


12				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

$	212,890		0.91%	⁽⁴⁾		0.91%	⁽⁴⁾		1.46%	⁽⁴⁾		1.46%	⁽⁴⁾		87%	⁽⁴⁾

	219,177		0.89%			0.89%			1.39%			1.39%			82%

	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.				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

June 30, 2025 (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

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.


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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).

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, 2025 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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.

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, 2025.

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.


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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.

i. Segment Reporting The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The Fund’s adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. Park Avenue acts as the Fund’s Chief Operating Decision Maker (“CODM’’) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information

provided to and reviewed by the CODM is presented within the Fund’s financial statements.

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, 2026 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 0.94% 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, 2025, the expense limitation was 0.95%. 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, 2025, Park Avenue did not waive any fees or pay any Fund expenses.


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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, 2025, the Fund incurred distribution fees in the amount of $259,365 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



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	151,048,116	$	31,191,295
Sales		160,905,185		33,484,793

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.

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.


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

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, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

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

h. Mortgage- and Asset-Backed Securities The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing 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, 2025 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


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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, 2025, 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	$	3,207

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, 2025 were as follows:



	Interest Rate Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	18,840


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	2,259


Average Number of Notional Amounts
Futures Contracts³		8

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.

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

7. Indemnifications

8. Subsequent Events


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

Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

Nature, Extent and Quality of Services

The Trustees considered that the 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 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 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.


22

Investment Performance

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


				23

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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 noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

The Board acknowledged the Fund’s short operational history. The Board noted that it would have an


24

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


				25

1-year period, in the 4^th quintile of its performance universe for 3-year period, and in the 3^rd quintile of its performance universe for the 5-year period.

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


26

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index 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.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.


				27

•

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the

2^nd quintile of the expense group and that the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


28

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				29

LOGO

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

PUB11738

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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

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

SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 98.8%

Aerospace & Defense – 3.1%

L3Harris Technologies, Inc.		66,980	$	16,801,263

Northrop Grumman Corp.		24,489		12,244,010


				29,045,273
Banks – 8.4%

Bank of America Corp.		611,118		28,918,103

JPMorgan Chase & Co.		84,032		24,361,717

M&T Bank Corp.		70,220		13,621,978

Regions Financial Corp.		475,367		11,180,632


				78,082,430
Beverages – 3.6%

Constellation Brands, Inc., Class A		60,514		9,844,417

Keurig Dr Pepper, Inc.		366,084		12,102,737

Pernod Ricard SA (France)		114,259		11,413,458


				33,360,612
Biotechnology – 1.9%

Gilead Sciences, Inc.		155,807		17,274,322


				17,274,322
Building Products – 1.3%

Fortune Brands Innovations, Inc.		39,594		2,038,299

Johnson Controls International PLC		96,993		10,244,401


				12,282,700
Capital Markets – 6.8%

Ares Management Corp., Class A		53,228		9,219,090

Intercontinental Exchange, Inc.		57,020		10,461,459

Morgan Stanley		118,493		16,690,924

Nasdaq, Inc.		158,405		14,164,575

Raymond James Financial, Inc.		83,131		12,749,802


				63,285,850
Chemicals – 1.4%

PPG Industries, Inc.		114,640		13,040,300


				13,040,300
Communications Equipment – 1.5%

Cisco Systems, Inc.		197,344		13,691,727


				13,691,727
Containers & Packaging – 1.2%

Avery Dennison Corp.		64,894		11,386,950


				11,386,950
Electric Utilities – 2.9%

American Electric Power Co., Inc.		141,095		14,640,017

PPL Corp.		366,285		12,413,399


				27,053,416
Electrical Equipment – 1.7%

Emerson Electric Co.		120,878		16,116,664


				16,116,664
Electronic Equipment, Instruments & Components – 1.4%

TE Connectivity PLC		78,151		13,181,729


				13,181,729
Food Products – 1.7%

Archer-Daniels-Midland Co.		291,047		15,361,461


				15,361,461


June 30, 2025 (unaudited)	Shares		Value

Gas Utilities – 1.3%

Atmos Energy Corp.		79,272	$	12,216,608


				12,216,608
Ground Transportation – 1.4%

Canadian National Railway Co. (Canada)		126,300		13,160,057


				13,160,057
Health Care Providers & Services – 3.9%

Elevance Health, Inc.		34,930		13,586,373

UnitedHealth Group, Inc.		73,022		22,780,673


				36,367,046
Hotels, Restaurants & Leisure – 1.0%

Darden Restaurants, Inc.		42,381		9,237,787


				9,237,787
Industrial Conglomerates – 1.7%

Honeywell International, Inc.		67,157		15,639,522


				15,639,522
Insurance – 4.0%

American International Group, Inc.		214,997		18,401,593

Marsh & McLennan Cos., Inc.		42,176		9,221,361

MetLife, Inc.		114,758		9,228,838


				36,851,792
IT Services – 2.6%

Accenture PLC, Class A		38,308		11,449,878

Amdocs Ltd.		133,032		12,137,840


				23,587,718
Machinery – 3.0%

IDEX Corp.		52,260		9,175,288

PACCAR, Inc.		195,546		18,588,603


				27,763,891
Metals & Mining – 2.4%

Anglo American PLC (United Kingdom)		319,581		9,434,435

Barrick Mining Corp.		591,772		12,320,693


				21,755,128
Multi-Utilities – 4.4%

Dominion Energy, Inc.		268,799		15,192,519

Sempra		209,162		15,848,205

WEC Energy Group, Inc.		88,485		9,220,137


				40,260,861
Oil, Gas & Consumable Fuels – 8.8%

ConocoPhillips		241,082		21,634,699

Coterra Energy, Inc.		599,775		15,222,289

EQT Corp.		267,275		15,587,478

Marathon Petroleum Corp.		54,582		9,066,616

Targa Resources Corp.		71,635		12,470,221

TotalEnergies SE (France)		118,639		7,297,170


				81,278,473
Personal Care Products – 2.7%

Kenvue, Inc.		377,405		7,899,087

Unilever PLC, ADR		275,073		16,826,215


				24,725,302


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

SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND


June 30, 2025 (unaudited)	Shares		Value

Pharmaceuticals – 8.7%

AstraZeneca PLC, ADR		159,826	$	11,168,641

Johnson & Johnson		161,918		24,732,975

Merck & Co., Inc.		261,964		20,737,070

Pfizer, Inc.		565,655		13,711,477

Roche Holding AG (Switzerland)		30,603		10,004,440


				80,354,603
Semiconductors & Semiconductor Equipment – 2.7%

Broadcom, Inc.		41,188		11,353,472

NXP Semiconductors NV		64,114		14,008,268


				25,361,740
Specialized REITs – 6.1%

Crown Castle, Inc.		158,919		16,325,749

Gaming & Leisure Properties, Inc.		352,464		16,453,020

Lamar Advertising Co., Class A		100,920		12,247,651

Weyerhaeuser Co.		427,448		10,981,139


				56,007,559
Specialty Retail – 2.2%

Industria de Diseno Textil SA (Spain)		156,644		8,162,634

Industria de Diseno Textil SA, ADR		264,478		3,451,438

Tractor Supply Co.		173,689		9,165,569


				20,779,641
Technology Hardware, Storage & Peripherals – 0.9%

NetApp, Inc.		80,512		8,578,554


				8,578,554
Textiles, Apparel & Luxury Goods – 0.8%

NIKE, Inc., Class B		101,787		7,230,948


				7,230,948
Tobacco – 1.5%

Philip Morris International, Inc.		78,085		14,221,621


				14,221,621
Trading Companies & Distributors – 0.9%

Ferguson Enterprises, Inc.		39,335		8,565,196


				8,565,196
Wireless Telecommunication Services – 0.9%

T-Mobile U.S., Inc.		36,601		8,720,554


				8,720,554

Total Common Stocks (Cost $870,346,587)				915,828,035


June 30, 2025 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.8%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $7,806,256, due 7/1/2025⁽¹⁾	$	7,805,961	$	7,805,961

Total Repurchase Agreements (Cost $7,805,961)				7,805,961

Total Investments – 99.6% (Cost $878,152,548)				923,633,996

Assets in excess of other liabilities – 0.4%				3,284,288

Total Net Assets – 100.0%			$	926,918,284

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.375%		5/15/2034	$	7,827,600	$	7,962,194

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	$	869,515,898	$	46,312,137	*	$	—	$	915,828,035
Repurchase Agreements		—		7,805,961			—		7,805,961
Total	$	869,515,898	$	54,118,098		$	—	$	923,633,996

*	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, 2025 (unaudited)
Assets

Investments, at value	$	923,633,996

Foreign currency, at value		63,888

Receivable for investments sold		3,408,873

Dividends/interest receivable		1,507,669

Receivable for fund shares subscribed		314,993

Foreign tax reclaims receivable		46,365

Reimbursement receivable from adviser		22,460

Prepaid expenses		1,658


Total Assets		928,999,902


Liabilities

Payable for investments purchased		860,946

Payable for fund shares redeemed		720,445

Investment advisory fees payable		376,867

Accrued trustees’ and officers’ fees		30,297

Accrued audit fees		16,628

Accrued custodian and accounting fees		11,857

Accrued expenses and other liabilities		64,578


Total Liabilities		2,081,618


Total Net Assets	$	926,918,284


Net Assets Consist of:

Paid-in capital	$	846,555,481

Distributable earnings		80,362,803


Total Net Assets	$	926,918,284

Investments, at Cost	$	878,152,548

Foreign Currency, at Cost	$	63,844


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		71,885,749

Net Asset Value Per Share		$12.89


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	6,563,751

Interest		39,532

Withholding taxes on foreign dividends		(91,919	)


Total Investment Income		6,511,364


Expenses

Investment advisory fees		986,007

Trustees’ and officers’ fees		56,856

Professional fees		56,038

Administrative fees		38,600

Custodian and accounting fees		27,545

Transfer agent fees		7,937

Shareholder reports		6,044

Other expenses		7,179


Total Expenses		1,186,206

Less: Fees waived		(46,074	)


Total Expenses, Net		1,140,132


Net Investment Income/(Loss)		5,371,232


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		10,650,528

Net realized gain/(loss) from foreign currency transactions		131,626

Net change in unrealized appreciation/(depreciation) on investments		37,799,349

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		8,737


Net Gain on Investments and Foreign Currency Transactions		48,590,240


Net Increase in Net Assets Resulting From Operations	$	53,961,472


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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	5,371,232		$	3,180,750

Net realized gain/(loss) from investments and foreign currency transactions		10,782,154			7,465,288

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		37,808,086			2,358,083


Net Increase in Net Assets Resulting from Operations		53,961,472			13,004,121


Capital Share Transactions

Proceeds from sales of shares		783,580,973	¹		4,493,981

Cost of shares redeemed		(34,896,584	)		(32,101,112	)


Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		748,684,389			(27,607,131	)


Net Increase/(Decrease) in Net Assets		802,645,861			(14,603,010	)


Net Assets

Beginning of period		124,272,423			138,875,433


End of period	$	926,918,284		$	124,272,423


Other Information:

Shares

Sold		64,429,596			393,803

Redeemed		(2,791,532	)		(2,748,425	)


Net Increase/(Decrease)		61,638,064			(2,354,622	)

¹	Includes in-kind subscriptions of $738,248,836. The cost basis of the contributed securities is equal to the market value of the securities on the date of the subscription.


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

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				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 6/30/25	$	12.13	$	0.17	$	0.59	$	0.76	$	12.89		6.27%	⁽⁴⁾

Year Ended 12/31/24		11.02		0.28		0.83		1.11		12.13		10.07%

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

$	926,918		0.58%	⁽⁴⁾		0.60%	⁽⁴⁾		2.72%	⁽⁴⁾		2.70%	⁽⁴⁾		158%	⁽⁴⁾

	124,272		0.63%			0.67%			2.38%			2.34%			37%

	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, 2025 (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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

2025, the expense limitation was 0.70%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $46,074.

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 $759,101,227 and $709,270,375, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, 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 EQUITY INCOME VIP FUND

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

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 December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

8. Subsequent Events


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

Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

Sub-advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered that the 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 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 investment, legal and administrative capabilities of the


14

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

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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 noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.


16

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•


				17

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth 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, in the 1^st quintile of its performance


18

universe for the 3-year period and in the 3^rd quintile of its performance universe for 5-year period.

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index 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.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.


				19

•

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd

quintile of the expense group and that the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

This Page Intentionally Left Blank


				21

LOGO

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

PUB11739

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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			16

Item 9. Proxy Disclosures for Open-End Management Investment Companies			16

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			16

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			16

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

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 98.5%

Aerospace & Defense – 4.0%

HEICO Corp., Class A		10,536	$	2,726,190

Howmet Aerospace, Inc.		16,090		2,994,832

StandardAero, Inc.⁽¹⁾		1,010		31,966

Woodward, Inc.		5,780		1,416,620


				7,169,608
Automobile Components – 0.3%

Lear Corp.		6,119		581,183


				581,183
Banks – 7.7%

Associated Banc-Corp		31,561		769,773

Bancorp, Inc.⁽¹⁾		50,437		2,873,396

Comerica, Inc.		21,983		1,311,286

Eastern Bankshares, Inc.		61,341		936,677

First Horizon Corp.		75,303		1,596,424

Hokuhoku Financial Group, Inc. (Japan)		54,260		1,030,752

Pathward Financial, Inc.		11,202		886,302

Piraeus Financial Holdings SA (Greece)		80,288		557,821

Popular, Inc.		23,825		2,625,753

Synovus Financial Corp.		22,505		1,164,634


				13,752,818
Beverages – 0.5%

Celsius Holdings, Inc.⁽¹⁾		9,565		443,721

Coca-Cola Consolidated, Inc.		3,628		405,066


				848,787
Biotechnology – 1.3%

Exact Sciences Corp.⁽¹⁾		16,400		871,496

Legend Biotech Corp., ADR⁽¹⁾		16,000		567,840

Roivant Sciences Ltd.⁽¹⁾		14,000		157,780

United Therapeutics Corp.⁽¹⁾		400		114,940

Veracyte, Inc.⁽¹⁾		22,800		616,284


				2,328,340
Building Products – 2.3%

Carlisle Cos., Inc.		6,066		2,265,044

Owens Corning		4,260		585,835

Simpson Manufacturing Co., Inc.		1,850		287,324

Trex Co., Inc.⁽¹⁾		16,560		900,533


				4,038,736
Capital Markets – 2.5%

AllianceBernstein Holding LP		20,934		854,735

Blue Owl Capital, Inc.		60,238		1,157,172

Etoro Group Ltd., Class A⁽¹⁾		214		14,250

Interactive Brokers Group, Inc., Class A		6,416		355,511

Marex Group PLC		12,342		487,139

Palmer Square Capital BDC, Inc.		22,768		317,841

Patria Investments Ltd., Class A		60,123		845,329

Virtu Financial, Inc., Class A		11,191		501,245


				4,533,222


June 30, 2025 (unaudited)	Shares		Value
Chemicals – 1.4%

Avient Corp.		18,493	$	597,509

RPM International, Inc.		13,286		1,459,334

Westlake Corp.		7,011		532,345


				2,589,188
Commercial Services & Supplies – 0.8%

Brink’s Co.		16,196		1,446,141


				1,446,141
Communications Equipment – 0.6%

Ciena Corp.⁽¹⁾		12,200		992,226


				992,226
Construction & Engineering – 1.5%

EMCOR Group, Inc.		3,060		1,636,763

WillScot Holdings Corp.		35,265		966,261


				2,603,024
Construction Materials – 0.6%

Eagle Materials, Inc.		5,078		1,026,315


				1,026,315
Consumer Finance – 1.5%

FirstCash Holdings, Inc.		4,895		661,510

OneMain Holdings, Inc.		6,224		354,768

SLM Corp.		52,710		1,728,361


				2,744,639
Consumer Staples Distribution & Retail – 3.6%

Albertsons Cos., Inc., Class A		15,843		340,783

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		9,156		987,292

Casey’s General Stores, Inc.		2,519		1,285,370

Maplebear, Inc.⁽¹⁾		7,580		342,919

Performance Food Group Co.⁽¹⁾		14,377		1,257,556

Sprouts Farmers Market, Inc.⁽¹⁾		5,637		928,076

U.S. Foods Holding Corp.⁽¹⁾		16,937		1,304,318


				6,446,314
Containers & Packaging – 1.2%

AptarGroup, Inc.		6,446		1,008,348

Crown Holdings, Inc.		11,163		1,149,565


				2,157,913
Diversified Consumer Services – 0.9%

Service Corp. International		19,787		1,610,662


				1,610,662
Diversified Telecommunication Services – 0.4%

Frontier Communications Parent, Inc.⁽¹⁾		13,595		494,858

Iridium Communications, Inc.		8,532		257,410


				752,268
Electric Utilities – 1.0%

IDACORP, Inc.		1,507		173,983

OGE Energy Corp.		14,868		659,842

Pinnacle West Capital Corp.		3,608		322,808

TXNM Energy, Inc.		12,726		716,728


				1,873,361


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

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Electrical Equipment – 1.3%

Acuity, Inc.		1,450	$	432,593

nVent Electric PLC		13,440		984,480

Regal Rexnord Corp.		6,852		993,266


				2,410,339
Electronic Equipment, Instruments & Components – 2.7%

Belden, Inc.		6,386		739,499

Coherent Corp.⁽¹⁾		16,335		1,457,245

Insight Enterprises, Inc.⁽¹⁾		2,838		391,885

Jabil, Inc.		4,907		1,070,217

TD SYNNEX Corp.		9,395		1,274,902


				4,933,748
Energy Equipment & Services – 0.5%

Liberty Energy, Inc.		23,061		264,740

Weatherford International PLC		11,840		595,671


				860,411
Entertainment – 0.1%

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		672		70,224

Warner Music Group Corp., Class A		6,264		170,631


				240,855
Financial Services – 1.5%

Essent Group Ltd.		12,573		763,558

Mr. Cooper Group, Inc.⁽¹⁾		5,770		860,942

UWM Holdings Corp.		65,251		270,139

Voya Financial, Inc.		12,008		852,568


				2,747,207
Food Products – 0.7%

Darling Ingredients, Inc.⁽¹⁾		11,717		444,543

Ingredion, Inc.		3,628		492,030

Post Holdings, Inc.⁽¹⁾		3,477		379,097


				1,315,670
Gas Utilities – 1.0%

National Fuel Gas Co.		7,668		649,556

Southwest Gas Holdings, Inc.		6,615		492,090

UGI Corp.		20,041		729,893


				1,871,539
Ground Transportation – 2.1%

Landstar System, Inc.		9,118		1,267,584

XPO, Inc.⁽¹⁾		19,871		2,509,509


				3,777,093
Health Care Equipment & Supplies – 2.9%

Glaukos Corp.⁽¹⁾		5,100		526,779

Inspire Medical Systems, Inc.⁽¹⁾		3,930		509,996

Insulet Corp.⁽¹⁾		1,900		596,942

Masimo Corp.⁽¹⁾		11,800		1,984,996

Penumbra, Inc.⁽¹⁾		6,300		1,616,769


				5,235,482
Health Care Providers & Services – 3.0%

BrightSpring Health Services, Inc.⁽¹⁾		40,000		943,600

Chemed Corp.		1,900		925,167


June 30, 2025 (unaudited)	Shares		Value
Health Care Providers & Services (continued)

Hims & Hers Health, Inc.⁽¹⁾		4,600	$	229,310

Molina Healthcare, Inc.⁽¹⁾		1,900		566,010

Privia Health Group, Inc.⁽¹⁾		25,000		575,000

Surgery Partners, Inc.⁽¹⁾		15,890		353,235

Tenet Healthcare Corp.⁽¹⁾		10,200		1,795,200


				5,387,522
Health Care REITs – 0.7%

Ventas, Inc.		19,413		1,225,931


				1,225,931
Health Care Technology – 0.1%

Doximity, Inc., Class A⁽¹⁾		3,900		239,226


				239,226
Hotels, Restaurants & Leisure – 3.1%

Aramark		37,584		1,573,642

Brinker International, Inc.⁽¹⁾		3,951		712,484

Cava Group, Inc.⁽¹⁾		8,554		720,503

Dutch Bros, Inc., Class A⁽¹⁾		7,270		497,050

Hilton Grand Vacations, Inc.⁽¹⁾		18,602		772,541

Sportradar Group AG, Class A⁽¹⁾		11,096		311,576

Wingstop, Inc.		2,691		906,167


				5,493,963
Household Durables – 2.0%

Somnigroup International, Inc.		27,877		1,897,030

Taylor Morrison Home Corp.⁽¹⁾		10,542		647,490

Toll Brothers, Inc.		9,665		1,103,066


				3,647,586
Independent Power and Renewable Electricity Producers – 0.5%

Ormat Technologies, Inc.		3,954		331,187

Talen Energy Corp.⁽¹⁾		1,763		512,628


				843,815
Industrial REITs – 1.1%

Rexford Industrial Realty, Inc.		25,090		892,451

Terreno Realty Corp.		17,670		990,757


				1,883,208
Insurance – 4.6%

American Financial Group, Inc.		18,496		2,334,380

Baldwin Insurance Group, Inc., Class A⁽¹⁾		38,088		1,630,548

Brighthouse Financial, Inc.⁽¹⁾		12,064		648,681

Reinsurance Group of America, Inc.		8,241		1,634,685

Selective Insurance Group, Inc.		7,760		672,404

Unum Group		16,024		1,294,098


				8,214,796
Interactive Media & Services – 0.1%

ZoomInfo Technologies, Inc.⁽¹⁾		19,339		195,711


				195,711
IT Services – 2.0%

Kyndryl Holdings, Inc.⁽¹⁾		32,772		1,375,113

Okta, Inc.⁽¹⁾		16,689		1,668,399

Twilio, Inc., Class A⁽¹⁾		4,679		581,881


				3,625,393


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

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Life Sciences Tools & Services – 0.8%

10X Genomics, Inc., Class A⁽¹⁾		16,000	$	185,280

Bruker Corp.		10,800		444,960

Repligen Corp.⁽¹⁾		6,300		783,594


				1,413,834
Machinery – 5.7%

Allison Transmission Holdings, Inc.		8,496		807,035

Chart Industries, Inc.⁽¹⁾		4,330		712,935

Crane Co.		9,930		1,885,608

Dover Corp.		5,140		941,802

Esab Corp.		17,030		2,052,966

Flowserve Corp.		32,795		1,716,818

ITT, Inc.		13,151		2,062,471


				10,179,635
Marine Transportation – 0.9%

Kirby Corp.⁽¹⁾		14,852		1,684,365


				1,684,365
Media – 0.6%

EchoStar Corp., Class A⁽¹⁾		8,386		232,292

New York Times Co., Class A		8,785		491,784

Nexstar Media Group, Inc.		1,500		259,425


				983,501
Metals & Mining – 2.0%

Carpenter Technology Corp.		4,164		1,150,846

Lundin Mining Corp. (Canada)		73,034		768,017

Reliance, Inc.		5,521		1,733,042


				3,651,905
Multi-Utilities – 0.1%

Northwestern Energy Group, Inc.		4,777		245,060


				245,060
Office REITs – 0.8%

Douglas Emmett, Inc.		36,800		553,472

Postal Realty Trust, Inc., Class A		63,748		939,008


				1,492,480
Oil, Gas & Consumable Fuels – 3.2%

Antero Resources Corp.⁽¹⁾		38,140		1,536,279

Expand Energy Corp.		6,979		816,124

HF Sinclair Corp.		16,961		696,758

Northern Oil & Gas, Inc.		15,626		442,997

Permian Resources Corp.		82,018		1,117,085

Plains All American Pipeline LP		28,826		528,093

Targa Resources Corp.		3,978		692,490


				5,829,826
Paper & Forest Products – 0.5%

Louisiana-Pacific Corp.		10,028		862,308


				862,308
Personal Care Products – 0.5%

BellRing Brands, Inc.⁽¹⁾		6,718		389,174

e.l.f. Beauty, Inc.⁽¹⁾		3,327		414,012


				803,186


June 30, 2025 (unaudited)	Shares		Value
Pharmaceuticals – 0.3%

Royalty Pharma PLC, Class A		15,410	$	555,222


				555,222
Professional Services – 1.5%

CACI International, Inc., Class A⁽¹⁾		3,620		1,725,654

KBR, Inc.		18,690		895,999


				2,621,653
Real Estate Management & Development – 0.8%

Compass, Inc., Class A⁽¹⁾		62,420		391,998

Jones Lang LaSalle, Inc.⁽¹⁾		4,270		1,092,180


				1,484,178
Residential REITs – 1.1%

American Homes 4 Rent, Class A		20,940		755,306

Camden Property Trust		3,120		351,593

Sun Communities, Inc.		6,790		858,867


				1,965,766
Retail REITs – 0.9%

Macerich Co.		29,800		482,164

Tanger, Inc.		9,080		277,666

Urban Edge Properties		41,810		780,175


				1,540,005
Semiconductors & Semiconductor Equipment – 2.4%

Allegro MicroSystems, Inc.⁽¹⁾		29,754		1,017,289

MACOM Technology Solutions Holdings, Inc.⁽¹⁾		9,097		1,303,509

MKS, Inc.		7,306		725,924

Onto Innovation, Inc.⁽¹⁾		6,137		619,408

Rambus, Inc.⁽¹⁾		10,997		704,028


				4,370,158
Software – 3.5%

Appfolio, Inc., Class A⁽¹⁾		2,771		638,106

Cellebrite DI Ltd.⁽¹⁾		15,993		255,888

Commvault Systems, Inc.⁽¹⁾		4,485		781,870

CyberArk Software Ltd.⁽¹⁾		1,140		463,843

Dynatrace, Inc.⁽¹⁾		27,603		1,523,962

Gen Digital, Inc.		15,507		455,906

Guidewire Software, Inc.⁽¹⁾		6,383		1,502,877

Monday.com Ltd.⁽¹⁾		1,084		340,896

PTC, Inc.⁽¹⁾		1,588		273,676


				6,237,024
Specialized REITs – 1.4%

CubeSmart		19,429		825,733

Four Corners Property Trust, Inc.		38,930		1,047,606

Outfront Media, Inc.		43,791		714,669


				2,588,008
Specialty Retail – 4.8%

Aritzia, Inc. (Canada)⁽¹⁾		14,936		773,809

Bath & Body Works, Inc.		39,277		1,176,739

Burlington Stores, Inc.⁽¹⁾		4,913		1,142,960

Chewy, Inc., Class A⁽¹⁾		20,447		871,451

Dick’s Sporting Goods, Inc.		7,201		1,424,430


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

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Specialty Retail (continued)

Floor & Decor Holdings, Inc., Class A⁽¹⁾		12,349	$	938,030

Murphy USA, Inc.		2,395		974,286

Valvoline, Inc.⁽¹⁾		18,543		702,224

Williams-Sonoma, Inc.		3,240		529,319


				8,533,248
Technology Hardware, Storage & Peripherals – 0.4%

Pure Storage, Inc., Class A⁽¹⁾		570		32,821

Western Digital Corp.		10,679		683,349


				716,170
Textiles, Apparel & Luxury Goods – 1.8%

Amer Sports, Inc.⁽¹⁾		12,759		494,539

Birkenstock Holding PLC⁽¹⁾		11,338		557,603

Capri Holdings Ltd.⁽¹⁾		27,192		481,298

PVH Corp.		10,338		709,187

Tapestry, Inc.		12,225		1,073,477


				3,316,104
Trading Companies & Distributors – 2.3%

Core & Main, Inc., Class A⁽¹⁾		16,490		995,171

Watsco, Inc.		2,890		1,276,282

WESCO International, Inc.		10,399		1,925,895


				4,197,348
Water Utilities – 0.1%

Essential Utilities, Inc.		6,087		226,071


				226,071

Total Common Stocks (Cost $141,176,480)				177,141,295


June 30, 2025 (unaudited)	Principal Amount		Value
U.S. Treasury Bills – 0.2%

U.S. Treasury Bills 4.305% due 7/31/2025⁽²⁾	$	290,000	$	288,998

Total U.S. Treasury Bills (Cost $288,984)				288,998
Repurchase Agreements – 1.4%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $2,452,719, due 7/1/2025⁽³⁾		2,452,627		2,452,627

Total Repurchase Agreements (Cost $2,452,627)				2,452,627

Total Investments – 100.1% (Cost $143,918,091)				179,882,920

Liabilities in excess of other assets – (0.1)%				(152,809	)

Total Net Assets – 100.0%			$	179,730,111

⁽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		4.375%		5/15/2034	$	2,459,500	$	2,501,866

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	$	175,552,722	$	1,588,573	*	$	—	$	177,141,295
U.S. Treasury Bills		—		288,998			—		288,998
Repurchase Agreements		—		2,452,627			—		2,452,627
Total	$	175,552,722	$	4,330,198		$	—	$	179,882,920

*	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, 2025 (unaudited)
Assets

Investments, at value	$	179,882,920

Receivable for investments sold		1,039,744

Dividends/interest receivable		164,520

Foreign tax reclaims receivable		4,664

Prepaid expenses		2,493


Total Assets		181,094,341


Liabilities

Payable for investments purchased		952,047

Payable for fund shares redeemed		224,764

Investment advisory fees payable		77,101

Distribution fees payable		36,369

Accrued custodian and accounting fees		20,115

Accrued audit fees		18,547

Foreign currency overdraft		150

Accrued expenses and other liabilities		35,137


Total Liabilities		1,364,230


Total Net Assets	$	179,730,111


Net Assets Consist of:

Paid-in capital	$	150,377,543

Distributable earnings		29,352,568


Total Net Assets	$	179,730,111


Investments, at Cost	$	143,918,091


Foreign Currency Overdraft, at Cost	$	147


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		15,408,570

Net Asset Value Per Share		$11.66


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	1,290,130

Interest		19,172

Withholding taxes on foreign dividends		(5,452	)


Total Investment Income		1,303,850


Expenses

Investment advisory fees		467,709

Distribution fees		220,618

Custodian and accounting fees		45,639

Professional fees		35,119

Trustees’ and officers’ fees		31,718

Administrative fees		23,785

Shareholder reports		10,512

Transfer agent fees		8,171

Other expenses		6,182


Total Expenses		849,453


Net Investment Income/(Loss)		454,397


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

Net realized gain/(loss) from investments		5,156,698

Net realized gain/(loss) from futures contracts		(34,777	)

Net realized gain/(loss) from foreign currency transactions		(867	)

Net change in unrealized appreciation/(depreciation) on investments		226,513

Net change in unrealized appreciation/(depreciation) on futures contracts		10,760

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		576


Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions		5,358,903


Net Increase in Net Assets Resulting From Operations	$	5,813,300


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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	454,397		$	1,538,667

Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		5,121,054			10,532,840

Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies		237,849			12,815,751


Net Increase in Net Assets Resulting from Operations		5,813,300			24,887,258


Capital Share Transactions

Proceeds from sales of shares		6,366,167			3,574,721

Cost of shares redeemed		(22,184,966	)		(62,649,377	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(15,818,799	)		(59,074,656	)


Net Decrease in Net Assets		(10,005,499	)		(34,187,398	)


Net Assets

Beginning of period		189,735,610			223,923,008


End of period	$	179,730,111		$	189,735,610


Other Information:

Shares

Sold		584,048			336,885

Redeemed		(1,957,923	)		(5,821,766	)


Net Decrease		(1,373,875	)		(5,484,881	)


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 6/30/25	$	11.31	$	0.03	$	0.32	$	0.35	$	11.66		3.09%	⁽⁴⁾

Year Ended 12/31/24		10.06		0.08		1.17		1.25		11.31		12.43%

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

$	179,730		0.96%	⁽⁴⁾		0.96%	⁽⁴⁾		0.52%	⁽⁴⁾		0.52%	⁽⁴⁾		32%	⁽⁴⁾

	189,736		0.92%			0.94%			0.74%			0.72%			47%

	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, 2025 (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

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

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).


				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.


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

Park Avenue has contractually agreed through April 30, 2026 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 1.12% 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, 2025, the expense limitation was 1.06%. 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, 2025, Park Avenue did not waive any fees or pay any Fund expenses.

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.

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 $55,967,738 and $71,602,554, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

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. 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, 2025 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. There were no futures contracts held as of June 30, 2025.

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:



	Interest Rate Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(34,777	)


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	10,760


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.

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


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

7. Indemnifications

the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events


				15

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


16

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

(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 that the 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 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


				17

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


18

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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.


				19

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.


20

•

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.

•

The Board noted that the contractual management fee and the actual management fee were in the


				21

1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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


22

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the

Bloomberg US Aggregate Bond Index for the 3-year period.

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


				23

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24

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				25

LOGO

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

PUB11408

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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			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

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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 98.5%
Aerospace & Defense – 3.3%

BWX Technologies, Inc.		23,502	$	3,385,698

Melrose Industries PLC (United Kingdom)		572,863		4,175,526


				7,561,224
Automobile Components – 0.5%

Gentherm, Inc.⁽¹⁾		41,822		1,183,144


				1,183,144
Banks – 6.3%

Ameris Bancorp		51,735		3,347,254

Pinnacle Financial Partners, Inc.		24,265		2,679,099

Prosperity Bancshares, Inc.		31,991		2,247,048

Webster Financial Corp.		55,195		3,013,647

Wintrust Financial Corp.		25,849		3,204,759


				14,491,807
Building Products – 4.3%

AAON, Inc.		23,739		1,750,751

AZZ, Inc.		31,273		2,954,673

Carlisle Cos., Inc.		13,785		5,147,319


				9,852,743
Capital Markets – 2.7%

Cboe Global Markets, Inc.		10,687		2,492,315

Raymond James Financial, Inc.		25,066		3,844,373


				6,336,688
Chemicals – 1.8%

Ashland, Inc.		29,480		1,482,254

Westlake Corp.		36,564		2,776,305


				4,258,559
Commercial Services & Supplies – 1.4%

Republic Services, Inc.		13,506		3,330,715


				3,330,715
Construction & Engineering – 1.9%

API Group Corp.⁽¹⁾		86,086		4,394,690


				4,394,690
Containers & Packaging – 3.0%

Crown Holdings, Inc.		39,464		4,064,003

International Paper Co.		61,092		2,860,938


				6,924,941
Diversified Consumer Services – 0.7%

Service Corp. International		18,855		1,534,797


				1,534,797
Electrical Equipment – 3.0%

Allient, Inc.		94,880		3,445,093

Regal Rexnord Corp.		23,338		3,383,076


				6,828,169
Electronic Equipment, Instruments & Components – 3.0%

Littelfuse, Inc.		11,625		2,635,736

Teledyne Technologies, Inc.⁽¹⁾		8,224		4,213,238


				6,848,974


June 30, 2025 (unaudited)	Shares		Value
Financial Services – 1.3%

Essent Group Ltd.		48,887	$	2,968,908


				2,968,908
Health Care Equipment & Supplies – 3.1%

Haemonetics Corp.⁽¹⁾		37,213		2,776,462

Integer Holdings Corp.⁽¹⁾		15,305		1,882,056

LivaNova PLC⁽¹⁾		55,602		2,503,202


				7,161,720
Health Care Providers & Services – 2.7%

HealthEquity, Inc.⁽¹⁾		41,243		4,320,617

Humana, Inc.		7,892		1,929,436


				6,250,053
Health Care Technology – 0.5%

Schrodinger, Inc.⁽¹⁾		51,759		1,041,391


				1,041,391
Hotels, Restaurants & Leisure – 3.7%

DraftKings, Inc., Class A⁽¹⁾		59,794		2,564,565

Planet Fitness, Inc., Class A⁽¹⁾		38,788		4,229,831

Portillo’s, Inc., Class A⁽¹⁾		141,326		1,649,274


				8,443,670
Household Products – 1.3%

Church & Dwight Co., Inc.		30,307		2,912,806


				2,912,806
Industrial REITs – 1.3%

Terreno Realty Corp.		53,592		3,004,903


				3,004,903
Insurance – 8.2%

Arch Capital Group Ltd.		33,571		3,056,639

Axis Capital Holdings Ltd.		28,524		2,961,362

First American Financial Corp.		46,956		2,882,629

HCI Group, Inc.		14,109		2,147,390

Reinsurance Group of America, Inc.		20,115		3,990,011

Unum Group		47,514		3,837,231


				18,875,262
IT Services – 1.7%

Okta, Inc.⁽¹⁾		39,406		3,939,418


				3,939,418
Life Sciences Tools & Services – 3.4%

Azenta, Inc.⁽¹⁾		89,752		2,762,567

Bio-Rad Laboratories, Inc., Class A⁽¹⁾		13,190		3,183,011

Bruker Corp.		47,672		1,964,086


				7,909,664
Marine Transportation – 1.7%

Kirby Corp.⁽¹⁾		34,021		3,858,322


				3,858,322
Metals & Mining – 1.0%

Commercial Metals Co.		47,942		2,344,843


				2,344,843


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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Oil, Gas & Consumable Fuels – 2.6%

Antero Resources Corp.⁽¹⁾		85,975	$	3,463,073

Coterra Energy, Inc.		96,189		2,441,277


				5,904,350
Paper & Forest Products – 1.4%

Louisiana-Pacific Corp.		37,806		3,250,938


				3,250,938
Professional Services – 3.3%

TransUnion		38,218		3,363,184

WNS Holdings Ltd.⁽¹⁾		68,577		4,336,809


				7,699,993
Residential REITs – 1.5%

Sun Communities, Inc.		27,376		3,462,790


				3,462,790
Semiconductors & Semiconductor Equipment – 5.3%

Allegro MicroSystems, Inc.⁽¹⁾		93,142		3,184,525

Marvell Technology, Inc.		78,180		6,051,132

ON Semiconductor Corp.⁽¹⁾		55,050		2,885,171


				12,120,828
Software – 6.6%

CCC Intelligent Solutions Holdings, Inc.⁽¹⁾		357,601		3,365,025

Dynatrace, Inc.⁽¹⁾		79,461		4,387,042

Q2 Holdings, Inc.⁽¹⁾		31,277		2,927,214

Riskified Ltd., Class A⁽¹⁾		277,334		1,383,897

SPS Commerce, Inc.⁽¹⁾		23,812		3,240,575


				15,303,753
Specialized REITs – 3.2%

CubeSmart		77,717		3,302,972

SBA Communications Corp.		17,708		4,158,547


				7,461,519
Specialty Retail – 7.3%

AutoNation, Inc.⁽¹⁾		15,980		3,174,427

Burlington Stores, Inc.⁽¹⁾		12,954		3,013,619

Chewy, Inc., Class A⁽¹⁾		68,797		2,932,128

National Vision Holdings, Inc.⁽¹⁾		222,837		5,127,479

Revolve Group, Inc.⁽¹⁾		126,317		2,532,656


				16,780,309


June 30, 2025 (unaudited)	Shares		Value
Trading Companies & Distributors – 5.5%

Air Lease Corp.		98,967	$	5,788,580

Herc Holdings, Inc.		17,538		2,309,579

QXO, Inc.⁽¹⁾		214,439		4,619,016


				12,717,175

Total Common Stocks (Cost $198,373,548)				226,959,066
Exchange-Traded Funds – 1.2%

SPDR S&P Biotech ETF		33,671		2,792,336

Total Exchange-Traded Funds (Cost $2,679,849)				2,792,336

	Principal Amount		Value
Repurchase Agreements – 0.4%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $917,633, due 7/1/2025⁽²⁾	$	917,599		917,599

Total Repurchase Agreements (Cost $917,599)				917,599

Total Investments – 100.1% (Cost $201,970,996)				230,669,001

Liabilities in excess of other assets – (0.1)%				(255,712	)

Total Net Assets – 100.0%			$	230,413,289

⁽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		4.375%		5/15/2034	$	920,200	$	936,081

Legend:

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	222,783,540	$	4,175,526	*	$	—	$	226,959,066
Exchange-Traded Funds		2,792,336		—			—		2,792,336
Repurchase Agreements		—		917,599			—		917,599
Total	$	225,575,876	$	5,093,125		$	—	$	230,669,001

*	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 SMALL-MID CAP CORE VIP FUND


Statement of Assets and Liabilities As of June 30, 2025 (unaudited)
Assets

Investments, at value	$	230,669,001

Dividends/interest receivable		143,587

Foreign tax reclaims receivable		18,147

Receivable for fund shares subscribed		7,806

Prepaid expenses		3,177


Total Assets		230,841,718


Liabilities

Payable for fund shares redeemed		188,667

Investment advisory fees payable		120,329

Distribution fees payable		46,713

Accrued audit fees		17,062

Accrued custodian and accounting fees		12,799

Accrued expenses and other liabilities		42,859


Total Liabilities		428,429


Total Net Assets	$	230,413,289


Net Assets Consist of:

Paid-in capital	$	232,919,675

Distributable loss		(2,506,386	)


Total Net Assets	$	230,413,289


Investments, at Cost	$	201,970,996


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		22,674,674

Net Asset Value Per Share		$10.16


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	1,266,429

Interest		12,282


Total Investment Income		1,278,711


Expenses

Investment advisory fees		712,266

Distribution fees		276,206

Trustees’ and officers’ fees		39,351

Professional fees		36,986

Administrative fees		27,237

Custodian and accounting fees		22,357

Shareholder reports		13,309

Transfer agent fees		8,260

Other expenses		9,371


Total Expenses		1,145,343


Net Investment Income/(Loss)		133,368


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		(5,995,488	)

Net realized gain/(loss) from foreign currency transactions		610

Net change in unrealized appreciation/(depreciation) on investments		3,634,892

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		2,189


Net Loss on Investments and Foreign Currency Transactions		(2,357,797	)


Net Decrease in Net Assets Resulting From Operations	$	(2,224,429)


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

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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	133,368		$	202,825

Net realized gain/(loss) from investments and foreign currency transactions		(5,994,878	)		(914,671	)

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		3,637,081			17,531,972


Net Increase/(Decrease) in Net Assets Resulting from Operations		(2,224,429	)		16,820,126


Capital Share Transactions

Proceeds from sales of shares		17,657,088			5,730,953

Cost of shares redeemed		(24,180,434	)		(78,799,143	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(6,523,346	)		(73,068,190	)


Net Decrease in Net Assets		(8,747,775	)		(56,248,064	)


Net Assets

Beginning of period		239,161,064			295,409,128


End of period	$	230,413,289		$	239,161,064


Other Information:

Shares

Sold		1,862,567			578,073

Redeemed		(2,465,119	)		(7,874,055	)


Net Decrease		(602,552	)		(7,295,982	)


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

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				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 6/30/25	$	10.27	$	0.01	$	(0.12)	$	(0.11)	$	10.16		(1.07)%	⁽⁴⁾

Year Ended 12/31/24		9.66		0.01		0.60		0.61		10.27		6.31%

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⁽⁵⁾		10.00		(0.00)⁽⁶⁾		0.09		0.09		10.09		0.90%	⁽⁴⁾


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

$	230,413		1.04%	⁽⁴⁾		1.04%	⁽⁴⁾		0.12%	⁽⁴⁾		0.12%	⁽⁴⁾		42%	⁽⁴⁾

	239,161		0.99%			1.01%			0.08%			0.06%			40%

	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%	⁽⁴⁾		0.98%	⁽⁴⁾		(0.12)%	⁽⁴⁾		(0.20)%	⁽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 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. 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.

⁽⁶⁾	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, 2025 (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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 1.07%. 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, 2025, Park Avenue did not waive any fees or pay any Fund expenses.

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

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 $93,865,029 and $99,917,850, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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

8. Subsequent Events


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

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

(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 that the 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 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

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

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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.


16

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

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 of the expense group and that total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth 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 and in the 3^rd quintile of its performance universe for the 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the


18

1-year period, in the 1^st quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for 5-year period.

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.


				19

•

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd

quintile of the expense group and that the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

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				21

LOGO

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

PUB11409

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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

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

SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 99.1%
Aerospace & Defense – 2.3%

BAE Systems PLC, ADR		22,319	$	2,345,058

L3Harris Technologies, Inc.		8,661		2,172,525


				4,517,583
Banks – 3.6%

Bank of America Corp.		60,260		2,851,503

JPMorgan Chase & Co.		10,833		3,140,595

M&T Bank Corp.		5,231		1,014,762


				7,006,860
Beverages – 1.6%

Coca-Cola Co.		30,006		2,122,924

Monster Beverage Corp.⁽¹⁾		15,940		998,482


				3,121,406
Biotechnology – 2.9%

AbbVie, Inc.		14,149		2,626,337

Gilead Sciences, Inc.		28,042		3,109,017


				5,735,354
Broadline Retail – 2.7%

Amazon.com, Inc.⁽¹⁾		24,059		5,278,304


				5,278,304
Capital Markets – 2.8%

Cboe Global Markets, Inc.		10,060		2,346,093

CME Group, Inc.		2,475		682,160

MSCI, Inc.		2,306		1,329,962

S&P Global, Inc.		2,366		1,247,568


				5,605,783
Commercial Services & Supplies – 0.5%

Veralto Corp.		9,850		994,357


				994,357
Communications Equipment – 0.6%

Cisco Systems, Inc.		17,020		1,180,848


				1,180,848
Construction & Engineering – 0.6%

Stantec, Inc.		11,676		1,268,948


				1,268,948
Consumer Staples Distribution & Retail – 0.7%

Koninklijke Ahold Delhaize NV, ADR		23,074		962,878

Walmart, Inc.		4,951		484,109


				1,446,987
Diversified Consumer Services – 0.4%

ADT, Inc.		93,460		791,606


				791,606
Electric Utilities – 1.5%

American Electric Power Co., Inc.		27,590		2,862,738


				2,862,738
Electrical Equipment – 0.4%

Eaton Corp. PLC		2,178		777,524


				777,524


June 30, 2025 (unaudited)	Shares		Value
Entertainment – 1.1%

Electronic Arts, Inc.		6,206	$	991,098

Netflix, Inc.⁽¹⁾		920		1,232,000


				2,223,098
Financial Services – 6.0%

Corpay, Inc.⁽¹⁾		5,962		1,978,311

Fiserv, Inc.⁽¹⁾		16,373		2,822,869

Mastercard, Inc., Class A		4,550		2,556,827

Visa, Inc., Class A		12,450		4,420,372


				11,778,379
Health Care Equipment & Supplies – 1.0%

Medtronic PLC		21,751		1,896,035


				1,896,035
Health Care Providers & Services – 2.9%

McKesson Corp.		5,242		3,841,233

UnitedHealth Group, Inc.		5,726		1,786,340


				5,627,573
Hotels, Restaurants & Leisure – 3.3%

Booking Holdings, Inc.		423		2,448,848

Compass Group PLC, ADR		84,832		2,928,401

Yum! Brands, Inc.		7,138		1,057,709


				6,434,958
Household Products – 1.6%

Colgate-Palmolive Co.		16,855		1,532,119

Procter & Gamble Co.		9,684		1,542,855


				3,074,974
Industrial REITs – 0.3%

First Industrial Realty Trust, Inc.		14,128		679,981


				679,981
Insurance – 4.4%

American Financial Group, Inc.		6,864		866,305

Everest Group Ltd.		1,676		569,589

Hanover Insurance Group, Inc.		5,740		975,054

Marsh & McLennan Cos., Inc.		8,747		1,912,444

Reinsurance Group of America, Inc.		4,817		955,500

Travelers Cos., Inc.		7,464		1,996,919

Willis Towers Watson PLC		4,641		1,422,466


				8,698,277
Interactive Media & Services – 5.3%

Alphabet, Inc., Class C		31,507		5,589,027

Meta Platforms, Inc., Class A		6,481		4,783,561


				10,372,588
IT Services – 0.7%

Amdocs Ltd.		16,163		1,474,712


				1,474,712
Life Sciences Tools & Services – 0.4%

Thermo Fisher Scientific, Inc.		2,158		874,983


				874,983
Media – 1.8%

Comcast Corp., Class A		42,044		1,500,550

New York Times Co., Class A		35,145		1,967,417


				3,467,967


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

SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Multi-Utilities – 1.1%

Ameren Corp.		22,949	$	2,204,022


				2,204,022
Oil, Gas & Consumable Fuels – 1.9%

Exxon Mobil Corp.		10,034		1,081,665

Shell PLC, ADR		36,609		2,577,640


				3,659,305
Pharmaceuticals – 2.9%

Eli Lilly & Co.		2,654		2,068,873

Merck & Co., Inc.		37,480		2,966,917

Zoetis, Inc.		5,030		784,428


				5,820,218
Professional Services – 7.1%

Automatic Data Processing, Inc.		9,661		2,979,452

Experian PLC, ADR		38,318		1,968,013

Genpact Ltd.		43,846		1,929,663

Jacobs Solutions, Inc.		10,602		1,393,633

Leidos Holdings, Inc.		13,413		2,116,035

RELX PLC, ADR		34,227		1,859,895

SS&C Technologies Holdings, Inc.		12,010		994,428

Wolters Kluwer NV, ADR		5,090		849,317


				14,090,436
Semiconductors & Semiconductor Equipment – 9.1%

Analog Devices, Inc.		9,280		2,208,826

Broadcom, Inc.		24,040		6,626,626

NVIDIA Corp.		39,844		6,294,954

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		12,601		2,854,000


				17,984,406
Software – 18.5%

Adobe, Inc.⁽¹⁾		4,543		1,757,596

Gen Digital, Inc.		32,886		966,848

Intuit, Inc.		5,010		3,946,026

Microsoft Corp.		34,165		16,994,013

Nice Ltd., ADR⁽¹⁾		11,833		1,998,712

Oracle Corp.		14,780		3,231,351

Roper Technologies, Inc.		2,500		1,417,100

Salesforce, Inc.		10,087		2,750,624

ServiceNow, Inc.⁽¹⁾		3,432		3,528,371


				36,590,641


June 30, 2025 (unaudited)	Shares		Value
Specialized REITs – 0.6%

Public Storage		4,080	$	1,197,154


				1,197,154
Specialty Retail – 2.1%

AutoZone, Inc.⁽¹⁾		879		3,263,050

O’Reilly Automotive, Inc.⁽¹⁾		10,785		972,052


				4,235,102
Technology Hardware, Storage & Peripherals – 4.3%

Apple, Inc.		40,968		8,405,404


				8,405,404
Textiles, Apparel & Luxury Goods – 0.7%

Lululemon Athletica, Inc.⁽¹⁾		6,075		1,443,298


				1,443,298
Tobacco – 1.4%

Philip Morris International, Inc.		15,543		2,830,847


				2,830,847

Total Common Stocks (Cost $144,781,500)				195,652,656

	Principal Amount		Value
Repurchase Agreements – 0.7%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,413,781, due 7/1/2025⁽²⁾	$	1,413,727		1,413,727

Total Repurchase Agreements (Cost $1,413,727)				1,413,727

Total Investments – 99.8% (Cost $146,195,227)				197,066,383

Assets in excess of other liabilities – 0.2%				392,726

Total Net Assets – 100.0%			$	197,459,109

⁽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		4.375%		5/15/2034	$	1,417,700	$	1,442,131

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	$	195,652,656	$	—	$	—	$	195,652,656
Repurchase Agreements		—		1,413,727		—		1,413,727
Total	$	195,652,656	$	1,413,727	$	—	$	197,066,383


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, 2025 (unaudited)
Assets

Investments, at value	$	197,066,383

Receivable for investments sold		5,076,660

Dividends/interest receivable		180,102

Foreign tax reclaims receivable		26,117

Receivable for fund shares subscribed		5,098

Prepaid expenses		2,689


Total Assets		202,357,049


Liabilities

Payable for investments purchased		4,528,152

Payable for fund shares redeemed		178,860

Investment advisory fees payable		88,241

Distribution fees payable		40,109

Accrued audit fees		14,924

Accrued custodian and accounting fees		6,835

Accrued expenses and other liabilities		40,819


Total Liabilities		4,897,940


Total Net Assets	$	197,459,109


Net Assets Consist of:

Paid-in capital	$	117,472,577

Distributable earnings		79,986,532


Total Net Assets	$	197,459,109


Investments, at Cost	$	146,195,227


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		13,846,205

Net Asset Value Per Share		$14.26


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	1,489,410

Interest		14,159

Withholding taxes on foreign dividends		(10,136	)


Total Investment Income		1,493,433


Expenses

Investment advisory fees		545,293

Distribution fees		248,346

Trustees’ and officers’ fees		35,919

Professional fees		33,406

Administrative fees		25,310

Custodian and accounting fees		16,011

Shareholder reports		12,526

Transfer agent fees		9,562

Other expenses		6,974


Total Expenses		933,347

Less: Fees waived		(20,445	)


Total Expenses, Net		912,902


Net Investment Income/(Loss)		580,531


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		13,636,418

Net realized gain/(loss) from foreign currency transactions		54

Net change in unrealized appreciation/(depreciation) on investments		(1,327,225	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(3	)


Net Gain on Investments and Foreign Currency Transactions		12,309,244


Net Increase in Net Assets Resulting From Operations	$	12,889,775


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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	580,531		$	1,428,601

Net realized gain/(loss) from investments and foreign currency transactions		13,636,472			30,035,114

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(1,327,228	)		12,512,144


Net Increase in Net Assets Resulting from Operations		12,889,775			43,975,859


Capital Share Transactions

Proceeds from sales of shares		298,606			4,017,351

Cost of shares redeemed		(27,570,831	)		(88,029,905	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(27,272,225	)		(84,012,554	)


Net Decrease in Net Assets		(14,382,450	)		(40,036,695	)


Net Assets

Beginning of period		211,841,559			251,878,254


End of period	$	197,459,109		$	211,841,559


Other Information:

Shares

Sold		22,218			337,350

Redeemed		(2,039,045	)		(7,062,923	)


Net Decrease		(2,016,827	)		(6,725,573	)


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

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				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 6/30/25	$	13.35	$	0.04	$	0.87		$	0.91		$	14.26		6.82%	⁽⁴⁾

Year Ended 12/31/24		11.15		0.07		2.13			2.20			13.35		19.73%

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

$	197,459		0.92%	⁽⁴⁾		0.94%	⁽⁴⁾		0.58%	⁽⁴⁾		0.56%	⁽⁴⁾		22%	⁽⁴⁾

	211,842		0.89%			0.92%			0.60%			0.57%			33%

	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, 2025 (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

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 0.55% 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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 0.91%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $20,445.

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 $44,887,514 and $69,320,226, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

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

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 December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

8. Subsequent Events


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

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 the March Meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.


				13

Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

Sub-advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

The Trustees considered that the 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 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 investment, legal and administrative capabilities of the


14

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

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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.


16

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

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 of the expense group and that total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.


18

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.


				19

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

This Page Intentionally Left Blank


				21

LOGO

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

PUB11410

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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			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

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

SCHEDULE OF INVESTMENTS – GUARDIAN INTEGRATED RESEARCH VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 99.4%

Aerospace & Defense – 3.3%

Boeing Co.⁽¹⁾		12,578	$	2,635,468

General Electric Co.		12,775		3,288,157

RTX Corp.		19,974		2,916,604


				8,840,229
Automobiles – 0.6%

Tesla, Inc.⁽¹⁾		4,913		1,560,664


				1,560,664
Banks – 5.6%

Bank of America Corp.		82,342		3,896,423

JPMorgan Chase & Co.		23,344		6,767,659

Wells Fargo & Co.		54,579		4,372,870


				15,036,952
Beverages – 0.9%

Monster Beverage Corp.⁽¹⁾		39,156		2,452,732


				2,452,732
Biotechnology – 2.0%

Gilead Sciences, Inc.		24,390		2,704,120

Vertex Pharmaceuticals, Inc.⁽¹⁾		6,181		2,751,781


				5,455,901
Broadline Retail – 5.1%

Amazon.com, Inc.⁽¹⁾		61,845		13,568,175


				13,568,175
Building Products – 0.5%

Builders FirstSource, Inc.⁽¹⁾		11,424		1,333,067


				1,333,067
Capital Markets – 2.4%

Goldman Sachs Group, Inc.		1,015		718,366

KKR & Co., Inc.		20,553		2,734,165

Nasdaq, Inc.		31,961		2,857,953


				6,310,484
Chemicals – 2.0%

Linde PLC		5,734		2,690,278

Sherwin-Williams Co.		7,861		2,699,153


				5,389,431
Commercial Services & Supplies – 0.6%

Republic Services, Inc.		6,099		1,504,074

				1,504,074
Consumer Finance – 1.4%

American Express Co.		12,097		3,858,701


				3,858,701
Consumer Staples Distribution & Retail – 2.7%

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		20,409		2,200,702

Walmart, Inc.		51,710		5,056,204


				7,256,906
Distributors – 0.8%

Pool Corp.		7,384		2,152,288


				2,152,288


June 30, 2025 (unaudited)	Shares		Value
Electrical Equipment – 2.5%

AMETEK, Inc.		10,943	$	1,980,246

Emerson Electric Co.		16,525		2,203,278

GE Vernova, Inc.		4,794		2,536,745


				6,720,269
Entertainment – 2.7%

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		17,818		1,861,981

Netflix, Inc.⁽¹⁾		4,071		5,451,598


				7,313,579
Financial Services – 2.2%

Mastercard, Inc., Class A		10,381		5,833,499


				5,833,499
Gas Utilities – 0.8%

Atmos Energy Corp.		14,728		2,269,732


				2,269,732
Health Care Equipment & Supplies – 3.5%

Abbott Laboratories		26,519		3,606,849

Boston Scientific Corp.⁽¹⁾		32,933		3,537,333

Edwards Lifesciences Corp.⁽¹⁾		27,493		2,150,228


				9,294,410
Health Care REITs – 1.2%

Welltower, Inc.		21,310		3,275,986


				3,275,986
Health Care Technology – 0.8%

Veeva Systems, Inc., Class A⁽¹⁾		7,165		2,063,377


				2,063,377
Hotels, Restaurants & Leisure – 2.2%

Marriott International, Inc., Class A		11,082		3,027,713

Starbucks Corp.		31,043		2,844,470


				5,872,183
Household Durables – 0.6%

Lennar Corp., Class A		13,630		1,507,614


				1,507,614
Household Products – 1.3%

Procter & Gamble Co.		21,710		3,458,837


				3,458,837
Insurance – 2.6%

Arch Capital Group Ltd.		13,605		1,238,735

Chubb Ltd.		8,539		2,473,919

Progressive Corp.		11,798		3,148,415


				6,861,069
Interactive Media & Services – 7.5%

Alphabet, Inc., Class A		61,627		10,860,526

Meta Platforms, Inc., Class A		12,472		9,205,459


				20,065,985


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

SCHEDULE OF INVESTMENTS – GUARDIAN INTEGRATED RESEARCH VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Machinery – 2.7%

Ingersoll Rand, Inc.		33,453	$	2,782,621

ITT, Inc.		10,774		1,689,686

Parker-Hannifin Corp.		4,143		2,893,761


				7,366,068
Multi-Utilities – 1.0%

WEC Energy Group, Inc.		26,198		2,729,832


				2,729,832

Oil, Gas & Consumable Fuels – 2.9%

ConocoPhillips		16,216		1,455,224

Diamondback Energy, Inc.		8,170		1,122,558

Expand Energy Corp.		11,607		1,357,323

Exxon Mobil Corp.		35,263		3,801,351


				7,736,456

Pharmaceuticals – 2.1%

Eli Lilly & Co.		7,114		5,545,576


				5,545,576

Semiconductors & Semiconductor Equipment – 13.9%

Broadcom, Inc.		35,147		9,688,270

KLA Corp.		3,595		3,220,185

NVIDIA Corp.		141,042		22,283,226

Texas Instruments, Inc.		9,579		1,988,792


				37,180,473

Software – 12.1%

Intuit, Inc.		4,346		3,423,040

Microsoft Corp.		42,638		21,208,567

PTC, Inc.⁽¹⁾		10,946		1,886,434

Salesforce, Inc.		8,814		2,403,490

Tyler Technologies, Inc.⁽¹⁾		2,969		1,760,142

Workday, Inc., Class A⁽¹⁾		6,678		1,602,720


				32,284,393

Specialty Retail – 1.0%

AutoZone, Inc.⁽¹⁾		750		2,784,173


				2,784,173


June 30, 2025 (unaudited)	Shares		Value

Technology Hardware, Storage & Peripherals – 6.5%

Apple, Inc.		84,813	$	17,401,083


				17,401,083

Trading Companies & Distributors – 0.4%

FTAI Aviation Ltd.		10,443		1,201,363


				1,201,363

Wireless Telecommunication Services – 1.0%

T-Mobile U.S., Inc.		10,903		2,597,749


				2,597,749

Total Investments – 99.4% (Cost $177,791,985)				266,083,310

Assets in excess of other liabilities – 0.6%				1,591,693

Total Net Assets – 100.0%			$	267,675,003

⁽¹⁾	Non–income–producing security.

Legend:

REITs — Real Estate Investment Trusts


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

SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND


The following is a summary of the inputs used as of June 30, 2025 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
Common Stocks	$	266,083,310	$	—	$	—	$	266,083,310
Total	$	266,083,310	$	—	$	—	$	266,083,310


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

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND


Statement of Assets and Liabilities As of June 30, 2025 (unaudited)
Assets

Investments, at value	$	266,083,310

Cash		54,228

Receivable for investments sold		2,761,379

Dividends/interest receivable		14,692

Reimbursement receivable from adviser		2,548

Receivable for fund shares subscribed		110

Prepaid expenses		3,622


Total Assets		268,919,889


Liabilities

Payable for investments purchased		779,203

Payable for fund shares redeemed		231,112

Investment advisory fees payable		104,283

Distribution fees payable		53,940

Accrued audit fees		15,192

Accrued custodian and accounting fees		13,400

Accrued expenses and other liabilities		47,756


Total Liabilities		1,244,886


Total Net Assets	$	267,675,003


Net Assets Consist of:

Paid-in capital	$	153,280,254

Distributable earnings		114,394,749


Total Net Assets	$	267,675,003


Investments, at Cost	$	177,791,985


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		9,482,410

Net Asset Value Per Share		$28.23


Statement of Operations For the Six Months Ended June 30, 2025(unaudited)
Investment Income

Dividends	$	1,291,717

Non-cash dividends		69,999

Interest		11,541


Total Investment Income		1,373,257

Expenses

Investment advisory fees		630,802

Distribution fees		326,382

Trustees’ and officers’ fees		47,052

Professional fees		39,209

Administrative fees		30,123

Custodian and accounting fees		25,128

Shareholder reports		14,239

Transfer agent fees		9,200

Other expenses		9,340


Total Expenses		1,131,475

Less: Fees waived		(6,009	)


Total Expenses, Net		1,125,466


Net Investment Income/(Loss)		247,791


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

Net realized gain/(loss) from investments		6,720,284

Net change in unrealized appreciation/(depreciation) on investments		4,914,192


Net Gain on Investments		11,634,476


Net Increase in Net Assets Resulting From Operations	$	11,882,267


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

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND


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

	For the Six Months Ended 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	247,791		$	710,249

Net realized gain/(loss) from investments		6,720,284			37,006,227

Net change in unrealized appreciation/(depreciation) on investments		4,914,192			37,295,870


Net Increase in Net Assets Resulting from Operations		11,882,267			75,012,346


Capital Share Transactions

Proceeds from sales of shares		7,233,391			1,376,880

Cost of shares redeemed		(37,365,119	)		(133,472,999	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(30,131,728	)		(132,096,119	)


Net Decrease in Net Assets		(18,249,461	)		(57,083,773	)


Net Assets

Beginning of period		285,924,464			343,008,237


End of period	$	267,675,003		$	285,924,464


Other Information:

Shares

Sold		280,280			56,820

Redeemed		(1,399,583	)		(5,460,277	)


Net Decrease		(1,119,303	)		(5,403,457	)


The accompanying notes are an integral part of these financial statements.				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 6/30/25	$	26.97	$	0.02		$	1.24		$	1.26		$	28.23		4.67%	⁽⁴⁾

Year Ended 12/31/24		21.43		0.05			5.49			5.54			26.97		25.85%

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%


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 to Average Net Assets			Portfolio Turnover Rate

$	267,675		0.86%	⁽⁴⁾		0.87%	⁽⁴⁾		0.19%	⁽⁴⁾		0.18%	⁽⁴⁾		16%	⁽⁴⁾

	285,924		0.85%			0.85%			0.22%			0.22%			30%

	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%

⁽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 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, 2025 (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

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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 0.97%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $6,009.

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

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 $43,353,705 and $74,410,917, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

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. 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

7. Indemnifications

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.

8. Subsequent Events


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

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

(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 that the 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 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

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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 noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500


16

Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•


				17

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth 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, in the 1^st quintile of its performance


18

universe for the 3-year period and in the 3^rd quintile of its performance universe for 5-year period.

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.


				19

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

This Page Intentionally Left Blank


				21

LOGO

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

PUB8170

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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			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

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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 99.4%

Australia – 0.6%

Rio Tinto Ltd.		20,014	$	1,411,286


				1,411,286
Austria – 1.6%

Erste Group Bank AG		39,868		3,388,594


				3,388,594
Belgium – 0.8%

UCB SA		8,718		1,712,740


				1,712,740
Canada – 1.7%

Nutrien Ltd.		29,595		1,724,519

Toronto-Dominion Bank		25,297		1,860,655


				3,585,174
Cayman Islands – 0.8%

NU Holdings Ltd., Class A⁽¹⁾		47,619		653,333

Tencent Music Entertainment Group, ADR		53,070		1,034,334


				1,687,667
China – 0.3%

Contemporary Amperex Technology Co. Ltd., Class A		19,300		679,430


				679,430
Denmark – 2.7%

Novo Nordisk AS, Class B		49,237		3,435,658

Pandora AS		5,497		964,839

Vestas Wind Systems AS		89,972		1,351,933


				5,752,430
France – 7.5%

BNP Paribas SA		33,277		2,997,236

Cie de Saint-Gobain SA		7,593		893,226

EssilorLuxottica SA		7,104		1,951,545

Legrand SA		21,618		2,887,597

LVMH Moet Hennessy Louis Vuitton SE		2,291		1,201,519

Sanofi SA		26,173		2,532,436

Schneider Electric SE		13,701		3,653,484


				16,117,043
Germany – 10.7%

Allianz SE, Reg S		10,364		4,199,185

Bayerische Motoren Werke AG		29,420		2,613,688

Beiersdorf AG		15,573		1,956,181

Infineon Technologies AG		71,939		3,061,058

SAP SE		22,616		6,879,509

Siemens AG, Reg S		11,986		3,074,113

Siemens Healthineers AG⁽²⁾		22,169		1,229,779


				23,013,513
Hong Kong – 1.0%

BOC Hong Kong Holdings Ltd.		299,500		1,302,815

Techtronic Industries Co. Ltd.		71,500		787,611


				2,090,426


June 30, 2025 (unaudited)	Shares		Value
India – 0.4%

HDFC Bank Ltd., ADR		12,508	$	958,988


				958,988
Indonesia – 0.5%

Bank Central Asia Tbk. PT		1,963,500		1,052,044


				1,052,044
Ireland – 0.9%

Kingspan Group PLC		24,024		2,042,986


				2,042,986
Israel – 1.1%

Check Point Software Technologies Ltd.⁽¹⁾		4,865		1,076,381

Teva Pharmaceutical Industries Ltd., ADR⁽¹⁾		75,676		1,268,330


				2,344,711
Italy – 1.2%

FinecoBank Banca Fineco SpA		119,202		2,645,820


				2,645,820
Japan – 21.5%

Bridgestone Corp.		33,100		1,351,673

Daiichi Sankyo Co. Ltd.		51,900		1,208,526

Daikin Industries Ltd.		11,100		1,311,336

Fast Retailing Co. Ltd.		5,300		1,816,171

FUJIFILM Holdings Corp.		101,200		2,199,049

Hitachi Ltd.		114,200		3,308,242

ITOCHU Corp.		40,900		2,149,492

Japan Exchange Group, Inc.		160,800		1,630,507

KDDI Corp.		133,500		2,293,576

Keyence Corp.		4,500		1,806,924

Lasertec Corp.		11,200		1,509,071

Mitsubishi Estate Co. Ltd.		69,400		1,298,476

Mitsubishi UFJ Financial Group, Inc.		390,700		5,349,320

MS&AD Insurance Group Holdings, Inc.		131,600		2,935,500

Nintendo Co. Ltd.		31,300		3,002,203

Nitori Holdings Co. Ltd.		13,300		1,286,244

Recruit Holdings Co. Ltd.		24,500		1,442,542

Shimano, Inc.		5,300		769,302

SMC Corp.		2,700		972,332

SoftBank Group Corp.		24,300		1,761,873

Sony Group Corp.		162,200		4,228,476

Terumo Corp.		81,200		1,490,446

Unicharm Corp.		165,300		1,197,249


				46,318,530
Luxembourg – 1.5%

Spotify Technology SA⁽¹⁾		4,258		3,267,334


				3,267,334
Netherlands – 5.0%

Airbus SE		12,043		2,519,924

ASM International NV		1,597		1,022,506

ASML Holding NV		5,356		4,288,267

Heineken NV		34,010		2,977,819


				10,808,516


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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND


June 30, 2025 (unaudited)	Shares		Value
New Zealand – 0.4%

Xero Ltd.⁽¹⁾		6,618	$	783,254


				783,254
Norway – 1.8%

DNB Bank ASA		100,280		2,774,770

Norsk Hydro ASA		180,637		1,029,459


				3,804,229
Portugal – 0.9%

Jeronimo Martins SGPS SA		74,714		1,891,947


				1,891,947
Republic of Korea – 0.7%

Kia Corp.		14,890		1,066,109

Samsung SDI Co. Ltd.		3,395		434,833


				1,500,942
Singapore – 0.9%

DBS Group Holdings Ltd.		57,100		2,019,016


				2,019,016
Spain – 5.0%

Banco Bilbao Vizcaya Argentaria SA		245,985		3,783,273

Bankinter SA		129,189		1,686,326

Iberdrola SA		158,115		3,039,519

Industria de Diseno Textil SA		43,418		2,262,489


				10,771,607
Sweden – 0.7%

Svenska Handelsbanken AB, Class A		118,832		1,589,206


				1,589,206
Switzerland – 6.9%

Alcon AG		26,776		2,377,313

Chocoladefabriken Lindt & Spruengli AG		131		2,204,148

Cie Financiere Richemont SA, Reg S, Class A		18,014		3,406,830

Lonza Group AG, Reg S		2,938		2,099,219

Roche Holding AG		14,666		4,794,469


				14,881,979
Taiwan – 0.6%

Taiwan Semiconductor Manufacturing Co. Ltd.		36,000		1,299,816


				1,299,816


June 30, 2025 (unaudited)	Shares		Value
United Kingdom – 19.2%

Antofagasta PLC		58,474	$	1,452,819

ARM Holdings PLC, ADR⁽¹⁾		6,954		1,124,740

AstraZeneca PLC		30,521		4,256,391

BAE Systems PLC		119,583		3,095,912

Bunzl PLC		44,539		1,418,570

Diageo PLC		61,690		1,551,722

GSK PLC		76,529		1,458,853

Haleon PLC		587,483		3,022,604

Kingfisher PLC		458,701		1,832,847

Lloyds Banking Group PLC		3,241,690		3,413,805

National Grid PLC		134,383		1,964,865

Reckitt Benckiser Group PLC		34,633		2,355,978

RELX PLC		61,624		3,342,784

Sage Group PLC		62,790		1,079,134

Shell PLC		141,159		4,956,648

Unilever PLC		61,053		3,718,686

Whitbread PLC		34,779		1,349,602


				41,395,960
United States – 2.5%

Booking Holdings, Inc.		362		2,095,705

Ferguson Enterprises, Inc.		3,215		700,067

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		16,812		1,756,854

MercadoLibre, Inc.⁽¹⁾		298		778,862


				5,331,488

Total Common Stocks (Cost $167,766,372)				214,146,676

Total Investments – 99.4% (Cost $167,766,372)				214,146,676

Assets in excess of other liabilities – 0.6%				1,270,465

Total Net Assets – 100.0%			$	215,417,141

⁽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, 2025, the aggregate market value of this security amounted to $1,229,779, representing 0.6% of net assets. This security has been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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	$	—	$	1,411,286	*	$	—	$	1,411,286
Austria		—		3,388,594	*		—		3,388,594
Belgium		—		1,712,740	*		—		1,712,740
Canada		3,585,174		—			—		3,585,174
Cayman Islands		1,687,667		—			—		1,687,667
China		—		679,430	*		—		679,430
Denmark		—		5,752,430	*		—		5,752,430
France		—		16,117,043	*		—		16,117,043
Germany		—		23,013,513	*		—		23,013,513
Hong Kong		—		2,090,426	*		—		2,090,426
India		958,988		—			—		958,988
Indonesia		—		1,052,044	*		—		1,052,044
Ireland		—		2,042,986	*		—		2,042,986
Israel		2,344,711		—			—		2,344,711
Italy		—		2,645,820	*		—		2,645,820
Japan		—		46,318,530	*		—		46,318,530
Luxembourg		3,267,334		—			—		3,267,334
Netherlands		—		10,808,516	*		—		10,808,516
New Zealand		—		783,254	*		—		783,254
Norway		—		3,804,229	*		—		3,804,229
Portugal		—		1,891,947	*		—		1,891,947
Republic of Korea		—		1,500,942	*		—		1,500,942
Singapore		—		2,019,016	*		—		2,019,016
Spain		—		10,771,607	*		—		10,771,607
Sweden		—		1,589,206	*		—		1,589,206
Switzerland		—		14,881,979	*		—		14,881,979
Taiwan		—		1,299,816	*		—		1,299,816
United Kingdom		1,124,740		40,271,220	*		—		41,395,960
United States		5,331,488		—			—		5,331,488
Total	$	18,300,102	$	195,846,574		$	—	$	214,146,676

*	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, 2025 (unaudited)
Assets

Investments, at value	$	214,146,676

Foreign currency, at value		293,393

Foreign tax reclaims receivable		1,045,838

Dividends/interest receivable		268,738

Receivable for investments sold		221,828

Reimbursement receivable from adviser		7,932

Prepaid expenses		3,217


Total Assets		215,987,622


Liabilities

Payable for fund shares redeemed		204,102

Investment advisory fees payable		136,624

Due to custodian		69,580

Accrued custodian and accounting fees		48,066

Distribution fees payable		44,172

Accrued audit fees		16,062

Accrued expenses and other liabilities		51,875


Total Liabilities		570,481


Total Net Assets	$	215,417,141


Net Assets Consist of:

Paid-in capital	$	154,448,780

Distributable earnings		60,968,361


Total Net Assets	$	215,417,141

Investments, at Cost	$	167,766,372

Foreign Currency, at Cost	$	303,294


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		13,331,267

Net Asset Value Per Share		$16.16


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	4,264,771

Interest		6,745

Withholding taxes on foreign dividends		(467,018	)


Total Investment Income		3,804,498


Expenses

Investment advisory fees		863,793

Distribution fees		279,666

Custodian and accounting fees		68,506

Trustees’ and officers’ fees		40,374

Professional fees		36,488

Administrative fees		27,667

Shareholder reports		12,347

Transfer agent fees		7,482

Other expenses		10,412


Total Expenses		1,346,735

Less: Fees waived		(75,400	)


Total Expenses, Net		1,271,335


Net Investment Income/(Loss)		2,533,163


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		6,891,912

Net realized gain/(loss) from foreign currency transactions		29,203

Foreign capital gains taxes paid		(17	)

Net change in unrealized appreciation/(depreciation) on investments		27,331,015

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		127,411


Net Gain on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax		34,379,524


Net Increase in Net Assets Resulting From Operations	$	36,912,687


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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	2,533,163		$	4,013,501

Net realized gain/(loss) from investments, foreign currency transactions and foreign capital gains tax		6,921,098			5,520,426

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		27,458,426			4,644,671


Net Increase in Net Assets Resulting from Operations		36,912,687			14,178,598


Capital Share Transactions

Proceeds from sales of shares		1,930,460			15,398,424

Cost of shares redeemed		(48,994,634	)		(97,618,778	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(47,064,174	)		(82,220,354	)


Net Decrease in Net Assets		(10,151,487	)		(68,041,756	)


Net Assets

Beginning of period		225,568,628			293,610,384


End of period	$	215,417,141		$	225,568,628


Other Information:

Shares

Sold		133,142			1,134,673

Redeemed		(3,239,743	)		(7,003,003	)


Net Decrease		(3,106,601	)		(5,868,330	)


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 6/30/25	$	13.72	$	0.17		$	2.27	$	2.44	$	16.16		17.78%	⁽⁴⁾

Year Ended 12/31/24		13.16		0.21			0.35		0.56		13.72		4.26%

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%


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

$	215,417		1.14%	⁽⁴⁾		1.20%	⁽⁴⁾		2.26%	⁽⁴⁾		2.20%	⁽⁴⁾		14%	⁽⁴⁾

	225,569		1.11%			1.18%			1.51%			1.44%			32%

	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%

⁽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, 2025 (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

translation of assets and liabilities in foreign currencies on the Statement of Operations.


10

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, 2026 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 1.15% 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, 2025, the expense limitation was 1.13%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $75,400.

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.

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 $32,087,608 and $77,042,047, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

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

7. Indemnifications


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial

statements were issued and has determined that no additional items require disclosure in these financial statements.


				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

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

(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 that the 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 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


				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

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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.


				17

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

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 of the expense group and that total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.


				19

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.


20

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


				21

LOGO

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

PUB8172

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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

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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 99.0%
Australia – 2.8%

Goodman Group REITs		28,551	$	643,527

QBE Insurance Group Ltd.		47,412		729,972

Telstra Group Ltd.		239,936		764,320


				2,137,819
Denmark – 5.1%

DSV A/S		3,223		774,227

Novo Nordisk AS, Class B		24,744		1,726,586

Novonesis (Novozymes) B		18,534		1,330,849


				3,831,662
France – 14.4%

Air Liquide SA		14,766		3,049,855

Hermes International SCA		144		390,674

Legrand SA		8,161		1,090,095

Safran SA		10,479		3,412,842

Sanofi SA		7,464		722,199

Schneider Electric SE		6,948		1,852,741

SPIE SA		7,310		411,263


				10,929,669
Germany – 8.2%

Bilfinger SE		4,213		405,569

Deutsche Boerse AG		3,781		1,233,749

Deutsche Telekom AG		17,583		643,753

Muenchener Rueckversicherungs-Gesellschaft AG		1,550		1,005,231

Rheinmetall AG		176		372,366

SAP SE		7,576		2,304,526

Scout24 SE⁽¹⁾		1,813		250,019


				6,215,213
Hong Kong – 2.2%

Hong Kong Exchanges & Clearing Ltd.		31,000		1,658,668


				1,658,668
Ireland – 1.4%

Ryanair Holdings PLC, ADR		18,343		1,057,841


				1,057,841
Japan – 22.9%

Advantest Corp.		16,200		1,200,028

Ajinomoto Co., Inc.		13,300		354,964

Azbil Corp.		82,000		778,020

Cosmos Pharmaceutical Corp.		6,200		393,664

Hamamatsu Photonics KK		23,800		288,579

Hitachi Ltd.		70,800		2,050,994

Hoya Corp.		8,600		1,020,948

IHI Corp.		9,700		1,053,169

Kao Corp.		21,000		939,939

Nintendo Co. Ltd.		13,600		1,304,471

Obic Co. Ltd.		12,400		483,175

Rakuten Bank Ltd.⁽²⁾		21,400		976,873

Recruit Holdings Co. Ltd.		20,500		1,207,025

Sony Group Corp.		121,200		3,159,625

Terumo Corp.		48,100		882,887

Tokio Marine Holdings, Inc.		30,000		1,265,538


				17,359,899


June 30, 2025 (unaudited)	Shares		Value
Luxembourg – 0.9%

Spotify Technology SA⁽²⁾		855	$	656,076


				656,076
Netherlands – 6.0%

Adyen NV⁽¹⁾⁽²⁾		448		822,578

Argenx SE⁽²⁾		396		218,318

ASML Holding NV		2,222		1,779,038

Ferrovial SE		18,008		960,154

Heineken NV		8,966		785,038


				4,565,126
Singapore – 1.8%

DBS Group Holdings Ltd.		39,540		1,398,107


				1,398,107
Spain – 2.5%

Indra Sistemas SA		25,776		1,122,577

Industria de Diseno Textil SA		14,320		746,208


				1,868,785
Sweden – 2.2%

Atlas Copco AB, Class A		57,683		934,434

Volvo AB, Class B		26,051		731,424


				1,665,858
Switzerland – 5.6%

Cie Financiere Richemont SA, Reg S, Class A		10,078		1,905,964

Lonza Group AG, Reg S		1,554		1,110,343

Nestle SA, Reg S		12,289		1,220,566


				4,236,873
Taiwan – 1.3%

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4,410		998,821


				998,821
United Kingdom – 20.8%

3i Group PLC		26,322		1,488,947

AstraZeneca PLC		5,081		708,585

Compass Group PLC		41,785		1,415,265

Diageo PLC		20,306		510,768

Haleon PLC		225,998		1,162,761

InterContinental Hotels Group PLC		10,114		1,154,820

London Stock Exchange Group PLC		12,657		1,849,424

NatWest Group PLC		111,086		779,989

Next PLC		4,025		687,635

RELX PLC		35,568		1,924,107

Rolls-Royce Holdings PLC		134,327		1,784,705

Sage Group PLC		64,463		1,107,887

SSE PLC		46,842		1,177,477


				15,752,370
United States – 0.9%

Yum China Holdings, Inc.		15,546		695,062


				695,062

Total Common Stocks (Cost $51,261,492)				75,027,849


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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.7%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $510,049, due 7/1/2025⁽³⁾	$	510,030	$	510,030


Total Repurchase Agreements (Cost $510,030)				510,030

Total Investments – 99.7% (Cost $51,771,522)				75,537,879

Assets in excess of other liabilities – 0.3%				205,377

Total Net Assets – 100.0%			$	75,743,256

⁽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, 2025, the aggregate market value of these securities amounted to $1,072,597, representing 1.4% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾	Non–income–producing security.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.375%		5/15/2034	$	511,500	$	520,352

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
Australia	$	—	$	2,137,819	*	$	—	$	2,137,819
Denmark		—		3,831,662	*		—		3,831,662
France		—		10,929,669	*		—		10,929,669
Germany		—		6,215,213	*		—		6,215,213
Hong Kong		—		1,658,668	*		—		1,658,668
Ireland		1,057,841		—			—		1,057,841
Japan		—		17,359,899	*		—		17,359,899
Luxembourg		656,076		—			—		656,076
Netherlands		—		4,565,126	*		—		4,565,126
Singapore		—		1,398,107	*		—		1,398,107
Spain		—		1,868,785	*		—		1,868,785
Sweden		—		1,665,858	*		—		1,665,858
Switzerland		—		4,236,873	*		—		4,236,873
Taiwan		998,821		—			—		998,821
United Kingdom		—		15,752,370	*		—		15,752,370
United States		695,062		—			—		695,062
Repurchase Agreements		—		510,030			—		510,030
Total	$	3,407,800	$	72,130,079		$	—	$	75,537,879

*	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, 2025 (unaudited)
Assets

Investments, at value	$	75,537,879

Foreign currency, at value		15,615

Foreign tax reclaims receivable		395,623

Dividends/interest receivable		39,094

Reimbursement receivable from adviser		11,979

Prepaid expenses		1,129


Total Assets		76,001,319


Liabilities

Payable for fund shares redeemed		113,287

Investment advisory fees payable		49,441

Accrued custodian and accounting fees		31,612

Accrued audit fees		16,062

Distribution fees payable		15,450

Accrued shareholder reports fees		14,276

Accrued expenses and other liabilities		17,935


Total Liabilities		258,063


Total Net Assets	$	75,743,256


Net Assets Consist of:

Paid-in capital	$	17,655,803

Distributable earnings		58,087,453


Total Net Assets	$	75,743,256


Investments, at Cost	$	51,771,522


Foreign Currency, at Cost	$	15,521


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		3,851,817

Net Asset Value Per Share		$19.66


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	946,134

Interest		6,029

Withholding taxes on foreign dividends		(89,213	)


Total Investment Income		862,950


Expenses

Investment advisory fees		308,709

Distribution fees		96,471

Custodian and accounting fees		44,432

Professional fees		23,110

Administrative fees		16,061

Trustees’ and officers’ fees		14,047

Shareholder reports		9,400

Transfer agent fees		7,276

Other expenses		4,474


Total Expenses		523,980

Less: Fees waived		(75,013	)


Total Expenses, Net		448,967


Net Investment Income/(Loss)		413,983


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		8,834,752

Net realized gain/(loss) from foreign currency transactions		30,982

Net change in unrealized appreciation/(depreciation) on investments		2,647,846

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		46,133


Net Gain on Investments and Foreign Currency Transactions		11,559,713


Net Increase in Net Assets Resulting From Operations	$	11,973,696


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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	413,983		$	354,422

Net realized gain/(loss) from investments and foreign currency transactions		8,865,734			10,662,818

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		2,693,979			(5,058,878	)


Net Increase in Net Assets Resulting from Operations		11,973,696			5,958,362


Capital Share Transactions

Proceeds from sales of shares		9,841			3,269,660

Cost of shares redeemed		(15,221,896	)		(34,109,699	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(15,212,055	)		(30,840,039	)


Net Decrease in Net Assets		(3,238,359	)		(24,881,677	)


Net Assets

Beginning of period		78,981,615			103,863,292


End of period	$	75,743,256		$	78,981,615


Other Information:

Shares

Sold		554			195,991

Redeemed		(834,343	)		(1,995,821	)


Net Decrease		(833,789	)		(1,799,830	)


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 6/30/25	$	16.86	$	0.10		$	2.70		$	2.80		$	19.66		16.61%	⁽⁴⁾

Year Ended 12/31/24		16.01		0.06			0.79			0.85			16.86		5.31%

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 %


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

$	75,743		1.16%	⁽⁴⁾		1.36%	⁽⁴⁾		1.08%	⁽⁴⁾		0.88%	⁽⁴⁾		25%	⁽⁴⁾

	78,982		1.17%			1.32%			0.38%			0.23%			27%

	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%

⁽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, 2025 (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

h. Segment Reporting The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The Fund’s adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. Park Avenue acts as the Fund’s Chief Operating Decision Maker (“CODM’’) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.

3. Transactions with Affiliates


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

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.

2025, the expense limitation was 1.17%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $75,013.

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.

ended June 30, 2025, the Fund incurred distribution fees in the amount of $96,471 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 $19,140,399 and $33,463,201, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, 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

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 December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

8. Subsequent Events


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

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 the March 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-subadvisory agreement (the “Sub-Subadvisory Agreement”) between Schroder Investment


				13

Management North America Inc. and Schroder Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

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 that the 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 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


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

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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.


16

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

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 of the expense group and that total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.


18

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.


				19

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

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				21

LOGO

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

PUB8171

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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

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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 99.7%
Aerospace & Defense – 1.5%

General Electric Co.		21,671	$	5,577,899


				5,577,899
Automobiles – 1.4%

Tesla, Inc.⁽¹⁾		16,787		5,332,558


				5,332,558
Banks – 0.6%

Wells Fargo & Co.		28,582		2,289,990


				2,289,990
Beverages – 0.6%

Monster Beverage Corp.⁽¹⁾		37,282		2,335,344


				2,335,344
Biotechnology – 1.0%

Vertex Pharmaceuticals, Inc.⁽¹⁾		8,132		3,620,366


				3,620,366
Broadline Retail – 6.4%

Amazon.com, Inc.⁽¹⁾		107,628		23,612,507


				23,612,507
Building Products – 0.4%

Builders FirstSource, Inc.⁽¹⁾		13,262		1,547,543


				1,547,543
Capital Markets – 2.1%

Ares Management Corp., Class A		14,792		2,561,974

Interactive Brokers Group, Inc., Class A		44,016		2,438,927

KKR & Co., Inc.		19,922		2,650,224


				7,651,125
Chemicals – 1.0%

Sherwin-Williams Co.		10,827		3,717,559


				3,717,559
Commercial Services & Supplies – 0.5%

Republic Services, Inc.		7,893		1,946,493


				1,946,493
Communications Equipment – 0.8%

Arista Networks, Inc.⁽¹⁾		30,188		3,088,534


				3,088,534
Consumer Finance – 0.9%

American Express Co.		10,362		3,305,271


				3,305,271
Consumer Staples Distribution & Retail – 1.5%

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		21,215		2,287,614

Walmart, Inc.		34,245		3,348,476


				5,636,090
Electrical Equipment – 0.9%

GE Vernova, Inc.		6,122		3,239,456


				3,239,456
Entertainment – 5.5%

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		23,960		2,503,820

Live Nation Entertainment, Inc.⁽¹⁾		21,512		3,254,335

Netflix, Inc.⁽¹⁾		7,502		10,046,153


June 30, 2025 (unaudited)	Shares		Value
Entertainment (continued)

Spotify Technology SA⁽¹⁾		6,035	$	4,630,897


				20,435,205
Financial Services – 3.6%

Mastercard, Inc., Class A		18,037		10,135,712

Visa, Inc., Class A		8,735		3,101,362


				13,237,074
Health Care Equipment & Supplies – 1.3%

Boston Scientific Corp.⁽¹⁾		25,837		2,775,152

Edwards Lifesciences Corp.⁽¹⁾		26,267		2,054,342


				4,829,494
Health Care Technology – 1.0%

Veeva Systems, Inc., Class A⁽¹⁾		12,626		3,636,035


				3,636,035
Hotels, Restaurants & Leisure – 2.7%

Chipotle Mexican Grill, Inc.⁽¹⁾		64,905		3,644,416

DoorDash, Inc., Class A⁽¹⁾		12,295		3,030,841

Hilton Worldwide Holdings, Inc.		11,857		3,157,993


				9,833,250
Interactive Media & Services – 9.9%

Alphabet, Inc., Class A		104,871		18,481,416

Meta Platforms, Inc., Class A		25,015		18,463,322


				36,944,738
IT Services – 1.1%

Gartner, Inc.⁽¹⁾		3,756		1,518,251

Shopify, Inc., Class A⁽¹⁾		23,272		2,684,425


				4,202,676
Machinery – 0.7%

Ingersoll Rand, Inc.		30,107		2,504,300


				2,504,300
Pharmaceuticals – 2.7%

Eli Lilly & Co.		13,087		10,201,709


				10,201,709
Semiconductors & Semiconductor Equipment – 19.7%

Broadcom, Inc.		67,829		18,697,064

KLA Corp.		5,139		4,603,208

NVIDIA Corp.		314,920		49,754,210


				73,054,482
Software – 18.8%

AppLovin Corp., Class A⁽¹⁾		3,244		1,135,660

Cadence Design Systems, Inc.⁽¹⁾		10,036		3,092,593

HubSpot, Inc.⁽¹⁾		2,775		1,544,648

Intuit, Inc.		6,700		5,277,121

Microsoft Corp.		80,931		40,255,889

Oracle Corp.		30,149		6,591,476

Palantir Technologies, Inc., Class A⁽¹⁾		15,298		2,085,423

Palo Alto Networks, Inc.⁽¹⁾		16,581		3,393,136

PTC, Inc.⁽¹⁾		12,842		2,213,190

ServiceNow, Inc.⁽¹⁾		4,273		4,392,986


				69,982,122


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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Specialized REITs – 0.8%

American Tower Corp.		13,860	$	3,063,337


				3,063,337
Specialty Retail – 1.1%

O’Reilly Automotive, Inc.⁽¹⁾		44,070		3,972,029


				3,972,029
Technology Hardware, Storage & Peripherals – 10.8%

Apple, Inc.		195,907		40,194,239


				40,194,239
Trading Companies & Distributors – 0.4%

FTAI Aviation Ltd.		13,240		1,523,130


				1,523,130

Total Common Stocks (Cost $214,193,996)				370,514,555

	Principal Amount		Value
Repurchase Agreements – 0.4%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,527,198, due 7/1/2025⁽²⁾	$	1,527,140		1,527,140

Total Repurchase Agreements (Cost $1,527,140)				1,527,140

Total Investments – 100.1% (Cost $215,721,136)				372,041,695

Liabilities in excess of other assets – (0.1)%				(206,615	)

Total Net Assets – 100.0%			$	371,835,080

⁽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

4.375%

5/15/2034

1,531,400

1,557,759

Legend:

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	370,514,555	$	—	$	—	$	370,514,555
Repurchase Agreements		—		1,527,140		—		1,527,140
Total	$	370,514,555	$	1,527,140	$	—	$	372,041,695


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, 2025 (unaudited)
Assets

Investments, at value	$	372,041,695

Receivable for investments sold		844,512

Dividends/interest receivable		28,539

Reimbursement receivable from adviser		17,350

Prepaid expenses		5,385


Total Assets		372,937,481


Liabilities

Payable for fund shares redeemed		665,722

Investment advisory fees payable		171,354

Payable for investments purchased		111,262

Distribution fees payable		74,479

Accrued audit fees		14,924

Accrued custodian and accounting fees		11,639

Accrued expenses and other liabilities		53,021


Total Liabilities		1,102,401


Total Net Assets	$	371,835,080


Net Assets Consist of:

Paid-in capital	$	(136,201,236	)

Distributable earnings		508,036,316


Total Net Assets	$	371,835,080


Investments, at Cost	$	215,721,136


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		9,817,239

Net Asset Value Per Share		$37.88


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	819,419

Interest		13,107


Total Investment Income		832,526


Expenses

Investment advisory fees		1,017,041

Distribution fees		441,322

Trustees’ and officers’ fees		63,765

Professional fees		47,947

Administrative fees		37,281

Custodian and accounting fees		22,186

Shareholder reports		16,348

Transfer agent fees		9,849

Other expenses		12,848


Total Expenses		1,668,587

Less: Fees waived		(132,786	)


Total Expenses, Net		1,535,801


Net Investment Income/(Loss)		(703,275	)


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

Net realized gain/(loss) from investments		30,952,235

Net change in unrealized appreciation/(depreciation) on investments		(10,789,699	)


Net Gain on Investments		20,162,536


Net Increase in Net Assets Resulting From Operations	$	19,459,261


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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	(703,275	)	$	(1,348,829	)

Net realized gain/(loss) from investments		30,952,235			110,591,240

Net change in unrealized appreciation/(depreciation) on investments		(10,789,699	)		1,526,116


Net Increase in Net Assets Resulting from Operations		19,459,261			110,768,527


Capital Share Transactions

Proceeds from sales of shares		16,778,107			11,282,613

Cost of shares redeemed		(56,179,994	)		(181,260,766	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(39,401,887	)		(169,978,153	)


Net Decrease in Net Assets		(19,942,626	)		(59,209,626	)


Net Assets

Beginning of period		391,777,706			450,987,332


End of period	$	371,835,080		$	391,777,706


Other Information:

Shares

Sold		499,764			357,736

Redeemed		(1,590,958	)		(5,624,527	)


Net Decrease		(1,091,194	)		(5,266,791	)


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

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				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 6/30/25	$	35.92	$	(0.07)	$	2.03	$	1.96		$	37.88		5.46%	⁽⁴⁾

Year Ended 12/31/24		27.88		(0.10)		8.14		8.04			35.92		28.84%

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%


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

$	371,835		0.87%	⁽⁴⁾		0.95%	⁽⁴⁾		(0.40)%	⁽⁴⁾		(0.48)%	⁽⁴⁾		30%	⁽⁴⁾

	391,778		0.87%			0.92%			(0.31)%			(0.36)%			33%

	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%

⁽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.


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, 2025 (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 non-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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $132,786.

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

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 $107,911,145 and $149,171,518, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

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

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 December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

8. Subsequent Events


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

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


				13

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 that the 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 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


14

the Manager’s key personnel and the Manager’s organizational structure 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

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

Economies of Scale

Ancillary Benefits

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

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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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


16

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 noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•


				17

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the

actual management fee was in the 1^st quintile of the expense group, and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.


18

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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


				19

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

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				21

LOGO

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

PUB8173

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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

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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 99.5%

Aerospace & Defense – 2.1%

General Dynamics Corp.		3,474	$	1,013,227

L3Harris Technologies, Inc.		3,101		777,855


				1,791,082
Air Freight & Logistics – 0.7%

CH Robinson Worldwide, Inc.		6,593		632,598


				632,598
Automobile Components – 0.6%

Aptiv PLC⁽¹⁾		7,387		503,941


				503,941
Banks – 7.4%

Huntington Bancshares, Inc.		72,244		1,210,809

JPMorgan Chase & Co.		13,109		3,800,430

Wells Fargo & Co.		16,163		1,294,980


				6,306,219
Beverages – 2.4%

Coca-Cola Co.		20,168		1,426,886

Coca-Cola Europacific Partners PLC		6,402		593,594


				2,020,480
Biotechnology – 1.8%

AbbVie, Inc.		8,220		1,525,796


				1,525,796
Broadline Retail – 2.2%

Amazon.com, Inc.⁽¹⁾		8,413		1,845,728


				1,845,728
Building Products – 0.5%

Allegion PLC		3,045		438,845


				438,845
Capital Markets – 6.0%

Blue Owl Capital, Inc.		12,233		234,996

Charles Schwab Corp.		9,540		870,430

Goldman Sachs Group, Inc.		1,123		794,803

Intercontinental Exchange, Inc.		2,765		507,295

LPL Financial Holdings, Inc.		3,984		1,493,880

Morgan Stanley		8,547		1,203,930


				5,105,334
Construction Materials – 1.8%

CRH PLC		17,007		1,561,243


				1,561,243
Consumer Finance – 2.9%

American Express Co.		4,696		1,497,930

Capital One Financial Corp.		4,569		972,101


				2,470,031
Consumer Staples Distribution & Retail – 3.4%

Sysco Corp.		16,487		1,248,725

U.S. Foods Holding Corp.⁽¹⁾		21,755		1,675,353


				2,924,078
Electric Utilities – 3.5%

Entergy Corp.		9,354		777,505

FirstEnergy Corp.		27,582		1,110,451

PPL Corp.		31,725		1,075,160


				2,963,116


June 30, 2025 (unaudited)	Shares		Value
Electrical Equipment – 1.4%

Emerson Electric Co.		4,864	$	648,517

Hubbell, Inc.		1,288		526,032


				1,174,549
Electronic Equipment, Instruments & Components – 3.6%

Flex Ltd.⁽¹⁾		25,014		1,248,699

Keysight Technologies, Inc.⁽¹⁾		5,931		971,854

Ralliant Corp.⁽¹⁾		2,900		140,637

Trimble, Inc.⁽¹⁾		9,390		713,452


				3,074,642
Energy Equipment & Services – 0.4%

Schlumberger NV		11,363		384,069


				384,069
Entertainment – 1.9%

Walt Disney Co.		12,804		1,587,824


				1,587,824
Financial Services – 3.5%

Apollo Global Management, Inc.		3,421		485,337

Corpay, Inc.⁽¹⁾		3,360		1,114,915

Fidelity National Information Services, Inc.		17,130		1,394,554


				2,994,806
Ground Transportation – 3.3%

Norfolk Southern Corp.		4,149		1,062,019

Uber Technologies, Inc.⁽¹⁾		18,382		1,715,041


				2,777,060
Health Care Equipment & Supplies – 1.1%

Medtronic PLC		10,671		930,191


				930,191
Health Care Providers & Services – 6.8%

Cencora, Inc.		5,320		1,595,202

Centene Corp.⁽¹⁾		5,412		293,763

Elevance Health, Inc.		1,592		619,224

McKesson Corp.		1,929		1,413,533

Quest Diagnostics, Inc.		5,017		901,204

UnitedHealth Group, Inc.		2,927		913,136


				5,736,062
Hotels, Restaurants & Leisure – 1.0%

Booking Holdings, Inc.		144		833,651


				833,651
Industrial Conglomerates – 1.9%

Honeywell International, Inc.		7,032		1,637,612


				1,637,612
Insurance – 3.6%

Allstate Corp.		4,875		981,386

Aon PLC, Class A		2,982		1,063,858

Arthur J Gallagher & Co.		1,648		527,558

Chubb Ltd.		1,563		452,833


				3,025,635
Interactive Media & Services – 1.3%

Alphabet, Inc., Class A		6,218		1,095,798


				1,095,798


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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Machinery – 1.9%

Flowserve Corp.		6,372	$	333,574

Fortive Corp.		8,701		453,583

Westinghouse Air Brake Technologies Corp.		4,092		856,661


				1,643,818
Media – 0.5%

Omnicom Group, Inc.		5,901		424,518


				424,518
Metals & Mining – 3.8%

Kinross Gold Corp.		95,477		1,492,306

Newmont Corp.		10,611		618,197

Reliance, Inc.		1,705		535,199

Teck Resources Ltd., Class B		13,932		562,574


				3,208,276
Multi-Utilities – 1.0%

CenterPoint Energy, Inc.		22,995		844,836


				844,836
Oil, Gas & Consumable Fuels – 6.2%

Canadian Natural Resources Ltd.		12,537		393,662

Cenovus Energy, Inc.		40,602		552,187

ConocoPhillips		12,017		1,078,405

Diamondback Energy, Inc.		8,337		1,145,504

Marathon Petroleum Corp.		8,302		1,379,045

ONEOK, Inc.		9,106		743,323


				5,292,126
Passenger Airlines – 0.5%

United Airlines Holdings, Inc.⁽¹⁾		5,223		415,908


				415,908
Personal Care Products – 0.5%

Kenvue, Inc.		20,766		434,632


				434,632
Pharmaceuticals – 0.9%

AstraZeneca PLC, ADR		11,470		801,524


				801,524
Professional Services – 2.1%

Jacobs Solutions, Inc.		6,451		847,984

KBR, Inc.		8,602		412,380

Leidos Holdings, Inc.		3,439		542,537


				1,802,901
Semiconductors & Semiconductor Equipment – 5.3%

Applied Materials, Inc.		5,576		1,020,799

Microchip Technology, Inc.		19,703		1,386,500

Micron Technology, Inc.		8,364		1,030,863

NXP Semiconductors NV		4,772		1,042,634


				4,480,796
Software – 1.9%

Oracle Corp.		7,461		1,631,198


				1,631,198


June 30, 2025 (unaudited)	Shares		Value
Specialty Retail – 3.2%

AutoNation, Inc.⁽¹⁾		3,858	$	766,392

AutoZone, Inc.⁽¹⁾		349		1,295,568

Home Depot, Inc.		1,785		654,452


				2,716,412
Technology Hardware, Storage & Peripherals – 1.3%

Dell Technologies, Inc., Class C		8,817		1,080,964


				1,080,964
Tobacco – 3.0%

Philip Morris International, Inc.		13,865		2,525,233


				2,525,233
Trading Companies & Distributors – 1.3%

United Rentals, Inc.		1,413		1,064,554


				1,064,554
Wireless Telecommunication Services – 1.0%

T-Mobile U.S., Inc.		3,408		811,990


				811,990

Total Common Stocks (Cost $62,161,446)				84,520,076

	Principal Amount		Value
Repurchase Agreements – 0.5%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $424,870, due 7/1/2025⁽²⁾	$	424,854		424,854

Total Repurchase Agreements (Cost $424,854)				424,854

Total Investments – 100.0% (Cost $62,586,300)				84,944,930

Liabilities in excess of other assets – (0.0)%				(15,922	)

Total Net Assets – 100.0%			$	84,929,008

⁽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		4.375%		5/15/2034	$	426,100	$	433,496

Legend:

ADR — American Depositary Receipt


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	$	84,520,076	$	—	$	—	$	84,520,076
Repurchase Agreements		—		424,854		—		424,854
Total	$	84,520,076	$	424,854	$	—	$	84,944,930


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, 2025 (unaudited)
Assets

Investments, at value	$	84,944,930

Receivable for investments sold		704,243

Dividends/interest receivable		103,635

Foreign tax reclaims receivable		73,147

Reimbursement receivable from adviser		9,692

Prepaid expenses		1,001


Total Assets		85,836,648


Liabilities

Payable for investments purchased		714,778

Payable for fund shares redeemed		71,507

Investment advisory fees payable		44,899

Accrued custodian and accounting fees		18,767

Distribution fees payable		17,269

Accrued audit fees		14,924

Accrued expenses and other liabilities		25,496


Total Liabilities		907,640


Total Net Assets	$	84,929,008


Net Assets Consist of:

Paid-in capital	$	(44,585,933	)

Distributable earnings		129,514,941


Total Net Assets	$	84,929,008

Investments, at Cost	$	62,586,300


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		3,445,518

Net Asset Value Per Share		$24.65


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	793,892

Interest		6,908

Withholding taxes on foreign dividends		(2,815	)


Total Investment Income		797,985


Expenses

Investment advisory fees		278,592

Distribution fees		107,151

Custodian and accounting fees		30,711

Professional fees		21,943

Administrative fees		16,336

Trustees’ and officers’ fees		15,308

Transfer agent fees		6,821

Shareholder reports		6,513

Other expenses		3,222


Total Expenses		486,597

Less: Fees waived		(70,851	)


Total Expenses, Net		415,746


Net Investment Income/(Loss)		382,239


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		4,898,093

Net realized gain/(loss) from foreign currency transactions		(77	)

Net change in unrealized appreciation/(depreciation) on investments		146,544

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		44


Net Gain on Investments and Foreign Currency Transactions		5,044,604


Net Increase in Net Assets Resulting From Operations	$	5,426,843


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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	382,239		$	829,444

Net realized gain/(loss) from investments and foreign currency transactions		4,898,016			30,504,280

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		146,588			(12,735,933	)


Net Increase in Net Assets Resulting from Operations		5,426,843			18,597,791


Capital Share Transactions

Proceeds from sales of shares		2,361,180			2,172,459

Cost of shares redeemed		(14,806,124	)		(65,914,940	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(12,444,944	)		(63,742,481	)


Net Decrease in Net Assets		(7,018,101	)		(45,144,690	)


Net Assets

Beginning of period		91,947,109			137,091,799


End of period	$	84,929,008		$	91,947,109


Other Information:

Shares

Sold		102,372			99,265

Redeemed		(628,457	)		(2,969,888	)


Net Decrease		(526,085	)		(2,870,623	)


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 6/30/25	$	23.15	$	0.10		$	1.40	$	1.50	$	24.65		6.48%	⁽⁴⁾

Year Ended 12/31/24		20.04		0.16			2.95		3.11		23.15		15.52%

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%


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

$	84,929		0.97%	⁽⁴⁾		1.14%	⁽⁴⁾		0.89%	⁽⁴⁾		0.72%	⁽⁴⁾		27%	⁽⁴⁾

	91,947		0.97%			1.08%			0.70%			0.59%			56%

	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%

⁽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, 2025 (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

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).


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE 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% 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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $70,851.

Park Avenue has entered into a Sub-Advisory Agreement with Boston Partners Global Investors, Inc. (“Boston Partners”). Boston Partners is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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 $23,440,541 and $35,162,892, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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

8. Subsequent Events


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

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

(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 that the 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 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


14

Investment Performance

For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

Economies of Scale

Ancillary Benefits

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

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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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


16

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 noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•


				17

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the

actual management fee was in the 1^st quintile of the expense group, and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.


18

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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


				19

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year and 5-year periods and in line with the

Bloomberg US Aggregate Bond Index for the 3-year period.

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

This Page Intentionally Left Blank


				21

LOGO

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

PUB8174

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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

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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 99.6%
Aerospace & Defense – 1.5%

General Electric Co.		10,623	$	2,734,254

Loar Holdings, Inc.⁽¹⁾		200		17,234


				2,751,488
Automobiles – 0.9%

BYD Co. Ltd., Class H (China)		107,803		1,687,216


				1,687,216
Banks – 0.4%

Huntington Bancshares, Inc.		22,498		377,067

M&T Bank Corp.		1,899		368,387


				745,454
Beverages – 1.0%

Coca-Cola Co.		11,867		839,590

Constellation Brands, Inc., Class A		7,000		1,138,760


				1,978,350
Biotechnology – 4.2%

Alnylam Pharmaceuticals, Inc.⁽¹⁾		6,722		2,191,977

Arcellx, Inc.⁽¹⁾		1,052		69,274

Beam Therapeutics, Inc.⁽¹⁾		13,796		234,670

Biogen, Inc.⁽¹⁾		3,915		491,685

BioNTech SE, ADR⁽¹⁾		7,086		754,446

Blueprint Medicines Corp.⁽¹⁾		653		83,701

Cytokinetics, Inc.⁽¹⁾		3,266		107,909

Exact Sciences Corp.⁽¹⁾		27,278		1,449,553

Galapagos NV, ADR⁽¹⁾		6,794		190,164

Gamida Cell Ltd.^(1)(2)(3)		59,800		1

Gilead Sciences, Inc.		14,763		1,636,774

Hookipa Pharma, Inc.⁽¹⁾		2,270		2,849

Immunocore Holdings PLC, ADR⁽¹⁾		3,803		119,338

Janux Therapeutics, Inc.⁽¹⁾		2,300		53,130

Krystal Biotech, Inc.⁽¹⁾		839		115,329

Legend Biotech Corp., ADR⁽¹⁾		5,400		191,646

Moderna, Inc.⁽¹⁾		5,813		160,381

Vor BioPharma, Inc.⁽¹⁾		6,333		10,259

XOMA Royalty Corp.⁽¹⁾		4,503		113,476


				7,976,562
Broadline Retail – 12.1%

Amazon.com, Inc.⁽¹⁾		92,444		20,281,289

MercadoLibre, Inc.⁽¹⁾		941		2,459,426

Savers Value Village, Inc.⁽¹⁾		18,170		185,334


				22,926,049
Building Products – 0.0%

Simpson Manufacturing Co., Inc.		487		75,636


				75,636
Capital Markets – 1.7%

Evercore, Inc., Class A		2,202		594,584

Intercontinental Exchange, Inc.		11,243		2,062,753

Morgan Stanley		3,738		526,535


				3,183,872


June 30, 2025 (unaudited)	Shares		Value
Construction Materials – 0.5%

Eagle Materials, Inc.		332	$	67,100

Martin Marietta Materials, Inc.		1,482		813,559


				880,659
Consumer Finance – 1.0%

Capital One Financial Corp.		8,933		1,900,585


				1,900,585
Containers & Packaging – 0.6%

International Paper Co.		22,182		1,038,783


				1,038,783
Diversified Consumer Services – 0.2%

Duolingo, Inc.⁽¹⁾		931		381,729


				381,729
Electrical Equipment – 1.3%

GE Vernova, Inc.		4,759		2,518,225


				2,518,225
Electronic Equipment, Instruments & Components – 1.0%

Flex Ltd.⁽¹⁾		17,118		854,531

Jabil, Inc.		4,575		997,807


				1,852,338
Entertainment – 2.1%

Live Nation Entertainment, Inc.⁽¹⁾		10,121		1,531,105

ROBLOX Corp., Class A⁽¹⁾		22,784		2,396,877


				3,927,982
Financial Services – 6.0%

Mastercard, Inc., Class A		8,409		4,725,353

Rocket Cos., Inc., Class A		38,043		539,450

Toast, Inc., Class A⁽¹⁾		36,723		1,626,462

Visa, Inc., Class A		12,676		4,500,614


				11,391,879
Ground Transportation – 0.7%

Uber Technologies, Inc.⁽¹⁾		13,353		1,245,835


				1,245,835
Health Care Equipment & Supplies – 3.3%

Align Technology, Inc.⁽¹⁾		4,919		931,314

Boston Scientific Corp.⁽¹⁾		40,128		4,310,149

Ceribell, Inc.⁽¹⁾		1,339		25,079

Glaukos Corp.⁽¹⁾		3,861		398,803

Penumbra, Inc.⁽¹⁾		2,010		515,826

Pulmonx Corp.⁽¹⁾		3,191		8,265

RxSight, Inc.⁽¹⁾		716		9,308


				6,198,744
Health Care Providers & Services – 0.8%

HealthEquity, Inc.⁽¹⁾		14,136		1,480,887


				1,480,887
Health Care Technology – 0.3%

Veeva Systems, Inc., Class A⁽¹⁾		2,285		658,034


				658,034
Hotels, Restaurants & Leisure – 2.7%

Airbnb, Inc., Class A⁽¹⁾		13,384		1,771,239

Booking Holdings, Inc.		343		1,985,709


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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Hotels, Restaurants & Leisure (continued)

Carnival Corp.⁽¹⁾		15,800	$	444,296

Kura Sushi USA, Inc., Class A⁽¹⁾		3,244		279,243

Starbucks Corp.		7,790		713,798


				5,194,285
Household Durables – 0.5%

D.R. Horton, Inc.		3,200		412,544

TopBuild Corp.⁽¹⁾		1,757		568,811


				981,355
Insurance – 1.0%

Arthur J Gallagher & Co.		5,714		1,829,166


				1,829,166
Interactive Media & Services – 8.3%

Alphabet, Inc., Class A		50,286		8,861,902

Meta Platforms, Inc., Class A		6,256		4,617,491

Tencent Holdings Ltd. (Cayman Islands)		33,278		2,137,349


				15,616,742
IT Services – 1.9%

Gartner, Inc.⁽¹⁾		400		161,688

Shopify, Inc., Class A⁽¹⁾		20,839		2,403,778

Wix.com Ltd.⁽¹⁾		6,371		1,009,549


				3,575,015
Leisure Products – 0.2%

Games Workshop Group PLC (United Kingdom)		2,012		448,066


				448,066
Life Sciences Tools & Services – 0.3%

10X Genomics, Inc., Class A⁽¹⁾		8,189		94,829

Bio-Techne Corp.		1,203		61,894

Chemometec AS (Denmark)		2,449		225,930

Codexis, Inc.⁽¹⁾		30,200		73,688

MaxCyte, Inc.⁽¹⁾		7,867		17,150


				473,491
Machinery – 2.3%

Deere & Co.		4,879		2,480,923

Ingersoll Rand, Inc.		10,517		874,804

Westinghouse Air Brake Technologies Corp.		4,900		1,025,815


				4,381,542
Metals & Mining – 1.0%

Carpenter Technology Corp.		4,756		1,314,463

Vale SA, ADR		59,069		573,560


				1,888,023
Oil, Gas & Consumable Fuels – 1.5%

Cheniere Energy, Inc.		7,185		1,749,691

Range Resources Corp.		25,034		1,018,133


				2,767,824
Personal Care Products – 1.2%

Estee Lauder Cos., Inc., Class A		27,873		2,252,139


				2,252,139
Pharmaceuticals – 5.1%

Aclaris Therapeutics, Inc.⁽¹⁾		4,400		6,248


June 30, 2025 (unaudited)	Shares		Value

Chugai Pharmaceutical Co. Ltd. (Japan)		14,603	$	763,351

Eli Lilly & Co.		5,927		4,620,274

Royalty Pharma PLC, Class A		62,006		2,234,076

Teva Pharmaceutical Industries Ltd., ADR⁽¹⁾		50,170		840,849

UCB SA (Belgium)		5,143		1,010,395

Zevra Therapeutics, Inc.⁽¹⁾		10,840		95,501


				9,570,694
Professional Services – 2.5%

Equifax, Inc.		11,702		3,035,148

KBR, Inc.		6,014		288,311

RELX PLC, ADR		10,927		593,773

UL Solutions, Inc., Class A		11,400		830,604


				4,747,836
Real Estate Management & Development – 0.8%

Zillow Group, Inc., Class A⁽¹⁾		3,901		267,179

Zillow Group, Inc., Class C⁽¹⁾		17,998		1,260,760


				1,527,939
Semiconductors & Semiconductor Equipment – 15.5%

Astera Labs, Inc.⁽¹⁾		260		23,509

BE Semiconductor Industries NV (Netherlands)		11,420		1,709,543

NVIDIA Corp.		139,656		22,064,251

SiTime Corp.⁽¹⁾		2,944		627,308

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		21,733		4,922,307


				29,346,918
Software – 8.7%

Appfolio, Inc., Class A⁽¹⁾		395		90,961

Circle Internet Group, Inc.⁽¹⁾		300		54,387

CyberArk Software Ltd.⁽¹⁾		900		366,192

Docusign, Inc.⁽¹⁾		7,808		608,165

HubSpot, Inc.⁽¹⁾		2,373		1,320,883

Microsoft Corp.		22,651		11,266,834

Monday.com Ltd.⁽¹⁾		3,500		1,100,680

Nutanix, Inc., Class A⁽¹⁾		6,444		492,579

Palo Alto Networks, Inc.⁽¹⁾		2,892		591,819

SailPoint, Inc.⁽¹⁾		1,000		22,860

Zeta Global Holdings Corp., Class A⁽¹⁾		17,718		274,452

Zscaler, Inc.⁽¹⁾		800		251,152


				16,440,964
Specialty Retail – 2.0%

Floor & Decor Holdings, Inc., Class A⁽¹⁾		4,246		322,526

Lowe’s Cos., Inc.		15,184		3,368,874


				3,691,400
Technology Hardware, Storage & Peripherals – 3.9%

Apple, Inc.		36,258		7,439,054


				7,439,054
Trading Companies & Distributors – 0.6%

Ferguson Enterprises, Inc. (United Kingdom)		5,259		1,149,443


				1,149,443

Total Common Stocks (Cost $138,348,950)				188,122,203


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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Repurchase Agreements – 0.6%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,162,245, due 7/1/2025⁽⁴⁾	$	1,162,201	$	1,162,201

Total Repurchase Agreements (Cost $1,162,201)				1,162,201

Total Investments – 100.2% (Cost $139,511,151)				189,284,404

Liabilities in excess of other assets – (0.2)%				(293,175	)

Total Net Assets – 100.0%			$	188,991,229

⁽¹⁾	Non–income–producing security.

⁽²⁾	Fair valued security. See Note 2a in Notes to Financial Statements.

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


Security	Shares		Cost		Value		Acquisition Date		% of Fund’s Net Assets
Gamida Cell Ltd.		59,800	$	90,298	$	1		7/18/2023		0.00%

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.375%		5/15/2034	$	1,165,500	$	1,185,619

Legend:

ADR — American Depositary Receipt


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	178,990,909	$	9,131,293	*	$	1	$	188,122,203
Repurchase Agreements		—		1,162,201			—		1,162,201
Total	$	178,990,909	$	10,293,494		$	1	$	189,284,404

*	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 LARGE CAP FUNDAMENTAL GROWTH VIP FUND


Statement of Assets and Liabilities As of June 30, 2025 (unaudited)
Assets

Investments, at value	$	189,284,404

Receivable for investments sold		133,815

Dividends/interest receivable		66,056

Foreign tax reclaims receivable		9,985

Reimbursement receivable from adviser		1,869

Prepaid expenses		2,834


Total Assets		189,498,963


Liabilities

Payable for fund shares redeemed		292,933

Investment advisory fees payable		90,596

Distribution fees payable		37,933

Accrued custodian and accounting fees		31,830

Accrued audit fees		15,914

Foreign currency overdraft		384

Accrued expenses and other liabilities		38,144


Total Liabilities		507,734


Total Net Assets	$	188,991,229


Net Assets Consist of:

Paid-in capital	$	(100,409,609	)

Distributable earnings		289,400,838


Total Net Assets	$	188,991,229


Investments, at Cost	$	139,511,151


Foreign Currency Overdraft, at Cost	$	386


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		5,399,270

Net Asset Value Per Share		$35.00


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	585,823

Interest		18,133

Withholding taxes on foreign dividends		(13,833	)


Total Investment Income		590,123

Expenses

Investment advisory fees		539,883

Distribution fees		225,916

Custodian and accounting fees		47,452

Trustees’ and officers’ fees		32,403

Professional fees		32,048

Administrative fees		23,788

Shareholder reports		10,367

Transfer agent fees		7,858

Other expenses		6,969


Total Expenses		926,684

Less: Fees waived		(23,098	)


Total Expenses, Net		903,586


Net Investment Income/(Loss)		(313,463	)


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		14,562,814

Net realized gain/(loss) from foreign currency transactions		(821	)

Net change in unrealized appreciation/(depreciation) on investments		(4,455,881	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		225


Net Gain on Investments and Foreign Currency Transactions		10,106,337


Net Increase in Net Assets Resulting From Operations	$	9,792,874


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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	(313,463	)	$	(1,164,554	)

Net realized gain/(loss) from investments and foreign currency transactions		14,561,993			85,851,020

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(4,455,656	)		(22,579,625	)


Net Increase in Net Assets Resulting from Operations		9,792,874			62,106,841


Capital Share Transactions

Proceeds from sales of shares		7,324,612			1,014,798

Cost of shares redeemed		(25,799,460	)		(112,366,805	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(18,474,848	)		(111,352,007	)


Net Decrease in Net Assets		(8,681,974	)		(49,245,166	)


Net Assets

Beginning of period		197,673,203			246,918,369


End of period	$	188,991,229		$	197,673,203


Other Information:

Shares

Sold		233,280			33,952

Redeemed		(792,996	)		(3,757,221	)


Net Decrease		(559,716	)		(3,723,269	)


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 Loss⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/25	$	33.17	$	(0.06)	$	1.89	$	1.83	$	35.00		5.52%	⁽⁴⁾

Year Ended 12/31/24		25.50		(0.16)		7.83		7.67		33.17		30.08%

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%


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 Loss to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate

$	188,991		1.00%	⁽⁴⁾		1.03%	⁽⁴⁾		(0.35)%	⁽⁴⁾		(0.38)%	⁽⁴⁾		23%	⁽⁴⁾

	197,673		0.99%			0.99%			(0.51)%			(0.51)%			56%

	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%

⁽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.


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, 2025 (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 non-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).


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL 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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 1.01%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $23,098.

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 $41,889,840 and $60,421,994, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL 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

8. Subsequent Events


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

Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

Nature, Extent and Quality of Services

The Trustees considered that the 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 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 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.


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

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

Fund-by-Fund Factors

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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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 noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

The Board acknowledged the Fund’s short operational history. The Board noted that it would have an


16

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


				17

1-year period, in the 4^th quintile of its performance universe for 3-year period, and in the 3^rd quintile of its performance universe for the 5-year period.

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•


18

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index 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.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.


				19

•

Guardian Total Return Bond VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the

2^nd quintile of the expense group and that the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

This Page Intentionally Left Blank


				21

LOGO

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

PUB8175

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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

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

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 99.4%
Aerospace & Defense – 3.8%

L3Harris Technologies, Inc.		8,663	$	2,173,027

StandardAero, Inc.⁽¹⁾		56,410		1,785,376


				3,958,403
Automobile Components – 1.2%

Aptiv PLC⁽¹⁾		17,869		1,219,023


				1,219,023
Banks – 3.4%

Fifth Third Bancorp		52,743		2,169,320

Regions Financial Corp.		54,727		1,287,179


				3,456,499
Beverages – 3.3%

Keurig Dr Pepper, Inc.		91,685		3,031,106

Primo Brands Corp.		11,235		332,781


				3,363,887
Building Products – 2.6%

Carlisle Cos., Inc.		7,137		2,664,956


				2,664,956
Capital Markets – 2.4%

Jefferies Financial Group, Inc.		45,429		2,484,512


				2,484,512
Chemicals – 1.7%

Ashland, Inc.		11,270		566,655

RPM International, Inc.		10,782		1,184,295


				1,750,950
Commercial Services & Supplies – 1.6%

Republic Services, Inc.		6,601		1,627,873


				1,627,873
Construction & Engineering – 1.0%

API Group Corp.⁽¹⁾		20,014		1,021,715


				1,021,715
Construction Materials – 2.8%

Amrize Ltd.⁽¹⁾		8,121		402,396

Vulcan Materials Co.		9,626		2,510,653


				2,913,049
Containers & Packaging – 3.2%

AptarGroup, Inc.		5,248		820,945

Graphic Packaging Holding Co.		115,730		2,438,431


				3,259,376
Electric Utilities – 5.3%

American Electric Power Co., Inc.		28,769		2,985,071

FirstEnergy Corp.		61,450		2,473,977


				5,459,048
Energy Equipment & Services – 1.5%

Baker Hughes Co.		41,026		1,572,937


				1,572,937
Financial Services – 1.5%

Euronet Worldwide, Inc.⁽¹⁾		15,411		1,562,367


June 30, 2025 (unaudited)	Shares		Value
Financial Services (continued)

Pershing Square Tontine Holdings Ltd.^(1)(2)(3)		125,172	$	0


				1,562,367
Ground Transportation – 4.0%

Canadian Pacific Kansas City Ltd.		27,164		2,153,290

CSX Corp.		28,497		929,857

Knight-Swift Transportation Holdings, Inc.		23,295		1,030,338


				4,113,485
Health Care Equipment & Supplies – 2.0%

Alcon AG		16,230		1,432,785

Hologic, Inc.⁽¹⁾		10,170		662,677


				2,095,462
Health Care Providers & Services – 3.8%

Humana, Inc.		4,506		1,101,627

Labcorp Holdings, Inc.		10,767		2,826,445


				3,928,072
Household Durables – 3.5%

D.R. Horton, Inc.		14,547		1,875,399

Somnigroup International, Inc.		15,043		1,023,676

TopBuild Corp.⁽¹⁾		2,057		665,933


				3,565,008
Household Products – 2.3%

Church & Dwight Co., Inc.		18,557		1,783,513

Reynolds Consumer Products, Inc.		27,562		590,378


				2,373,891
Insurance – 7.0%

Arch Capital Group Ltd.		28,297		2,576,442

Axis Capital Holdings Ltd.		4,100		425,662

Brown & Brown, Inc.		22,104		2,450,670

Loews Corp.		19,030		1,744,290


				7,197,064
IT Services – 1.9%

Amdocs Ltd.		21,094		1,924,616


				1,924,616
Life Sciences Tools & Services – 3.9%

Charles River Laboratories International, Inc.⁽¹⁾		14,290		2,168,222

ICON PLC⁽¹⁾		6,819		991,823

Qiagen NV		17,777		854,363


				4,014,408
Machinery – 3.6%

Donaldson Co., Inc.		6,257		433,923

Gates Industrial Corp. PLC⁽¹⁾		74,615		1,718,384

Ingersoll Rand, Inc.		10,556		878,048

Toro Co.		9,274		655,486


				3,685,841
Metals & Mining – 1.7%

Freeport-McMoRan, Inc.		31,752		1,376,449

Nucor Corp.		2,757		357,142


				1,733,591


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

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Mortgage REITs – 2.1%

Annaly Capital Management, Inc.		114,060	$	2,146,609


				2,146,609
Office REITs – 1.7%

BXP, Inc.		26,559		1,791,936


				1,791,936
Oil, Gas & Consumable Fuels – 4.4%

EOG Resources, Inc.		12,193		1,458,405

EQT Corp.		30,418		1,773,978

Valero Energy Corp.		9,334		1,254,676


				4,487,059
Professional Services – 3.1%

Booz Allen Hamilton Holding Corp.		10,462		1,089,408

Jacobs Solutions, Inc.		16,416		2,157,883


				3,247,291
Real Estate Management & Development – 2.9%

CBRE Group, Inc., Class A⁽¹⁾		21,096		2,955,971


				2,955,971
Semiconductors & Semiconductor Equipment – 3.5%

ON Semiconductor Corp.⁽¹⁾		33,125		1,736,081

Teradyne, Inc.		20,642		1,856,129


				3,592,210
Specialized REITs – 4.3%

CubeSmart		29,836		1,268,030

Gaming & Leisure Properties, Inc.		31,965		1,492,126

Weyerhaeuser Co.		64,456		1,655,875


				4,416,031
Specialty Retail – 0.8%

AutoZone, Inc.⁽¹⁾		139		516,000

RH⁽¹⁾		1,670		315,647


				831,647
Textiles, Apparel & Luxury Goods – 0.9%

PVH Corp.		13,400		919,240


				919,240
Trading Companies & Distributors – 4.8%

AerCap Holdings NV		25,747		3,012,399

WESCO International, Inc.		10,409		1,927,747


				4,940,146
Water Utilities – 1.9%

American Water Works Co., Inc.		14,083		1,959,086


				1,959,086

Total Common Stocks (Cost $78,195,435)				102,233,259


June 30, 2025 (unaudited)	Shares		Value
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
	Principal Amount		Value
Repurchase Agreements – 1.1%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,156,354, due 7/1/2025⁽⁴⁾	$	1,156,311		1,156,311

Total Repurchase Agreements (Cost $1,156,311)				1,156,311

Total Investments – 100.5% (Cost $79,351,746)				103,389,570

Liabilities in excess of other assets – (0.5)%				(529,550	)

Total Net Assets – 100.0%			$	102,860,020

⁽¹⁾	Non–income–producing security.


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

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

⁽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		4.375%		5/15/2034	$	1,159,600	$	1,179,624

Legend:

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	102,233,259	$	0	$	—	$	102,233,259
Warrants		—		0		—		0
Rights		—		0		—		0
Repurchase Agreements		—		1,156,311		—		1,156,311
Total	$	102,233,259	$	1,156,311	$	—	$	103,389,570


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, 2025 (unaudited)
Assets

Investments, at value	$	103,389,570

Dividends/interest receivable		201,108

Receivable for fund shares subscribed		56,833

Receivable for investments sold		45,644

Foreign tax reclaims receivable		9,351

Reimbursement receivable from adviser		5,126

Prepaid expenses		1,255


Total Assets		103,708,887


Liabilities

Payable for investments purchased		566,689

Payable for fund shares redeemed		148,087

Investment advisory fees payable		60,707

Distribution fees payable		21,118

Accrued audit fees		14,924

Accrued custodian and accounting fees		10,395

Accrued expenses and other liabilities		26,947


Total Liabilities		848,867


Total Net Assets	$	102,860,020


Net Assets Consist of:

Paid-in capital	$	(38,327,738	)

Distributable earnings		141,187,758


Total Net Assets	$	102,860,020

Investments, at Cost	$	79,351,746


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		4,772,401

Net Asset Value Per Share		$21.55


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	1,088,318

Interest		10,522


Total Investment Income		1,098,840


Expenses

Investment advisory fees		377,203

Distribution fees		131,523

Professional fees		23,964

Custodian and accounting fees		19,182

Trustees’ and officers’ fees		19,001

Administrative fees		18,043

Transfer agent fees		7,827

Shareholder reports		7,248

Other expenses		3,789


Total Expenses		607,780

Less: Fees waived		(37,880	)


Total Expenses, Net		569,900


Net Investment Income/(Loss)		528,940


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		7,720,845

Net realized gain/(loss) from foreign currency transactions		90

Net change in unrealized appreciation/(depreciation) on investments		(7,643,384	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		6


Net Gain on Investments and Foreign Currency Transactions		77,557


Net Increase in Net Assets Resulting From Operations	$	606,497


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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	528,940		$	1,354,530

Net realized gain/(loss) from investments and foreign currency transactions		7,720,935			22,025,685

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(7,643,378	)		(7,118,772	)


Net Increase in Net Assets Resulting from Operations		606,497			16,261,443


Capital Share Transactions

Proceeds from sales of shares		4,446,315			2,702,047

Cost of shares redeemed		(14,789,824	)		(60,172,262	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(10,343,509	)		(57,470,215	)


Net Decrease in Net Assets		(9,737,012	)		(41,208,772	)


Net Assets

Beginning of period		112,597,032			153,805,804


End of period	$	102,860,020		$	112,597,032


Other Information:

Shares

Sold		209,002			134,943

Redeemed		(701,278	)		(2,898,166	)


Net Decrease		(492,276	)		(2,763,223	)


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

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE 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 6/30/25	$	21.39	$	0.10	$	0.06	$	0.16	$	21.55		0.75%	⁽⁴⁾

Year Ended 12/31/24		19.16		0.21		2.02		2.23		21.39		11.64%

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%


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

$	102,860		1.08%	⁽⁴⁾		1.16%	⁽⁴⁾		1.01%	⁽⁴⁾		0.93%	⁽⁴⁾		17%	⁽⁴⁾

	112,597		1.08%			1.12%			0.99%			0.95%			14%

	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%

⁽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, 2025 (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

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.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

•

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).

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.

c. Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

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.

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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $37,880.

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

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 $17,900,203 and $27,566,873, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE 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 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 December 15, 2025. The Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

8. Subsequent Events


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

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


				13

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 that the 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 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


14

Investment Performance

For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

their evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

Economies of Scale

Ancillary Benefits

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

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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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


16

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 noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•


				17

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the


18

3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and actual management fee were in the 1^st quintile


				19

of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index

for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

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				21

LOGO

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

PUB8176

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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			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

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

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 100.0%

Aerospace & Defense – 0.5%

StandardAero, Inc.⁽¹⁾		7,236	$	229,019


				229,019
Biotechnology – 2.4%

Argenx SE, ADR⁽¹⁾		662		364,908

Ascendis Pharma AS, ADR⁽¹⁾		2,026		349,687

Revolution Medicines, Inc.⁽¹⁾		4,853		178,542

Vaxcyte, Inc.⁽¹⁾		6,212		201,952


				1,095,089
Capital Markets – 4.0%

Cboe Global Markets, Inc.		1,273		296,876

Charles Schwab Corp.		4,506		411,128

LPL Financial Holdings, Inc.		2,970		1,113,661


				1,821,665
Chemicals – 1.6%

Corteva, Inc.		9,878		736,207


				736,207
Commercial Services & Supplies – 5.1%

Cimpress PLC⁽¹⁾		5,833		274,151

Clean Harbors, Inc.⁽¹⁾		2,528		584,423

RB Global, Inc.		6,164		654,555

Rentokil Initial PLC (United Kingdom)		31,229		151,144

Rentokil Initial PLC, ADR		13,195		316,680

Veralto Corp.		3,593		362,714


				2,343,667
Construction & Engineering – 1.5%

API Group Corp.⁽¹⁾		13,690		698,874


				698,874
Consumer Staples Distribution & Retail – 0.6%

Dollar Tree, Inc.⁽¹⁾		2,816		278,897


				278,897
Electric Utilities – 2.0%

Alliant Energy Corp.		15,200		919,144


				919,144
Electrical Equipment – 1.4%

Sensata Technologies Holding PLC		21,470		646,462


				646,462
Electronic Equipment, Instruments & Components – 7.8%

CDW Corp.		2,756		492,194

Flex Ltd.⁽¹⁾		32,764		1,635,579

Ralliant Corp.⁽¹⁾		1,847		89,577

TE Connectivity PLC		1,633		275,438

Teledyne Technologies, Inc.⁽¹⁾		2,126		1,089,171


				3,581,959
Entertainment – 2.6%

Liberty Media Corp.-Liberty Formula One, Class A⁽¹⁾		1,444		137,122

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		10,269		1,073,111


				1,210,233


June 30, 2025 (unaudited)	Shares		Value
Financial Services – 2.5%

Chime Financial, Inc., Class A⁽¹⁾		840	$	28,988

Global Payments, Inc.		3,035		242,921

WEX, Inc.⁽¹⁾		6,123		899,408


				1,171,317
Ground Transportation – 2.4%

JB Hunt Transport Services, Inc.		5,402		775,727

TFI International, Inc.		3,835		343,885


				1,119,612
Health Care Equipment & Supplies – 6.4%

Boston Scientific Corp.⁽¹⁾		11,241		1,207,396

Cooper Cos., Inc.⁽¹⁾		3,544		252,191

Globus Medical, Inc., Class A⁽¹⁾		3,510		207,160

ICU Medical, Inc.⁽¹⁾		2,714		358,655

Lantheus Holdings, Inc.⁽¹⁾		2,319		189,833

Teleflex, Inc.		6,138		726,494


				2,941,729
Hotels, Restaurants & Leisure – 3.9%

Aramark		20,260		848,286

DoorDash, Inc., Class A⁽¹⁾		2,604		641,912

Entain PLC (United Kingdom)		23,810		295,119


				1,785,317
Industrial REITs – 0.5%

Lineage, Inc.		4,757		207,025


				207,025
Insurance – 6.3%

Intact Financial Corp. (Canada)		6,942		1,614,235

W.R. Berkley Corp.		12,320		905,150

Willis Towers Watson PLC		1,240		380,060


				2,899,445
Interactive Media & Services – 0.2%

Ziff Davis, Inc.⁽¹⁾		3,276		99,164


				99,164
IT Services – 3.9%

Amdocs Ltd.		8,853		807,748

GoDaddy, Inc., Class A⁽¹⁾		5,400		972,324


				1,780,072
Life Sciences Tools & Services – 4.4%

Avantor, Inc.⁽¹⁾		16,699		224,768

Illumina, Inc.⁽¹⁾		2,426		231,465

Revvity, Inc.		10,778		1,042,448

Waters Corp.⁽¹⁾		1,473		514,136


				2,012,817
Machinery – 2.7%

Fortive Corp.		9,766		509,101

Ingersoll Rand, Inc.		8,876		738,306


				1,247,407
Multi-Utilities – 2.7%

Ameren Corp.		7,232		694,561

DTE Energy Co.		4,249		562,823


				1,257,384


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

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Oil, Gas & Consumable Fuels – 0.4%

ONEOK, Inc.		2,393	$	195,341


				195,341
Passenger Airlines – 1.5%

Ryanair Holdings PLC, ADR		12,136		699,883


				699,883
Professional Services – 8.3%

Broadridge Financial Solutions, Inc.		3,700		899,211

Dayforce, Inc.⁽¹⁾		11,800		653,602

SS&C Technologies Holdings, Inc.		20,402		1,689,285

TransUnion		4,281		376,728

UL Solutions, Inc., Class A		2,959		215,593


				3,834,419
Real Estate Management & Development – 1.4%

CoStar Group, Inc.⁽¹⁾		6,099		490,360

FirstService Corp.		912		159,253


				649,613
Semiconductors & Semiconductor Equipment – 4.7%

KLA Corp.		545		488,178

NXP Semiconductors NV		3,974		868,279

ON Semiconductor Corp.⁽¹⁾		15,474		810,993


				2,167,450
Software – 10.4%

AppLovin Corp., Class A⁽¹⁾		3,450		1,207,776

Constellation Software, Inc. (Canada)		638		2,339,388

Dynatrace, Inc.⁽¹⁾		5,326		294,049

PTC, Inc.⁽¹⁾		3,921		675,745

Topicus.com, Inc. (Canada)⁽¹⁾		2,141		268,240


				4,785,198


June 30, 2025 (unaudited)	Shares		Value
Specialized REITs – 1.2%

Lamar Advertising Co., Class A		4,353	$	528,280


				528,280
Specialty Retail – 2.2%

Burlington Stores, Inc.⁽¹⁾		1,218		283,356

CarMax, Inc.⁽¹⁾		7,596		510,527

Wayfair, Inc., Class A⁽¹⁾		4,292		219,493


				1,013,376
Textiles, Apparel & Luxury Goods – 1.7%

Gildan Activewear, Inc.		16,265		800,889


				800,889
Trading Companies & Distributors – 2.8%

Ferguson Enterprises, Inc.		5,998		1,306,064


				1,306,064

Total Investments – 100.0% (Cost $31,068,843)				46,063,018

Liabilities in excess of other assets – (0.0)%				(16,656	)

Total Net Assets – 100.0%			$	46,046,362

⁽¹⁾	Non–income–producing security.

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks	$	45,616,755	$	446,263	*	$	—	$	46,063,018
Total	$	45,616,755	$	446,263		$	—	$	46,063,018

*	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 MID CAP TRADITIONAL GROWTH VIP FUND


Statement of Assets and Liabilities As of June 30, 2025 (unaudited)
Assets

Investments, at value	$	46,063,018

Cash		9,261

Foreign currency, at value		5,844

Receivable for investments sold		67,828

Dividends/interest receivable		27,306

Reimbursement receivable from adviser		11,222

Prepaid expenses		539


Total Assets		46,185,018


Liabilities

Payable for fund shares redeemed		42,244

Investment advisory fees payable		30,122

Accrued audit fees		17,062

Accrued custodian and accounting fees		13,644

Distribution fees payable		9,413

Accrued shareholder reports fees		9,337

Accrued administrative fees		8,800

Payable for investments purchased		3,652

Accrued expenses and other liabilities		4,382


Total Liabilities		138,656


Total Net Assets	$	46,046,362


Net Assets Consist of:

Paid-in capital	$	(36,237,124	)

Distributable earnings		82,283,486


Total Net Assets	$	46,046,362

Investments, at Cost	$	31,068,843

Foreign Currency, at Cost	$	5,809


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		1,725,174

Net Asset Value Per Share		$26.69


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	207,069

Interest		2,572

Withholding taxes on foreign dividends		(5,783	)


Total Investment Income		203,858


Expenses

Investment advisory fees		185,255

Distribution fees		57,892

Custodian and accounting fees		28,333

Professional fees		20,702

Administrative fees		13,323

Trustees’ and officers’ fees		8,172

Transfer agent fees		6,179

Shareholder reports		6,172

Other expenses		1,761


Total Expenses		327,789

Less: Fees waived		(76,144	)


Total Expenses, Net		251,645


Net Investment Income/(Loss)		(47,787	)


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		3,574,400

Net realized gain/(loss) from foreign currency transactions		(160	)

Net change in unrealized appreciation/(depreciation) on investments		(1,942,957	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		44


Net Gain on Investments and Foreign Currency Transactions		1,631,327


Net Increase in Net Assets Resulting From Operations	$	1,583,540


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

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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	(47,787	)	$	(133,260	)

Net realized gain/(loss) from investments and foreign currency transactions		3,574,240			12,642,492

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(1,942,913	)		(3,501,862	)


Net Increase in Net Assets Resulting from Operations		1,583,540			9,007,370


Capital Share Transactions

Proceeds from sales of shares		1,906,159			496,474

Cost of shares redeemed		(8,244,557	)		(36,673,307	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(6,338,398	)		(36,176,833	)


Net Decrease in Net Assets		(4,754,858	)		(27,169,463	)


Net Assets

Beginning of period		50,801,220			77,970,683


End of period	$	46,046,362		$	50,801,220


Other Information:

Shares

Sold		76,816			21,120

Redeemed		(320,721	)		(1,504,920	)


Net Decrease		(243,905	)		(1,483,800	)


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

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				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 6/30/25	$	25.80	$	(0.03)		$	0.92	$	0.89	$	26.69		3.45%	⁽⁴⁾

Year Ended 12/31/24		22.58		(0.05)			3.27		3.22		25.80		14.26%

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%


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

$	46,046		1.09%	⁽⁴⁾		1.42%	⁽⁴⁾		(0.21)%	⁽⁴⁾		(0.54)%	⁽⁴⁾		10%	⁽⁴⁾

	50,801		1.09%			1.33%			(0.21)%			(0.45)%			13%

	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%

⁽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, 2025 (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.

g. Segment Reporting The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The Fund’s adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. Park Avenue acts as the Fund’s Chief Operating Decision Maker (“CODM’’) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.

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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2025, the expense limitation was 1.09%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $76,144.

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.

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 $4,915,797 and $10,731,346, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				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

8. Subsequent Events


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

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

(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 that the 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 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

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

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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.


16

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

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 of the expense group and that total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.


18

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.


				19

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


20

This Page Intentionally Left Blank


				21

LOGO

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

PUB8177

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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			13

Statement of Operations			13

Statements of Changes in Net Assets			14

Financial Highlights			16

Notes to Financial Statements			18

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			26

Item 9. Proxy Disclosures for Open-End Management Investment Companies			26

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			26

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			26

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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 0.3%

Chemicals – 0.1%

Celanese Corp.		2,527	$	139,819


				139,819
Health Care Providers & Services – 0.1%

Surgery Partners, Inc.⁽¹⁾		9,459		210,273


				210,273
Hotels, Restaurants & Leisure – 0.1%

Churchill Downs, Inc.		1,550		156,550


				156,550

Total Common Stocks (Cost $507,134)				506,642

	Principal Amount		Value
Agency Mortgage-Backed Securities – 7.2%

Government National Mortgage Association 3.50% due 7/20/2054⁽²⁾	$	1,013,000		920,720
4.00% due 7/20/2054⁽²⁾		166,000		154,298
5.00% due 7/20/2054⁽²⁾		76,000		74,648

Uniform Mortgage-Backed Security
2.50% due 7/1/2055⁽²⁾		83,000		68,827
3.00% due 7/1/2054⁽²⁾		1,768,000		1,529,345
3.50% due 7/1/2054⁽²⁾		2,271,000		2,044,684
4.00% due 7/1/2054⁽²⁾		690,000		641,617
4.50% due 7/1/2054⁽²⁾		1,239,000		1,185,044
5.00% due 7/1/2054⁽²⁾		1,186,000		1,162,495
5.50% due 7/1/2054⁽²⁾		2,918,000		2,917,880
6.00% due 7/1/2054⁽²⁾		1,270,000		1,290,739
6.50% due 7/1/2054⁽²⁾		100,000		103,233


Total Agency Mortgage-Backed Securities (Cost $12,048,693)				12,093,530
Asset-Backed Securities – 17.6%

ACHV ABS Trust Series 2023-1PL, Class D 8.47% due 3/18/2030⁽³⁾		768,411		778,523

Affirm Asset Securitization Trust Series 2024-A, Class 1C 6.16% due 2/15/2029⁽³⁾		1,793,000		1,801,305

AGL CLO 14 Ltd. Series 2021-14A, Class DR 7.12% (3 mo. USD Term SOFR + 2.85%) due 12/2/2034⁽³⁾⁽⁴⁾		500,000		499,098

Amur Equipment Finance Receivables XV LLC Series 2025-1A, Class D 5.68% due 8/20/2032⁽³⁾		346,000		350,610

Avis Budget Rental Car Funding AESOP LLC Series 2023-4A, Class D 7.31% due 6/20/2029⁽³⁾		1,046,000		1,052,367

Bain Capital Credit CLO Ltd. Series 2024-4A, Class D1 7.379% (3 mo. USD Term SOFR + 3.10%) due 10/23/2037⁽³⁾⁽⁴⁾		1,000,000		997,400


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Ballyrock CLO 21 Ltd. Series 2022-21A, Class BR 6.22% (3 mo. USD Term SOFR + 1.95%) due 10/20/2037⁽³⁾⁽⁴⁾	$	1,000,000	$	1,000,705

Benefit Street Partners CLO XXVIII Ltd. Series 2022-28A, Class CR 6.17% (3 mo. USD Term SOFR + 1.90%) due 10/20/2037⁽³⁾⁽⁴⁾		1,000,000		1,004,769

Carlyle U.S. CLO Ltd. Series 2021-7A, Class D1R 7.256% (3 mo. USD Term SOFR + 3.00%) due 4/15/2040⁽³⁾⁽⁴⁾		500,000		500,813

Carvana Auto Receivables Trust Series 2021-N3, Class E 3.16% due 6/12/2028⁽³⁾		1,330,227		1,297,098

CIFC Funding Ltd. Series 2018-2A, Class CR 6.27% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037⁽³⁾⁽⁴⁾		1,000,000		1,004,163

Coinstar Funding LLC Series 2017-1A, Class A2 5.216% due 4/25/2047⁽³⁾		920,000		850,962

Compass Datacenters Issuer II LLC Series 2025-1A, Class B1 5.756% due 5/25/2050⁽³⁾		557,000		571,778

Elmwood CLO 36 Ltd. Series 2024-12RA, Class CR 6.27% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037⁽³⁾⁽⁴⁾		1,300,000		1,302,664

Empower CLO Ltd. Series 2022-1A, Class CR 6.22% (3 mo. USD Term SOFR + 1.95%) due 10/20/2037⁽³⁾⁽⁴⁾		1,000,000		1,000,718

Exeter Automobile Receivables Trust Series 2024-3A, Class E 7.84% due 10/15/2031⁽³⁾		230,000		239,368

FHF Issuer Trust
Series 2025-1A, Class C 5.69% due 8/15/2031⁽³⁾		741,000		750,440
Series 2025-1A, Class D 5.95% due 6/15/2032⁽³⁾		467,000		473,941

Fora Financial Asset Securitization LLC Series 2024-1A, Class A 6.33% due 8/15/2029⁽³⁾		416,000		417,856

Foundation Finance Trust Series 2023-2A, Class D 9.10% due 6/15/2049⁽³⁾		729,318		775,682

Generate CLO 8 Ltd. Series 8A, Class CR2 6.37% (3 mo. USD Term SOFR + 2.10%) due 1/20/2038⁽³⁾⁽⁴⁾		1,000,000		1,002,077


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Hilton Grand Vacations Trust Series 2025-1A, Class C 5.52% due 5/27/2042⁽³⁾	$	429,000	$	432,158

Huntington Bank Auto Credit-Linked Notes
Series 2025-1, Class C 6.552% (30 day SOFR + 2.25%) due 3/21/2033⁽³⁾⁽⁴⁾		242,120		242,036
Series 2025-1, Class D 7.802% (30 day SOFR + 3.50%) due 3/21/2033⁽³⁾⁽⁴⁾		448,370		448,216

LL ABS Trust Series 2022-2A, Class D 9.00% due 5/15/2030⁽³⁾		1,769,000		1,786,072

MVW LLC Series 2025-1A, Class C 5.75% due 9/22/2042⁽³⁾		385,029		391,666

Neuberger Berman Loan Advisers CLO 49 Ltd. Series 2022-49A, Class DR 7.082% (3 mo. USD Term SOFR + 2.80%) due 7/25/2035⁽³⁾⁽⁴⁾		1,000,000		996,400

OHA Credit Funding 3 Ltd. Series 2019-3A, Class CR2 6.02% (3 mo. USD Term SOFR + 1.75%) due 1/20/2038⁽³⁾⁽⁴⁾		1,000,000		1,002,137

OnDeck Asset Securitization IV LLC
Series 2025-1A, Class B 5.52% due 4/19/2032⁽³⁾		500,000		498,932
Series 2025-1A, Class C 6.64% due 4/19/2032⁽³⁾		250,000		248,373
Series 2025-1A, Class D 8.77% due 4/19/2032⁽³⁾		200,000		200,799

PRET LLC Series 2025-NPL4, Class A1 6.368% due 4/25/2055^(3)(4)(5)		687,843		686,507

QTS Issuer ABS I LLC Series 2025-1A, Class B 5.928% due 5/25/2055⁽³⁾		310,000		314,050

RAD CLO 27 Ltd. Series 2024-27A, Class D1 7.091% (3 mo. USD Term SOFR + 2.80%) due 1/15/2038⁽³⁾⁽⁴⁾		1,000,000		995,800

Sierra Timeshare Receivables Funding LLC Series 2025-1A, Class D 6.86% due 1/21/2042⁽³⁾		770,126		743,255

Sotheby’s Artfi Master Trust Series 2024-1A, Class D 7.91% due 12/22/2031⁽³⁾		832,000		838,192

Tricolor Auto Securitization Trust
Series 2025-1A, Class C 5.72% due 10/15/2029⁽³⁾		906,000		922,188
Series 2025-1A, Class D 6.84% due 4/15/2031⁽³⁾		370,000		378,968


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)
Series 2025-1A, Class E 10.37% due 4/15/2032⁽³⁾	$	400,000	$	405,277

Westlake Automobile Receivables Trust Series 2025-P1, Class D 5.59% due 7/15/2032⁽³⁾		346,000		351,163


Total Asset-Backed Securities (Cost $29,508,897)				29,554,526
Corporate Bonds & Notes – 33.6%

Aerospace & Defense – 0.3%

Bombardier, Inc. 7.45% due 5/1/2034⁽³⁾		524,000		569,153


				569,153
Airlines – 0.6%

American Airlines, Inc. 8.50% due 5/15/2029⁽³⁾		517,000		541,723

Latam Airlines Group SA 7.625% due 1/7/2031⁽³⁾		382,000		383,723

United Airlines Pass-Through Trust Series 2014-2, Class A 3.75% due 9/3/2026		159,117		156,860


				1,082,306
Apparel – 0.2%

Champ Acquisition Corp. 8.375% due 12/1/2031⁽³⁾		366,000		390,251


				390,251
Auto Manufacturers – 0.9%

Aston Martin Capital Holdings Ltd. 10.00% due 3/31/2029⁽³⁾		342,000		324,719

Ford Motor Credit Co. LLC 7.35% due 11/4/2027		415,000		430,982

General Motors Co. 6.25% due 4/15/2035		200,000		205,750

General Motors Financial Co., Inc. Series A 5.75% due 9/30/2027⁽⁴⁾		471,000		464,566

New Flyer Holdings, Inc. 9.25% due 7/1/2030⁽³⁾		84,000		88,774


				1,514,791
Auto Parts & Equipment – 0.3%

Forvia SE 8.00% due 6/15/2030⁽³⁾		465,000		476,797


				476,797
Biotechnology – 0.1%

Royalty Pharma PLC 5.40% due 9/2/2034		185,000		187,431


				187,431
Building Materials – 0.5%

JH North America Holdings, Inc. 6.125% due 7/31/2032⁽³⁾		200,000		203,518

Quikrete Holdings, Inc. 6.75% due 3/1/2033⁽³⁾		163,000		168,139

Wilsonart LLC 11.00% due 8/15/2032⁽³⁾		458,000		417,916


				789,573


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Chemicals – 0.6%

Celanese U.S. Holdings LLC 7.20% due 11/15/2033	$	258,000	$	274,009

Olympus Water U.S. Holding Corp. 7.25% due 6/15/2031⁽³⁾		261,000		266,296

Olympus Water U.S. Holding Corp., Reg S 5.375% due 10/1/2029		148,000		159,359

Tronox, Inc. 4.625% due 3/15/2029⁽³⁾		422,000		364,009


				1,063,673
Commercial Banks – 1.2%

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⁽⁴⁾		608,000		534,007

BNP Paribas SA 9.25% (9.25% fixed rate until 11/17/2027; 5 yr. CMT rate + 4.97% thereafter) due 11/17/2027⁽³⁾⁽⁴⁾		200,000		214,190

Citigroup, Inc.
Series W 4.00% (4.00% fixed rate until 12/10/2025; 5 yr. CMT rate + 3.60% thereafter) due 12/10/2025⁽⁴⁾		187,000		185,639
Series X 3.875% (3.875% fixed rate until 2/18/2026; 5 yr. CMT rate + 3.42% thereafter) due 2/18/2026⁽⁴⁾		187,000		184,563

JPMorgan Chase & Co. Series KK 3.65% (3.65% fixed rate until 6/1/2026; 5 yr. CMT rate + 2.85% thereafter) due 6/1/2026⁽⁴⁾		188,000		185,071

Morgan Stanley 4.431% (4.431% fixed rate until 1/23/2029; 3 mo. USD Term SOFR + 1.89% thereafter) due 1/23/2030⁽⁴⁾		183,000		182,581

U.S. Bancorp 5.678% (5.678% fixed rate until 1/23/2034; 1 day USD SOFR + 1.86% thereafter) due 1/23/2035⁽⁴⁾		183,000		190,049

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⁽⁴⁾		294,000		274,690


				1,950,790
Commercial Services – 2.0%

Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.375% due 5/21/2030⁽³⁾		160,000		192,577
7.00% due 5/21/2030⁽³⁾		228,000		233,255


June 30, 2025 (unaudited)	Principal Amount		Value
Commercial Services (continued)

Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.875% due 6/15/2030⁽³⁾	$	415,000	$	421,204

Currenta Group Holdings SARL 6.143% (1 mo. EURIBOR + 4.00%) due 5/15/2032⁽³⁾⁽⁴⁾		270,000		320,880

Garda World Security Corp. 6.00% due 6/1/2029⁽³⁾		448,000		437,091

Herc Holdings, Inc.
7.00% due 6/15/2030⁽³⁾		227,000		237,669
7.25% due 6/15/2033⁽³⁾		163,000		170,829

Raven Acquisition Holdings LLC 6.875% due 11/15/2031⁽³⁾		520,000		519,636

Rentokil Terminix Funding LLC 5.625% due 4/28/2035⁽³⁾		201,000		203,913

Veritiv Operating Co. 10.50% due 11/30/2030⁽³⁾		584,000		632,525


				3,369,579
Computers – 0.7%

Booz Allen Hamilton, Inc. 5.95% due 4/15/2035		284,000		289,745

CA Magnum Holdings 5.375% due 10/31/2026⁽³⁾		223,000		221,100

Crowdstrike Holdings, Inc. 3.00% due 2/15/2029		219,000		206,810

Gartner, Inc. 3.75% due 10/1/2030⁽³⁾		145,000		135,752

Western Digital Corp. 2.85% due 2/1/2029		257,000		238,725


				1,092,132
Diversified Financial Services – 2.6%

American Express Co. Series D 3.55% (3.55% fixed rate until 9/15/2026; 5 yr. CMT rate + 2.85% thereafter) due 9/15/2026⁽⁴⁾		190,000		185,731

Aretec Group, Inc. 10.00% due 8/15/2030⁽³⁾		135,000		148,319

Atlas Warehouse Lending Co. LP 6.25% due 1/15/2030⁽³⁾		250,000		252,565

Blue Owl Finance LLC 6.25% due 4/18/2034		250,000		257,088

Burford Capital Global Finance LLC 6.875% due 4/15/2030⁽³⁾		200,000		199,814

Capital One Financial Corp.
6.183% (6.183% fixed rate until 1/30/2035; 1 day USD SOFR + 2.04% thereafter) due 1/30/2036⁽⁴⁾		358,000		363,868
7.964% (7.964% fixed rate until 11/2/2033; 1 day USD SOFR + 3.37% thereafter) due 11/2/2034⁽⁴⁾		154,000		178,997

Citadel Securities Global Holdings LLC 6.20% due 6/18/2035⁽³⁾		250,000		256,663


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Diversified Financial Services (continued)

GGAM Finance Ltd.
5.875% due 3/15/2030⁽³⁾	$	185,000	$	186,114
8.00% due 6/15/2028⁽³⁾		174,000		184,078

Jane Street Group/JSG Finance, Inc. 6.75% due 5/1/2033⁽³⁾		331,000		341,158

LPL Holdings, Inc.
5.75% due 6/15/2035		222,000		224,495
6.00% due 5/20/2034		133,000		137,764

Marex Group PLC 6.404% due 11/4/2029		281,000		289,171

Navient Corp.
4.875% due 3/15/2028		190,000		187,179
5.50% due 3/15/2029		191,000		187,109

Rocket Cos., Inc.
6.125% due 8/1/2030⁽³⁾		152,000		155,004
6.375% due 8/1/2033⁽³⁾		194,000		198,739

Stonex Escrow Issuer LLC 6.875% due 7/15/2032⁽³⁾		388,000		392,326


				4,326,182
Electric – 1.9%

Algonquin Power & Utilities Corp. 4.75% (4.75% fixed rate until 1/18/2027; 5 yr. CMT rate + 3.25% thereafter) due 1/18/2082⁽⁴⁾		287,000		278,935

Alpha Generation LLC 6.75% due 10/15/2032⁽³⁾		207,000		213,583

Ameren Corp. 5.375% due 3/15/2035		615,000		618,905

American Electric Power Co., Inc. 3.875% (3.875% fixed rate until 11/15/2026; 5 yr. CMT rate + 2.68% thereafter) due 2/15/2062⁽⁴⁾		391,000		375,028

CMS Energy Corp. 4.75% (4.75% fixed rate until 3/1/2030; 5 yr. CMT rate + 4.12% thereafter) due 6/1/2050⁽⁴⁾		193,000		186,602

Duke Energy Corp. 6.45% (6.45% fixed rate until 6/3/2034; 5 yr. CMT rate + 2.59% thereafter) due 9/1/2054⁽⁴⁾		181,000		186,785

Lightning Power LLC 7.25% due 8/15/2032⁽³⁾		441,000		464,139

NRG Energy, Inc.
6.25% due 11/1/2034⁽³⁾		98,000		100,036
7.00% due 3/15/2033⁽³⁾		266,000		291,916

PSEG Power LLC 5.20% due 5/15/2030⁽³⁾		285,000		291,005

Vistra Operations Co. LLC 5.70% due 12/30/2034⁽³⁾		230,000		234,163


				3,241,097


June 30, 2025 (unaudited)	Principal Amount		Value
Electrical Components & Equipment – 0.1%

Molex Electronic Technologies LLC 5.25% due 4/30/2032⁽³⁾	$	146,000	$	148,110


				148,110
Entertainment – 1.5%

Caesars Entertainment, Inc. 6.00% due 10/15/2032⁽³⁾		474,000		464,572

Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC 8.25% due 4/15/2030⁽³⁾		455,000		469,487

Penn Entertainment, Inc. 4.125% due 7/1/2029⁽³⁾		607,000		562,574

Starz Capital Holdings 1, Inc. 5.50% due 4/15/2029⁽³⁾		495,000		430,363

Voyager Parent LLC 9.25% due 7/1/2032⁽³⁾		347,000		361,664

Warnermedia Holdings, Inc. 5.141% due 3/15/2052		44,000		27,142

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 6.25% due 3/15/2033⁽³⁾		274,000		275,808


				2,591,610
Food – 0.6%

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 5.75% due 4/1/2033		200,000		205,658

JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. 5.50% due 1/15/2036⁽³⁾		406,000		406,885

Pilgrim’s Pride Corp. 6.25% due 7/1/2033		298,000		315,141


				927,684
Gas – 0.4%

NiSource, Inc.
6.375% (6.375% fixed rate until 12/31/2034; 5 yr. CMT rate + 2.53% thereafter) due 3/31/2055⁽⁴⁾		294,000		296,032
6.95% (6.95% fixed rate until 8/30/2029; 5 yr. CMT rate + 2.45% thereafter) due 11/30/2054⁽⁴⁾		394,000		410,603


				706,635
Healthcare-Products – 0.2%

Solventum Corp. 5.60% due 3/23/2034		265,000		272,669


				272,669
Healthcare-Services – 1.6%

CHS/Community Health Systems, Inc. 6.875% due 4/15/2029⁽³⁾		105,000		83,710

Heartland Dental LLC/Heartland Dental Finance Corp. 10.50% due 4/30/2028⁽³⁾		664,000		701,403


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Healthcare-Services (continued)

Humana, Inc. 5.875% due 3/1/2033	$	328,000	$	339,539

IQVIA, Inc. 6.25% due 6/1/2032⁽³⁾		402,000		413,389

LifePoint Health, Inc.
10.00% due 6/1/2032⁽³⁾		201,000		207,181
11.00% due 10/15/2030⁽³⁾		217,000		239,807

UnitedHealth Group, Inc. 5.30% due 6/15/2035		72,000		73,454

Universal Health Services, Inc. 2.65% due 10/15/2030		641,000		571,259


				2,629,742
Home Builders – 0.7%

Beazer Homes USA, Inc. 7.50% due 3/15/2031⁽³⁾		466,000		472,906

LGI Homes, Inc.
4.00% due 7/15/2029⁽³⁾		202,000		180,615
7.00% due 11/15/2032⁽³⁾		259,000		246,573

New Home Co., Inc. 8.50% due 11/1/2030⁽³⁾		331,000		337,547


				1,237,641
Insurance – 0.3%

Athene Global Funding 2.646% due 10/4/2031⁽³⁾		158,000		136,868

BroadStreet Partners, Inc. 5.875% due 4/15/2029⁽³⁾		357,000		352,862


				489,730
Investment Companies – 0.5%

Blackstone Private Credit Fund 6.25% due 1/25/2031		147,000		151,178

Blackstone Secured Lending Fund 5.875% due 11/15/2027		100,000		102,142

Blue Owl Credit Income Corp. 5.80% due 3/15/2030		408,000		409,187

Sixth Street Lending Partners 6.50% due 3/11/2029		99,000		102,220


				764,727
Iron & Steel – 0.2%

Mineral Resources Ltd. 9.25% due 10/1/2028⁽³⁾		248,000		253,198


				253,198
Leisure Time – 0.3%

NCL Corp. Ltd. 7.75% due 2/15/2029⁽³⁾		294,000		312,637

Royal Caribbean Cruises Ltd. 5.625% due 9/30/2031⁽³⁾		186,000		187,149


				499,786
Lodging – 1.1%

Choice Hotels International, Inc. 5.85% due 8/1/2034		302,000		304,482

Full House Resorts, Inc. 8.25% due 2/15/2028⁽³⁾		512,000		496,276


June 30, 2025 (unaudited)	Principal Amount		Value
Lodging (continued)

Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.875% due 7/1/2031⁽³⁾	$	626,000	$	576,778

Wynn Macau Ltd. 5.125% due 12/15/2029⁽³⁾		408,000		387,902


				1,765,438
Machinery-Diversified – 0.2%

Regal Rexnord Corp. 6.40% due 4/15/2033		324,000		342,300


				342,300
Media – 1.6%

AMC Networks, Inc. 10.50% due 7/15/2032⁽³⁾		341,000		345,948

Charter Communications Operating LLC/Charter Communications Operating Capital 5.50% due 4/1/2063		141,000		119,187
6.55% due 6/1/2034		388,000		413,756

CSC Holdings LLC 11.25% due 5/15/2028⁽³⁾		277,000		275,665

McGraw-Hill Education, Inc.
7.375% due 9/1/2031⁽³⁾		412,000		429,761
8.00% due 8/1/2029⁽³⁾		115,000		116,995

Midcontinent Communications 8.00% due 8/15/2032⁽³⁾		520,000		551,330

Univision Communications, Inc.
4.50% due 5/1/2029⁽³⁾		203,000		184,720
8.50% due 7/31/2031⁽³⁾		258,000		258,325


				2,695,687
Mining – 1.2%

Capstone Copper Corp. 6.75% due 3/31/2033⁽³⁾		456,000		466,976

Compass Minerals International, Inc. 8.00% due 7/1/2030⁽³⁾		448,000		463,815

First Quantum Minerals Ltd.
8.00% due 3/1/2033⁽³⁾		255,000		261,538
9.375% due 3/1/2029⁽³⁾		200,000		212,382

FMG Resources August 2006 Pty. Ltd. 4.375% due 4/1/2031⁽³⁾		127,000		118,321

Hudbay Minerals, Inc. 4.50% due 4/1/2026⁽³⁾		307,000		305,210

Novelis Corp. 3.25% due 11/15/2026⁽³⁾		208,000		204,595


				2,032,837
Miscellaneous Manufacturing – 0.3%

Maxam Prill SARL 7.75% due 7/15/2030⁽³⁾		565,000		565,644


				565,644
Oil & Gas – 1.3%

Civitas Resources, Inc.
8.75% due 7/1/2031⁽³⁾		453,000		458,572
9.625% due 6/15/2033⁽³⁾		183,000		187,560


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Oil & Gas (continued)

Long Ridge Energy LLC 8.75% due 2/15/2032⁽³⁾	$	898,000	$	933,031

Occidental Petroleum Corp. 5.55% due 10/1/2034		316,000		310,107

Sunoco LP 6.25% due 7/1/2033⁽³⁾		332,000		337,481


				2,226,751
Packaging & Containers – 0.7%

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Reg S 3.00% due 9/1/2029		728,000		767,994

Trivium Packaging Finance BV
8.25% due 7/15/2030⁽³⁾		206,000		217,699
12.25% due 1/15/2031⁽³⁾		200,000		214,566


				1,200,259
Pharmaceuticals – 1.4%

CVS Health Corp.
4.78% due 3/25/2038		206,000		188,995
7.00% (7.00% fixed rate until 12/10/2029; 5 yr. CMT rate + 2.89% thereafter) due 3/10/2055⁽⁴⁾		236,000		243,911

Herbalife Ltd. 4.25% due 6/15/2028		275,000		250,750

HLF Financing SARL LLC/Herbalife International, Inc. 4.875% due 6/1/2029⁽³⁾		118,000		100,115
12.25% due 4/15/2029⁽³⁾		169,000		184,994

Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125% due 4/30/2031⁽³⁾		527,000		457,520

Teva Pharmaceutical Finance Co. LLC 6.15% due 2/1/2036		867,000		888,016


				2,314,301
Pipelines – 1.8%

Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.25% due 7/15/2032⁽³⁾		92,000		97,498

Columbia Pipelines Holding Co. LLC 5.097% due 10/1/2031⁽³⁾		179,000		179,822

DT Midstream, Inc.
4.125% due 6/15/2029⁽³⁾		115,000		111,148
5.80% due 12/15/2034⁽³⁾		375,000		382,500

FTAI Infra Escrow Holdings LLC 10.50% due 6/1/2027⁽³⁾		539,000		560,598

Hess Midstream Operations LP 4.25% due 2/15/2030⁽³⁾		505,000		485,618

ITT Holdings LLC 6.50% due 8/1/2029⁽³⁾		454,000		431,908

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.00% due 12/31/2030⁽³⁾		532,000		522,376
6.00% due 9/1/2031⁽³⁾		247,000		240,921


				3,012,389


June 30, 2025 (unaudited)	Principal Amount		Value
Real Estate Investment Trusts – 1.0%

Broadstone Net Lease LLC 2.60% due 9/15/2031	$	141,000	$	119,923

GLP Capital LP/GLP Financing II, Inc. 4.00% due 1/15/2031		217,000		204,668

Rithm Capital Corp.
8.00% due 4/1/2029⁽³⁾		343,000		346,516
8.00% due 7/15/2030⁽³⁾		165,000		165,904

Starwood Property Trust, Inc. 6.50% due 10/15/2030⁽³⁾		342,000		353,122

Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6.00% due 1/15/2030⁽³⁾		184,000		172,347

VICI Properties LP 5.625% due 4/1/2035		298,000		300,402


				1,662,882
Retail – 1.2%

Carvana Co. 9.00% (9.00% Cash or 13.00% PIK) due 6/1/2030⁽³⁾⁽⁶⁾		398,000		418,545

Lithia Motors, Inc.
3.875% due 6/1/2029⁽³⁾		105,000		100,209
4.375% due 1/15/2031⁽³⁾		199,000		189,137

Patrick Industries, Inc. 6.375% due 11/1/2032⁽³⁾		351,000		351,997

QXO Building Products, Inc. 6.75% due 4/30/2032⁽³⁾		258,000		266,367

Victra Holdings LLC/Victra Finance Corp. 8.75% due 9/15/2029⁽³⁾		612,000		640,954


				1,967,209
Semiconductors – 0.1%

Marvell Technology, Inc.
4.75% due 7/15/2030		114,000		114,576
5.45% due 7/15/2035		113,000		113,881


				228,457
Software – 1.3%

AppLovin Corp. 5.50% due 12/1/2034		393,000		399,131

Capstone Borrower, Inc. Series JUN 8.00% due 6/15/2030⁽³⁾		272,000		283,459

Cloud Software Group, Inc. 9.00% due 9/30/2029⁽³⁾		436,000		452,036

CoreWeave, Inc. 9.25% due 6/1/2030⁽³⁾		501,000		512,212

Fiserv, Inc. 5.15% due 8/12/2034		136,000		136,320

Rocket Software, Inc. 6.50% due 2/15/2029⁽³⁾		456,000		443,223


				2,226,381
Telecommunications – 0.9%

Frontier Communications Holdings LLC 8.625% due 3/15/2031⁽³⁾		361,000		383,682


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Telecommunications (continued)

Level 3 Financing, Inc.
3.75% due 7/15/2029⁽³⁾	$	239,000	$	201,876
6.875% due 6/30/2033⁽³⁾		226,859		231,140

Lumen Technologies, Inc.
4.125% due 4/15/2029⁽³⁾		201,000		195,921
10.00% due 10/15/2032⁽³⁾		184,000		187,974

Vmed O2 U.K. Financing I PLC 4.75% due 7/15/2031⁽³⁾		379,000		350,522


				1,551,115
Toys, Games & Hobbies – 0.3%

Hasbro, Inc. 6.05% due 5/14/2034		420,000		433,104

Mattel, Inc. 5.45% due 11/1/2041		117,000		104,129


				537,233
Transportation – 0.9%

Beacon Mobility Corp. 7.25% due 8/1/2030⁽³⁾		171,000		174,825

Rand Parent LLC 8.50% due 2/15/2030⁽³⁾		681,000		683,227

Stonepeak Nile Parent LLC 7.25% due 3/15/2032⁽³⁾		620,000		657,572


				1,515,624

Total Corporate Bonds & Notes (Cost $55,483,372)				56,419,794
Non-Agency Mortgage-Backed Securities – 34.5%

1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.901% due 8/10/2035⁽³⁾		1,100,000		1,096,535

ALA Trust Series 2025-OANA, Class D 7.391% due 6/15/2040^(3)(4)(5)		221,000		221,219

Angel Oak Mortgage Trust Series 2024-6, Class A1 4.65% due 11/25/2067^(3)(4)(5)		640,328		631,168

BANK Series 2022-BNK43, Class B 5.326% due 8/15/2055⁽⁴⁾⁽⁵⁾		500,000		475,303

BBCMS Mortgage Trust Series 2024-5C29, Class B 5.858% due 9/15/2057⁽⁴⁾⁽⁵⁾		500,000		505,722

Benchmark Mortgage Trust Series 2024-V5, Class B 6.059% due 1/10/2057⁽⁴⁾⁽⁵⁾		300,000		306,320

BX Commercial Mortgage Trust
Series 2021-VOLT, Class F 6.826% due 9/15/2036^(3)(4)(5)		1,453,242		1,446,439
Series 2024-AIR2, Class D 7.103% due 10/15/2041^(3)(4)(5)		502,610		504,374
Series 2024-AIRC, Class A 6.003% due 8/15/2039^(3)(4)(5)		1,456,079		1,459,483
Series 2024-BIO2, Class D 7.97% due 8/13/2041^(3)(4)(5)		780,000		777,184
Series 2024-GPA3, Class C 6.204% due 12/15/2039^(3)(4)(5)		456,667		457,120


June 30, 2025 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

BX Trust
Series 2019-OC11, Class A 3.202% due 12/9/2041⁽³⁾	$	1,000,000	$	932,124
Series 2021-ARIA, Class E 6.671% due 10/15/2036^(3)(4)(5)		1,500,000		1,496,261
Series 2022-FOX2, Class A2 5.061% due 4/15/2039^(3)(4)(5)		1,023,494		1,022,215
Series 2024-CNYN, Class D 7.002% due 4/15/2041^(3)(4)(5)		1,426,714		1,428,062

BXHPP Trust
Series 2021-FILM, Class A 5.077% due 8/15/2036^(3)(4)(5)		290,000		277,749
Series 2021-FILM, Class B 5.327% due 8/15/2036^(3)(4)(5)		480,000		445,157

BXP Trust Series 2017-GM, Class D 3.539% due 6/13/2039^(3)(4)(5)		580,000		546,352

Citigroup Commercial Mortgage Trust Series 2016-C3, Class AS 3.366% due 11/15/2049⁽⁴⁾⁽⁵⁾		1,000,000		969,349

Connecticut Avenue Securities Trust
Series 2021-R01, Class 1B1 7.405% due 10/25/2041^(3)(4)(5)		1,500,000		1,536,086
Series 2024-R04, Class 1B1 6.505% due 5/25/2044^(3)(4)(5)		690,000		693,774
Series 2024-R05, Class 2B1 6.305% due 7/25/2044^(3)(4)(5)		1,800,000		1,806,734
Series 2024-R05, Class 2M2 6.005% due 7/25/2044^(3)(4)(5)		910,000		913,128
Series 2024-R06, Class 1M2 5.905% due 9/25/2044^(3)(4)(5)		900,000		902,812
Series 2025-R01, Class 1B1 6.006% due 1/25/2045^(3)(4)(5)		1,827,000		1,825,833
Series 2025-R01, Class 1M2 5.806% due 1/25/2045^(3)(4)(5)		900,000		900,392
Series 2025-R02, Class 1B1 6.256% due 2/25/2045^(3)(4)(5)		1,920,000		1,918,889

COOPR Residential Mortgage Trust Series 2025-CES1, Class A1A 5.654% due 5/25/2060^(3)(4)(5)		1,046,964		1,052,513

Extended Stay America Trust
Series 2021-ESH, Class E 7.277% due 7/15/2038^(3)(4)(5)		1,286,592		1,289,804
Series 2021-ESH, Class F 8.127% due 7/15/2038^(3)(4)(5)		1,286,592		1,285,633

Fashion Show Mall LLC Series 2024-SHOW, Class B 5.826% due 10/10/2041^(3)(4)(5)		1,100,000		1,115,159

Freddie Mac STACR REMIC Trust
Series 2021-DNA7, Class M2 6.105% due 11/25/2041^(3)(4)(5)		1,850,000		1,863,297
Series 2022-DNA2, Class M2 8.055% due 2/25/2042^(3)(4)(5)		1,280,000		1,330,104
Series 2024-DNA3, Class M2 5.755% due 10/25/2044^(3)(4)(5)		1,820,000		1,822,519
Series 2025-DNA1, Class M2 5.655% due 1/25/2045^(3)(4)(5)		1,284,000		1,282,496
Series 2025-HQA1, Class M2 5.955% due 2/25/2045^(3)(4)(5)		1,818,000		1,813,907


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

FS Commercial Mortgage Trust Series 2023-4SZN, Class D 9.383% due 11/10/2039^(3)(4)(5)	$	1,727,000	$	1,782,384

GS Mortgage Securities Corp. Trust Series 2025-800D, Class A 6.965% due 11/25/2041^(3)(4)(5)		760,000		758,690

GWT Trust Series 2024-WLF2, Class D 7.251% due 5/15/2041^(3)(4)(5)		1,120,000		1,122,599

Homeward Opportunities Fund Trust Series 2025-RRTL1, Class A1 5.476% due 3/25/2040^(3)(4)(5)		1,850,000		1,842,030

Jackson Park Trust
Series 2019-LIC, Class A 2.766% due 10/14/2039⁽³⁾		1,000,000		913,906
Series 2019-LIC, Class B 2.914% due 10/14/2039⁽³⁾		640,000		578,936

JPMorgan Chase Bank NA
Series 2020-CL1, Class M1 6.684% due 10/25/2057^(3)(4)(5)		1,256,495		1,296,620
Series 2020-CL1, Class M2 6.934% due 10/25/2057^(3)(4)(5)		953,552		991,509

MHC Commercial Mortgage Trust Series 2021-MHC, Class F 7.027% due 4/15/2038^(3)(4)(5)		240,000		240,006

MTN Commercial Mortgage Trust Series 2022-LPFL, Class F 9.605% due 3/15/2039^(3)(4)(5)		807,000		806,694

NRM FHT1 Excess Owner LLC Series 2025-FHT1, Class A 6.545% due 3/25/2032^(3)(4)(5)		1,540,341		1,538,415

NYC Commercial Mortgage Trust
Series 2021-909, Class C 3.312% due 4/10/2043^(3)(4)(5)		385,000		306,647
Series 2025-1155, Class A 5.833% due 6/10/2042⁽³⁾		1,651,000		1,638,105

PRPM LLC Series 2025-2, Class A1 6.469% due 5/25/2030^(3)(4)(5)		862,723		869,780

Saluda Grade Alternative Mortgage Trust Series 2023-RTL3, Class A1 7.00% due 4/25/2029^(3)(4)(5)		1,294,636		1,292,145

Taurus CMBS
Series 2025-UK3A, Class C 0.00% due 7/20/2035^(3)(4)(5)		140,000		192,171
Series 2025-UK3A, Class D 0.00% due 7/20/2035^(3)(4)(5)		200,000		274,530

Toorak Mortgage Trust Series 2025-RRTL1, Class A1 5.524% due 2/25/2040^(3)(4)(5)		730,000		726,421

Vontive Mortgage Trust Series 2025-RTL1, Class A1 6.507% due 3/25/2030^(3)(4)(5)		897,000		904,100


June 30, 2025 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

Wells Fargo Commercial Mortgage Trust
Series 2025-VTT, Class D 6.382% due 3/15/2038^(3)(4)(5)	$	735,000	$	738,675
Series 2025-VTT, Class E 7.138% due 3/15/2038^(3)(4)(5)		459,000		460,397

Worldwide Plaza Trust Series 2017-WWP, Class A 3.526% due 11/10/2036⁽³⁾		220,000		154,143


Total Non-Agency Mortgage-Backed Securities (Cost $57,819,940)				57,780,119
Senior Secured Loans – 10.5%

Airlines – 0.1%

American Airlines, Inc. 2025 Term Loan B 7.546% (3 mo. USD Term SOFR + 3.25%) due 5/28/2032⁽⁴⁾		92,000		92,506


				92,506
Auto Parts & Equipment – 0.3%

Clarios Global LP 2025 USD Term Loan B 0.00% due 1/28/2032⁽⁴⁾⁽⁷⁾		430,000		430,271


				430,271
Beverages – 0.2%

Celsius Holdings, Inc. Term Loan 7.492% (3 mo. USD Term SOFR + 3.25%) due 4/1/2032⁽⁴⁾		371,000		372,762


				372,762
Chemicals – 0.4%

Lonza Group AG USD Term Loan B 0.00% due 7/3/2028⁽⁴⁾⁽⁷⁾		670,000		609,399


				609,399
Commercial Services – 0.7%

House of HR Group BV 2024 EUR Term Loan B 7.211% (1 mo. EURIBOR + 5.25%) due 11/3/2029⁽⁴⁾		500,000		558,643

Inspired Finco Holdings Ltd. 2025 EUR Term Loan B6 5.179% (1 mo. EURIBOR + 3.25%) due 2/28/2031⁽⁴⁾		500,000		586,201


				1,144,844
Computers – 0.4%

Nielsen Consumer, Inc. 2025 USD Term Loan 7.827% (1 mo. USD Term SOFR + 3.50%) due 3/6/2028⁽⁴⁾		369,075		368,883

Twitter, Inc. Term Loan 10.927% (1 mo. USD Term SOFR + 6.50%) due 10/26/2029⁽⁴⁾		368,112		359,256


				728,139


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Cosmetics & Personal Care – 0.2%

Journey Personal Care Corp. 2024 Term Loan B 0.00% due 3/1/2028⁽⁴⁾⁽⁷⁾	$	368,145	$	367,685


				367,685
Distribution/Wholesale – 0.8%

Barentz International BV 2025 USD Term Loan B 7.646% (3 mo. USD Term SOFR + 3.25%) due 3/3/2031⁽⁴⁾		648,375		645,944

Gloves Buyer, Inc. 2025 Term Loan 8.321% (1 mo. USD Term SOFR + 4.00%) due 1/17/2032⁽⁴⁾		650,000		636,187


				1,282,131
Diversified Financial Services – 0.6%

Colossus Acquireco LLC Term Loan B 0.00% due 6/11/2032⁽⁴⁾⁽⁷⁾		552,000		547,998

Mermaid Bidco, Inc. 2024 USD Term Loan B 7.51% (3 mo. USD Term SOFR + 3.25%) due 7/3/2031⁽⁴⁾		505,216		505,216


				1,053,214
Electric – 0.1%

Long Ridge Energy LLC Term Loan B 8.796% (3 mo. USD Term SOFR + 4.50%) due 2/19/2032⁽⁴⁾		85,785		84,391


				84,391
Electronics – 0.4%

II-VI, Inc. 2024 1st Lien Term Loan B 6.327% (1 mo. USD Term SOFR + 2.00%) due 7/2/2029⁽⁴⁾		634,900		635,167


				635,167
Entertainment – 0.8%

CE Intermediate I LLC 2025 Term Loan B 7.45% (3 mo. USD Term SOFR + 3.00%) due 3/25/2032⁽⁴⁾		646,750		645,942

Flutter Financing BV 2025 Term Loan B 6.296% (3 mo. USD Term SOFR + 2.00%) due 6/4/2032⁽⁴⁾		90,700		90,587

International Entertainment JJCO 3 Ltd. USD Term Loan B 8.046% (3 mo. USD Term SOFR + 3.75%) due 4/29/2032⁽⁴⁾		233,000		233,291


June 30, 2025 (unaudited)	Principal Amount		Value
Entertainment (continued)

River Rock Entertainment Authority Term Loan 0.00% due 6/13/2031⁽⁴⁾⁽⁷⁾	$	260,000	$	252,200

Six Flags Entertainment Corp. 2024 Term Loan B 0.00% due 5/1/2031⁽⁴⁾⁽⁷⁾		148,333		148,333


				1,370,353
Food Service – 0.1%

Gategroup Fin Luxembourg SA USD Term Loan B 0.00% due 5/28/2032⁽⁴⁾⁽⁷⁾		138,000		138,259


				138,259
Forest Products & Paper – 0.2%

SpA Holdings 3 Oy 2025 USD Term Loan B 0.00% due 5/23/2030⁽⁴⁾⁽⁷⁾		362,061		360,703


				360,703
Healthcare-Services – 0.6%

Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B 8.53% (3 mo. USD Term SOFR + 4.25%) due 3/30/2029⁽⁴⁾		378,051		341,822

Star Parent, Inc. Term Loan B 8.296% (3 mo. USD Term SOFR + 4.00%) due 9/27/2030⁽⁴⁾		646,725		640,058


				981,880
Insurance – 0.6%

Asurion LLC 2025 Term Loan B13 8.577% (1 mo. USD Term SOFR + 4.25%) due 9/19/2030⁽⁴⁾		443,750		430,660

USI, Inc. 2024 Term Loan C 6.546% (3 mo. USD Term SOFR + 2.25%) due 9/29/2030⁽⁴⁾		646,742		644,517


				1,075,177
Internet – 1.0%

Getty Images, Inc. 2025 USD Term Loan B 0.00% due 2/21/2030⁽⁴⁾⁽⁷⁾		360,000		355,950

Hoya Midco LLC 2025 Term Loan B 6.53% (3 mo. USD Term SOFR + 2.25%) due 2/3/2029⁽⁴⁾		174,290		150,815

Hunter Holdco 3 Ltd. USD Term Loan B 8.646% (3 mo. USD Term SOFR + 4.25%) due 8/19/2028⁽⁴⁾		660,000		627,000


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Internet (continued)

Proofpoint, Inc. 2024 Term Loan 7.327% (1 mo. USD Term SOFR + 3.00%) due 8/31/2028⁽⁴⁾	$	572,103	$	572,166
2025 Fungible Term Loan 0.00% due 8/31/2028⁽⁴⁾⁽⁷⁾		22,000		22,002


				1,727,933
Lodging – 0.3%

Motel One GmbH EUR Term Loan B 0.00% due 5/3/2032⁽⁴⁾⁽⁷⁾		500,000		590,171


				590,171
Machinery-Diversified – 0.1%

Arcline FM Holdings LLC 2025 Term Loan 7.578% (6 mo. USD Term SOFR + 3.50%) due 6/24/2030⁽⁴⁾		162,916		163,556


				163,556
Media – 0.4%

DirecTV Financing LLC 2024 Term Loan 9.791% (3 mo. USD Term SOFR + 5.25%) due 8/2/2029⁽⁴⁾		617,857		611,957


				611,957
Retail – 0.8%

Foundation Building Materials Holding Co. LLC 2025 Term Loan 9.546% (3 mo. USD Term SOFR + 5.25%) due 1/29/2031⁽⁴⁾		64,000		63,000
2024 Term Loan B2 8.28% (3 mo. USD Term SOFR + 4.00%) due 1/29/2031⁽⁴⁾		666,625		651,386

White Cap Buyer LLC 2024 Term Loan B 7.577% (1 mo. USD Term SOFR + 3.25%) due 10/19/2029⁽⁴⁾		648,371		643,832


				1,358,218
Software – 1.2%

Clearwater Analytics LLC 2025 Term Loan B 6.529% (3 mo. USD Term SOFR + 3.25%) due 4/21/2032⁽⁴⁾		370,000		369,538

Darktrace PLC 1st Lien Term Loan 7.458% (3 mo. USD Term SOFR + 3.25%) due 10/9/2031⁽⁴⁾		359,100		359,236


June 30, 2025 (unaudited)	Principal Amount		Value
Software (continued)

Modena Buyer LLC Term Loan 8.78% (3 mo. USD Term SOFR + 4.50%) due 7/1/2031⁽⁴⁾	$	648,371	$	623,247

Zuora, Inc. Term Loan B 7.827% (1 mo. USD Term SOFR + 3.50%) due 2/14/2032⁽⁴⁾		640,000		636,531


				1,988,552
Transportation – 0.2%

Van Pool Transportation LLC
2025 Term Loan 0.00% due 6/17/2030⁽⁴⁾⁽⁷⁾		352,607		352,166
2025 Delayed Draw Term Loan 0.00% due 6/17/2030⁽⁴⁾⁽⁷⁾		48,302		48,242


				400,408

Total Senior Secured Loans (Cost $17,572,989)				17,567,676

	Shares		Value
Exchange-Traded Funds – 4.6%

Janus Henderson Emerging Markets Debt Hard Currency ETF		148,216		7,670,059


Total Exchange-Traded Funds (Cost $7,556,000)				7,670,059

	Principal Amount		Value
Repurchase Agreements – 0.7%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,208,976, due 7/1/2025⁽⁸⁾	$	1,208,931		1,208,931


Total Repurchase Agreements (Cost $1,208,931)				1,208,931

Total Investments – 109.0% (Cost $181,705,956)				182,801,277

Liabilities in excess of other assets – (9.0)%				(15,073,776	)

Total Net Assets – 100.0%			$	167,727,501

⁽¹⁾	Non–income–producing security.

⁽²⁾	TBA — To be announced.

⁽³⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $124,457,395, representing 74.2% 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.


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

⁽⁴⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2025.

⁽⁵⁾	Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽⁶⁾	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

⁽⁷⁾	Represents an unsettled loan commitment. The coupon rate will be determined at time of settlement.

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		3.375%		9/15/2027	$	1,230,500	$	1,233,199

Open forward foreign currency contracts at June 30, 2025:


Counterparty	Settlement Date		Amount and Description of Currency to be Purchased			Amount and Description of Currency to be Sold			Unrealized Appreciation/ (Depreciation)
BNP Paribas Securities Services		7/3/2025		10,920	EUR		12,216	USD	$	648
BNP Paribas Securities Services		7/3/2025		2,153,398	EUR		2,521,815	USD		14,949
BNP Paribas Securities Services		7/3/2025		144,378	USD		126,871	EUR		(5,080	)
BNP Paribas Securities Services		7/3/2025		160,421	USD		140,479	EUR		(5,067	)
BNP Paribas Securities Services		7/3/2025		178,982	USD		160,000	EUR		(9,502	)
BNP Paribas Securities Services		7/3/2025		206,673	USD		180,968	EUR		(6,513	)
BNP Paribas Securities Services		7/3/2025		300,959	USD		270,000	EUR		(17,108	)
BNP Paribas Securities Services		7/3/2025		339,941	USD		297,965	EUR		(11,070	)
BNP Paribas Securities Services		7/3/2025		567,085	USD		489,206	EUR		(9,214	)
BNP Paribas Securities Services		7/3/2025		567,213	USD		498,828	EUR		(20,421	)
BNP Paribas Securities Services		9/19/2025		2,534,759	USD		2,153,398	EUR		(15,071	)
Total									$	(83,449	)

Open futures contracts at June 30, 2025:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation
U.S. 2-Year Treasury Note		September 2025		140		Long	$	28,999,819	$	29,123,281	$	123,462
U.S. 5-Year Treasury Note		September 2025		314		Long		33,861,614		34,226,000		364,386
U.S. 10-Year Treasury Note		September 2025		15		Long		1,653,559		1,681,875		28,316
U.S. Long Bond		September 2025		45		Long		5,040,419		5,196,094		155,675
Total							$	69,555,411	$	70,227,250	$	671,839


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Depreciation
U.S. Ultra 10-Year Treasury Note		September 2025		99		Short	$	(10,860,520	)	$	(11,312,297	)	$	(451,777	)
U.S. Ultra Bond		September 2025		23		Short		(2,669,321	)		(2,739,875	)		(70,554	)
Total							$	(13,529,841	)	$	(14,052,172	)	$	(522,331	)

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

EUR — Euro

EURIBOR — Euro Interbank Offered Rate

PIK — Payment–In–Kind

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STACR — Structured Agency Credit Risk

USD — United States Dollar


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2			Level 3		Total
Common Stocks	$	506,642		$	—		$	—	$	506,642
Agency Mortgage-Backed Securities		—			12,093,530			—		12,093,530
Asset-Backed Securities		—			29,554,526			—		29,554,526
Corporate Bonds & Notes		—			56,419,794			—		56,419,794
Non-Agency Mortgage-Backed Securities		—			57,780,119			—		57,780,119
Senior Secured Loans		—			17,567,676			—		17,567,676
Exchange-Traded Funds		7,670,059			—			—		7,670,059
Repurchase Agreements		—			1,208,931			—		1,208,931
Total	$	8,176,701		$	174,624,576		$	—	$	182,801,277
Other Financial Instruments
Forward Foreign Currency Contracts
Assets	$	—		$	15,597		$	—	$	15,597
Liabilities		—			(99,046	)		—		(99,046	)
Futures Contracts
Assets		671,839			—			—		671,839
Liabilities		(522,331	)		—			—		(522,331	)
Total	$	149,508		$	(83,449	)	$	—	$	66,059


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

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND


Statement of Assets and Liabilities As of June 30, 2025 (unaudited)
Assets

Investments, at value	$	182,801,277

Cash		24,497

Foreign currency, at value		1,111

Receivable for investments sold		3,761,594

Interest receivable		1,294,221

Cash deposits with brokers for futures contracts		514,040

Receivable for variation margin on futures contracts		216,144

Unrealized appreciation on open forward foreign currency contracts		15,597

Reimbursement receivable from adviser		1,677

Prepaid expenses		2,242


Total Assets		188,632,400


Liabilities

Payable for investments purchased		20,505,355

Payable for fund shares redeemed		107,890

Unrealized depreciation on open forward foreign currency contracts		99,046

Investment advisory fees payable		71,674

Distribution fees payable		34,459

Accrued custodian and accounting fees		26,892

Accrued audit fees		18,194

Accrued expenses and other liabilities		41,389


Total Liabilities		20,904,899


Total Net Assets	$	167,727,501


Net Assets Consist of:

Paid-in capital	$	173,887,393

Distributable loss		(6,159,892	)


Total Net Assets	$	167,727,501


Investments, at Cost	$	181,705,956


Foreign Currency, at Cost	$	1,096


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		16,718,103

Net Asset Value Per Share		$10.03


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Interest	$	5,061,331

Dividends		104,054

Withholding taxes on foreign dividends		(73	)


Total Investment Income		5,165,312


Expenses

Investment advisory fees		456,789

Distribution fees		219,610

Custodian and accounting fees		45,139

Professional fees		34,580

Trustees’ and officers’ fees		31,788

Administrative fees		26,816

Shareholder reports		12,910

Transfer agent fees		6,865

Other expenses		5,912


Total Expenses		840,409

Less: Fees waived		(2,972	)


Total Expenses, Net		837,437


Net Investment Income/(Loss)		4,327,875


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

Net realized gain/(loss) from investments		(844,401	)

Net realized gain/(loss) from futures contracts		(612,941	)

Net realized gain/(loss) from foreign currency transactions		(57,592	)

Net change in unrealized appreciation/(depreciation) on investments		3,729,915

Net change in unrealized appreciation/(depreciation) on futures contracts		1,584,910

Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		(83,449	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(23,086	)


Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions		3,693,356


Net Increase in Net Assets Resulting From Operations	$	8,021,231


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

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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	4,327,875		$	9,330,172

Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		(1,514,934	)		2,088,461

Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies		5,208,290			(8,232,762	)


Net Increase in Net Assets Resulting from Operations		8,021,231			3,185,871


Capital Share Transactions

Proceeds from sales of shares		3,893,476			25,594,627

Cost of shares redeemed		(27,497,155	)		(64,269,080	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(23,603,679	)		(38,674,453	)


Net Decrease in Net Assets		(15,582,448	)		(35,488,582	)


Net Assets

Beginning of period		183,309,949			218,798,531


End of period	$	167,727,501		$	183,309,949


Other Information:

Shares

Sold		402,081			2,711,481

Redeemed		(2,815,887	)		(6,749,508	)


Net Decrease		(2,413,806	)		(4,038,027	)


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

This Page Intentionally Left Blank


				15

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 6/30/25	$	9.58	$	0.24	$	0.21	$	0.45	$	10.03		4.70%	⁽⁴⁾

Year Ended 12/31/24		9.44		0.44		(0.30)		0.14		9.58		1.48%

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%


16				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

$	167,728		0.95%	⁽⁴⁾		0.96%	⁽⁴⁾		4.93%	⁽⁴⁾		4.92%	⁽⁴⁾		138%	⁽⁴⁾

	183,310		0.94%			0.94%			4.61%			4.61%			186%

	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%

⁽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.				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

June 30, 2025 (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.


18

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. Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts. A forward


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

foreign currency contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. These contracts may be used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. Forward contracts to purchase or sell a foreign currency may also be used by the Fund in anticipation of future purchases (or in settlement of such purchases) or sales of securities denominated in foreign currency, or to exchange one currency for another. Upon entering into a forward foreign currency contract, the Fund may be required to post margin equal to its outstanding exposure thereunder. Forward foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the forward foreign currency contract is settled.

d. 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.

e. 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.

gain exposure to an underlying issuer’s credit quality characteristics without investing directly in that issuer.

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, 2025.

f. 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.


20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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, 2025.

i. Segment Reporting The Fund has adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The Fund’s adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations. Park Avenue acts as the Fund’s Chief Operating Decision Maker (“CODM’’) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The

financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.

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.

Park Avenue has contractually agreed through April 30, 2026 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). Prior to May 1, 2025, the expense limitation was 0.97%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $2,972.

Park Avenue has entered into a Sub-Advisory Agreement with Janus Henderson Investors US LLC (“Janus”), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. 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.


				21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND 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



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	195,943,245	$	46,739,265
Sales		184,860,016		66,837,562


22

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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.


				23

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

In addition, these contracts are subject to the risk that the counterparty may not be able to meet the terms of the contracts as well as the risk of unanticipated movements in the value of foreign currencies relative to the U.S. dollar. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. The Fund used forward foreign currency contracts during the period ended June 30, 2025.

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, 2025, 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			Foreign Currency Contracts

Asset Derivatives
Forward Foreign Currency Contracts¹	$	—		$	15,597

Futures Contracts²		671,839			—


Liability Derivatives
Forward Foreign Currency Contracts³	$	—		$	(99,046	)

Futures Contracts²		(522,331	)		—

¹	Statement of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.

²	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.

³	Statement of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:



	Interest Rate Contracts			Foreign Currency Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(612,941	)	$	—


Net Change in Unrealized Appreciation/(Depreciation)
Forward Foreign Currency Contracts²	$	—		$	(83,449	)

Futures Contracts³		1,584,910			—


Average Number of Notional Amounts
Forward Foreign Currency Contracts	$	—		$	1,568,982

Futures Contracts⁴		534			—

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

²	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts.

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

⁴	Amount represents number of contracts.


24

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

k. Loans 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 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

7. Indemnifications

8. Subsequent Events


				25

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

Board of Trustees Meeting held February 27, 2025

sub-adviser to the Guardian Total Return Bond VIP Fund; and (vi) Lord, Abbett & Co. LLC (“Lord Abbett”) engaged to serve as sub-adviser to the Guardian U.S. Government Securities VIP Fund. Boston Partners, FIAM, Janus, Allspring, MFS and Lord Abbett are each referred to as a “Sub-adviser” and are collectively referred to as the “Sub-advisers.” The sub-advisory agreements with the Sub-advisers are each referred to as an Agreement and are collectively referred to as the “Agreements.” Guardian Small Cap Core VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund are each referred to as a “Fund” and are collectively referred to as the “Funds.” The Board, including the Independent Trustees voting separately, unanimously approved the Agreements for an initial term of two years. The Trustees also considered and approved modifications to certain Funds’ investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers’ investment processes.


26

their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-advisers.

Nature, Extent and Quality of Services

expertise and/or experience of the investment professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputation of the Sub-advisers.

Investment Performance

Costs and Profitability


				27

Economies of Scale

Ancillary Benefits

Conclusion

Board of Trustees Meeting held March 26-27, 2025

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 the March Meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.


28

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, in substantially the form presented at the March Meeting, for a one-year term.

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


				29

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 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

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.

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


30

the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

Economies of Scale

Ancillary Benefits

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

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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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.


				31

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, that


32

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

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.


				33

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.


34

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


				35

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36

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				37

LOGO

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

PUB10525

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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			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			18

Item 9. Proxy Disclosures for Open-End Management Investment Companies			18

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			18

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			18

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

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 25.9%

Federal Home Loan Mortgage Corp. 3.00% due 5/1/2033	$	6,668,063	$	6,503,645

Federal National Mortgage Association 3.00% due 4/1/2033		5,407,758		5,316,205
3.00% due 9/1/2034		6,757,930		6,552,008
3.00% due 5/1/2037		6,498,526		6,305,169

Freddie Mac Multifamily Structured Pass-Through Certificates

Series K065, Class A2 3.243% due 4/25/2027		2,900,000		2,854,342

Series K068, Class A2 3.244% due 8/25/2027		7,000,000		6,879,362


Total Agency Mortgage-Backed Securities (Cost $34,324,446)				34,410,731
Asset-Backed Securities – 26.3%

Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 1.937% due 8/15/2046⁽¹⁾		900,000		869,845

American Express Credit Account Master Trust Series 2022-3, Class A 3.75% due 8/15/2027		2,000,000		1,998,111

Apidos CLO XXII Ltd. Series 2015-22A, Class A2R 6.031% (3 mo. USD Term SOFR + 1.76%) due 4/20/2031⁽¹⁾⁽²⁾		1,000,000		1,000,647

Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class A 1.66% due 2/20/2028⁽¹⁾		1,100,000		1,056,639

CARDS II Trust Series 2025-1A, Class A 4.63% due 3/15/2031⁽¹⁾		3,000,000		3,029,720

Citizens Auto Receivables Trust Series 2024-1, Class A3 5.11% due 4/17/2028⁽¹⁾		905,000		909,730

CNH Equipment Trust Series 2024-A, Class A3 4.77% due 6/15/2029		1,000,000		1,005,246

CyrusOne Data Centers Issuer I LLC Series 2024-2A, Class A2 4.50% due 5/20/2049⁽¹⁾		450,000		438,257

DLLMT LLC Series 2024-1A, Class A3 4.84% due 8/21/2028⁽¹⁾		1,000,000		1,008,035

Dryden 53 CLO Ltd. Series 2017-53A, Class B 5.918% (3 mo. USD Term SOFR + 1.66%) due 1/15/2031⁽¹⁾⁽²⁾		1,100,000		1,098,900


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Ford Credit Floorplan Master Owner Trust Series 2020-2, Class A 1.06% due 9/15/2027	$	1,100,000	$	1,091,908

GMF Floorplan Owner Revolving Trust Series 2025-1A, Class C 4.88% due 3/15/2029⁽¹⁾		2,900,000		2,914,784

Hertz Vehicle Financing III LLC Series 2025-1A, Class A 4.91% due 9/25/2029⁽¹⁾		2,900,000		2,909,282

HPEFS Equipment Trust Series 2023-1A, Class C 5.91% due 4/20/2028⁽¹⁾		495,000		495,893

Kubota Credit Owner Trust
Series 2025-1A, Class A3 4.67% due 6/15/2029⁽¹⁾		405,000		408,953
Series 2025-1A, Class A4 4.87% due 7/15/2030⁽¹⁾		405,000		413,778

NextGear Floorplan Master Owner Trust
Series 2024-1A, Class A2 5.12% due 3/15/2029⁽¹⁾		1,000,000		1,012,930
Series 2025-1A, Class B 4.89% due 2/15/2030⁽¹⁾		3,000,000		3,022,335

Octagon Investment Partners 36 Ltd. Series 2018-1A, Class B 5.908% (3 mo. USD Term SOFR + 1.65%) due 4/15/2031⁽¹⁾⁽²⁾		1,209,375		1,208,166

Oscar U.S. Funding XV LLC Series 2023-1A, Class A3 5.81% due 12/10/2027⁽¹⁾		600,000		604,093

Toyota Auto Loan Extended Note Trust Series 2021-1A, Class A 1.07% due 2/27/2034⁽¹⁾		1,735,000		1,696,724

Verizon Master Trust Series 2025-3, Class C 4.90% due 3/20/2030		2,900,000		2,910,009

Westlake Automobile Receivables Trust Series 2023-4A, Class A3 6.24% due 7/15/2027⁽¹⁾		1,000,000		1,005,750

Wheels Fleet Lease Funding 1 LLC
Series 2024-3A, Class A1 4.80% due 9/19/2039⁽¹⁾		240,000		241,206
Series 2024-3A, Class B 5.07% due 9/19/2039⁽¹⁾		195,000		198,084
Series 2025-1A, Class C 5.08% due 1/18/2040⁽¹⁾		2,500,000		2,512,953


Total Asset-Backed Securities (Cost $34,857,644)				35,061,978
Corporate Bonds & Notes – 36.5%
Airlines – 1.0%

Delta Air Lines, Inc. 4.95% due 7/10/2028		1,345,000		1,353,258


				1,353,258


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

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Biotechnology – 0.4%

Amgen, Inc. 5.15% due 3/2/2028	$	500,000	$	510,805


				510,805
Commercial Banks – 15.1%

Bank of America Corp. 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		488,645

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		992,810

4.979% (4.979% fixed rate until 1/24/2028; 1 day USD SOFR + 0.83% thereafter) due 1/24/2029⁽²⁾		940,000		953,649

5.08% (5.08% fixed rate until 1/20/2026; 1 day USD SOFR + 1.29% thereafter) due 1/20/2027⁽²⁾		500,000		501,460

Citibank NA 4.576% due 5/29/2027		2,570,000		2,583,595

Goldman Sachs Group, Inc. 6.484% (6.484% fixed rate until 10/24/2028; 1 day USD SOFR + 1.77% thereafter) due 10/24/2029⁽²⁾		2,700,000		2,864,808

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		964,760

4.915% (4.915% fixed rate until 1/24/2028; 1 day USD SOFR + 0.80% thereafter) due 1/24/2029⁽²⁾		1,400,000		1,418,634

5.299% (5.299% fixed rate until 7/24/2028; 1 day USD SOFR + 1.45% thereafter) due 7/24/2029⁽²⁾		500,000		513,365

Mitsubishi UFJ Financial Group, Inc. 5.354% (5.354% fixed rate until 9/13/2027; 1 yr. CMT rate + 1.90% thereafter) due 9/13/2028⁽²⁾		300,000		306,525

Morgan Stanley 5.164% (5.164% fixed rate until 4/20/2028; 1 day USD SOFR + 1.59% thereafter) due 4/20/2029⁽²⁾		1,900,000		1,937,354

Morgan Stanley Bank NA 4.968% (4.968% fixed rate until 7/14/2027; 1 day USD SOFR + 0.93% thereafter) due 7/14/2028⁽²⁾		1,000,000		1,012,140


June 30, 2025 (unaudited)	Principal Amount		Value
Commercial Banks (continued)

Royal Bank of Canada 5.069% (5.069% fixed rate until 7/23/2026; 1 day USD SOFR + 0.79% thereafter) due 7/23/2027⁽²⁾	$	750,000	$	755,460

Sumitomo Mitsui Trust Bank Ltd. 4.45% due 9/10/2027⁽¹⁾		1,000,000		1,003,710

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		902,223

Wells Fargo & Co. 5.574% (5.574% fixed rate until 7/25/2028; 1 day USD SOFR + 2.04% thereafter) due 7/25/2029⁽²⁾		2,800,000		2,890,804


				20,089,942
Computers – 1.1%

Dell International LLC/EMC Corp. 4.75% due 4/1/2028		1,450,000		1,467,255


				1,467,255
Diversified Financial Services – 4.8%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.45% due 4/3/2026		1,400,000		1,396,584

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⁾		1,100,000		1,112,595

Aviation Capital Group LLC 6.75% due 10/25/2028⁽¹⁾		1,300,000		1,382,602

Macquarie Airfinance Holdings Ltd. 5.20% due 3/27/2028⁽¹⁾		1,380,000		1,395,387

OneMain Finance Corp. 3.875% due 9/15/2028		1,100,000		1,053,943


				6,341,111
Electrical Components & Equipment – 1.1%

Molex Electronic Technologies LLC 4.75% due 4/30/2028⁽¹⁾		1,400,000		1,408,358


				1,408,358
Food – 2.2%

Mars, Inc. 4.55% due 4/20/2028⁽¹⁾		2,870,000		2,898,557


				2,898,557
Healthcare-Services – 0.9%

Elevance Health, Inc. 4.90% due 2/8/2026		200,000		200,018

HCA, Inc. 5.20% due 6/1/2028		1,000,000		1,021,800


				1,221,818


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

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Insurance – 1.2%

Aspen Insurance Holdings Ltd. 5.75% due 7/1/2030	$	830,000	$	844,699

Athene Global Funding 5.516% due 3/25/2027⁽¹⁾		700,000		712,033


				1,556,732
Leisure Time – 0.4%

Royal Caribbean Cruises Ltd. 5.375% due 7/15/2027⁽¹⁾		500,000		503,085


				503,085

Lodging – 0.9%

Las Vegas Sands Corp. 5.90% due 6/1/2027		1,000,000		1,021,050

Marriott International, Inc. Series R 3.125% due 6/15/2026		200,000		197,578


				1,218,628
Oil & Gas – 0.5%

Diamondback Energy, Inc. 3.25% due 12/1/2026		200,000		197,128

Hess Corp. 4.30% due 4/1/2027		500,000		498,970


				696,098
Pipelines – 1.5%

Enterprise Products Operating LLC 4.15% due 10/16/2028		1,000,000		999,980

Williams Cos., Inc. 5.30% due 8/15/2028		1,000,000		1,027,660


				2,027,640
Real Estate Investment Trusts – 2.4%

American Tower Corp. 5.80% due 11/15/2028		500,000		521,695

Extra Space Storage LP 3.50% due 7/1/2026		500,000		494,915

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 5.50% due 8/1/2030		670,000		675,119

VICI Properties LP 4.75% due 4/1/2028		1,450,000		1,462,165


				3,153,894
Software – 0.7%

Fiserv, Inc. 4.20% due 10/1/2028		500,000		497,415

Oracle Corp. 2.30% due 3/25/2028		500,000		474,700


				972,115
Telecommunications – 2.3%

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 5.152% due 3/20/2028⁽¹⁾		2,585,000		2,602,139

T-Mobile USA, Inc. 3.75% due 4/15/2027		500,000		494,955


				3,097,094

Total Corporate Bonds & Notes (Cost $48,012,956)				48,516,390


June 30, 2025 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities – 1.5%

Brean Asset-Backed Securities Trust Series 2025-RM11, Class A1 4.75% due 5/25/2065^(1)(2)(3)	$	2,095,040	$	2,039,687


Total Non-Agency Mortgage-Backed Securities (Cost $2,015,839)				2,039,687
U.S. Treasury Bills – 7.5%

U.S. Treasury Bills 5.511% due 7/3/2025⁽⁴⁾		10,000,000		9,997,685


Total U.S. Treasury Bills (Cost $9,997,689)				9,997,685
Repurchase Agreements – 2.4%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $3,157,751, due 7/1/2025⁽⁵⁾		3,157,631		3,157,631


Total Repurchase Agreements (Cost $3,157,631)				3,157,631

Total Investments – 100.1% (Cost $132,366,205)				133,184,102

Liabilities in excess of other assets – (0.1)%				(85,137	)

Total Net Assets – 100.0%			$	133,098,965

⁽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, 2025, the aggregate market value of these securities amounted to $42,002,262, representing 31.6% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽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, 2025.

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

⁽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		4.375%		5/15/2034	$	3,166,400	$	3,220,861

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

SOFR — Secured Overnight Financing Rate

USD — United States Dollar


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

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


The following is a summary of the inputs used as of June 30, 2025 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	$	—	$	34,410,731	$	—	$	34,410,731
Asset-Backed Securities		—		35,061,978		—		35,061,978
Corporate Bonds & Notes		—		48,516,390		—		48,516,390
Non-Agency Mortgage-Backed Securities		—		2,039,687		—		2,039,687
U.S. Treasury Bills		—		9,997,685		—		9,997,685
Repurchase Agreements		—		3,157,631		—		3,157,631
Total	$	—	$	133,184,102	$	—	$	133,184,102


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

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND


Statement of Assets and Liabilities As of June 30, 2025 (unaudited)
Assets

Investments, at value	$	133,184,102

Interest receivable		746,173

Receivable for fund shares subscribed		27,163

Reimbursement receivable from adviser		19,064

Prepaid expenses		1,652


Total Assets		133,978,154


Liabilities

Payable for investments purchased		669,049

Payable for fund shares redeemed		77,146

Investment advisory fees payable		49,480

Accrued custodian and accounting fees		24,501

Accrued audit fees		21,129

Accrued trustees’ and officers’ fees		111

Accrued expenses and other liabilities		37,773


Total Liabilities		879,189


Total Net Assets	$	133,098,965


Net Assets Consist of:
Paid-in capital	$	119,367,729
Distributable earnings		13,731,236


Total Net Assets	$	133,098,965

Investments, at Cost	$	132,366,205


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		12,144,484

Net Asset Value Per Share		$10.96


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Interest	$	3,303,651

Dividends		7,028


Total Investment Income		3,310,679


Expenses

Investment advisory fees		319,066

Professional fees		32,335

Custodian and accounting fees		29,195

Trustees’ and officers’ fees		25,867

Administrative fees		24,116

Shareholder reports		11,884

Transfer agent fees		9,542

Other expenses		4,670


Total Expenses		456,675

Less: Fees waived		(123,135	)


Total Expenses, Net		333,540


Net Investment Income/(Loss)		2,977,139


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		539,789
Net realized gain/(loss) from futures contracts		(8,431	)
Net change in unrealized appreciation/(depreciation) on investments		568,060
Net change in unrealized appreciation/(depreciation) on futures contracts		45,760


Net Gain on Investments and Derivative Contracts		1,145,178


Net Increase in Net Assets Resulting From Operations	$	4,122,317


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

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND V I P FUND


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

	For the Six Months Ended 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	2,977,139		$	7,848,688

Net realized gain/(loss) from investments and derivative contracts		531,358			(728,045	)

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		613,820			269,063


Net Increase in Net Assets Resulting from Operations		4,122,317			7,389,706


Capital Share Transactions

Proceeds from sales of shares		3,204,350			21,089,751

Cost of shares redeemed		(23,431,189	)		(49,327,524	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(20,226,839	)		(28,237,773	)


Net Decrease in Net Assets		(16,104,522	)		(20,848,067	)


Net Assets

Beginning of period		149,203,487			170,051,554


End of period	$	133,098,965		$	149,203,487


Other Information:

Shares

Sold		298,894			2,045,915

Redeemed		(2,169,283	)		(4,748,203	)


Net Decrease		(1,870,389	)		(2,702,288	)


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

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				7

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 Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/25	$	10.65	$	0.22	$	0.09		$	0.31		$	10.96		2.91%	⁽⁴⁾

Year Ended 12/31/24		10.17		0.50		(0.02)			0.48			10.65		4.72%

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⁾


8				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

$	133,099		0.47%	⁽⁴⁾		0.64%	⁽⁴⁾		4.20%	⁽⁴⁾		4.03%	⁽⁴⁾		137%	⁽⁴⁾

	149,203		0.49%			0.63%			4.82%			4.68%			185%

	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.				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

June 30, 2025 (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 preserve principal and meet liquidity needs while maximizing total return.

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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

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

•

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

•

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


				11

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 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.

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, 2025.


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

3. Transactions with Affiliates

Park Avenue has contractually agreed through April 30, 2026 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 0.45% 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, 2025, the expense limitation was 0.48%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $123,135.

Park Avenue has entered into a Sub-Advisory Agreement with Allspring Global Investments, LLC (“Allspring”), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. 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.

4. Federal Income Taxes


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	65,796,628	$	116,136,242
Sales		85,544,286		123,611,358

will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

amount of payments that the Fund is contractually entitled to receive, if any.

Transactions in derivative investments for the six months ended June 30, 2025 were as follows:



	Interest Rate Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(8,431	)


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	45,760


Average Number of Notional Amounts
Futures Contracts³		65

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.

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

6. Temporary Borrowings


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

7. Indemnifications

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

8. Subsequent Events


				17

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

Board of Trustees Meeting held February 27, 2025

Fund; and (vi) Lord, Abbett & Co. LLC (“Lord Abbett”)


18

Nature, Extent and Quality of Services

Investment Performance

Costs and Profitability


				19

Economies of Scale

Ancillary Benefits

Conclusion

Board of Trustees Meeting held March 26-27, 2025


20

Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and 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


				21

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


22

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

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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 noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500


				23

Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•


24

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the


				25

1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•


26

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


				27

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28

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				29

LOGO

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

PUB11741

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

Guardian Small Cap Value Diversified VIP Fund

(formerly, 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 Value Diversified 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

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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Common Stocks – 97.8%

Aerospace & Defense – 1.0%

Leonardo DRS, Inc.		39,491	$	1,835,542


				1,835,542
Air Freight & Logistics – 1.7%

GXO Logistics, Inc.⁽¹⁾		61,678		3,003,719


				3,003,719
Automobile Components – 0.6%

Gentherm, Inc.⁽¹⁾		35,397		1,001,381


				1,001,381
Banks – 11.0%

Enterprise Financial Services Corp.		61,015		3,361,927

First BanCorp		82,241		1,713,080

First Commonwealth Financial Corp.		139,655		2,266,601

National Bank Holdings Corp., Class A		60,538		2,276,834

Popular, Inc.		19,054		2,099,941

Prosperity Bancshares, Inc.		39,600		2,781,504

Webster Financial Corp.		60,457		3,300,952

WesBanco, Inc.		54,270		1,716,560


				19,517,399
Biotechnology – 0.5%

Halozyme Therapeutics, Inc.⁽¹⁾		18,021		937,452


				937,452
Building Products – 0.5%

UFP Industries, Inc.		9,395		933,487


				933,487
Capital Markets – 2.4%

BGC Group, Inc., Class A		412,434		4,219,200


				4,219,200
Chemicals – 2.4%

Ashland, Inc.		31,720		1,594,882

Huntsman Corp.		132,064		1,376,107

Mosaic Co.		35,623		1,299,527


				4,270,516
Commercial Services & Supplies – 5.0%

ABM Industries, Inc.		60,779		2,869,376

BrightView Holdings, Inc.⁽¹⁾		230,760		3,842,154

Driven Brands Holdings, Inc.⁽¹⁾		125,344		2,201,041


				8,912,571
Communications Equipment – 0.3%

Calix, Inc.⁽¹⁾		9,682		514,986


				514,986
Construction & Engineering – 3.0%

Arcosa, Inc.		19,105		1,656,594

MasTec, Inc.⁽¹⁾		9,942		1,694,415

MYR Group, Inc.⁽¹⁾		11,106		2,015,184


				5,366,193
Consumer Finance – 1.5%

FirstCash Holdings, Inc.		6,489		876,924

SLM Corp.		53,875		1,766,561


				2,643,485


June 30, 2025 (unaudited)	Shares		Value
Consumer Staples Distribution & Retail – 0.4%

Grocery Outlet Holding Corp.⁽¹⁾		58,808	$	730,395


				730,395
Diversified Consumer Services – 0.9%

ADT, Inc.		198,323		1,679,796


				1,679,796
Diversified REITs – 1.2%

Broadstone Net Lease, Inc.		137,130		2,200,937


				2,200,937
Electric Utilities – 1.7%

Portland General Electric Co.		72,191		2,933,120


				2,933,120
Electronic Equipment, Instruments & Components – 2.4%

Coherent Corp.⁽¹⁾		21,502		1,918,194

Crane NXT Co.		44,776		2,413,426


				4,331,620
Energy Equipment & Services – 1.5%

Atlas Energy Solutions, Inc.		26,527		354,666

Expro Group Holdings NV⁽¹⁾		100,061		859,524

Kodiak Gas Services, Inc.		25,375		869,601

Liberty Energy, Inc.		55,397		635,958


				2,719,749
Food Products – 0.9%

Nomad Foods Ltd.		91,867		1,560,820


				1,560,820
Gas Utilities – 1.4%

Spire, Inc.		34,557		2,522,315


				2,522,315
Ground Transportation – 1.4%

Knight-Swift Transportation Holdings, Inc.		55,880		2,471,572


				2,471,572
Health Care Equipment & Supplies – 3.8%

Enovis Corp.⁽¹⁾		106,781		3,348,652

Teleflex, Inc.		28,984		3,430,546


				6,779,198
Health Care Providers & Services – 0.9%

Tenet Healthcare Corp.⁽¹⁾		8,870		1,561,120


				1,561,120
Health Care Technology – 1.2%

Phreesia, Inc.⁽¹⁾		73,540		2,092,948


				2,092,948
Hotels, Restaurants & Leisure – 0.8%

Dave & Buster’s Entertainment, Inc. (United States)⁽¹⁾		20,764		624,581

Wyndham Hotels & Resorts, Inc.		9,141		742,341


				1,366,922
Household Durables – 0.5%

Century Communities, Inc.		15,024		846,152


				846,152


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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND


June 30, 2025 (unaudited)	Shares		Value
Insurance – 7.0%

Axis Capital Holdings Ltd.		16,644	$	1,727,980

CNO Financial Group, Inc.		48,710		1,879,232

Hanover Insurance Group, Inc.		19,721		3,350,006

Kemper Corp. (United States)		65,101		4,201,618

Primerica, Inc.		1,545		422,820

Slide Insurance Holdings, Inc.⁽¹⁾		35,057		759,335


				12,340,991
Interactive Media & Services – 1.5%

Cargurus, Inc.⁽¹⁾		77,060		2,579,198


				2,579,198
Machinery – 1.4%

Hillman Solutions Corp.⁽¹⁾		224,886		1,605,686

Timken Co.		13,123		952,074


				2,557,760
Marine Transportation – 0.9%

Star Bulk Carriers Corp.		94,210		1,625,123


				1,625,123
Metals & Mining – 7.4%

Alcoa Corp.		49,552		1,462,280

Capstone Copper Corp. (Canada)⁽¹⁾		363,605		2,232,229

Commercial Metals Co.		29,517		1,443,676

Constellium SE⁽¹⁾		161,041		2,141,845

ERO Copper Corp.⁽¹⁾		112,967		1,903,494

thyssenkrupp AG (Germany)		155,174		1,666,342

Warrior Met Coal, Inc.		48,070		2,203,048


				13,052,914
Multi-Utilities – 2.4%

Black Hills Corp.		36,555		2,050,735

Northwestern Energy Group, Inc.		42,702		2,190,613


				4,241,348
Oil, Gas & Consumable Fuels – 6.0%

BKV Corp.⁽¹⁾		100,874		2,433,081

DHT Holdings, Inc.		168,223		1,818,491

Infinity Natural Resources, Inc., Class A⁽¹⁾		89,685		1,642,132

Scorpio Tankers, Inc.		68,350		2,674,536

SM Energy Co.		51,916		1,282,844

Viper Energy, Inc.		21,930		836,191


				10,687,275
Passenger Airlines – 0.5%

Allegiant Travel Co.⁽¹⁾		17,350		953,383


				953,383
Professional Services – 2.5%

First Advantage Corp.⁽¹⁾		43,224		717,950

KBR, Inc.		32,288		1,547,887

Maximus, Inc.		23,792		1,670,198

NV5 Global, Inc.⁽¹⁾		18,830		434,785


				4,370,820


June 30, 2025 (unaudited)	Shares		Value
Real Estate Management & Development – 0.9%

Newmark Group, Inc., Class A		136,607	$	1,659,775


				1,659,775
Retail REITs – 3.8%

Brixmor Property Group, Inc.		138,006		3,593,676

Getty Realty Corp.		111,495		3,081,722


				6,675,398
Semiconductors & Semiconductor Equipment – 4.6%

Diodes, Inc.⁽¹⁾		22,470		1,188,438

Silicon Motion Technology Corp., ADR		67,465		5,071,344

Tower Semiconductor Ltd.⁽¹⁾		41,807		1,812,334


				8,072,116
Software – 4.3%

BlackBerry Ltd.⁽¹⁾		113,428		519,500

NCR Voyix Corp.⁽¹⁾		259,773		3,047,137

Teradata Corp.⁽¹⁾		99,511		2,220,091

Verint Systems, Inc. (United States)⁽¹⁾		92,630		1,822,032


				7,608,760
Specialty Retail – 1.8%

Advance Auto Parts, Inc.		23,686		1,101,162

Bath & Body Works, Inc.		54,013		1,618,230

Wayfair, Inc., Class A⁽¹⁾		9,095		465,118


				3,184,510
Textiles, Apparel & Luxury Goods – 2.0%

Gildan Activewear, Inc.		53,067		2,613,019

Under Armour, Inc., Class C⁽¹⁾		140,900		914,441


				3,527,460
Trading Companies & Distributors – 1.9%

Air Lease Corp.		57,211		3,346,271


				3,346,271

Total Common Stocks (Cost $159,532,025)				173,435,697



	Principal Amount		Value
Repurchase Agreements – 2.2%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $3,907,656, due 7/1/2025⁽²⁾	$	3,907,508		3,907,508

Total Repurchase Agreements (Cost $3,907,508)				3,907,508

Total Investments – 100.0% (Cost $163,439,533)				177,343,205

Liabilities in excess of other assets – (0.0)%				(73,149	)

Total Net Assets – 100.0%			$	177,270,056

⁽¹⁾	Non–income–producing security.


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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.375%		5/15/2034	$	3,918,400	$	3,985,837

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	$	171,769,355	$	1,666,342	$	—	$	173,435,697
Repurchase Agreements		—		3,907,508		—		3,907,508
Total	$	171,769,355	$	5,573,850	$	—	$	177,343,205


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

FINANCIAL INFORMATION — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND


Statement of Assets and Liabilities As of June 30, 2025 (unaudited)
Assets

Investments, at value	$	177,343,205

Receivable for investments sold		629,649

Dividends/interest receivable		256,890

Receivable for fund shares subscribed		6,413

Reimbursement receivable from adviser		4,348

Prepaid expenses		2,299


Total Assets		178,242,804


Liabilities

Payable for investments purchased		605,131

Payable for fund shares redeemed		168,375

Investment advisory fees payable		99,361

Distribution fees payable		36,000

Accrued audit fees		14,924

Accrued custodian and accounting fees		11,543

Accrued expenses and other liabilities		37,414


Total Liabilities		972,748


Total Net Assets	$	177,270,056


Net Assets Consist of:

Paid-in capital	$	80,042,156

Distributable earnings		97,227,900


Total Net Assets	$	177,270,056

Investments, at Cost	$	163,439,533


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		13,542,272

Net Asset Value Per Share		$13.09


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Dividends	$	1,538,730

Interest		26,281

Withholding taxes on foreign dividends		(4,840	)


Total Investment Income		1,560,171


Expenses

Investment advisory fees		596,273

Distribution fees		216,041

Trustees’ and officers’ fees		30,876

Professional fees		30,192

Administrative fees		22,992

Custodian and accounting fees		20,877

Shareholder reports		13,442

Transfer agent fees		8,575

Other expenses		6,247


Total Expenses		945,515

Less: Fees waived		(38,142	)


Total Expenses, Net		907,373


Net Investment Income/(Loss)		652,798


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		24,257,262

Net realized gain/(loss) from foreign currency transactions		(9,431	)

Net change in unrealized appreciation/(depreciation) on investments		(27,554,530	)


Net Loss on Investments and Foreign Currency Transactions		(3,306,699	)


Net Decrease in Net Assets Resulting From Operations	$	(2,653,901)


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

FINANCIAL INFORMATION — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND


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

	For the Six Months Ended 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	652,798		$	817,942

Net realized gain/(loss) from investments and foreign currency transactions		24,247,831			15,975,864

Net change in unrealized appreciation/(depreciation) on investments		(27,554,530	)		(1,607,167	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		(2,653,901	)		15,186,639


Capital Share Transactions

Proceeds from sales of shares		16,361,609			5,827,243

Cost of shares redeemed		(27,310,398	)		(79,168,390	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(10,948,789	)		(73,341,147	)


Net Decrease in Net Assets		(13,602,690	)		(58,154,508	)


Net Assets

Beginning of period		190,872,746			249,027,254


End of period	$	177,270,056		$	190,872,746


Other Information:

Shares

Sold		1,346,072			477,045

Redeemed		(2,093,305	)		(6,241,360	)


Net Decrease		(747,233	)		(5,764,315	)


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

FINANCIAL INFORMATION — GUARDIAN SMALL CAP VALUE DIVERSIFIED 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 6/30/25	$	13.36	$	0.05		$	(0.32)	$	(0.27)	$	13.09		(2.02)%	⁽⁴⁾

Year Ended 12/31/24		12.42		0.05			0.89		0.94		13.36		7.57%

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%


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

FINANCIAL INFORMATION — GUARDIAN SMALL CAP VALUE DIVERSIFIED 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

$	177,270		1.05%	⁽⁴⁾		1.09%	⁽⁴⁾		0.76%	⁽⁴⁾		0.72%	⁽⁴⁾		114%	⁽⁴⁾

	190,873		1.05%			1.07%			0.38%			0.36%			28%

	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%

⁽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⁾	Rounds to $0.00 per share.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

June 30, 2025 (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 Value Diversified VIP Fund (formerly, 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 VALUE DIVERSIFIED 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 VALUE DIVERSIFIED 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

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.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $38,142.

Park Avenue has entered into a Sub-Advisory Agreement with Boston Partners Global Investors, Inc. (“Boston Partners”), effective May 1, 2025. Prior to this date, ClearBridge Investments LLC was sub-adviser to the Fund. Boston Partners is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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 $195,748,562 and $205,714,573, respectively, for the six months ended June 30, 2025. During the six months ended June 30, 2025, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

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, 2025, 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


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

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, 2025, 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.

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

8. Subsequent Events


				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

Board of Trustees Meeting held February 27, 2025


14

and criteria used by the Manager to identify and select the Sub-advisers.

Nature, Extent and Quality of Services

professionals that would serve as portfolio managers for the Funds and the capabilities, resources and reputation of the Sub-advisers.

Investment Performance

Costs and Profitability

Based on the consideration of the information and factors summarized above, as well as other relevant information


				15

and factors, the Trustees concluded that the proposed sub-advisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the Funds by the Sub-advisers.

Economies of Scale

Ancillary Benefits

Conclusion

Board of Trustees Meeting held March 26-27, 2025

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 the March Meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.


16

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, in substantially the form presented at the March Meeting, for a one-year term.

These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and 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


				17

Investment Performance

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data,

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


18

Economies of Scale

Ancillary Benefits

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

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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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


				19

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 noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•


20

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group, the

actual management fee was in the 1^st quintile of the expense group, and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.


				21

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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


22

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index

for the 1-year and 5-year periods and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


				23

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24

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				25

LOGO

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

PUB10526

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

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			9

Statement of Operations			9

Statements of Changes in Net Assets			10

Financial Highlights			12

Notes to Financial Statements			14

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			22

Item 9. Proxy Disclosures for Open-End Management Investment Companies			22

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			22

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			22

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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities – 22.7%

Anchorage Capital CLO 7 Ltd. Series 2015-7A, Class BR3 6.333% (3 mo. USD Term SOFR + 2.05%) due 4/28/2037⁽¹⁾⁽²⁾	$	462,000	$	462,869

Ares XXXIV CLO Ltd. Series 2015-2A, Class BR2 6.141% (3 mo. USD Term SOFR + 1.86%) due 4/17/2033⁽¹⁾⁽²⁾		450,000		450,135

Benefit Street Partners CLO XXVIII Ltd. Series 2022-28A, Class CR 6.17% (3 mo. USD Term SOFR + 1.90%) due 10/20/2037⁽¹⁾⁽²⁾		1,000,000		1,004,769

BlueMountain CLO Ltd. Series 2014-2A, Class BR2 6.281% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030⁽¹⁾⁽²⁾		800,000		799,360

Carlyle U.S. CLO Ltd. Series 2017-3A, Class CR2 6.27% (3 mo. USD Term SOFR + 2.00%) due 10/21/2037⁽¹⁾⁽²⁾		3,000,000		3,006,003

Cathedral Lake VI Ltd. Series 2021-6A, Class AN 5.793% (3 mo. USD Term SOFR + 1.51%) due 4/25/2034⁽¹⁾⁽²⁾		1,200,000		1,202,758

Citizens Auto Receivables Trust Series 2024-1, Class A3 5.11% due 4/17/2028⁽¹⁾		1,100,000		1,105,749

CNH Equipment Trust Series 2022-B, Class A4 3.91% due 3/15/2028		1,630,000		1,621,607

CyrusOne Data Centers Issuer I LLC Series 2024-2A, Class A2 4.50% due 5/20/2049⁽¹⁾		900,000		876,514

DB Master Finance LLC Series 2021-1A, Class A2II 2.493% due 11/20/2051⁽¹⁾		1,013,250		936,305

Elmwood CLO 36 Ltd. Series 2024-12RA, Class CR 6.27% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037⁽¹⁾⁽²⁾		1,000,000		1,002,049

Enterprise Fleet Financing LLC Series 2024-3, Class A4 5.06% due 3/20/2031⁽¹⁾		1,000,000		1,021,139

Ford Credit Auto Lease Trust Series 2024-B, Class B 5.18% due 2/15/2028		600,000		605,076

Generate CLO 10 Ltd. Series 2022-10A, Class BR 5.916% (3 mo. USD Term SOFR + 1.60%) due 1/22/2038⁽¹⁾⁽²⁾		1,200,000		1,199,276


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Generate CLO 8 Ltd. Series 8A, Class CR2 6.37% (3 mo. USD Term SOFR + 2.10%) due 1/20/2038⁽¹⁾⁽²⁾	$	1,000,000	$	1,002,077

GMF Floorplan Owner Revolving Trust Series 2024-1A, Class B 5.33% due 3/15/2029⁽¹⁾		942,000		953,733

HPEFS Equipment Trust Series 2023-1A, Class C 5.91% due 4/20/2028⁽¹⁾		1,000,000		1,001,805

Hyundai Auto Receivables Trust Series 2024-B, Class B 5.04% due 9/16/2030		800,000		813,635

ICG U.S. CLO Ltd. Series 2022-1A, Class A1 5.812% (3 mo. USD Term SOFR + 1.54%) due 7/20/2035⁽¹⁾⁽²⁾		1,500,000		1,499,550

Kubota Credit Owner Trust Series 2025-1A, Class A3 4.67% due 6/15/2029⁽¹⁾		450,000		454,392
Series 2025-1A, Class A4 4.87% due 7/15/2030⁽¹⁾		450,000		459,753

Madison Park Funding XXIII Ltd. Series 2017-23A, Class BR 6.094% (3 mo. USD Term SOFR + 1.81%) due 7/27/2031⁽¹⁾⁽²⁾		1,300,000		1,299,090

Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class BR3 5.972% (3 mo. USD Term SOFR + 1.70%) due 7/22/2038⁽¹⁾⁽²⁾		1,100,000		1,100,660

Neuberger Berman Loan Advisers CLO 35 Ltd. Series 2019-35A, Class CRR 5.92% (3 mo. USD Term SOFR + 1.65%) due 1/19/2033⁽¹⁾⁽²⁾		1,250,000		1,250,000

NextGear Floorplan Master Owner Trust Series 2024-1A, Class A2 5.12% due 3/15/2029⁽¹⁾		1,500,000		1,519,395

Nissan Auto Lease Trust Series 2024-B, Class B 5.21% due 12/15/2028		1,050,000		1,061,018

Octagon Investment Partners 50 Ltd. Series 2020-4A, Class DR 7.668% (3 mo. USD Term SOFR + 3.41%) due 1/15/2035⁽¹⁾⁽²⁾		1,100,000		1,084,710

Octagon Loan Funding Ltd. Series 2014-1A, Class CRR 6.786% (3 mo. USD Term SOFR + 2.46%) due 11/18/2031⁽¹⁾⁽²⁾		2,200,000		2,201,540


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

OHA Credit Funding 3 Ltd. Series 2019-3A, Class CR2 6.02% (3 mo. USD Term SOFR + 1.75%) due 1/20/2038⁽¹⁾⁽²⁾	$	2,000,000	$	2,004,274

Oscar U.S. Funding XV LLC Series 2023-1A, Class A3 5.81% due 12/10/2027⁽¹⁾		800,000		805,458

Parallel Ltd. Series 2023-1A, Class A2R 6.117% (3 mo. USD Term SOFR + 1.80%) due 7/20/2036⁽¹⁾⁽²⁾		949,520		949,520

PFP Ltd. Series 2025-12, Class B 6.364% (1 mo. USD Term SOFR + 2.04%) due 12/18/2042^(1)(2)(3)		325,000		324,330

RR 36 Ltd. Series 2024-36RA, Class A1R 5.546% (3 mo. USD Term SOFR + 1.29%) due 1/15/2040⁽¹⁾⁽²⁾		1,150,000		1,150,279

Santander Drive Auto Receivables Trust Series 2023-4, Class B 5.77% due 12/15/2028		735,000		744,258

Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-AA, Class A2 4.63% due 7/20/2027⁽¹⁾		439,561		440,402

TCW CLO Ltd. Series 2021-1A, Class A1R1 5.63% (3 mo. USD Term SOFR + 1.36%) due 1/20/2038⁽¹⁾⁽²⁾		1,650,000		1,651,247

TIAA CLO IV Ltd. Series 2018-1A, Class A2R 6.02% (3 mo. USD Term SOFR + 1.75%) due 1/20/2032⁽¹⁾⁽²⁾		1,720,000		1,721,335

Trinitas CLO XVI Ltd. Series 2021-16A, Class A1 5.711% (3 mo. USD Term SOFR + 1.44%) due 7/20/2034⁽¹⁾⁽²⁾		800,000		799,760

Vantage Data Centers Issuer LLC Series 2024-1A, Class A2 5.10% due 9/15/2054⁽¹⁾		800,000		793,730

Westlake Automobile Receivables Trust Series 2023-4A, Class A3 6.24% due 7/15/2027⁽¹⁾		1,650,000		1,659,488

Wheels Fleet Lease Funding 1 LLC Series 2024-3A, Class A1 4.80% due 9/19/2039⁽¹⁾		520,000		522,613


June 30, 2025 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Series 2024-3A, Class B 5.07% due 9/19/2039⁽¹⁾	$	375,000	$	380,931

World Omni Select Auto Trust Series 2024-A, Class B 5.18% due 6/17/2030		800,000		807,632


Total Asset-Backed Securities (Cost $45,649,815)				45,750,224
Corporate Bonds & Notes – 40.7%

Aerospace & Defense – 2.1%

Boeing Co. 6.528% due 5/1/2034		508,000		552,430
6.858% due 5/1/2054		495,000		542,139

Bombardier, Inc. 7.50% due 2/1/2029⁽¹⁾		1,063,000		1,115,512

RTX Corp. 6.10% due 3/15/2034		700,000		756,497
6.40% due 3/15/2054		100,000		109,499

TransDigm, Inc. 4.625% due 1/15/2029		1,159,000		1,136,932


				4,213,009
Auto Manufacturers – 1.9%

Ford Motor Credit Co. LLC 6.05% due 3/5/2031		1,079,000		1,076,918

General Motors Financial Co., Inc. 5.35% due 1/7/2030		400,000		404,668
5.55% due 7/15/2029		700,000		714,952
5.60% due 6/18/2031		200,000		204,006

Hyundai Capital America 6.375% due 4/8/2030⁽¹⁾		818,000		867,677

Wabash National Corp. 4.50% due 10/15/2028⁽¹⁾		500,000		452,545


				3,720,766
Beverages – 0.7%

Anheuser-Busch InBev Worldwide, Inc. 4.95% due 1/15/2042		400,000		377,520

Bacardi Ltd. 5.15% due 5/15/2038⁽¹⁾		819,000		752,300

Constellation Brands, Inc. 4.80% due 5/1/2030		188,000		189,397


				1,319,217
Building Materials – 0.9%

JH North America Holdings, Inc. 5.875% due 1/31/2031⁽¹⁾		504,000		508,914
6.125% due 7/31/2032⁽¹⁾		504,000		512,865

Standard Industries, Inc. 3.375% due 1/15/2031⁽¹⁾		860,000		772,366


				1,794,145
Chemicals – 0.5%

Chemours Co. 5.75% due 11/15/2028⁽¹⁾		573,000		536,901

OCP SA 6.75% due 5/2/2034⁽¹⁾		416,000		431,238


				968,139


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Commercial Banks – 5.8%

Banco Mercantil del Norte SA, Reg S 6.625% (6.625% fixed rate until 1/24/2032 ; 10 yr. CMT rate + 5.03% thereafter) due 1/24/2032⁽²⁾	$	345,000	$	318,790

Banco Nacional de Comercio Exterior SNC 5.875% due 5/7/2030⁽¹⁾		205,000		207,987

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		878,300
4.271% (4.271% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.57% thereafter) due 7/23/2029⁽²⁾		900,000		897,507

BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 8.45% (8.45% fixed rate until 6/29/2033; 5 yr. CMT rate + 4.66% thereafter) due 6/29/2038⁽¹⁾⁽²⁾		303,000		320,677

Deutsche Bank AG 5.403% (5.403% fixed rate until 9/11/2034; 1 day USD SOFR + 2.05% thereafter) due 9/11/2035⁽²⁾		1,765,000		1,755,134

Goldman Sachs Group, Inc. 3.102% (3.102% fixed rate until 2/24/2032; 1 day USD SOFR + 1.41% thereafter) due 2/24/2033⁽²⁾		300,000		270,075

JPMorgan Chase & Co. 5.04% (5.04% fixed rate until 1/23/2027; 1 day USD SOFR + 1.19% thereafter) due 1/23/2028⁽²⁾		400,000		404,292

M&T Bank Corp. 6.082% (6.082% fixed rate until 3/13/2031; 1 day USD SOFR + 2.26% thereafter) due 3/13/2032⁽²⁾		1,000,000		1,055,530

Morgan Stanley 5.32% (5.32% fixed rate until 7/19/2034; 1 day USD SOFR + 1.56% thereafter) due 7/19/2035⁽²⁾		1,100,000		1,113,310

5.942% (5.942% fixed rate until 2/7/2034; 5 yr. CMT rate + 1.80% thereafter) due 2/7/2039⁽²⁾		1,087,000		1,115,936

UBS Group AG 4.375% (4.375% fixed rate until 2/10/2031; 5 yr. CMT rate + 3.31% thereafter) due 2/10/2031⁽¹⁾⁽²⁾		1,263,000		1,116,656


June 30, 2025 (unaudited)	Principal Amount		Value
Commercial Banks (continued)

5.699% (5.699% fixed rate until 2/8/2034; 1 yr. CMT rate + 1.77% thereafter) due 2/8/2035⁽¹⁾⁽²⁾	$	1,075,000	$	1,115,441

Wells Fargo & Co. 3.35% (3.35% fixed rate until 3/2/2032; 1 day USD SOFR + 1.50% thereafter) due 3/2/2033⁽²⁾		1,217,000		1,111,876


				11,681,511
Commercial Services – 0.5%

Ashtead Capital, Inc. 5.80% due 4/15/2034⁽¹⁾		1,066,000		1,092,192


				1,092,192
Computers – 0.5%

Booz Allen Hamilton, Inc. 5.95% due 4/15/2035		1,028,000		1,048,796


				1,048,796
Cosmetics & Personal Care – 0.2%

Haleon U.S. Capital LLC 3.625% due 3/24/2032		500,000		467,740


				467,740
Diversified Financial Services – 3.4%

Capital One Financial Corp. 6.051% (6.051% fixed rate until 2/1/2034; 1 day USD SOFR + 2.26% thereafter) due 2/1/2035⁽²⁾		1,381,000		1,440,922

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		540,705
Series K 5.00% (5.00% fixed rate until 6/1/2027; 5 yr. CMT rate + 3.26% thereafter) due 6/1/2027⁽²⁾		718,000		717,146

Jefferies Financial Group, Inc. 5.875% due 7/21/2028		400,000		414,856

LPL Holdings, Inc. 4.375% due 5/15/2031⁽¹⁾		1,505,000		1,441,594

Muthoot Finance Ltd. 7.125% due 2/14/2028⁽¹⁾		508,000		516,905

Nomura Holdings, Inc. 7.00% (7.00% fixed rate until 7/15/2030; 5 yr. CMT rate + 3.08% thereafter) due 7/15/2030⁽²⁾		450,000		457,097

Rocket Cos., Inc. 6.125% due 8/1/2030⁽¹⁾		337,000		343,659
6.375% due 8/1/2033⁽¹⁾		337,000		345,233

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. 4.00% due 10/15/2033⁽¹⁾		188,000		168,132


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Diversified Financial Services (continued)
Shriram Finance Ltd. 6.15% due 4/3/2028⁽¹⁾	$	514,000	$	513,969


				6,900,218
Electric – 1.8%

DTE Energy Co. 5.85% due 6/1/2034		700,000		732,046

Engie Energia Chile SA, Reg S 3.40% due 1/28/2030		294,000		273,111

NextEra Energy Capital Holdings, Inc. 5.45% due 3/15/2035		500,000		510,060

Saavi Energia SARL 8.875% due 2/10/2035⁽¹⁾		554,000		576,337

Xcel Energy, Inc. 5.50% due 3/15/2034		900,000		914,571

XPLR Infrastructure Operating Partners LP 7.25% due 1/15/2029⁽¹⁾		552,000		565,922


				3,572,047
Environmental Control – 0.1%

Waste Management, Inc. 4.95% due 7/3/2027		200,000		203,460


				203,460
Food – 1.2%

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 5.75% due 4/1/2033		200,000		205,658

Kroger Co. 5.50% due 9/15/2054		300,000		284,526

Performance Food Group, Inc. 6.125% due 9/15/2032⁽¹⁾		537,000		549,737

Post Holdings, Inc. 4.625% due 4/15/2030⁽¹⁾		578,000		555,961
6.25% due 10/15/2034⁽¹⁾		762,000		768,439


				2,364,321
Gas – 0.3%

APA Infrastructure Ltd. 5.125% due 9/16/2034⁽¹⁾		663,000		650,158


				650,158
Healthcare-Services – 0.5%

Toledo Hospital Series B 5.325% due 11/15/2028		71,000		70,830

UnitedHealth Group, Inc. 4.80% due 1/15/2030		400,000		406,212
5.15% due 7/15/2034		600,000		605,616


				1,082,658
Insurance – 3.8%

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 5.875% due 11/1/2029⁽¹⁾		783,000		771,842

Brown & Brown, Inc. 5.65% due 6/11/2034		1,075,000		1,103,617

Corebridge Financial, Inc. 5.75% due 1/15/2034		1,064,000		1,105,624


June 30, 2025 (unaudited)	Principal Amount		Value
Insurance (continued)

Fairfax Financial Holdings Ltd. 5.75% due 5/20/2035⁽¹⁾	$	182,000	$	184,517
6.00% due 12/7/2033		1,268,000		1,323,348

HUB International Ltd. 5.625% due 12/1/2029⁽¹⁾		782,000		780,366

MetLife, Inc. Series G 6.35% (6.35% fixed rate until 3/15/2035; 5 yr. CMT rate + 2.08% thereafter) due 3/15/2055⁽²⁾		485,000		497,930

Nippon Life Insurance Co. 6.50% (6.50% fixed rate until 4/30/2035; 5 yr. CMT rate + 3.19% thereafter) due 4/30/2055⁽¹⁾⁽²⁾		319,000		330,050

Sammons Financial Group, Inc. 6.875% due 4/15/2034⁽¹⁾		1,422,000		1,522,919


				7,620,213
Leisure Time – 0.3%

VOC Escrow Ltd. 5.00% due 2/15/2028⁽¹⁾		700,000		696,262


				696,262
Lodging – 0.2%

Las Vegas Sands Corp. 5.625% due 6/15/2028		350,000		357,102


				357,102
Machinery-Diversified – 0.8%

Regal Rexnord Corp. 6.40% due 4/15/2033		1,463,000		1,545,630


				1,545,630
Media – 1.5%

CCO Holdings LLC/CCO Holdings Capital Corp. 4.50% due 8/15/2030⁽¹⁾		846,000		806,331

Charter Communications Operating LLC/Charter Communications Operating Capital 3.90% due 6/1/2052		820,000		561,946
5.25% due 4/1/2053		100,000		85,238
6.10% due 6/1/2029		700,000		732,942

Virgin Media Finance PLC 5.00% due 7/15/2030⁽¹⁾		886,000		809,335


				2,995,792
Mining – 2.3%

Anglo American Capital PLC 2.875% due 3/17/2031⁽¹⁾		249,000		224,797
4.75% due 3/16/2052⁽¹⁾		222,000		185,066
5.50% due 5/2/2033⁽¹⁾		727,000		738,944

Eldorado Gold Corp. 6.25% due 9/1/2029⁽¹⁾		125,000		125,419

IAMGOLD Corp. 5.75% due 10/15/2028⁽¹⁾		511,000		505,297

Northern Star Resources Ltd. 6.125% due 4/11/2033⁽¹⁾		1,045,000		1,086,152


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Mining (continued)

Novelis Corp. 3.875% due 8/15/2031⁽¹⁾	$	1,264,000	$	1,134,592

Rio Tinto Finance USA PLC 5.25% due 3/14/2035		660,000		671,339


				4,671,606
Oil & Gas – 2.6%

BP Capital Markets PLC 6.45% (6.45% fixed rate until 12/1/2033; 5 yr. CMT rate + 2.15% thereafter) due 12/1/2033⁽²⁾		732,000		749,934

Cenovus Energy, Inc. 2.65% due 1/15/2032		600,000		518,502

Eni SpA 5.50% due 5/15/2034⁽¹⁾		758,000		763,821

Occidental Petroleum Corp. 5.55% due 10/1/2034		1,085,000		1,064,765

Petroleos Mexicanos 5.95% due 1/28/2031		202,000		182,394

Raizen Fuels Finance SA 5.70% due 1/17/2035⁽¹⁾		441,000		413,138

Santos Finance Ltd. 6.875% due 9/19/2033⁽¹⁾		997,000		1,088,614

SierraCol Energy Andina LLC 6.00% due 6/15/2028⁽¹⁾		385,000		356,452


				5,137,620
Pharmaceuticals – 0.6%

AstraZeneca PLC 6.45% due 9/15/2037		400,000		449,016

Becton Dickinson & Co. 4.298% due 8/22/2032		200,000		193,618

Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125% due 4/30/2028⁽¹⁾		573,000		550,762


				1,193,396
Pipelines – 2.5%

Cheniere Energy Partners LP 5.95% due 6/30/2033		500,000		521,745

DCP Midstream Operating LP 3.25% due 2/15/2032		1,649,000		1,455,721

Energy Transfer LP 5.70% due 4/1/2035		400,000		407,364
6.20% due 4/1/2055		300,000		295,422

MPLX LP 5.50% due 6/1/2034		100,000		100,481

ONEOK, Inc. 5.05% due 11/1/2034		300,000		291,987

Plains All American Pipeline LP/PAA Finance Corp. 5.70% due 9/15/2034		734,000		747,175

Targa Resources Corp. 5.50% due 2/15/2035		400,000		401,588

Venture Global Calcasieu Pass LLC 6.25% due 1/15/2030⁽¹⁾		538,000		554,861

Western Midstream Operating LP 5.45% due 11/15/2034		300,000		294,261


				5,070,605


June 30, 2025 (unaudited)	Principal Amount		Value
Real Estate – 0.3%

Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. 5.75% due 1/15/2029⁽¹⁾	$	658,000	$	577,678


				577,678
Real Estate Investment Trusts – 2.3%

Boston Properties LP 5.75% due 1/15/2035		1,105,000		1,111,630
6.50% due 1/15/2034		519,000		555,829

Brixmor Operating Partnership LP 4.125% due 5/15/2029		600,000		590,232

SBA Communications Corp. 3.125% due 2/1/2029		800,000		755,608

Store Capital LLC 2.70% due 12/1/2031		1,301,000		1,103,508
4.625% due 3/15/2029		554,000		544,809


				4,661,616
Retail – 1.0%

Home Depot, Inc. 4.95% due 6/25/2034		400,000		404,640

O’Reilly Automotive, Inc. 5.00% due 8/19/2034		500,000		496,620

Patrick Industries, Inc. 4.75% due 5/1/2029⁽¹⁾		1,144,000		1,110,458


				2,011,718
Semiconductors – 0.3%

Broadcom, Inc. 3.137% due 11/15/2035⁽¹⁾		658,000		555,030


				555,030
Software – 0.3%

Fiserv, Inc. 5.625% due 8/21/2033		600,000		623,076


				623,076
Telecommunications – 0.9%

Rogers Communications, Inc. 3.80% due 3/15/2032		1,196,000		1,111,383
5.30% due 2/15/2034		300,000		300,333

T-Mobile USA, Inc. 2.70% due 3/15/2032		491,000		432,492


				1,844,208
Trucking & Leasing – 0.5%

SMBC Aviation Capital Finance DAC 5.55% due 4/3/2034⁽¹⁾		1,073,000		1,084,320


				1,084,320
Water – 0.1%

Aegea Finance SARL 9.00% due 1/20/2031⁽¹⁾		261,000		275,697


				275,697

Total Corporate Bonds & Notes (Cost $81,190,108)				81,999,946
Municipals – 0.1%

Oklahoma Development Finance Authority Series C 5.45% due 8/15/2028		230,000		223,642

Total Municipals (Cost $221,745)				223,642


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities – 9.0%

Arbor Realty Commercial Real Estate Notes Ltd. Series 2022-FL1, Class C 6.604% due 1/15/2037^(1)(2)(3)	$	1,000,000	$	998,951

BANK
Series 2019-BN24, Class AS 3.283% due 11/15/2062⁽²⁾⁽³⁾		1,413,000		1,290,266
Series 2022-BNK43, Class B 5.326% due 8/15/2055⁽²⁾⁽³⁾		500,000		475,303

BBCMS Mortgage Trust Series 2024-5C29, Class B 5.858% due 9/15/2057⁽²⁾⁽³⁾		300,000		303,433

Benchmark Mortgage Trust
Series 2024-V11, Class AM 6.201% due 11/15/2057⁽²⁾⁽³⁾		1,000,000		1,044,984
Series 2024-V5, Class AM 6.417% due 1/10/2057⁽²⁾⁽³⁾		855,000		890,632
Series 2024-V5, Class B 6.059% due 1/10/2057⁽²⁾⁽³⁾		360,000		367,584

BMO Mortgage Trust Series 2023-C6, Class AS 6.55% due 9/15/2056⁽²⁾⁽³⁾		950,000		1,023,097

Citigroup Commercial Mortgage Trust Series 2016-C3, Class AS 3.366% due 11/15/2049⁽²⁾⁽³⁾		1,125,000		1,090,517

Dwight Issuer LLC Series 2025-FL1, Class AS 6.591% due 9/18/2042^(1)(2)(3)		639,000		637,873

Freddie Mac STACR REMIC Trust Series 2022-HQA3, Class M1A 6.605% due 8/25/2042^(1)(2)(3)		950,560		968,108

Greystone CRE Notes LLC Series 2025-FL4, Class B 6.901% due 1/15/2043^(1)(2)(3)		114,500		114,231

MF1 LLC
Series 2025-FL19, Class AS 6.306% due 5/18/2042^(1)(2)(3)		1,053,777		1,052,735
Series 2025-FL19, Class B 6.656% due 5/18/2042^(1)(2)(3)		1,092,085		1,089,830

Morgan Stanley Capital I Trust
Series 2020-L4, Class AS 2.88% due 2/15/2053		750,000		672,805
Series 2021-L6, Class AS 2.749% due 6/15/2054⁽²⁾⁽³⁾		1,700,000		1,475,432

NEW Residential Mortgage Loan Trust Series 2025-NQM2, Class A1 5.566% due 4/25/2065^(1)(2)(3)		381,658		384,264

OBX Trust Series 2025-NQM4, Class A1 5.40% due 2/25/2055^(1)(2)(3)		894,967		895,997

PMT Loan Trust Series 2025-INV4, Class A9 5.50% due 3/25/2056^(1)(2)(3)		778,299		780,994

Provident Funding Mortgage Trust Series 2025-2, Class A4 5.50% due 6/25/2055^(1)(2)(3)		948,927		950,245


June 30, 2025 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

Stack Infrastructure Issuer LLC Series 2021-1A, Class A2 1.877% due 3/26/2046⁽¹⁾	$	1,250,000	$	1,220,466

Wells Fargo Commercial Mortgage Trust Series 2021-SAVE, Class A 5.677% due 2/15/2040^(1)(2)(3)		340,217		340,250


Total Non-Agency Mortgage-Backed Securities (Cost $18,389,650)				18,067,997
Foreign Government – 2.1%

Angola Government International Bonds, Reg S 8.00% due 11/26/2029	USD	457,000		414,184

Dominican Republic International Bonds 4.875% due 9/23/2032⁽¹⁾	USD	562,000		519,187

Egypt Government International Bonds, Reg S 7.30% due 9/30/2033	USD	510,000		452,492

Ivory Coast Government International Bonds 7.625% due 1/30/2033⁽¹⁾	USD	562,000		553,969

Nigeria Government International Bonds, Reg S 7.375% due 9/28/2033	USD	591,000		527,657

Republic of South Africa Government International Bonds, Reg S 7.10% due 11/19/2036	USD	430,000		426,697

Serbia International Bonds 6.00% due 6/12/2034⁽¹⁾	USD	651,000		657,874

Turkiye Government International Bonds
5.875% due 5/21/2030	USD	288,000		361,627
7.625% due 5/15/2034	USD	218,000		223,352


Total Foreign Government (Cost $4,087,869)				4,137,039
U.S. Government Securities – 23.8%

U.S. Treasury Bonds 4.25% due 2/15/2054	$	2,000,000		1,825,000
4.50% due 11/15/2054		12,471,000		11,890,319
4.625% due 11/15/2044		25,789,000		25,249,043

U.S. Treasury Notes 4.25% due 1/31/2030		7,274,000		7,418,912
4.25% due 11/15/2034		1,600,000		1,605,500


Total U.S. Government Securities (Cost $48,583,635)				47,988,774
Repurchase Agreements – 1.0%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $1,965,813, due 7/1/2025⁽⁴⁾		1,965,739		1,965,739


Total Repurchase Agreements (Cost $1,965,739)				1,965,739


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2025 (unaudited)	Value

Total Investments – 99.4% (Cost $200,088,561)	$	200,133,361

Assets in excess of other liabilities – 0.6%		1,296,238

Total Net Assets – 100.0%	$	201,429,599

⁽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, 2025, the aggregate market value of these securities amounted to $85,294,009, representing 42.3% 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, 2025.

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

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.375%		5/15/2034	$	1,971,200	$	2,005,107

Open forward foreign currency contracts at June 30, 2025:

Counterparty

Settlement
Date

Amount and
Description of
Currency to be
Purchased

Amount and
Description of
Currency to be
Sold

Unrealized
Depreciation

Citibank NA

7/18/2025

214,336

USD

188,717

EUR

$ (8,199)

Merrill Lynch International

7/18/2025

85,770

USD

75,487

EUR

(3,244)

State Street Bank & Trust Co.

7/18/2025

61,101

USD

53,796

EUR

(2,334)

Total

$ (13,777)

Open futures contracts at June 30, 2025:

Type

Expiration

Contracts

Position

Notional

Amount

Notional

Value

Unrealized
Depreciation

U.S. 2-Year Treasury Note

September 2025

139

Long

29,073,510

28,915,258

(158,252)

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

EUR — Euro

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STACR — Structured Agency Credit Risk

USD — United States Dollar


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


	Valuation Inputs
Investments in Securities	Level 1			Level 2			Level 3		Total
Asset-Backed Securities	$	—		$	45,750,224		$	—	$	45,750,224
Corporate Bonds & Notes		—			81,999,946			—		81,999,946
Municipals		—			223,642			—		223,642
Non-Agency Mortgage-Backed Securities		—			18,067,997			—		18,067,997
Foreign Government		—			4,137,039			—		4,137,039
U.S. Government Securities		—			47,988,774			—		47,988,774
Repurchase Agreements		—			1,965,739			—		1,965,739
Total	$	—		$	200,133,361		$	—	$	200,133,361
Other Financial Instruments
Forward Foreign Currency Contracts
Liabilities	$	—		$	(13,777	)	$	—	$	(13,777	)
Futures Contracts
Liabilities		(158,252	)		—			—		(158,252	)
Total	$	(158,252	)	$	(13,777	)	$	—	$	(172,029	)


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

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND


Statement of Assets and Liabilities As of June 30, 2025 (unaudited)
Assets

Investments, at value	$	200,133,361

Interest receivable		2,095,783

Cash deposits with brokers for futures contracts		183,480

Receivable for fund shares subscribed		8,530

Reimbursement receivable from adviser		6,074

Prepaid expenses		2,822


Total Assets		202,430,050


Liabilities

Payable for investments purchased		450,000

Payable for variation margin on futures contracts		175,856

Payable for fund shares redeemed		158,415

Investment advisory fees payable		74,362

Distribution fees payable		41,312

Accrued custodian and accounting fees		27,315

Accrued audit fees		18,194

Unrealized depreciation on open forward foreign currency contracts		13,777

Accrued expenses and other liabilities		41,220


Total Liabilities		1,000,451


Total Net Assets	$	201,429,599


Net Assets Consist of:

Paid-in capital	$	209,676,369

Distributable loss		(8,246,770	)


Total Net Assets	$	201,429,599


Investments, at Cost	$	200,088,561


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		20,222,347

Net Asset Value Per Share		$9.96


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Interest	$	5,616,206


Total Investment Income		5,616,206


Expenses

Investment advisory fees		474,724

Distribution fees		263,736

Custodian and accounting fees		40,144

Trustees’ and officers’ fees		38,284

Professional fees		38,252

Administrative fees		29,726

Shareholder reports		12,051

Transfer agent fees		7,829

Other expenses		7,115


Total Expenses		911,861

Less: Fees waived		(68,289	)


Total Expenses, Net		843,572


Net Investment Income/(Loss)		4,772,634


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

Net realized gain/(loss) from investments		(844,673	)

Net realized gain/(loss) from futures contracts		(171,367	)

Net realized gain/(loss) from forward foreign currency contracts		(15,180	)

Net realized gain/(loss) from foreign currency transactions		1,723

Net change in unrealized appreciation/(depreciation) on investments		3,243,582

Net change in unrealized appreciation/(depreciation) on futures contracts		593,170

Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		(13,777	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		60


Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions		2,793,538


Net Increase in Net Assets Resulting From Operations	$	7,566,172


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

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 6/30/25			For the Year Ended 12/31/24

Operations

Net investment income/(loss)	$	4,772,634		$	10,782,882

Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		(1,029,497	)		1,430,065

Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies		3,823,035			(7,781,044	)


Net Increase in Net Assets Resulting from Operations		7,566,172			4,431,903


Capital Share Transactions

Proceeds from sales of shares		4,143,186			29,429,874

Cost of shares redeemed		(30,510,912	)		(67,669,702	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(26,367,726	)		(38,239,828	)


Net Decrease in Net Assets		(18,801,554	)		(33,807,925	)


Net Assets

Beginning of period		220,231,153			254,039,078


End of period	$	201,429,599		$	220,231,153


Other Information:

Shares

Sold		427,525			3,116,534

Redeemed		(3,132,525	)		(7,086,075	)


Net Decrease		(2,705,000	)		(3,969,541	)


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

This Page Intentionally Left Blank


				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 6/30/25	$	9.61	$	0.22	$	0.13		$	0.35		$	9.96		3.64%	⁽⁴⁾

Year Ended 12/31/24		9.44		0.43		(0.26	)		0.17			9.61		1.80%

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%


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

$	201,430		0.80%	⁽⁴⁾		0.86%	⁽⁴⁾		4.52%	⁽⁴⁾		4.46%	⁽⁴⁾		92%	⁽⁴⁾

	220,231		0.79%			0.85%			4.51%			4.45%			201%

	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%

⁽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.				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

June 30, 2025 (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 high 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).

c. Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts. A forward


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

e. 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.

gain exposure to an underlying issuer’s credit quality characteristics without investing directly in that issuer.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. During the six months ended June 30, 2025, 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, 2025.


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

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, 2025.

operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.

3. Transactions with Affiliates

Park Avenue has contractually agreed through April 30, 2026 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 0.82% 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, 2025, the expense limitation was 0.79%. 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $68,289.

Park Avenue has entered into a Sub-Advisory Agreement with Massachusetts Financial Services Company (“MFS”), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. 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.


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

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	$	108,452,936	$	83,466,719
Sales		101,318,823		107,240,915

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.


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

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.


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

traded futures, the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

Although forward foreign currency contracts are intended, when used for hedging purposes, to minimize the risk of loss due to a decline in the value of the hedged currencies, they also tend to limit any potential gain which might result should the value of such currencies increase. In addition, these contracts are subject to the risk that the counterparty may not be able to meet the terms of the contracts as well as the risk of unanticipated movements in the value of foreign currencies relative to the U.S. dollar. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. The Fund used forward foreign currency contracts during the period ended June 30, 2025.

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, 2025, 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			Foreign Currency Contracts

Liability Derivatives
Forward Foreign Currency Contracts¹	$	—		$	(13,777	)
Futures Contracts²		(158,252	)		—

¹	Statement of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.

²	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, 2025 were as follows:



	Interest Rate Contracts			Foreign Currency Contracts

Net Realized Gain/(Loss)
Forward Foreign Currency Contracts¹	$	—		$	(15,180	)

Futures Contracts²		(171,367	)		—


Net Change in Unrealized Appreciation/(Depreciation)
Forward Foreign Currency Contracts³	$	—		$	(13,777	)

Futures Contracts⁴		593,170			—


Average Number of Notional Amounts
Forward Foreign Currency Contracts	$	—		$	206,162

Futures Contracts⁵		151			—

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

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

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

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

⁵	Amount represents number of contracts.


20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND 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

8. Subsequent Events


				21

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

Board of Trustees Meeting held February 27, 2025


22

Nature, Extent and Quality of Services

Investment Performance

Costs and Profitability


				23

Economies of Scale

Ancillary Benefits

Conclusion

Board of Trustees Meeting held March 26-27, 2025


24

Investment Management North America Limited (also a Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

(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


				25

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


26

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. 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

Ancillary Benefits

Fund-by-Fund Factors

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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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 noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500


				27

Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.

•


28

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value 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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the


				29

1-year period, in the 1^st quintile of its performance universe for the 3-year period and in the 3^rd quintile of its performance universe for 5-year period.

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.


30

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


				31

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32

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				33

LOGO

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

PUB10524

Guardian Variable

Products Trust

2025

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2025

Guardian U.S. Government/Credit VIP Fund

(formerly, 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/Credit VIP Fund



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

Schedule of Investments			1

Statement of Assets and Liabilities			7

Statement of Operations			7

Statements of Changes in Net Assets			8

Financial Highlights			10

Notes to Financial Statements			12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			20

Item 9. Proxy Disclosures for Open-End Management Investment Companies			20

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			20

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			20

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

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 3.6%

Uniform Mortgage-Backed Security 5.00% due 7/1/2039⁽¹⁾	$	1,314,000	$	1,323,553
5.00% due 8/1/2039⁽¹⁾		111,000		111,763
5.50% due 8/1/2039⁽¹⁾		289,000		294,159
5.50% due 7/1/2040⁽¹⁾		1,742,000		1,773,669
6.00% due 7/1/2039⁽¹⁾		1,288,000		1,324,360
6.00% due 8/1/2039⁽¹⁾		212,000		217,944


Total Agency Mortgage-Backed Securities (Cost $5,009,467)				5,045,448
Asset-Backed Securities – 3.9%

Birch Grove CLO 8 Ltd. Series 2024-8A, Class A1 5.90% (3 mo. USD Term SOFR + 1.63%) due 4/20/2037⁽²⁾⁽³⁾		1,000,000		1,003,800

BlueMountain CLO Ltd. Series 2014-2A, Class BR2 6.281% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030⁽²⁾⁽³⁾		600,000		599,520

Cathedral Lake VI Ltd. Series 2021-6A, Class AN 5.793% (3 mo. USD Term SOFR + 1.51%) due 4/25/2034⁽²⁾⁽³⁾		1,200,000		1,202,758

Oscar U.S. Funding XV LLC Series 2023-1A, Class A3 5.81% due 12/10/2027⁽²⁾		600,000		604,093

Palmer Square CLO Ltd. Series 2020-3A, Class A1R2 5.976% (3 mo. USD Term SOFR + 1.65%) due 11/15/2036⁽²⁾⁽³⁾		500,000		500,650

Parallel Ltd. Series 2023-1A, Class A1R 5.708% (3 mo. USD Term SOFR + 1.39%) due 7/20/2036⁽²⁾⁽³⁾		360,000		360,000

Toyota Auto Loan Extended Note Trust Series 2025-1A, Class A 4.65% due 5/25/2038⁽²⁾		280,000		283,555

Voya CLO Ltd. Series 2019-1A, Class A2RR 5.856% (3 mo. USD Term SOFR + 1.60%) due 10/15/2037⁽²⁾⁽³⁾		1,000,000		1,000,926


Total Asset-Backed Securities (Cost $5,525,270)				5,555,302
Corporate Bonds & Notes – 41.6%
Aerospace & Defense – 0.7%

Boeing Co. 6.298% due 5/1/2029		1,000,000		1,057,270


				1,057,270
Agriculture – 0.9%

BAT Capital Corp. 6.343% due 8/2/2030		342,000		368,447

Imperial Brands Finance PLC 5.875% due 7/1/2034⁽²⁾		570,000		584,324


June 30, 2025 (unaudited)	Principal Amount		Value
Agriculture (continued)

Japan Tobacco, Inc. 5.25% due 6/15/2030⁽²⁾	$	296,000	$	304,563


				1,257,334
Airlines – 0.1%

United Airlines Pass-Through Trust Series 2020-1, Class A 5.875% due 10/15/2027		161,383		164,316


				164,316
Auto Manufacturers – 2.1%

Ford Motor Credit Co. LLC 6.054% due 11/5/2031		527,000		524,307
7.35% due 11/4/2027		876,000		909,735

Honda Motor Co. Ltd. 4.688% due 7/8/2030		657,000		658,596

Hyundai Capital America 5.50% due 3/30/2026⁽²⁾		531,000		534,340

Mercedes-Benz Finance North America LLC 4.75% due 3/31/2028⁽²⁾		304,000		306,523


				2,933,501
Beverages – 0.4%

Bacardi Ltd./Bacardi-Martini BV 5.40% due 6/15/2033⁽²⁾		601,000		599,029


				599,029
Biotechnology – 0.3%

Illumina, Inc. 5.75% due 12/13/2027		298,000		305,408

Regeneron Pharmaceuticals, Inc. 1.75% due 9/15/2030		233,000		202,391


				507,799
Commercial Banks – 9.1%

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⁾⁽³⁾		431,000		455,838

Bank of America Corp. 4.271% (4.271% fixed rate until 7/23/2028; 3 mo. USD Term SOFR + 1.57% thereafter) due 7/23/2029⁽³⁾		638,000		636,233

Barclays PLC 5.20% due 5/12/2026		542,000		544,097

Capital One 5.974% (5 yr. USD Swap rate + 1.73%) due 8/9/2028⁽³⁾		518,000		532,727

Citigroup, Inc. 6.27% (6.27% fixed rate until 11/17/2032; 1 day USD SOFR + 2.34% thereafter) due 11/17/2033⁽³⁾		1,113,000		1,198,757

Citizens Financial Group, Inc. 5.253% (5.253% fixed rate until 3/5/2030; 1 day USD SOFR + 1.26% thereafter) due 3/5/2031⁽³⁾		731,000		740,715


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

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Commercial Banks (continued)

Goldman Sachs Group, Inc. 2.383% (2.383% fixed rate until 7/21/2031; 1 day USD SOFR + 1.25% thereafter) due 7/21/2032⁽³⁾	$	782,000	$	682,960

JPMorgan Chase & Co. 2.956% (2.956% fixed rate until 5/13/2030; 3 mo. USD Term SOFR + 2.52% thereafter) due 5/13/2031⁽³⁾		394,000		364,202
2.963% (2.963% fixed rate until 1/25/2032; SOFR + 1.26% thereafter) due 1/25/2033⁽³⁾		1,054,000		947,019
4.995% (4.995% fixed rate until 7/22/2029; 1 day USD SOFR + 1.13% thereafter) due 7/22/2030⁽³⁾		479,000		487,684

Morgan Stanley 5.042% (5.042% fixed rate until 7/19/2029; 1 day USD SOFR + 1.22% thereafter) due 7/19/2030⁽³⁾		1,089,000		1,107,655
5.123% (5.123% fixed rate until 2/1/2028; 1 day USD SOFR + 1.73% thereafter) due 2/1/2029⁽³⁾		400,000		406,984

PNC Financial Services Group, Inc. 4.812% (4.812% fixed rate until 10/21/2031; 1 day USD SOFR + 1.26% thereafter) due 10/21/2032⁽³⁾		933,000		935,286

Truist Financial Corp. 5.867% (5.867% fixed rate until 6/8/2033; SOFR + 2.36% thereafter) due 6/8/2034⁽³⁾		455,000		475,088

U.S. Bancorp 5.046% (5.046% fixed rate until 2/12/2030; 1 day USD SOFR + 1.06% thereafter) due 2/12/2031⁽³⁾		375,000		381,806
6.787% (6.787% fixed rate until 10/26/2026; 1 day USD SOFR + 1.88% thereafter) due 10/26/2027⁽³⁾		306,000		315,097

UBS Group AG 2.746% (2.746% fixed rate until 2/11/2032; H15T1Y + 1.100% thereafter) due 2/11/2033⁽²⁾⁽³⁾		1,094,000		954,723

Wells Fargo & Co. 2.393% (2.393% fixed rate until 6/2/2027; 1 day USD SOFR + 2.10% thereafter) due 6/2/2028⁽³⁾		505,000		486,663
5.389% (5.389% fixed rate until 4/24/2033; SOFR + 2.02% thereafter) due 4/24/2034⁽³⁾		1,217,000		1,246,184


				12,899,718


June 30, 2025 (unaudited)	Principal Amount		Value
Commercial Services – 0.9%

GXO Logistics, Inc. 6.25% due 5/6/2029	$	385,000	$	402,267

Rentokil Terminix Funding LLC 5.625% due 4/28/2035⁽²⁾		229,000		232,318

Rollins, Inc. 5.25% due 2/24/2035		583,000		584,959


				1,219,544
Computers – 0.5%

Booz Allen Hamilton, Inc. 3.875% due 9/1/2028⁽²⁾		381,000		368,682

Gartner, Inc. 4.50% due 7/1/2028⁽²⁾		383,000		378,868


				747,550
Diversified Financial Services – 2.6%

Air Lease Corp. 5.85% due 12/15/2027		445,000		460,397

Aircastle Ltd. 2.85% due 1/26/2028⁽²⁾		671,000		638,913

American Express Co. 5.282% (5.282% fixed rate until 7/27/2028; 1 day USD SOFR + 1.28% thereafter) due 7/27/2029⁽³⁾		479,000		492,546

Aviation Capital Group LLC 1.95% due 1/30/2026⁽²⁾		390,000		383,846

Avolon Holdings Funding Ltd. 3.25% due 2/15/2027⁽²⁾		786,000		766,255

LPL Holdings, Inc. 4.625% due 11/15/2027⁽²⁾		377,000		375,956
5.20% due 3/15/2030		228,000		231,434

Nuveen LLC 5.85% due 4/15/2034⁽²⁾		284,000		295,570


				3,644,917
Electric – 5.3%

Alliant Energy Finance LLC 5.95% due 3/30/2029⁽²⁾		353,000		369,979

American Electric Power Co., Inc. 5.20% due 1/15/2029		192,000		196,950

American Transmission Systems, Inc. 2.65% due 1/15/2032⁽²⁾		243,000		213,799

Capital Power U.S. Holdings, Inc. 6.189% due 6/1/2035⁽²⁾		189,000		195,005

Dominion Energy South Carolina, Inc. Series 2025 5.30% due 1/15/2035		242,000		247,382

DTE Energy Co. 5.10% due 3/1/2029		551,000		562,086

Entergy Texas, Inc. 5.25% due 4/15/2035		809,000		816,410

Evergy Missouri West, Inc. 5.65% due 6/1/2034⁽²⁾		696,000		711,590

Fells Point Funding Trust 3.046% due 1/31/2027⁽²⁾		313,000		306,358

FirstEnergy Pennsylvania Electric Co. 3.25% due 3/15/2028⁽²⁾		629,000		610,105


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

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Electric (continued)

Idaho Power Co. 5.20% due 8/15/2034	$	363,000	$	369,559

Kentucky Utilities Co. Series KENT 5.45% due 4/15/2033		450,000		465,448

Liberty Utilities Co. 5.869% due 1/31/2034⁽²⁾		356,000		363,074

Monongahela Power Co. 5.85% due 2/15/2034⁽²⁾		437,000		454,012

NorthWestern Corp. 5.073% due 3/21/2030⁽²⁾		449,000		456,759

PSEG Power LLC 5.75% due 5/15/2035⁽²⁾		117,000		120,412

Public Service Enterprise Group, Inc. 5.20% due 4/1/2029		367,000		377,595

Puget Energy, Inc. 5.725% due 3/15/2035⁽²⁾		464,000		467,573

Vistra Operations Co. LLC 6.95% due 10/15/2033⁽²⁾		150,000		164,894


				7,468,990
Engineering & Construction – 0.3%

Jacobs Engineering Group, Inc. 6.35% due 8/18/2028		356,000		374,373


				374,373
Entertainment – 0.1%

Warnermedia Holdings, Inc. 3.755% due 3/15/2027		99,000		93,534


				93,534
Food – 1.5%

Hershey Co. 5.10% due 2/24/2035		290,000		294,521

JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 3.625% due 1/15/2032		413,000		377,784

JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. 5.50% due 1/15/2036⁽²⁾		372,000		372,811

Mars, Inc. 5.00% due 3/1/2032⁽²⁾		1,073,000		1,087,346


				2,132,462
Gas – 0.3%

National Fuel Gas Co. 4.75% due 9/1/2028		370,000		370,292


				370,292
Healthcare-Products – 0.5%

Solventum Corp. 5.45% due 3/13/2031		721,000		748,398


				748,398
Healthcare-Services – 1.4%

Centene Corp. 3.375% due 2/15/2030		390,000		359,139

Fresenius Medical Care U.S. Finance III, Inc. 3.00% due 12/1/2031⁽²⁾		151,000		131,974


June 30, 2025 (unaudited)	Principal Amount		Value
Healthcare-Services (continued)

HCA, Inc. 5.45% due 4/1/2031	$	363,000	$	374,220

Sutter Health Series 2025 5.213% due 8/15/2032		437,000		448,856

UnitedHealth Group, Inc. 4.50% due 4/15/2033		543,000		529,105
4.65% due 1/15/2031		94,000		94,530


				1,937,824
Insurance – 2.6%

Athene Global Funding 5.322% due 11/13/2031⁽²⁾		552,000		556,300

Brighthouse Financial Global Funding 2.00% due 6/28/2028⁽²⁾		399,000		367,694

Brown & Brown, Inc. 2.375% due 3/15/2031		536,000		471,728
5.25% due 6/23/2032		36,000		36,735
5.55% due 6/23/2035		73,000		74,528

GA Global Funding Trust 5.50% due 4/1/2032⁽²⁾		303,000		308,045

New York Life Global Funding 4.55% due 1/28/2033⁽²⁾		951,000		930,782

Northwestern Mutual Global Funding 5.16% due 5/28/2031⁽²⁾		892,000		914,871


				3,660,683
Internet – 0.6%

Uber Technologies, Inc. 4.50% due 8/15/2029⁽²⁾		915,000		910,288


				910,288
Investment Companies – 0.3%

HAT Holdings I LLC/HAT Holdings II LLC 8.00% due 6/15/2027⁽²⁾		435,000		452,596


				452,596
Leisure Time – 0.7%

Carnival Corp. 4.00% due 8/1/2028⁽²⁾		500,000		489,365

Royal Caribbean Cruises Ltd. 3.70% due 3/15/2028		525,000		511,345


				1,000,710
Lodging – 0.2%

Las Vegas Sands Corp. 3.50% due 8/18/2026		243,000		239,603


				239,603
Machinery-Diversified – 0.6%

nVent Finance SARL 4.55% due 4/15/2028		548,000		548,581

Regal Rexnord Corp. 6.30% due 2/15/2030		352,000		368,864


				917,445
Mining – 1.1%

Anglo American Capital PLC 5.50% due 5/2/2033⁽²⁾		200,000		203,286
5.625% due 4/1/2030⁽²⁾		269,000		279,077


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

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
Mining – (continued)

Glencore Funding LLC 5.186% due 4/1/2030⁽²⁾	$	721,000	$	735,110

Rio Tinto Finance USA PLC 5.00% due 3/14/2032		367,000		373,286


				1,590,759
Miscellaneous Manufacturing – 0.2%

Siemens Funding BV 4.90% due 5/28/2032⁽²⁾		307,000		311,765


				311,765
Oil & Gas – 1.0%

Continental Resources, Inc. 4.375% due 1/15/2028		443,000		436,807

Expand Energy Corp. 5.375% due 2/1/2029		461,000		461,609

Occidental Petroleum Corp. 5.20% due 8/1/2029		290,000		290,960

Ovintiv, Inc. 5.65% due 5/15/2028		274,000		281,743


				1,471,119
Pharmaceuticals – 0.7%

Bayer U.S. Finance LLC 6.375% due 11/21/2030⁽²⁾		914,000		973,830


				973,830
Pipelines – 1.8%

Columbia Pipelines Holding Co. LLC 5.097% due 10/1/2031⁽²⁾		371,000		372,703

DT Midstream, Inc. 4.125% due 6/15/2029⁽²⁾		250,000		241,625

Energy Transfer LP 7.375% due 2/1/2031⁽²⁾		720,000		754,675

Kinder Morgan, Inc. 5.00% due 2/1/2029		144,000		146,300

NGPL PipeCo LLC 3.25% due 7/15/2031⁽²⁾		612,000		544,582

ONEOK, Inc. 5.375% due 6/1/2029		359,000		366,632

Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.875% due 1/15/2029		144,000		146,929


				2,573,446
Real Estate Investment Trusts – 1.7%

Crown Castle, Inc. 3.30% due 7/1/2030		489,000		457,636

GLP Capital LP/GLP Financing II, Inc. 5.375% due 4/15/2026		544,000		544,484

Public Storage Operating Co. 4.375% due 7/1/2030		227,000		226,532

Regency Centers LP 5.00% due 7/15/2032		219,000		221,459

Tanger Properties LP 2.75% due 9/1/2031		327,000		286,864

VICI Properties LP/VICI Note Co., Inc. 4.625% due 12/1/2029⁽²⁾		646,000		633,513


				2,370,488


June 30, 2025 (unaudited)	Principal Amount		Value
Retail – 0.3%

Alimentation Couche-Tard, Inc. 5.267% due 2/12/2034⁽²⁾	$	368,000	$	368,707


				368,707
Semiconductors – 1.1%

Broadcom, Inc. 4.15% due 4/15/2032⁽²⁾		653,000		628,754

Foundry JV Holdco LLC 5.50% due 1/25/2031⁽²⁾		522,000		535,269

Marvell Technology, Inc. 5.75% due 2/15/2029		445,000		463,130


				1,627,153
Software – 1.4%

AppLovin Corp. 5.375% due 12/1/2031		269,000		273,753

MSCI, Inc. 3.625% due 9/1/2030⁽²⁾		686,000		643,674

Oracle Corp. 4.65% due 5/6/2030		545,000		550,216

Paychex, Inc. 5.35% due 4/15/2032		537,000		551,252


				2,018,895
Telecommunications – 0.3%

T-Mobile USA, Inc. 3.375% due 4/15/2029		386,000		371,710


				371,710

Total Corporate Bonds & Notes (Cost $58,355,357)				59,016,048
Non-Agency Mortgage-Backed Securities – 1.1%

BBCMS Mortgage Trust Series 2025-5C34, Class A3 5.659% due 5/15/2058		200,000		208,401

BMO Mortgage Trust Series 2024-5C5, Class A3 5.857% due 2/15/2057		440,000		458,183

Morgan Stanley Bank of America Merrill Lynch Trust Series 2025-5C1, Class A3 5.635% due 3/15/2058		240,000		249,292

Wells Fargo Commercial Mortgage Trust Series 2016-LC24, Class A4 2.942% due 10/15/2049		418,000		410,085
Series 2021-SAVE, Class A 5.677% due 2/15/2040^(2)(3)(4)		183,194		183,211


Total Non-Agency Mortgage-Backed Securities (Cost $1,497,037)				1,509,172
U.S. Government Securities – 51.9%

U.S. Treasury Notes 1.50% due 11/30/2028		2,343,000		2,177,709
1.875% due 2/15/2032		891,000		782,827
2.625% due 5/31/2027		5,473,000		5,360,333
3.375% due 9/15/2027		3,285,000		3,262,416
3.625% due 8/31/2029		5,045,000		5,020,563


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

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


June 30, 2025 (unaudited)	Principal Amount		Value
U.S. Government Securities (continued)
3.875% due 8/15/2034	$	2,500,000	$	2,441,797
4.00% due 2/28/2030		1,626,000		1,642,133
4.125% due 1/31/2027		5,557,000		5,583,049
4.125% due 2/28/2027		4,094,000		4,115,749
4.125% due 10/31/2029		4,780,000		4,849,086
4.125% due 8/31/2030		2,609,000		2,646,912
4.25% due 2/28/2029		5,136,000		5,227,485
4.25% due 6/30/2029		2,565,000		2,613,094
4.25% due 1/31/2030		7,543,000		7,693,271
4.25% due 11/15/2034		2,515,000		2,523,645
4.375% due 7/15/2027		4,270,000		4,323,375
4.375% due 8/31/2028		3,719,000		3,792,508
4.50% due 5/31/2029		4,688,000		4,816,554
4.625% due 2/15/2035		1,609,300		1,660,848
4.875% due 10/31/2030		2,949,000		3,095,989


Total U.S. Government Securities (Cost $73,131,118)				73,629,343
Repurchase Agreements — 0.7%

Fixed Income Clearing Corp., 1.36%, dated 6/30/2025, proceeds at maturity value of $974,538, due 7/1/2025⁽⁵⁾		974,501		974,501

Total Repurchase Agreements (Cost $974,501)				974,501

Total Investments — 102.8% (Cost $144,492,750)				145,729,814

Liabilities in excess of other assets — (2.8)%				(3,932,167	)

Total Net Assets — 100.0%			$	141,797,647

⁽¹⁾	TBA — To be announced.

⁽²⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2025, the aggregate market value of these securities amounted to $31,100,463, 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.

⁽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, 2025.

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

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


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.375%		5/15/2034	$	977,200	$	994,000

Open futures contracts at June 30, 2025:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. 2-Year Treasury Note		September 2025		49		Long	$	10,311,594	$	10,193,149		$ (118,445	)
U.S. 5-Year Treasury Note		September 2025		7		Long		762,625		763,000		375
Total							$	11,074,219	$	10,956,149		$ (118,070	)

Legend:

CLO — Collateralized Loan Obligation

H15T1Y — 1-year Constant Maturity Treasury Rate

SOFR — Secured Overnight Financing Rate

USD — United States Dollar


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

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1			Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—		$	5,045,448	$	—	$	5,045,448
Asset-Backed Securities		—			5,555,302		—		5,555,302
Corporate Bonds & Notes		—			59,016,048		—		59,016,048
Non-Agency Mortgage-Backed Securities		—			1,509,172		—		1,509,172
U.S. Government Securities		—			73,629,343		—		73,629,343
Repurchase Agreements		—			974,501		—		974,501
Total	$	—		$	145,729,814	$	—	$	145,729,814
Other Financial Instruments
Futures Contracts
Assets	$	375		$	—	$	—	$	375
Liabilities		(118,445	)		—		—		(118,445	)
Total	$	(118,070	)	$	—	$	—	$	(118,070	)


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

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


Statement of Assets and Liabilities As of June 30, 2025 (unaudited)
Assets

Investments, at value	$	145,729,814

Receivable for investments sold		1,768,080

Interest receivable		1,709,425

Cash deposits with brokers for futures contracts		67,550

Receivable for fund shares subscribed		29,900

Reimbursement receivable from adviser		18,586

Prepaid expenses		1,788


Total Assets		149,325,143


Liabilities

Payable for investments purchased		7,265,852

Payable for fund shares redeemed		80,054

Investment advisory fees payable		54,821

Distribution fees payable		29,160

Accrued audit fees		23,063

Payable for variation margin on futures contracts		23,058

Accrued custodian and accounting fees		12,256

Accrued trustees’ and officers’ fees		54

Accrued expenses and other liabilities		39,178


Total Liabilities		7,527,496


Total Net Assets	$	141,797,647


Net Assets Consist of:

Paid-in capital	$	139,751,887

Distributable earnings		2,045,760


Total Net Assets	$	141,797,647


Investments, at Cost	$	144,492,750


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		13,669,223

Net Asset Value Per Share		$10.37


Statement of Operations For the Six Months Ended June 30, 2025 (unaudited)
Investment Income

Interest	$	3,398,372

Dividends		54,790


Total Investment Income		3,453,162


Expenses

Investment advisory fees		352,585

Distribution fees		187,545

Professional fees		34,864

Trustees’ and officers’ fees		27,298

Administrative fees		24,776

Custodian and accounting fees		24,182

Shareholder reports		11,654

Transfer agent fees		8,390

Other expenses		4,969


Total Expenses		676,263

Less: Fees waived		(121,129	)


Total Expenses, Net		555,134


Net Investment Income/(Loss)		2,898,028


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

Net realized gain/(loss) from investments		(851,620	)

Net realized gain/(loss) from futures contracts		(71,101	)

Net change in unrealized appreciation/(depreciation) on investments		3,980,386

Net change in unrealized appreciation/(depreciation) on futures contracts		(54,339	)


Net Gain on Investments and Derivative Contracts		3,003,326


Net Increase in Net Assets Resulting From Operations	$	5,901,354


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

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


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

	For the Six Months Ended 6/30/25			For the Year Ended 12/31/24


Operations

Net investment income/(loss)	$	2,898,028		$	6,141,327

Net realized gain/(loss) from investments and derivative contracts		(922,721	)		(82,138	)

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		3,926,047			(2,855,944	)


Net Increase in Net Assets Resulting from Operations		5,901,354			3,203,245


Capital Share Transactions

Proceeds from sales of shares		3,552,633			24,881,005

Cost of shares redeemed		(24,611,757	)		(55,590,849	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(21,059,124	)		(30,709,844	)


Net Decrease in Net Assets		(15,157,770	)		(27,506,599	)


Net Assets

Beginning of period		156,955,417			184,462,016


End of period	$	141,797,647		$	156,955,417


Other Information:

Shares

Sold		353,177			2,538,412

Redeemed		(2,420,106	)		(5,624,081	)


Net Decrease		(2,066,929	)		(3,085,669	)


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

This Page Intentionally Left Blank


				9

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT/CREDIT 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 6/30/25	$	9.97	$	0.19	$	0.21		$	0.40		$	10.37		4.01%	⁽⁴⁾

Year Ended 12/31/24		9.80		0.35		(0.18	)		0.17			9.97		1.73%

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%


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

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT/CREDIT 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

$	141,798		0.74%	⁽⁴⁾		0.90%	⁽⁴⁾		3.86%	⁽⁴⁾		3.70%	⁽⁴⁾		116%	⁽⁴⁾

	156,955		0.74%			0.88%			3.56%			3.42%			228%

	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%

⁽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⁾	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.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

June 30, 2025 (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/Credit VIP Fund (formerly, 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.


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT 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).


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT 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.

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, 2025.


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT 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 0.47% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2026 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). 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, 2025, Park Avenue waived fees and/or paid Fund expenses in the amount of $121,129.

Park Avenue has entered into a Sub-Advisory Agreement with Lord, Abbett & Co. LLC (“Lord Abbett”), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. 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.

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


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

4. Federal Income Taxes

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	68,261,611	$	101,943,221
Sales		35,663,963		150,268,568

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.

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


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

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, 2025, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

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, 2025 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 U.S. GOVERNMENT/CREDIT VIP FUND

As of June 30, 2025, 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	$	375

Liability Derivatives
Futures Contracts¹	$	(118,445	)

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, 2025 were as follows:



	Interest Rate Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(71,101	)


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	(54,339	)


Average Number of Notional Amounts
Futures Contracts³		80

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.

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.


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

6. Temporary Borrowings

Fund did not utilize the credit facility during the six months ended June 30, 2025.

7. Indemnifications

8. Subsequent Events


				19

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

Board of Trustees Meeting held February 27, 2025

Fund; and (vi) Lord, Abbett & Co. LLC (“Lord Abbett”) engaged to serve as sub-adviser to the Guardian U.S. Government Securities VIP Fund. Boston Partners, FIAM, Janus, Allspring, MFS and Lord Abbett are each referred to as a “Sub-adviser” and are collectively referred to as the “Sub-advisers.” The sub-advisory agreements with the Sub-advisers are each referred to as an Agreement and are collectively referred to as the “Agreements.” Guardian Small Cap Core VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Short Duration Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund are each referred to as a “Fund” and are collectively referred to as the “Funds.” The Board, including the Independent Trustees voting separately, unanimously approved the Agreements for an initial term of two years. The Trustees also considered and approved modifications to certain Funds’ investment objectives, principal investment strategies and principal risks to reflect the Sub-advisers’ investment processes.


20

Nature, Extent and Quality of Services

Investment Performance

Costs and Profitability


				21

Economies of Scale

Ancillary Benefits

Conclusion

Board of Trustees Meeting held March 26-27, 2025


22

Sub-adviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the March Meeting, for a one-year term.

Sub-advisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services


				23

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


24

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 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 and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

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

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 noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500


				25

Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year period.

•

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

Guardian Core Fixed Income 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 noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year period.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for the 1-year, 3-year and 5-year periods.

•

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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

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

Guardian Equity Income 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 noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year period.

•

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

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 3-year and 5-year periods and lower than the Russell 1000 Value Index for the 1-year period.


26

•

Guardian Integrated Research VIP Fund

•

The Board noted that the contractual management fee, the actual management fee and total expenses were in the 1^st 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 2^nd quintile for the 1-year period.

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Index for the 1-year period and lower than the MSCI EAFE Index for the 3-year and 5-year periods.

•

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was lower than the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the Russell Mid Cap Value Index for the 3-year and 5-year periods and lower than the Russell Mid Cap Value Index for the 1-year period.


				27

•

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 total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 5-year periods and higher than the Russell Midcap Growth Index for the 3-year period.

•

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, 3-year and 5-year periods.

•

Guardian Select Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 400 Index for the 1-year period and in line with the S&P 400 Index for the 3-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 contractual management fee, the actual management fee and total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond 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 noted that the Fund’s performance was higher than the Bloomberg US Government/Credit 1-3 Year Bond Index for the 1-year period.

•

Guardian Small 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, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Index for the 1-year, 3-year and 5-year periods.

•

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 total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid 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 and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•


28

•

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

Guardian Strategic Large 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 and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year period and higher than the S&P 500 Index for the 3-year period.

•

Guardian Total Return Bond VIP Fund

•

Guardian U.S. Government Securities VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg Intermediate US Government/Mortgage Index for the 1-year, 3-year and 5-year periods.

•

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 of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Conclusion


				29

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/ Keith A. Namiot
		Keith A. Namiot, President
		(Principal Executive Officer)

Date: September 4, 2025

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/ Keith A. Namiot
		Keith A. Namiot, President
		(Principal Executive Officer)

Date: September 4, 2025


By (Signature and Title)		/s/ Larry Weiss
		Larry Weiss, Treasurer
		(Principal Financial and Accounting Officer)

Date: September 4, 2025

ATTACHMENTS / EXHIBITS

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