SCHEDULE OF INVESTMENTS

GUARDIAN DIVERSIFIED RESEARCH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 99.4%

 

Aerospace & Defense — 2.0%

 

Airbus SE (Netherlands)

      2,310        $ 433,877  

Boeing Co.(1)

      1,857          369,599  

Northrop Grumman Corp.

      681          464,605  

RTX Corp.

      3,175          612,457  
       

 

 

  
       1,880,538  
       

 

 

  

Air Freight & Logistics — 0.7%

 

FedEx Corp.

      1,829          651,453  
       

 

 

  
       651,453  
       

 

 

  

Automobiles — 0.9%

 

General Motors Co.

      3,475          258,888  

Tesla, Inc.(1)

      1,558          579,186  
       

 

 

  
       838,074  
       

 

 

  

Banks — 2.4%

 

Bank of America Corp.

      9,951          485,111  

Citigroup, Inc.

      9,119          1,034,186  

JPMorgan Chase & Co.

      2,012          591,850  

PNC Financial Services Group, Inc.

      673          140,044  
       

 

 

  
       2,251,191  
       

 

 

  

Beverages — 1.7%

 

Coca-Cola Co.

      13,035          991,312  

Keurig Dr Pepper, Inc.

      8,943          235,469  

PepsiCo, Inc.

      2,076          322,382  
       

 

 

  
       1,549,163  
       

 

 

  

Biotechnology — 2.0%

 

AbbVie, Inc.

      3,300          717,717  

Amgen, Inc.

      485          170,647  

Gilead Sciences, Inc.

      2,124          296,022  

Regeneron Pharmaceuticals, Inc.

      654          505,307  

Vertex Pharmaceuticals, Inc.(1)

      472          210,767  
       

 

 

  
       1,900,460  
       

 

 

  

Broadline Retail — 4.2%

 

Amazon.com, Inc.(1)

      18,626          3,879,237  
       

 

 

  
       3,879,237  
       

 

 

  

Building Products — 0.5%

 

Trane Technologies PLC

      1,187          494,670  
       

 

 

  
       494,670  
       

 

 

  

Capital Markets — 2.2%

 

Blackrock, Inc.

      416          400,071  

Charles Schwab Corp.

      6,464          607,487  

CME Group, Inc.

      975          287,966  

KKR & Co., Inc.

      1,980          183,150  

Nasdaq, Inc.

      3,664          311,037  

TPG, Inc.

      6,844          277,251  
       

 

 

  
        2,066,962  
       

 

 

  

Chemicals — 1.0%

 

Corteva, Inc.

      5,301          443,747  

Linde PLC

      281          139,309  

PPG Industries, Inc.

      2,831          302,577  
       

 

 

  
       885,633  
       

 

 

  

Commercial Services & Supplies — 0.2%

 

Cintas Corp.

      1,083          183,179  
       

 

 

  
       183,179  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN DIVERSIFIED RESEARCH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Communications Equipment — 2.1%

 

Cisco Systems, Inc.

      24,785        $ 1,923,068  
       

 

 

  
       1,923,068  
       

 

 

  

Construction Materials — 0.7%

 

CRH PLC

      6,009          631,666  
       

 

 

  
       631,666  
       

 

 

  

Consumer Finance — 1.0%

 

Capital One Financial Corp.

      4,911          895,914  
       

 

 

  
       895,914  
       

 

 

  

Consumer Staples Distribution & Retail — 2.5%

 

Costco Wholesale Corp.

      940          936,644  

U.S. Foods Holding Corp.(1)

      1,872          172,617  

Walmart, Inc.

      9,874          1,227,141  
       

 

 

  
       2,336,402  
       

 

 

  

Electric Utilities — 1.9%

 

Constellation Energy Corp.

      524          146,327  

NextEra Energy, Inc.

      5,515          512,233  

NRG Energy, Inc.

      3,878          566,731  

PPL Corp.

      7,032          268,622  

Xcel Energy, Inc.

      3,506          278,517  
       

 

 

  
       1,772,430  
       

 

 

  

Electrical Equipment — 0.8%

 

GE Vernova, Inc.

      837          730,617  
       

 

 

  
       730,617  
       

 

 

  

Energy Equipment & Services — 0.1%

 

SLB Ltd.

      1,608          82,635  
       

 

 

  
       82,635  
       

 

 

  

Entertainment — 2.7%

 

Liberty Media Corp.-Liberty Formula One, Class C(1)

      3,161          268,748  

Live Nation Entertainment, Inc.(1)

      3,007          458,598  

Netflix, Inc.(1)

      6,749          648,916  

Spotify Technology SA(1)

      725          351,560  

Walt Disney Co.

      7,803          752,053  
       

 

 

  
       2,479,875  
       

 

 

  

Financial Services — 4.0%

 

Apollo Global Management, Inc.

      3,752          418,048  

Berkshire Hathaway, Inc., Class B(1)

      2,291          1,097,847  

Corebridge Financial, Inc.

      3,154          75,255  

Mastercard, Inc., Class A

      2,611          1,304,612  

Visa, Inc., Class A

      2,680          810,003  
       

 

 

  
        3,705,765  
       

 

 

  

Ground Transportation — 0.4%

 

Union Pacific Corp.

      1,451          352,042  
       

 

 

  
       352,042  
       

 

 

  

Health Care Equipment & Supplies — 1.7%

 

Abbott Laboratories

      1,253          128,646  

Becton Dickinson & Co.

      1,452          228,298  

Boston Scientific Corp.(1)

      5,878          368,844  

Dexcom, Inc.(1)

      2,717          170,628  

Edwards Lifesciences Corp.(1)

      1,924          154,074  

Intuitive Surgical, Inc.(1)

      772          355,884  

Medtronic PLC

      790          68,454  

Stryker Corp.

      282          92,662  
       

 

 

  
       1,567,490  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

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March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Health Care Providers & Services — 1.7%

 

Cardinal Health, Inc.

      698        $ 147,494  

CVS Health Corp.

      2,357          169,280  

HCA Healthcare, Inc.

      332          157,116  

McKesson Corp.

      714          617,867  

UnitedHealth Group, Inc.

      1,947          526,839  
       

 

 

  
       1,618,596  
       

 

 

  

Health Care REITs — 0.5%

 

Welltower, Inc.

      2,560          506,138  
       

 

 

  
       506,138  
       

 

 

  

Hotels, Restaurants & Leisure — 1.9%

 

Airbnb, Inc., Class A(1)

      1,787          225,662  

Booking Holdings, Inc.

      47          197,885  

Hilton Worldwide Holdings, Inc.

      729          221,674  

McDonald’s Corp.

      1,304          405,270  

Royal Caribbean Cruises Ltd.

      802          220,694  

Starbucks Corp.

      1,713          153,468  

Viking Holdings Ltd.(1)

      2,279          167,461  

Yum! Brands, Inc.

      1,218          189,375  
       

 

 

  
       1,781,489  
       

 

 

  

Household Durables — 0.1%

 

PulteGroup, Inc.

      1,113          130,900  
       

 

 

  
       130,900  
       

 

 

  

Household Products — 0.6%

 

Procter & Gamble Co.

      3,522          508,718  
       

 

 

  
       508,718  
       

 

 

  

Industrial Conglomerates — 0.9%

 

Honeywell International, Inc.

      3,841          868,181  
       

 

 

  
       868,181  
       

 

 

  

Industrial REITs — 0.6%

 

Prologis, Inc.

      3,903          515,898  
       

 

 

  
       515,898  
       

 

 

  

Insurance — 2.7%

 

Allstate Corp.

      3,624          751,400  

American International Group, Inc.

      5,563          418,616  

Aon PLC, Class A

      1,170          377,653  

Arch Capital Group Ltd.(1)

      3,022          290,082  

Assured Guaranty Ltd.

      1,017          82,865  

AXA SA (France)

      1,909          87,519  

Prudential PLC (United Kingdom)

      21,122          294,553  

Unum Group

      2,781          203,097  
       

 

 

  
       2,505,785  
       

 

 

  

Interactive Media & Services — 7.3%

 

Alphabet, Inc., Class A

      16,290          4,684,352  

Meta Platforms, Inc., Class A

      3,661          2,094,568  
       

 

 

  
        6,778,920  
       

 

 

  

IT Services — 0.3%

 

Snowflake, Inc.(1)

      1,973          297,568  
       

 

 

  
       297,568  
       

 

 

  

Life Sciences Tools & Services — 1.4%

 

Bio-Rad Laboratories, Inc., Class A(1)

      1,422          396,382  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN DIVERSIFIED RESEARCH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Life Sciences Tools & Services — (continued)

 

Danaher Corp.

      520        $ 98,592  

Thermo Fisher Scientific, Inc.

      1,707          839,042  
       

 

 

  
       1,334,016  
       

 

 

  

Machinery — 1.4%

 

Fortive Corp.

      8,036          444,230  

Ingersoll Rand, Inc.

      4,176          334,581  

Otis Worldwide Corp.

      7,179          553,357  
       

 

 

  
       1,332,168  
       

 

 

  

Metals & Mining — 0.6%

 

Barrick Mining Corp.

      5,449          222,265  

Glencore PLC (United Kingdom)(1)

      43,095          328,384  
       

 

 

  
       550,649  
       

 

 

  

Multi-Utilities — 0.7%

 

Ameren Corp.

      3,725          409,452  

CenterPoint Energy, Inc.

      5,519          238,200  
       

 

 

  
       647,652  
       

 

 

  

Oil, Gas & Consumable Fuels — 4.6%

 

Antero Resources Corp.(1)

      4,340          184,190  

BP PLC (United Kingdom)

      29,909          235,760  

Cenovus Energy, Inc. (Canada)

      20,464          543,118  

ConocoPhillips

      7,043          929,676  

Exxon Mobil Corp.

      12,168          2,064,423  

Shell PLC (United Kingdom)

      6,836          319,219  
       

 

 

  
        4,276,386  
       

 

 

  

Passenger Airlines — 0.3%

 

Southwest Airlines Co.

      6,608          248,263  
       

 

 

  
       248,263  
       

 

 

  

Pharmaceuticals — 3.4%

 

Bristol-Myers Squibb Co.

      3,838          232,775  

Eli Lilly & Co.

      1,507          1,386,093  

Johnson & Johnson

      3,627          886,584  

Merck & Co., Inc.

      4,196          504,737  

Pfizer, Inc.

      4,397          123,468  
       

 

 

  
       3,133,657  
       

 

 

  

Real Estate Management & Development — 0.2%

 

CBRE Group, Inc., Class A(1)

      1,043          141,285  
       

 

 

  
       141,285  
       

 

 

  

Semiconductors & Semiconductor Equipment — 17.8%

 

Advanced Micro Devices, Inc.(1)

      5,862          1,192,507  

Analog Devices, Inc.

      6,306          2,006,191  

Broadcom, Inc.

      9,365          2,898,561  

Lam Research Corp.

      11,762          2,513,069  

Marvell Technology, Inc.

      18,080          1,790,824  

NVIDIA Corp.

      34,908          6,087,955  
       

 

 

  
       16,489,107  
       

 

 

  

Software — 7.7%

 

Microsoft Corp.

      13,841          5,123,523  

Oracle Corp.

      8,348          1,228,074  

Palantir Technologies, Inc., Class A(1)

      5,590          817,705  
       

 

 

  
       7,169,302  
       

 

 

  

Specialized REITs — 0.9%

 

American Tower Corp.

      4,906          846,677  
       

 

 

  
       846,677  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN DIVERSIFIED RESEARCH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Specialty Retail — 1.7%

 

Home Depot, Inc.

      1,259        $ 414,072  

Lowe’s Cos., Inc.

      1,196          282,591  

O’Reilly Automotive, Inc.(1)

      2,402          221,729  

TJX Cos., Inc.

      3,351          535,155  

Ulta Beauty, Inc.(1)

      292          152,631  
       

 

 

  
       1,606,178  
       

 

 

  

Technology Hardware, Storage & Peripherals — 5.0%

 

Apple, Inc.

      17,349          4,403,003  

Everpure, Inc., Class A(1)

      4,665          275,421  
       

 

 

  
       4,678,424  
       

 

 

  

Textiles, Apparel & Luxury Goods — 0.4%

 

Amer Sports, Inc.(1)

      3,143          103,468  

On Holding AG, Class A(1)

      2,757          93,793  

Ralph Lauren Corp.

      392          134,844  
       

 

 

  
       332,105  
       

 

 

  

Tobacco — 0.6%

 

Philip Morris International, Inc.

      3,309          547,110  
       

 

 

  
       547,110  
       

 

 

  

Trading Companies & Distributors — 0.4%

 

United Rentals, Inc.

      508          370,108  
       

 

 

  
       370,108  
       

 

 

  

Total Common Stocks
(Cost $65,421,908)

 

        92,273,744  
       

 

 

  
     Principal
Amount		        Value  

Repurchase Agreements — 0.5%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $440,573, due 4/1/2026(2)

    $  440,561          440,561  
       

 

 

  

Total Repurchase Agreements
(Cost $440,561)

 

        440,561  
       

 

 

  

Total Investments — 99.9%
(Cost $65,862,469)

 

        92,714,305  
       

 

 

  

Assets in excess of other liabilities — 0.1%

 

        98,896  
       

 

 

  

Total Net Assets — 100.0%

 

      $  92,813,201  
       

 

 

  

 

(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

      3.625 %      8/31/2029      $  452,000      $  449,514  

Legend:

REITs — Real Estate Investment Trusts

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN DIVERSIFIED RESEARCH VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2     Level 3      Total  

Common Stocks

    $ 90,574,432      $ 1,699,312 *    $ —       $ 92,273,744  

Repurchase Agreements

      —         440,561       —         440,561  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $   90,574,432      $   2,139,873     $ —       $   92,714,305  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

*

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

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN GROWTH & INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 98.1%

 

Aerospace & Defense — 4.4%

 

Curtiss-Wright Corp.

      873        $ 594,618  

RTX Corp.

      17,525          3,380,572  
       

 

 

  
       3,975,190  
       

 

 

  

Automobile Components — 0.5%

 

BorgWarner, Inc.

      7,981          433,049  
       

 

 

  
       433,049  
       

 

 

  

Banks — 7.2%

 

Citigroup, Inc.

      12,063          1,368,065  

East West Bancorp, Inc.

      6,679          713,050  

JPMorgan Chase & Co.

      10,579          3,111,919  

Wells Fargo & Co.

      16,302          1,297,802  
       

 

 

  
        6,490,836  
       

 

 

  

Biotechnology — 4.3%

 

Gilead Sciences, Inc.

      10,357          1,443,455  

Regeneron Pharmaceuticals, Inc.

      2,142          1,654,995  

United Therapeutics Corp.(1)

      1,267          751,306  
       

 

 

  
       3,849,756  
       

 

 

  

Building Products — 1.5%

 

Allegion PLC

      3,980          578,254  

Owens Corning

      7,119          770,418  
       

 

 

  
       1,348,672  
       

 

 

  

Capital Markets — 1.2%

 

Raymond James Financial, Inc.

      4,899          709,326  

S&P Global, Inc.

      881          374,725  
       

 

 

  
       1,084,051  
       

 

 

  

Chemicals — 0.4%

 

CF Industries Holdings, Inc.

      3,036          394,194  
       

 

 

  
       394,194  
       

 

 

  

Commercial Services & Supplies — 1.3%

 

Veralto Corp.

      13,533          1,196,588  
       

 

 

  
       1,196,588  
       

 

 

  

Communications Equipment — 2.4%

 

Cisco Systems, Inc.

      27,440          2,129,070  
       

 

 

  
       2,129,070  
       

 

 

  

Consumer Staples Distribution & Retail — 5.4%

 

Casey’s General Stores, Inc.

      1,385          1,008,086  

Target Corp.

      6,923          839,067  

U.S. Foods Holding Corp.(1)

      7,551          696,278  

Walmart, Inc.

      18,867          2,344,791  
       

 

 

  
       4,888,222  
       

 

 

  

Distributors — 1.4%

 

Genuine Parts Co.

      3,847          406,821  

Pool Corp.

      4,146          838,860  
       

 

 

  
       1,245,681  
       

 

 

  

Diversified Telecommunication Services — 1.4%

 

AT&T, Inc.

      43,001          1,246,599  
       

 

 

  
       1,246,599  
       

 

 

  

Electrical Equipment — 1.2%

 

Generac Holdings, Inc.(1)

      3,153          615,876  

nVent Electric PLC

      4,122          487,550  
       

 

 

  
       1,103,426  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN GROWTH & INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Electronic Equipment, Instruments & Components — 1.3%

 

Flex Ltd.(1)

      5,115        $ 334,828  

Zebra Technologies Corp., Class A(1)

      4,006          837,574  
       

 

 

  
       1,172,402  
       

 

 

  

Energy Equipment & Services — 1.4%

 

Cactus, Inc., Class A

      10,067          476,874  

SLB Ltd.

      14,567          748,598  
       

 

 

  
       1,225,472  
       

 

 

  

Entertainment — 1.5%

 

Walt Disney Co.

      13,648          1,315,394  
       

 

 

  
       1,315,394  
       

 

 

  

Financial Services — 6.6%

 

Berkshire Hathaway, Inc., Class B(1)

      7,329          3,512,057  

Jack Henry & Associates, Inc.

      6,640          1,049,386  

Mastercard, Inc., Class A

      2,744          1,371,067  
       

 

 

  
       5,932,510  
       

 

 

  

Ground Transportation — 3.2%

 

CSX Corp.

      23,986          984,625  

JB Hunt Transport Services, Inc.

      3,541          750,338  

Landstar System, Inc.

      7,498          1,202,005  
       

 

 

  
       2,936,968  
       

 

 

  

Health Care Equipment & Supplies — 2.7%

 

Align Technology, Inc.(1)

      3,659          627,262  

GE HealthCare Technologies, Inc.

      12,738          906,691  

ResMed, Inc.

      4,169          935,857  
       

 

 

  
       2,469,810  
       

 

 

  

Health Care Providers & Services — 4.8%

 

Cencora, Inc.

      2,205          692,679  

HCA Healthcare, Inc.

      1,397          661,116  

Quest Diagnostics, Inc.

      7,063          1,384,207  

UnitedHealth Group, Inc.

      6,058          1,639,234  
       

 

 

  
       4,377,236  
       

 

 

  

Hotels, Restaurants & Leisure — 1.3%

 

Yum! Brands, Inc.

      7,588          1,179,782  
       

 

 

  
       1,179,782  
       

 

 

  

Insurance — 1.8%

 

Axis Capital Holdings Ltd.

      8,000          811,280  

Progressive Corp.

      4,191          830,824  
       

 

 

  
       1,642,104  
       

 

 

  

Interactive Media & Services — 4.2%

 

Alphabet, Inc., Class C

      8,136          2,333,893  

Meta Platforms, Inc., Class A

      2,516          1,439,479  
       

 

 

  
        3,773,372  
       

 

 

  

Life Sciences Tools & Services — 2.6%

 

Agilent Technologies, Inc.

      11,119          1,267,344  

Charles River Laboratories International, Inc.(1)

      6,301          1,086,922  
       

 

 

  
       2,354,266  
       

 

 

  

Machinery — 4.9%

 

Allison Transmission Holdings, Inc.

      5,220          611,053  

ITT, Inc.

      5,405          1,029,815  

Otis Worldwide Corp.

      6,511          501,868  

PACCAR, Inc.

      11,691          1,350,311  

Westinghouse Air Brake Technologies Corp.

      3,809          951,907  
       

 

 

  
       4,444,954  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN GROWTH & INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Metals & Mining — 1.3%

 

Freeport-McMoRan, Inc.

      4,758        $ 279,675  

Steel Dynamics, Inc.

      5,015          902,700  
       

 

 

  
       1,182,375  
       

 

 

  

Oil, Gas & Consumable Fuels — 7.6%

 

APA Corp.

      19,691          835,686  

Chevron Corp.

      11,900          2,462,110  

ConocoPhillips

      10,080          1,330,560  

EOG Resources, Inc.

      11,713          1,693,348  

Phillips 66

      2,904          529,051  
       

 

 

  
       6,850,755  
       

 

 

  

Pharmaceuticals — 4.3%

 

Johnson & Johnson

      16,075          3,929,373  
       

 

 

  
       3,929,373  
       

 

 

  

Professional Services — 0.5%

 

Paycom Software, Inc.

      3,495          424,782  
       

 

 

  
       424,782  
       

 

 

  

Real Estate Management & Development — 0.9%

 

Jones Lang LaSalle, Inc.(1)

      2,829          860,921  
       

 

 

  
       860,921  
       

 

 

  

Semiconductors & Semiconductor Equipment — 4.0%

 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

      5,271          1,781,334  

Texas Instruments, Inc.

      9,668          1,876,946  
       

 

 

  
       3,658,280  
       

 

 

  

Software — 0.5%

 

Salesforce, Inc.

      2,385          445,208  
       

 

 

  
       445,208  
       

 

 

  

Specialized REITs — 0.7%

 

Public Storage

      2,355          637,922  
       

 

 

  
       637,922  
       

 

 

  

Specialty Retail — 4.7%

 

Dick’s Sporting Goods, Inc.

      5,804          1,150,875  

Lowe’s Cos., Inc.

      8,130          1,920,957  

Ross Stores, Inc.

      5,237          1,134,491  
       

 

 

  
        4,206,323  
       

 

 

  

Technology Hardware, Storage & Peripherals — 0.9%

 

NetApp, Inc.

      7,989          817,994  
       

 

 

  
       817,994  
       

 

 

  

Tobacco — 3.2%

 

Philip Morris International, Inc.

      17,542          2,900,394  
       

 

 

  
       2,900,394  
       

 

 

  

Trading Companies & Distributors — 0.6%

 

MSC Industrial Direct Co., Inc., Class A

      5,852          539,964  
       

 

 

  
       539,964  
       

 

 

  

Total Common Stocks
(Cost $67,593,973)

 

         88,663,895  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN GROWTH & INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Repurchase Agreements — 2.0%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,799,870, due 4/1/2026(2)

    $  1,799,817        $ 1,799,817  
       

 

 

  

Total Repurchase Agreements
(Cost $1,799,817)

 

        1,799,817  
       

 

 

  

Total Investments — 100.1%
(Cost $69,393,790)

 

        90,463,712  
       

 

 

  

Liabilities in excess of other assets — (0.1)%

 

        (51,329 ) 
       

 

 

  

Total Net Assets — 100.0%

 

      $  90,412,383  
       

 

 

  

 

(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

      3.625 %      8/31/2029      $ 1,846,300      $  1,835,896  

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN GROWTH & INCOME VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2      Level 3      Total  

Common Stocks

    $ 88,663,895      $ —      $ —       $ 88,663,895  

Repurchase Agreements

      —         1,799,817        —         1,799,817  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $   88,663,895      $   1,799,817      $ —       $   90,463,712  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTEGRATED RESEARCH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 99.9%

 

Aerospace & Defense — 4.6%

 

Boeing Co.(1)

      10,392        $ 2,068,320  

FTAI Aviation Ltd.

      4,735          1,160,075  

General Electric Co.

      8,754          2,484,123  

L3Harris Technologies, Inc.

      5,880          2,029,482  

RTX Corp.

      13,108          2,528,533  
       

 

 

  
       10,270,533  
       

 

 

  

Automobiles — 0.8%

 

Tesla, Inc.(1)

      4,694          1,744,994  
       

 

 

  
       1,744,994  
       

 

 

  

Banks — 3.6%

 

JPMorgan Chase & Co.

      16,712          4,916,002  

Wells Fargo & Co.

      38,624          3,074,857  
       

 

 

  
       7,990,859  
       

 

 

  

Beverages — 0.6%

 

Monster Beverage Corp.(1)

      18,362          1,330,511  
       

 

 

  
       1,330,511  
       

 

 

  

Biotechnology — 2.6%

 

Gilead Sciences, Inc.

      16,357          2,279,675  

United Therapeutics Corp.(1)

      2,733          1,620,615  

Vertex Pharmaceuticals, Inc.(1)

      4,382          1,956,738  
       

 

 

  
       5,857,028  
       

 

 

  

Broadline Retail — 4.8%

 

Amazon.com, Inc.(1)

      51,486          10,722,989  
       

 

 

  
       10,722,989  
       

 

 

  

Building Products — 0.4%

 

Builders FirstSource, Inc.(1)

      10,072          829,228  
       

 

 

  
       829,228  
       

 

 

  

Capital Markets — 4.0%

 

Goldman Sachs Group, Inc.

      3,595          3,041,334  

Intercontinental Exchange, Inc.

      14,742          2,318,622  

KKR & Co., Inc.

      14,834          1,372,145  

Nasdaq, Inc.

      25,430          2,158,752  
       

 

 

  
        8,890,853  
       

 

 

  

Chemicals — 2.2%

 

Linde PLC

      5,463          2,708,337  

Sherwin-Williams Co.

      6,737          2,159,545  
       

 

 

  
       4,867,882  
       

 

 

  

Commercial Services & Supplies — 0.4%

 

Republic Services, Inc.

      3,906          855,492  
       

 

 

  
       855,492  
       

 

 

  

Communications Equipment — 0.3%

 

Cisco Systems, Inc.

      9,948          771,865  
       

 

 

  
       771,865  
       

 

 

  

Consumer Staples Distribution & Retail — 3.1%

 

BJ’s Wholesale Club Holdings, Inc.(1)

      18,119          1,783,272  

Casey’s General Stores, Inc.

      1,532          1,115,081  

Walmart, Inc.

      31,195          3,876,915  
       

 

 

  
       6,775,268  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTEGRATED RESEARCH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Distributors — 0.5%

 

Pool Corp.

      5,656        $ 1,144,378  
       

 

 

  
       1,144,378  
       

 

 

  

Electrical Equipment — 1.2%

 

Eaton Corp. PLC

      4,040          1,444,987  

GE Vernova, Inc.

      1,493          1,303,239  
       

 

 

  
       2,748,226  
       

 

 

  

Electronic Equipment, Instruments & Components — 1.0%

 

Corning, Inc.

      16,083          2,186,806  
       

 

 

  
       2,186,806  
       

 

 

  

Entertainment — 2.1%

 

Liberty Media Corp.-Liberty Formula One, Class C(1)

      14,720          1,251,495  

Netflix, Inc.(1)

      36,308          3,491,014  
       

 

 

  
        4,742,509  
       

 

 

  

Financial Services — 1.9%

 

Mastercard, Inc., Class A

      8,313          4,153,674  
       

 

 

  
       4,153,674  
       

 

 

  

Gas Utilities — 0.9%

 

Atmos Energy Corp.

      10,900          2,013,448  
       

 

 

  
       2,013,448  
       

 

 

  

Health Care Equipment & Supplies — 2.1%

 

Abbott Laboratories

      26,139          2,683,691  

Edwards Lifesciences Corp.(1)

      23,690          1,897,095  
       

 

 

  
       4,580,786  
       

 

 

  

Health Care Providers & Services — 0.4%

 

HCA Healthcare, Inc.

      2,063          976,294  
       

 

 

  
       976,294  
       

 

 

  

Health Care REITs — 1.2%

 

Welltower, Inc.

      13,460          2,661,177  
       

 

 

  
       2,661,177  
       

 

 

  

Health Care Technology — 0.5%

 

Veeva Systems, Inc., Class A(1)

      6,561          1,152,505  
       

 

 

  
       1,152,505  
       

 

 

  

Hotels, Restaurants & Leisure — 0.9%

 

Marriott International, Inc., Class A

      5,787          1,892,754  
       

 

 

  
       1,892,754  
       

 

 

  

Insurance — 2.0%

 

Arthur J Gallagher & Co.

      9,409          2,037,801  

Chubb Ltd.

      7,100          2,314,103  
       

 

 

  
       4,351,904  
       

 

 

  

Interactive Media & Services — 9.0%

 

Alphabet, Inc., Class A

      47,327          13,609,352  

Meta Platforms, Inc., Class A

      11,040          6,316,315  
       

 

 

  
        19,925,667  
       

 

 

  

Machinery — 2.2%

 

Cummins, Inc.

      2,692          1,448,350  

ITT, Inc.

      9,673          1,842,997  

Parker-Hannifin Corp.

      1,846          1,652,613  
       

 

 

  
       4,943,960  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTEGRATED RESEARCH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Media — 0.4%

 

EchoStar Corp., Class A(1)

      6,952        $ 813,871  
       

 

 

  
       813,871  
       

 

 

  

Multi-Utilities — 1.9%

 

Dominion Energy, Inc.

      37,713          2,331,418  

WEC Energy Group, Inc.

      15,668          1,813,884  
       

 

 

  
       4,145,302  
       

 

 

  

Oil, Gas & Consumable Fuels — 4.3%

 

Diamondback Energy, Inc.

      8,094          1,600,912  

EOG Resources, Inc.

      7,905          1,142,826  

Exxon Mobil Corp.

      16,149          2,739,839  

Phillips 66

      5,127          934,037  

Targa Resources Corp.

      6,047          1,516,164  

Williams Cos., Inc.

      21,562          1,569,283  
       

 

 

  
        9,503,061  
       

 

 

  

Pharmaceuticals — 3.6%

 

Eli Lilly & Co.

      5,246          4,825,113  

Merck & Co., Inc.

      26,530          3,191,294  
       

 

 

  
       8,016,407  
       

 

 

  

Semiconductors & Semiconductor Equipment — 15.3%

 

Advanced Micro Devices, Inc.(1)

      13,240          2,693,413  

Broadcom, Inc.

      22,968          7,108,826  

KLA Corp.

      1,718          2,529,600  

Micron Technology, Inc.

      5,015          1,694,268  

NVIDIA Corp.

      107,460          18,741,024  

NXP Semiconductors NV

      5,634          1,109,109  
       

 

 

  
        33,876,240  
       

 

 

  

Software — 8.6%

 

AppLovin Corp., Class A(1)

      1,176          468,048  

Intuit, Inc.

      2,128          920,105  

Microsoft Corp.

      33,246          12,306,672  

Oracle Corp.

      13,184          1,939,498  

Palantir Technologies, Inc., Class A(1)

      8,110          1,186,331  

PTC, Inc.(1)

      7,764          1,106,292  

Trimble, Inc.(1)

      18,700          1,219,801  
       

 

 

  
       19,146,747  
       

 

 

  

Specialty Retail — 3.0%

 

AutoZone, Inc.(1)

      576          1,945,601  

Dick’s Sporting Goods, Inc.

      5,680          1,126,287  

Lowe’s Cos., Inc.

      11,066          2,614,675  

Wayfair, Inc., Class A(1)

      14,301          1,075,578  
       

 

 

  
       6,762,141  
       

 

 

  

Technology Hardware, Storage & Peripherals — 7.2%

 

Apple, Inc.

      62,854          15,951,717  
       

 

 

  
       15,951,717  
       

 

 

  

Tobacco — 1.0%

 

Philip Morris International, Inc.

      13,629          2,253,419  
       

 

 

  
       2,253,419  
       

 

 

  

Trading Companies & Distributors — 0.7%

 

Ferguson Enterprises, Inc.

      7,061          1,647,049  
       

 

 

  
       1,647,049  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTEGRATED RESEARCH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Wireless Telecommunication Services — 0.6%

 

T-Mobile U.S., Inc.

       6,501        $ 1,365,405  
       

 

 

  
       1,365,405  
       

 

 

  

Total Common Stocks
(Cost $158,623,755)

 

        221,862,949  
       

 

 

  

Total Investments — 99.9%
(Cost $158,623,755)

 

        221,862,949  
       

 

 

  

Assets in excess of other liabilities — 0.1%

 

        139,738  
       

 

 

  

Total Net Assets — 100.0%

 

      $  222,002,687  
       

 

 

  

 

(1)

Non–income–producing security.

Legend:

REITs — Real Estate Investment Trusts

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTEGRATED RESEARCH VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2      Level 3      Total  

Common Stocks

    $   221,862,949      $ —       $ —       $ 221,862,949  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 221,862,949      $ —       $ —       $   221,862,949  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTERNATIONAL GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 98.5%

 

Australia — 1.8%

 

Brambles Ltd.

      21,449        $ 335,161  

Telstra Group Ltd.

      229,959          846,949  
       

 

 

  
       1,182,110  
       

 

 

  

Belgium — 1.0%

 

UCB SA

      2,163          651,519  
       

 

 

  
       651,519  
       

 

 

  

Cayman Islands — 0.6%

 

Sea Ltd., ADR(1)

      4,310          356,911  
       

 

 

  
       356,911  
       

 

 

  

Denmark — 3.4%

 

DSV A/S

      5,054          1,207,422  

Novonesis (Novozymes) B

      16,488          975,591  
       

 

 

  
       2,183,013  
       

 

 

  

France — 14.3%

 

Air Liquide SA

      10,323          2,126,541  

Capgemini SE

      3,317          387,707  

EssilorLuxottica SA

      4,156          967,248  

Kering SA

      1,221          369,214  

Legrand SA

      7,150          1,104,852  

Safran SA

      6,804          2,225,201  

Schneider Electric SE

      5,414          1,487,064  

SPIE SA

      8,924          446,213  
       

 

 

  
       9,114,040  
       

 

 

  

Germany — 5.7%

 

Bilfinger SE

      2,522          285,558  

Muenchener Rueckversicherungs-Gesellschaft AG

      1,153          718,237  

RWE AG

      9,591          638,797  

SAP SE

      1,793          303,435  

Scout24 SE(2)

      4,290          328,706  

Siemens Energy AG

      8,150          1,341,291  
       

 

 

  
        3,616,024  
       

 

 

  

Hong Kong — 3.5%

 

AIA Group Ltd.

      100,400          1,127,879  

Hong Kong Exchanges & Clearing Ltd.

      22,100          1,120,145  
       

 

 

  
       2,248,024  
       

 

 

  

Ireland — 1.4%

 

Ryanair Holdings PLC, ADR

      15,506          896,247  
       

 

 

  
       896,247  
       

 

 

  

Italy — 1.5%

 

Prysmian SpA

      8,340          975,228  
       

 

 

  
       975,228  
       

 

 

  

Japan — 22.8%

 

Advantest Corp.

      4,300          581,771  

Ajinomoto Co., Inc.

      30,100          843,962  

Asics Corp.

      11,700          311,118  

Azbil Corp.

      71,900          622,137  

Hitachi Ltd.

      61,900          1,809,066  

IHI Corp.

      34,600          707,149  

JX Advanced Metals Corp.

      32,600          708,605  

Kao Corp.

      16,500          644,740  

Kinden Corp.

      15,800          712,996  

Lasertec Corp.

      4,800          1,058,349  

Nintendo Co. Ltd.

      12,900          736,085  

Penta-Ocean Construction Co. Ltd.

      57,000          606,016  

Recruit Holdings Co. Ltd.

      17,400          752,740  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTERNATIONAL GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Japan — (continued)

 

Sanrio Co. Ltd.

      64,000        $ 394,928  

Sony Group Corp.

      49,100          1,012,754  

Sumitomo Electric Industries Ltd.

      16,000          895,923  

Suzuki Motor Corp.

      47,100          564,304  

Tokyo Electron Ltd.

      6,400          1,565,133  
       

 

 

  
       14,527,776  
       

 

 

  

Luxembourg — 1.3%

 

Spotify Technology SA(1)

      1,705          826,772  
       

 

 

  
       826,772  
       

 

 

  

Netherlands — 9.0%

 

Argenx SE(1)

      692          504,199  

ASML Holding NV

      2,775          3,673,093  

Ferrari NV

      1,418          477,966  

Ferrovial SE

      8,424          547,715  

SBM Offshore NV

      13,207          525,263  
       

 

 

  
       5,728,236  
       

 

 

  

Republic of Korea — 1.0%

 

Hanwha Aerospace Co. Ltd.

      779          634,755  
       

 

 

  
       634,755  
       

 

 

  

Singapore — 3.2%

 

DBS Group Holdings Ltd.

      29,540          1,312,561  

Singapore Exchange Ltd.

      45,900          704,283  
       

 

 

  
       2,016,844  
       

 

 

  

Spain — 2.8%

 

Indra Sistemas SA

      16,901          931,301  

Industria de Diseno Textil SA

      14,678          843,926  
       

 

 

  
       1,775,227  
       

 

 

  

Switzerland — 4.7%

 

Cie Financiere Richemont SA, Reg S, Class A

      7,764          1,383,489  

UBS Group AG, Reg S

      21,747          845,828  

VAT Group AG(2)

      1,235          761,860  
       

 

 

  
       2,991,177  
       

 

 

  

Taiwan — 2.3%

 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

      4,420          1,493,739  
       

 

 

  
       1,493,739  
       

 

 

  

United Kingdom — 18.2%

 

3i Group PLC

      13,445          440,552  

AstraZeneca PLC

      14,304          2,793,830  

British American Tobacco PLC

      11,348          661,029  

Compass Group PLC

      45,197          1,255,742  

Haleon PLC

      177,400          878,117  

InterContinental Hotels Group PLC

      7,348          967,746  

London Stock Exchange Group PLC

      3,137          370,749  

RELX PLC

      34,421          1,141,862  

Rolls-Royce Holdings PLC

      123,913          1,892,270  

SSE PLC

      21,541          743,682  

Standard Chartered PLC

      24,001          498,449  
       

 

 

  
        11,644,028  
       

 

 

  

Total Common Stocks
(Cost $49,943,226)

 

        62,861,670  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTERNATIONAL GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Repurchase Agreements — 1.3%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $814,209, due 4/1/2026(3)

    $  814,186        $ 814,186  
       

 

 

  

Total Repurchase Agreements
(Cost $814,186)

 

        814,186  
       

 

 

  

Total Investments — 99.8%
(Cost $50,757,412)

 

        63,675,856  
       

 

 

  

Assets in excess of other liabilities — 0.2%

 

        99,703  
       

 

 

  

Total Net Assets — 100.0%

 

      $  63,775,559  
       

 

 

  

 

(1)

Non–income–producing security.

(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 March 31, 2026, the aggregate market value of these securities amounted to $1,090,566, representing 1.7% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(3)

The table below presents collateral for repurchase agreements.

 


Security

   
Coupon		     Maturity
Date		      Principal
Amount		     
Value		  

U.S. Treasury Note

      1.00 %      7/31/2028      $  884,900      $  830,497  

Legend:

ADR – American Depositary Receipt

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTERNATIONAL GROWTH VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2     Level 3      Total  

Common Stocks

           

Australia

    $ —       $ 1,182,110 *    $ —       $ 1,182,110  

Belgium

      —         651,519 *      —         651,519  

Cayman Islands

      356,911        —        —         356,911  

Denmark

      —         2,183,013 *      —         2,183,013  

France

      —         9,114,040 *      —         9,114,040  

Germany

      —         3,616,024 *      —         3,616,024  

Hong Kong

      —         2,248,024 *      —         2,248,024  

Ireland

      896,247        —        —         896,247  

Italy

      —         975,228 *      —         975,228  

Japan

      —         14,527,776 *      —         14,527,776  

Luxembourg

      826,772        —        —         826,772  

Netherlands

      —         5,728,236 *      —         5,728,236  

Republic of Korea

      —         634,755 *      —         634,755  

Singapore

      —         2,016,844 *      —         2,016,844  

Spain

      —         1,775,227 *      —         1,775,227  

Switzerland

      —         2,991,177 *      —         2,991,177  

Taiwan

      1,493,739        —        —         1,493,739  

United Kingdom

      —         11,644,028 *      —         11,644,028  

Repurchase Agreements

      —         814,186       —         814,186  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $  3,573,669      $  60,102,187     $ —       $  63,675,856  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* 

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

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTERNATIONAL EQUITY VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 99.1%

 

Australia — 1.1%

 

Rio Tinto Ltd.

      17,961        $ 2,019,424  
       

 

 

  
       2,019,424  
       

 

 

  

Austria — 1.1%

 

Erste Group Bank AG

      18,639          2,014,051  
       

 

 

  
       2,014,051  
       

 

 

  

Belgium — 1.0%

 

UCB SA

      6,222          1,874,135  
       

 

 

  
       1,874,135  
       

 

 

  

Canada — 1.6%

 

Nutrien Ltd.

      16,569          1,250,745  

Toronto-Dominion Bank

      17,968          1,678,098  
       

 

 

  
       2,928,843  
       

 

 

  

Cayman Islands — 0.7%

 

Sea Ltd., ADR(1)

      7,583          627,948  

Tencent Music Entertainment Group, ADR

      70,892          657,878  
       

 

 

  
       1,285,826  
       

 

 

  

China — 0.5%

 

Contemporary Amperex Technology Co. Ltd., Class A

      15,100          885,063  
       

 

 

  
       885,063  
       

 

 

  

Denmark — 1.5%

 

Pandora AS

      6,701          470,646  

Vestas Wind Systems AS

      71,787          2,149,339  
       

 

 

  
       2,619,985  
       

 

 

  

France — 6.9%

 

Legrand SA

      16,952          2,619,503  

LVMH Moet Hennessy Louis Vuitton SE

      4,574          2,542,527  

Safran SA

      7,601          2,485,854  

Schneider Electric SE

      10,409          2,859,041  

TotalEnergies SE

      20,885          1,928,380  
       

 

 

  
        12,435,305  
       

 

 

  

Germany — 7.9%

 

Allianz SE, Reg S

      6,337          2,625,976  

Bayerische Motoren Werke AG

      17,307          1,563,072  

Beiersdorf AG

      20,501          1,813,774  

Infineon Technologies AG

      56,387          2,477,544  

SAP SE

      17,733          3,001,010  

Siemens AG, Reg S

      8,642          2,049,799  

Siemens Healthineers AG(2)

      17,381          729,139  
       

 

 

  
       14,260,314  
       

 

 

  

Hong Kong — 2.4%

 

AIA Group Ltd.

      188,800          2,120,951  

BOC Hong Kong Holdings Ltd.

      235,000          1,294,873  

Techtronic Industries Co. Ltd.

      74,500          991,643  
       

 

 

  
       4,407,467  
       

 

 

  

India — 0.4%

 

HDFC Bank Ltd., ADR

      29,003          721,595  
       

 

 

  
       721,595  
       

 

 

  

Indonesia — 0.3%

 

Bank Central Asia Tbk. PT

      1,539,800          589,106  
       

 

 

  
       589,106  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTERNATIONAL EQUITY VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Ireland — 1.0%

 

Kingspan Group PLC

      21,200        $ 1,789,475  
       

 

 

  
       1,789,475  
       

 

 

  

Israel — 1.1%

 

Teva Pharmaceutical Industries Ltd., ADR(1)

      67,472          2,032,257  
       

 

 

  
       2,032,257  
       

 

 

  

Italy — 2.0%

 

FinecoBank Banca Fineco SpA

      85,169          1,891,003  

Intesa Sanpaolo SpA

      275,219          1,672,979  
       

 

 

  
       3,563,982  
       

 

 

  

Japan — 21.1%

 

Daikin Industries Ltd.

      11,500          1,395,133  

Fast Retailing Co. Ltd.

      5,000          1,990,062  

FUJIFILM Holdings Corp.

      57,100          1,085,222  

Hitachi Ltd.

      90,900          2,656,609  

Hoya Corp.

      10,000          1,724,960  

ITOCHU Corp.

      161,500          2,052,732  

Japan Exchange Group, Inc.

      142,200          1,651,065  

KDDI Corp.

      104,800          1,794,690  

Keyence Corp.

      3,600          1,274,959  

Mitsubishi Electric Corp.

      58,000          1,894,134  

Mitsubishi Estate Co. Ltd.

      54,700          1,513,622  

Mitsubishi UFJ Financial Group, Inc.

      259,500          4,384,426  

MS&AD Insurance Group Holdings, Inc.

      103,600          2,711,157  

Nintendo Co. Ltd.

      17,900          1,021,389  

Recruit Holdings Co. Ltd.

      38,900          1,682,850  

Shimano, Inc.

      7,800          817,375  

SMC Corp.

      3,800          1,486,331  

SoftBank Group Corp.

      52,600          1,264,195  

Sony Group Corp.

      120,000          2,475,161  

Terumo Corp.

      63,800          854,262  

Toyota Motor Corp.

      116,500          2,414,963  
       

 

 

  
        38,145,297  
       

 

 

  

Luxembourg — 1.0%

 

Spotify Technology SA(1)

      3,698          1,793,197  
       

 

 

  
       1,793,197  
       

 

 

  

Netherlands — 5.0%

 

ASM International NV

      1,766          1,345,211  

ASML Holding NV

      4,463          5,907,392  

Heineken NV

      22,975          1,768,003  
       

 

 

  
       9,020,606  
       

 

 

  

Norway — 2.0%

 

DNB Bank ASA

      89,690          2,797,199  

Norsk Hydro ASA

      81,623          865,479  
       

 

 

  
       3,662,678  
       

 

 

  

Portugal — 0.8%

 

Jeronimo Martins SGPS SA

      58,561          1,404,820  
       

 

 

  
       1,404,820  
       

 

 

  

Republic of Korea — 0.5%

 

Samsung Electronics Co. Ltd.

      8,078          907,402  
       

 

 

  
       907,402  
       

 

 

  

Singapore — 0.8%

 

Singapore Telecommunications Ltd.

      381,100          1,475,295  
       

 

 

  
       1,475,295  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTERNATIONAL EQUITY VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Spain — 5.2%

 

Banco Bilbao Vizcaya Argentaria SA

      128,723        $ 2,809,550  

Bankinter SA

      90,081          1,418,107  

Iberdrola SA

      123,902          2,844,260  

Industria de Diseno Textil SA

      41,961          2,412,590  
       

 

 

  
       9,484,507  
       

 

 

  

Sweden — 0.7%

 

Svenska Handelsbanken AB, Class A

      93,130          1,216,020  
       

 

 

  
       1,216,020  
       

 

 

  

Switzerland — 8.1%

 

Alcon AG

      20,997          1,575,214  

Chocoladefabriken Lindt & Spruengli AG

      117          1,642,861  

Cie Financiere Richemont SA, Reg S, Class A

      14,913          2,657,390  

Julius Baer Group Ltd.

      17,968          1,324,036  

Lonza Group AG, Reg S

      2,715          1,737,028  

Roche Holding AG

      12,388          4,891,598  

Straumann Holding AG, Reg S

      8,311          867,015  
       

 

 

  
       14,695,142  
       

 

 

  

Taiwan — 1.4%

 

Hon Hai Precision Industry Co. Ltd.

      122,000          734,046  

Taiwan Semiconductor Manufacturing Co. Ltd.

      31,000          1,747,639  
       

 

 

  
       2,481,685  
       

 

 

  

United Kingdom — 22.6%

 

Antofagasta PLC

      19,284          857,884  

ARM Holdings PLC, ADR(1)

      6,634          1,003,592  

AstraZeneca PLC

      25,060          4,894,671  

BAE Systems PLC

      103,237          3,005,125  

Bunzl PLC

      34,918          1,046,135  

Diageo PLC

      48,355          898,451  

GSK PLC

      97,612          2,676,996  

Haleon PLC

      556,247          2,753,383  

HSBC Holdings PLC

      190,000          3,118,414  

Kingfisher PLC

      256,262          973,095  

Lloyds Banking Group PLC

      1,910,465          2,361,247  

London Stock Exchange Group PLC

      19,994          2,363,009  

National Grid PLC

      105,322          1,775,618  

Reckitt Benckiser Group PLC

      23,763          1,612,621  

RELX PLC

      65,197          2,149,494  

Sage Group PLC

      85,301          952,701  

Shell PLC

      116,964          5,467,759  

Tesco PLC

      176,619          1,113,642  

Unilever PLC

      16,745          938,837  

Whitbread PLC

      27,268          828,800  
       

 

 

  
        40,791,474  
       

 

 

  

United States — 0.4%

 

Liberty Media Corp.-Liberty Formula One, Class C(1)

      4,372          371,707  

MercadoLibre, Inc.(1)

      235          406,320  
       

 

 

  
       778,027  
       

 

 

  

Total Common Stocks
(Cost $141,397,893)

 

         179,282,978  
       

 

 

  
     Principal
Amount		        Value  

Repurchase Agreements — 0.1%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $169,049, due 4/1/2026(3)

    $  169,044          169,044  
       

 

 

  

Total Repurchase Agreements
(Cost $169,044)

 

        169,044  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTERNATIONAL EQUITY VIP FUND

 

March 31, 2026 (unaudited)

             Value  

Total Investments — 99.2%
(Cost $141,566,937)

         $ 179,452,022  
       

 

 

  

Assets in excess of other liabilities — 0.8%

           1,409,537  
       

 

 

  

Total Net Assets — 100.0%

         $  180,861,559  
       

 

 

  

 

(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 March 31, 2026, the aggregate market value of the security amounted to $729,139, representing 0.4% of net assets. The security have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(3)

The table below presents collateral for repurchase agreements.

 

Security

   
Coupon		     Maturity
Date		      Principal
Amount		     
Value		  

U.S. Treasury Note

      3.625 %      8/31/2029      $  173,500      $  172,612  

Legend:

ADR – American Depositary Receipt

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN INTERNATIONAL EQUITY VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2     Level 3      Total  

Common Stocks

           

Australia

    $ —       $ 2,019,424 *    $ —       $ 2,019,424  

Austria

      —         2,014,051 *      —         2,014,051  

Belgium

      —         1,874,135 *      —         1,874,135  

Canada

      2,928,843        —        —         2,928,843  

Cayman Islands

      1,285,826        —        —         1,285,826  

China

      —         885,063 *      —         885,063  

Denmark

      —         2,619,985 *      —         2,619,985  

France

      —         12,435,305 *      —         12,435,305  

Germany

      —         14,260,314 *      —         14,260,314  

Hong Kong

      —         4,407,467 *      —         4,407,467  

India

      721,595        —        —         721,595  

Indonesia

      —         589,106 *      —         589,106  

Ireland

      —         1,789,475 *      —         1,789,475  

Israel

      2,032,257        —        —         2,032,257  

Italy

      —         3,563,982 *      —         3,563,982  

Japan

      —         38,145,297 *      —         38,145,297  

Luxembourg

      1,793,197        —        —         1,793,197  

Netherlands

      —         9,020,606 *      —         9,020,606  

Norway

      —         3,662,678 *      —         3,662,678  

Portugal

      —         1,404,820 *      —         1,404,820  

Republic of Korea

      —         907,402 *      —         907,402  

Singapore

      —         1,475,295 *      —         1,475,295  

Spain

      —         9,484,507 *      —         9,484,507  

Sweden

      —         1,216,020 *      —         1,216,020  

Switzerland

      —         14,695,142 *      —         14,695,142  

Taiwan

      —         2,481,685 *      —         2,481,685  

United Kingdom

      1,003,592        39,787,882 *      —         40,791,474  

United States

      778,027        —        —         778,027  

Repurchase Agreements

      —         169,044       —         169,044  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $   10,543,337      $   168,908,685     $ —       $   179,452,022  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* 

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

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 99.2%

 

Aerospace & Defense — 3.5%

 

Axon Enterprise, Inc.(1)

      4,214        $ 1,789,644  

FTAI Aviation Ltd.

      6,985          1,711,325  

General Electric Co.

      17,653          5,009,392  

L3Harris Technologies, Inc.

      5,868          2,025,340  
       

 

 

  
        10,535,701  
       

 

 

  

Automobiles — 2.2%

 

Tesla, Inc.(1)

      17,664          6,566,592  
       

 

 

  
       6,566,592  
       

 

 

  

Banks — 0.6%

 

Wells Fargo & Co.

      22,603          1,799,425  
       

 

 

  
       1,799,425  
       

 

 

  

Biotechnology — 1.6%

 

Natera, Inc.(1)

      6,241          1,248,137  

Vertex Pharmaceuticals, Inc.(1)

      7,890          3,523,201  
       

 

 

  
       4,771,338  
       

 

 

  

Broadline Retail — 5.8%

 

Amazon.com, Inc.(1)

      83,696          17,431,366  
       

 

 

  
       17,431,366  
       

 

 

  

Building Products — 0.3%

 

Builders FirstSource, Inc.(1)

      10,896          897,068  
       

 

 

  
       897,068  
       

 

 

  

Capital Markets — 0.9%

 

Interactive Brokers Group, Inc., Class A

      16,300          1,093,241  

KKR & Co., Inc.

      18,981          1,755,743  
       

 

 

  
       2,848,984  
       

 

 

  

Chemicals — 0.9%

 

Sherwin-Williams Co.

      8,789          2,817,314  
       

 

 

  
       2,817,314  
       

 

 

  

Communications Equipment — 1.0%

 

Arista Networks, Inc.(1)

      24,235          2,975,573  
       

 

 

  
       2,975,573  
       

 

 

  

Consumer Finance — 0.4%

 

American Express Co.

      3,984          1,205,080  
       

 

 

  
       1,205,080  
       

 

 

  

Consumer Staples Distribution & Retail — 1.9%

 

BJ’s Wholesale Club Holdings, Inc.(1)

      29,479          2,901,323  

Walmart, Inc.

      22,474          2,793,069  
       

 

 

  
       5,694,392  
       

 

 

  

Electrical Equipment — 1.1%

 

GE Vernova, Inc.

      3,753          3,275,994  
       

 

 

  
       3,275,994  
       

 

 

  

Entertainment — 3.3%

 

Liberty Media Corp.-Liberty Formula One, Class C(1)

      19,519          1,659,505  

Netflix, Inc.(1)

      85,599          8,230,344  
       

 

 

  
       9,889,849  
       

 

 

  

Financial Services — 2.7%

 

Mastercard, Inc., Class A

      16,446          8,217,408  
       

 

 

  
       8,217,408  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Health Care Equipment & Supplies — 1.1%

 

Dexcom, Inc.(1)

      30,996        $ 1,946,549  

Intuitive Surgical, Inc.(1)

      3,247          1,496,834  
       

 

 

  
       3,443,383  
       

 

 

  

Health Care Technology — 0.6%

 

Veeva Systems, Inc., Class A(1)

      10,275          1,804,907  
       

 

 

  
       1,804,907  
       

 

 

  

Hotels, Restaurants & Leisure — 3.4%

 

Chipotle Mexican Grill, Inc.(1)

      61,119          1,956,419  

DoorDash, Inc., Class A(1)

      16,787          2,520,568  

Hilton Worldwide Holdings, Inc.

      10,864          3,303,525  

Royal Caribbean Cruises Ltd.

      8,883          2,444,424  
       

 

 

  
       10,224,936  
       

 

 

  

Interactive Media & Services — 11.4%

 

Alphabet, Inc., Class A

      77,900          22,400,924  

Meta Platforms, Inc., Class A

      21,102          12,073,087  
       

 

 

  
       34,474,011  
       

 

 

  

IT Services — 1.4%

 

Cloudflare, Inc., Class A(1)

      8,156          1,682,909  

Shopify, Inc., Class A(1)

      15,251          1,809,074  

Snowflake, Inc.(1)

      5,690          858,166  
       

 

 

  
       4,350,149  
       

 

 

  

Machinery — 0.5%

 

Cummins, Inc.

      2,616          1,407,460  
       

 

 

  
       1,407,460  
       

 

 

  

Media — 0.4%

 

EchoStar Corp., Class A(1)

      11,004          1,288,238  
       

 

 

  
       1,288,238  
       

 

 

  

Oil, Gas & Consumable Fuels — 0.2%

 

Diamondback Energy, Inc.

      3,196          632,137  
       

 

 

  
       632,137  
       

 

 

  

Pharmaceuticals — 3.6%

 

Eli Lilly & Co.

      11,777          10,832,131  
       

 

 

  
       10,832,131  
       

 

 

  

Semiconductors & Semiconductor Equipment — 21.1%

 

Advanced Micro Devices, Inc.(1)

      6,546          1,331,653  

Analog Devices, Inc.

      4,027          1,281,150  

Broadcom, Inc.

      48,396          14,979,046  

KLA Corp.

      3,029          4,459,930  

Micron Technology, Inc.

      2,747          928,046  

NVIDIA Corp.

      233,212          40,672,173  
       

 

 

  
        63,651,998  
       

 

 

  

Software — 13.9%

 

AppLovin Corp., Class A(1)

      2,731          1,086,938  

Cadence Design Systems, Inc.(1)

      3,338          927,530  

Intuit, Inc.

      4,681          2,023,971  

Microsoft Corp.

      72,890          26,981,691  

Oracle Corp.

      24,097          3,544,910  

Palantir Technologies, Inc., Class A(1)

      22,342          3,268,188  

Palo Alto Networks, Inc.(1)

      15,362          2,462,836  

PTC, Inc.(1)

      11,338          1,615,551  
       

 

 

  
       41,911,615  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Specialty Retail — 2.4%

 

Lowe’s Cos., Inc.

      14,580        $ 3,444,962  

O’Reilly Automotive, Inc.(1)

      24,022          2,217,471  

Wayfair, Inc., Class A(1)

      20,851          1,568,204  
       

 

 

  
       7,230,637  
       

 

 

  

Technology Hardware, Storage & Peripherals — 12.2%

 

Apple, Inc.

      144,875          36,767,826  
       

 

 

  
       36,767,826  
       

 

 

  

Trading Companies & Distributors — 0.8%

 

Ferguson Enterprises, Inc.

      10,038          2,341,464  
       

 

 

  
       2,341,464  
       

 

 

  

Total Common Stocks
(Cost $193,603,066)

 

        299,286,976  
       

 

 

  
     Principal
Amount		       
Value		  

Repurchase Agreements — 0.8%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $2,513,646, due 4/1/2026(2)

    $  2,513,572          2,513,572  
       

 

 

  

Total Repurchase Agreements
(Cost $2,513,572)

 

        2,513,572  
       

 

 

  

Total Investments — 100.0%
(Cost $196,116,638)

 

        301,800,548  
       

 

 

  

Liabilities in excess of other assets — (0.0)%

 

        (138,690 ) 
       

 

 

  

Total Net Assets — 100.0%

 

      $  301,661,858  
       

 

 

  

 

(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

      3.625 %      8/31/2029      $  2,578,500      $  2,563,982  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2      Level 3      Total  

Common Stocks

    $ 299,286,976      $ —       $ —       $ 299,286,976  

Repurchase Agreements

      —         2,513,572        —         2,513,572  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $   299,286,976      $   2,513,572      $ —       $   301,800,548  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 97.8%

 

Aerospace & Defense — 2.6%

 

General Dynamics Corp.

      2,453        $ 841,919  

L3Harris Technologies, Inc.

      2,626          906,364  
       

 

 

  
       1,748,283  
       

 

 

  

Air Freight & Logistics — 2.4%

 

CH Robinson Worldwide, Inc.

      4,137          687,032  

FedEx Corp.

      2,645          942,096  
       

 

 

  
       1,629,128  
       

 

 

  

Automobile Components — 0.5%

 

Aptiv PLC(1)

      5,214          362,060  
       

 

 

  
       362,060  
       

 

 

  

Banks — 6.8%

 

Huntington Bancshares, Inc.

      51,000          798,150  

JPMorgan Chase & Co.

      9,591          2,821,289  

Wells Fargo & Co.

      12,912          1,027,924  
       

 

 

  
        4,647,363  
       

 

 

  

Beverages — 1.8%

 

Coca-Cola Co.

      10,377          789,171  

Coca-Cola Europacific Partners PLC

      4,517          409,556  
       

 

 

  
       1,198,727  
       

 

 

  

Biotechnology — 2.5%

 

AbbVie, Inc.

      3,445          749,253  

Gilead Sciences, Inc.

      6,652          927,089  
       

 

 

  
       1,676,342  
       

 

 

  

Broadline Retail — 2.7%

 

Amazon.com, Inc.(1)

      8,838          1,840,690  
       

 

 

  
       1,840,690  
       

 

 

  

Building Products — 0.5%

 

Allegion PLC

      2,151          312,519  
       

 

 

  
       312,519  
       

 

 

  

Capital Markets — 6.6%

 

Charles Schwab Corp.

      7,446          699,775  

Goldman Sachs Group, Inc.

      1,099          929,743  

Intercontinental Exchange, Inc.

      5,101          802,285  

LPL Financial Holdings, Inc.

      3,050          917,532  

Morgan Stanley

      7,081          1,165,320  
       

 

 

  
       4,514,655  
       

 

 

  

Construction Materials — 1.9%

 

CRH PLC

      12,397          1,303,173  
       

 

 

  
       1,303,173  
       

 

 

  

Consumer Finance — 2.3%

 

American Express Co.

      3,316          1,003,023  

Capital One Financial Corp.

      3,225          588,337  
       

 

 

  
       1,591,360  
       

 

 

  

Consumer Staples Distribution & Retail — 3.1%

 

Sysco Corp.

      9,433          672,856  

U.S. Foods Holding Corp.(1)

      15,356          1,415,977  
       

 

 

  
       2,088,833  
       

 

 

  

Electric Utilities — 4.5%

 

Entergy Corp.

      6,605          742,138  

FirstEnergy Corp.

      21,591          1,093,800  

NRG Energy, Inc.

      2,705          395,309  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — (continued)

 

Electric Utilities — (continued)

 

PPL Corp.

      22,397      $ 855,565  
     

 

 

  
     3,086,812  
     

 

 

  

Electrical Equipment — 1.2%

 

Hubbell, Inc.

      1,598        784,203  
     

 

 

  
     784,203  
     

 

 

  

Electronic Equipment, Instruments & Components — 2.1%

 

Flex Ltd.(1)

      11,832        774,523  

Keysight Technologies, Inc.(1)

      2,291        646,909  
     

 

 

  
     1,421,432  
     

 

 

  

Energy Equipment & Services — 0.8%

 

SLB Ltd.

      10,767        553,316  
     

 

 

  
     553,316  
     

 

 

  

Entertainment — 1.3%

 

Walt Disney Co.

      9,038        871,082  
     

 

 

  
     871,082  
     

 

 

  

Financial Services — 2.8%

 

Apollo Global Management, Inc.

      5,447        606,905  

Corpay, Inc.(1)

      2,091        608,460  

Visa, Inc., Class A

      2,302        695,756  
     

 

 

  
     1,911,121  
     

 

 

  

Ground Transportation — 2.5%

 

Old Dominion Freight Line, Inc.

      3,321        648,924  

Uber Technologies, Inc.(1)

      14,954        1,075,641  
     

 

 

  
     1,724,565  
     

 

 

  

Health Care Providers & Services — 6.1%

 

Cencora, Inc.

      4,046        1,271,010  

Labcorp Holdings, Inc.

      1,639        437,302  

McKesson Corp.

      1,314        1,137,083  

Quest Diagnostics, Inc.

      4,303        843,302  

Tenet Healthcare Corp.(1)

      2,291        432,335  
     

 

 

  
     4,121,032  
     

 

 

  

Hotels, Restaurants & Leisure — 1.1%

 

Booking Holdings, Inc.

      169        711,544  
     

 

 

  
     711,544  
     

 

 

  

Industrial Conglomerates — 1.8%

 

Honeywell International, Inc.

      5,487        1,240,227  
     

 

 

  
     1,240,227  
     

 

 

  

Insurance — 2.3%

 

Allstate Corp.

      2,644        548,207  

Aon PLC, Class A

      2,276        734,647  

Arthur J Gallagher & Co.

      1,322        286,319  
     

 

 

  
      1,569,173  
     

 

 

  

Interactive Media & Services — 1.6%

 

Meta Platforms, Inc., Class A

      1,888        1,080,181  
     

 

 

  
     1,080,181  
     

 

 

  

Life Sciences Tools & Services — 1.0%

 

IQVIA Holdings, Inc.(1)

      3,852        656,920  
     

 

 

  
     656,920  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — (continued)

 

Machinery — 2.1%

 

Cummins, Inc.

      1,442      $ 775,825  

Westinghouse Air Brake Technologies Corp.

      2,575        643,518  
     

 

 

  
     1,419,343  
     

 

 

  

Metals & Mining — 5.9%

 

Freeport-McMoRan, Inc.

      10,203        599,732  

Kinross Gold Corp.

      48,724        1,487,057  

Newmont Corp.

      8,607        931,708  

Reliance, Inc.

      1,675        509,066  

Steel Dynamics, Inc.

      2,781        500,580  
     

 

 

  
     4,028,143  
     

 

 

  

Multi-Utilities — 0.9%

 

CenterPoint Energy, Inc.

      14,701        634,495  
     

 

 

  
     634,495  
     

 

 

  

Oil, Gas & Consumable Fuels — 7.1%

 

Cenovus Energy, Inc.

      27,292        724,057  

ConocoPhillips

      11,475        1,514,700  

Diamondback Energy, Inc.

      5,884        1,163,796  

Marathon Petroleum Corp.

      5,862        1,431,383  
     

 

 

  
      4,833,936  
     

 

 

  

Passenger Airlines — 0.8%

 

United Airlines Holdings, Inc.(1)

      5,935        546,436  
     

 

 

  
     546,436  
     

 

 

  

Pharmaceuticals — 1.0%

 

AstraZeneca PLC, ADR

      3,406        671,731  
     

 

 

  
     671,731  
     

 

 

  

Professional Services — 1.3%

 

Jacobs Solutions, Inc.

      3,768        479,591  

Leidos Holdings, Inc.

      2,428        377,603  
     

 

 

  
     857,194  
     

 

 

  

Semiconductors & Semiconductor Equipment — 8.4%

 

Applied Materials, Inc.

      3,938        1,345,969  

Marvell Technology, Inc.

      5,888        583,206  

Microchip Technology, Inc.

      13,912        898,854  

Micron Technology, Inc.

      4,147        1,401,023  

NVIDIA Corp.

      2,698        470,531  

NXP Semiconductors NV

      5,081        1,000,246  
     

 

 

  
     5,699,829  
     

 

 

  

Software — 1.0%

 

Oracle Corp.

      2,747        404,111  

Trimble, Inc.(1)

      4,418        288,186  
     

 

 

  
     692,297  
     

 

 

  

Specialty Retail — 0.7%

 

Home Depot, Inc.

      1,380        453,868  
     

 

 

  
     453,868  
     

 

 

  

Technology Hardware, Storage & Peripherals — 1.3%

 

Dell Technologies, Inc., Class C

      5,549        910,757  
     

 

 

  
     910,757  
     

 

 

  

Tobacco — 2.3%

 

Philip Morris International, Inc.

      9,515        1,573,210  
     

 

 

  
     1,573,210  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — (continued)

 

Trading Companies & Distributors — 1.3%

 

United Rentals, Inc.

      1,234      $ 899,043  
     

 

 

  
     899,043  
     

 

 

  

Wireless Telecommunication Services — 0.9%

 

T-Mobile U.S., Inc.

      2,863        601,316  
     

 

 

  
     601,316  
     

 

 

  

Total Common Stocks
(Cost $46,277,672)

 

      66,466,339  
     

 

 

  
     Principal
Amount		      Value  

Repurchase Agreements — 2.2%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,512,975, due 4/1/2026(2)

    $ 1,512,931        1,512,931  
     

 

 

  

Total Repurchase Agreements
(Cost $1,512,931)

 

      1,512,931  
     

 

 

  

Total Investments — 100.0%
(Cost $47,790,603)

 

       67,979,270  
     

 

 

  

Assets in excess of other liabilities — 0.0%

 

      17,801  
     

 

 

  

Total Net Assets — 100.0%

 

    $ 67,997,071  
     

 

 

  

 

(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

      3.625 %      8/31/2029      $  1,552,000      $  1,543,251  

Legend:

ADR – American Depositary Receipt

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2      Level 3      Total  

Common Stocks

    $ 66,466,339      $ —       $ —       $ 66,466,339  

Repurchase Agreements

      —         1,512,931        —         1,512,931  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $   66,466,339      $   1,512,931      $ —       $   67,979,270  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — 99.4%

 

Aerospace & Defense — 2.6%

 

Boeing Co.(1)

      200      $ 39,806  

Carpenter Technology Corp.

      3,662        1,443,378  

DroneShield Ltd., Reg S (Australia)(1)

      38,969        106,765  

Firefly Aerospace, Inc.(1)

      600        17,082  

General Electric Co.

      8,230        2,335,427  

Loar Holdings, Inc.(1)

      200        11,458  
     

 

 

  
     3,953,916  
     

 

 

  

Automobile Components — 0.4%

 

Hesai Group, ADR(1)

      34,205        654,000  
     

 

 

  
     654,000  
     

 

 

  

Automobiles — 2.2%

 

BYD Co. Ltd., Class H (China)

      84,660        1,160,725  

Tesla, Inc.(1)

      5,865        2,180,314  
     

 

 

  
      3,341,039  
     

 

 

  

Biotechnology — 5.1%

 

Alnylam Pharmaceuticals, Inc.(1)

      3,845        1,272,195  

Beam Therapeutics, Inc.(1)

      15,496        369,270  

Biogen, Inc.(1)

      8,328        1,526,772  

BioNTech SE, ADR(1)

      6,424        570,965  

Blueprint Medicines Corp.(1)(2)(3)

      653        0  

Centessa Pharmaceuticals PLC, ADR(1)

      7,800        309,816  

Cytokinetics, Inc.(1)

      6,223        410,158  

Eikon Therapeutics, Inc.(1)

      900        9,522  

Gamida Cell Ltd.(1)(2)(3)

      59,800        1  

Gilead Sciences, Inc.

      12,752        1,777,246  

Hookipa Pharma, Inc.(1)

      2,270        2,384  

Immuneering Corp., Class A(1)

      9,722        51,235  

Immunocore Holdings PLC, ADR(1)

      3,314        99,917  

Janux Therapeutics, Inc.(1)

      2,300        31,970  

Krystal Biotech, Inc.(1)

      839        216,731  

Legend Biotech Corp., ADR(1)

      5,400        97,686  

Moderna, Inc.(1)

      5,300        269,240  

Natera, Inc.(1)

      1,200        239,988  

Newamsterdam Pharma Co. NV(1)

      6,347        203,167  

Vor BioPharma, Inc.(1)

      316        5,637  

XOMA Royalty Corp.(1)

      3,997        125,386  
     

 

 

  
     7,589,286  
     

 

 

  

Broadline Retail — 10.8%

 

Amazon.com, Inc.(1)

      73,630        15,334,920  

eBay, Inc.

      3,903        355,251  

Etsy, Inc.(1)

      7,578        378,748  

Savers Value Village, Inc.(1)

      25,170        187,265  
     

 

 

  
     16,256,184  
     

 

 

  

Building Products — 0.0%

 

Simpson Manufacturing Co., Inc.

      378        64,872  
     

 

 

  
     64,872  
     

 

 

  

Capital Markets — 2.1%

 

Bullish(1)

      7,221        258,006  

Coinbase Global, Inc., Class A(1)

      849        148,244  

Goldman Sachs Group, Inc.

      1,137        961,891  

Interactive Brokers Group, Inc., Class A

      4,338        290,950  

Moody’s Corp.

      200        87,250  

Morgan Stanley

      7,841        1,290,393  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — (continued)

 

Capital Markets — (continued)

 

Robinhood Markets, Inc., Class A(1)

      2,331      $ 161,538  
     

 

 

  
     3,198,272  
     

 

 

  

Communications Equipment — 1.4%

 

Arista Networks, Inc.(1)

      17,000        2,087,260  
     

 

 

  
     2,087,260  
     

 

 

  

Construction Materials — 0.5%

 

Eagle Materials, Inc.

      332        62,898  

Martin Marietta Materials, Inc.

      1,168        687,578  
     

 

 

  
     750,476  
     

 

 

  

Consumer Finance — 0.0%

 

Figure Technology Solutions, Inc., Class A(1)

      300        10,185  
     

 

 

  
     10,185  
     

 

 

  

Consumer Staples Distribution & Retail — 0.1%

 

Maplebear, Inc.(1)

      4,400        164,824  
     

 

 

  
     164,824  
     

 

 

  

Electrical Equipment — 2.0%

 

Furukawa Electric Co. Ltd. (Japan)

      1,300        248,398  

GE Vernova, Inc.

      2,550        2,225,895  

Nextpower, Inc., Class A(1)

      4,300        518,365  
     

 

 

  
     2,992,658  
     

 

 

  

Entertainment — 2.7%

 

Live Nation Entertainment, Inc.(1)

      7,273        1,109,205  

Netflix, Inc.(1)

      19,800        1,903,770  

ROBLOX Corp., Class A(1)

      17,018        962,538  
     

 

 

  
     3,975,513  
     

 

 

  

Financial Services — 1.8%

 

Mastercard, Inc., Class A

      2,637        1,317,603  

Rocket Cos., Inc., Class A(1)

      37,143        529,288  

Toast, Inc., Class A(1)

      30,259        802,166  
     

 

 

  
      2,649,057  
     

 

 

  

Health Care Equipment & Supplies — 0.5%

 

Align Technology, Inc.(1)

      4,255        729,435  

Ceribell, Inc.(1)

      1,339        24,544  

Pulmonx Corp.(1)

      3,191        4,116  

RxSight, Inc.(1)

      716        4,410  
     

 

 

  
     762,505  
     

 

 

  

Health Care Providers & Services — 0.6%

 

HealthEquity, Inc.(1)

      11,137        930,719  
     

 

 

  
     930,719  
     

 

 

  

Health Care Technology — 0.2%

 

Veeva Systems, Inc., Class A(1)

      2,022        355,185  
     

 

 

  
     355,185  
     

 

 

  

Hotels, Restaurants & Leisure — 0.4%

 

Carnival Corp.

      14,266        369,204  

Kura Sushi USA, Inc., Class A(1)

      2,944        205,462  
     

 

 

  
     574,666  
     

 

 

  

Household Durables — 0.7%

 

D.R. Horton, Inc.

      3,491        479,035  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — (continued)

 

Household Durables — (continued)

 

TopBuild Corp.(1)

      1,634      $ 574,024  
     

 

 

  
     1,053,059  
     

 

 

  

Insurance — 0.7%

 

Arthur J Gallagher & Co.

      4,692        1,016,193  
     

 

 

  
     1,016,193  
     

 

 

  

Interactive Media & Services — 12.1%

 

Alphabet, Inc., Class A

      37,626        10,819,733  

Baidu, Inc., ADR(1)

      1,263        140,723  

Meta Platforms, Inc., Class A

      9,284        5,311,655  

Tencent Holdings Ltd. (Cayman Islands)

      29,832        1,883,351  
     

 

 

  
     18,155,462  
     

 

 

  

IT Services — 2.2%

 

Accenture PLC, Class A

      100        19,829  

Shopify, Inc., Class A(1)

      23,634        2,803,465  

Snowflake, Inc.(1)

      3,200        482,624  
     

 

 

  
     3,305,918  
     

 

 

  

Leisure Products — 0.3%

 

Games Workshop Group PLC (United Kingdom)

      1,937        456,594  
     

 

 

  
     456,594  
     

 

 

  

Life Sciences Tools & Services — 0.2%

 

10X Genomics, Inc., Class A(1)

      6,130        130,140  

Bio-Techne Corp.

      1,203        62,869  

Chemometec AS (Denmark)

      2,149        101,853  

Codexis, Inc.(1)

      22,776        37,125  

MaxCyte, Inc.(1)

      7,867        5,526  
     

 

 

  
     337,513  
     

 

 

  

Machinery — 2.4%

 

Deere & Co.

      3,181        1,791,857  

Ingersoll Rand, Inc.

      8,946        716,754  

Westinghouse Air Brake Technologies Corp.

      4,243        1,060,368  
     

 

 

  
     3,568,979  
     

 

 

  

Metals & Mining — 0.5%

 

Vale SA, ADR

      49,488        787,354  
     

 

 

  
     787,354  
     

 

 

  

Oil, Gas & Consumable Fuels — 0.7%

 

Range Resources Corp.

      21,547        973,493  
     

 

 

  
     973,493  
     

 

 

  

Personal Care Products — 0.5%

 

Estee Lauder Cos., Inc., Class A

      11,096        796,360  
     

 

 

  
     796,360  
     

 

 

  

Pharmaceuticals — 8.4%

 

Aclaris Therapeutics, Inc.(1)

      4,400        16,500  

Corcept Therapeutics, Inc.(1)

      5,850        235,814  

Eli Lilly & Co.

      5,312        4,885,818  

Royalty Pharma PLC, Class A

      91,028        4,366,613  

Teva Pharmaceutical Industries Ltd., ADR(1)

      39,837        1,199,890  

UCB SA (Belgium)

      6,014        1,811,483  

Zevra Therapeutics, Inc.(1)

      10,371        96,658  
     

 

 

  
      12,612,776  
     

 

 

  

Professional Services — 1.1%

 

Equifax, Inc.

      4,973        895,488  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — (continued)

 

Professional Services — (continued)

 

UL Solutions, Inc., Class A

      9,581      $ 821,188  
     

 

 

  
     1,716,676  
     

 

 

  

Real Estate Management & Development — 0.6%

 

Compass, Inc., Class A(1)

      21,500        157,165  

Zillow Group, Inc., Class A(1)

      3,601        149,045  

Zillow Group, Inc., Class C(1)

      14,923        617,514  
     

 

 

  
     923,724  
     

 

 

  

Semiconductors & Semiconductor Equipment — 20.2%

 

ASML Holding NV, Reg S

      200        264,166  

Astera Labs, Inc.(1)

      260        28,496  

BE Semiconductor Industries NV (Netherlands)

      9,303        1,962,821  

Broadcom, Inc.

      9,500        2,940,345  

Intel Corp.(1)

      3,400        150,042  

Micron Technology, Inc.

      2,500        844,600  

NVIDIA Corp.

      103,344        18,023,194  

SiTime Corp.(1)

      2,557        883,060  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

      15,616        5,277,427  
     

 

 

  
      30,374,151  
     

 

 

  

Software — 5.8%

 

Appfolio, Inc., Class A(1)

      309        48,766  

BitMine Immersion Technologies, Inc.

      3,351        66,283  

CyberArk Software Ltd.(1)(3)

      800        36,000  

Figma, Inc., Class A(1)

      500        10,570  

HubSpot, Inc.(1)

      1,857        453,294  

Microsoft Corp.

      11,209        4,149,235  

Nutanix, Inc., Class A(1)

      19,244        731,464  

Palo Alto Networks, Inc.(1)

      5,781        926,810  

SailPoint, Inc.(1)

      1,000        13,240  

Samsara, Inc., Class A(1)

      19,414        615,230  

ServiceTitan, Inc., Class A(1)

      9,203        584,022  

Synopsys, Inc.(1)

      1,900        753,312  

Zeta Global Holdings Corp., Class A(1)

      15,879        252,794  

Zscaler, Inc.(1)

      800        112,232  
     

 

 

  
     8,753,252  
     

 

 

  

Specialty Retail — 1.9%

 

Lowe’s Cos., Inc.

      11,999        2,835,124  
     

 

 

  
     2,835,124  
     

 

 

  

Technology Hardware, Storage & Peripherals — 5.2%

 

Apple, Inc.

      30,607        7,767,751  
     

 

 

  
     7,767,751  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.1%

 

Kering SA (France)

      500        151,193  
     

 

 

  
     151,193  
     

 

 

  

Tobacco — 1.7%

 

British American Tobacco PLC, ADR

      15,780        922,656  

Philip Morris International, Inc.

      9,385        1,551,716  
     

 

 

  
     2,474,372  
     

 

 

  

Trading Companies & Distributors — 0.7%

 

Ferguson Enterprises, Inc. (United Kingdom)

      4,244        995,948  
     

 

 

  
     995,948  
     

 

 

  

Total Common Stocks
(Cost $118,999,462)

 

       149,366,509  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Repurchase Agreements — 0.7%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,121,532, due 4/1/2026(4)

    $ 1,121,499      $ 1,121,499  
     

 

 

  

Total Repurchase Agreements
(Cost $1,121,499)

 

      1,121,499  
     

 

 

  

Total Investments — 100.1%
(Cost $120,120,961)

 

      150,488,008  
     

 

 

  

Liabilities in excess of other assets — (0.1)%

 

      (198,350 ) 
     

 

 

  

Total Net Assets — 100.0%

 

    $  150,289,658  
     

 

 

  

 

(1)

Non–income–producing security.

(2)

Security valued using significant unobservable inputs (Level 3).

(3)

The table below presents securities deemed illiquid by the investment adviser.

 

Security

    Shares      Cost      Value      Acquisition
Date		      % of Fund’s
Net Assets		  

Blueprint Medicines Corp.

      653      $ 300      $ 0        7/21/2025        0.00 % 

CyberArk Software Ltd.

      800         36,000         36,000        2/12/2026        0.02  

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

      3.625 %      8/31/2029      $  1,150,500      $  1,144,054  

Legend:

ADR – American Depositary Receipt

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2     Level 3      Total  

Common Stocks

    $ 140,451,377      $ 8,915,131 *    $ 1      $ 149,366,509  

Repurchase Agreements

      —         1,121,499       —         1,121,499  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $  140,451,377      $  10,036,630     $ 1      $  150,488,008  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* 

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

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 98.4%

 

Aerospace & Defense — 0.8%

 

StandardAero, Inc.(1)

      10,718        $ 276,846  
       

 

 

  
       276,846  
       

 

 

  

Biotechnology — 4.7%

 

Argenx SE, ADR(1)

      576          420,624  

Ascendis Pharma AS, ADR(1)

      812          185,729  

Bridgebio Pharma, Inc.(1)

      3,400          252,484  

Madrigal Pharmaceuticals, Inc.(1)

      419          219,334  

Praxis Precision Medicines, Inc.(1)

      521          167,861  

Revolution Medicines, Inc.(1)

      1,748          169,993  

Vaxcyte, Inc.(1)

      4,750          276,022  
       

 

 

  
       1,692,047  
       

 

 

  

Capital Markets — 4.1%

 

Cboe Global Markets, Inc.

      1,106          310,863  

Charles Schwab Corp.

      2,541          238,803  

LPL Financial Holdings, Inc.

      3,115          937,086  
       

 

 

  
        1,486,752  
       

 

 

  

Chemicals — 1.9%

 

Corteva, Inc.

      8,471          709,107  
       

 

 

  
       709,107  
       

 

 

  

Commercial Services & Supplies — 6.6%

 

Cimpress PLC(1)

      5,113          373,249  

Clean Harbors, Inc.(1)

      2,454          703,635  

RB Global, Inc.

      5,612          537,910  

Rentokil Initial PLC (United Kingdom)

      27,241          169,375  

Rentokil Initial PLC, ADR

      11,503          362,115  

Veralto Corp.

      2,667          235,816  
       

 

 

  
       2,382,100  
       

 

 

  

Construction & Engineering — 2.6%

 

API Group Corp.(1)

      23,328          945,251  
       

 

 

  
       945,251  
       

 

 

  

Consumer Staples Distribution & Retail — 0.5%

 

Dollar Tree, Inc.(1)

      1,558          170,617  
       

 

 

  
       170,617  
       

 

 

  

Electric Utilities — 2.6%

 

Alliant Energy Corp.

      13,251          950,892  
       

 

 

  
       950,892  
       

 

 

  

Electrical Equipment — 1.8%

 

Sensata Technologies Holding PLC

      18,721          659,354  
       

 

 

  
       659,354  
       

 

 

  

Electronic Equipment, Instruments & Components — 8.5%

 

CDW Corp.

      2,398          290,206  

Flex Ltd.(1)

      22,323          1,461,263  

TE Connectivity PLC

      1,535          320,846  

Teledyne Technologies, Inc.(1)

      1,667          1,008,552  
       

 

 

  
       3,080,867  
       

 

 

  

Entertainment — 2.3%

 

Liberty Media Corp.-Liberty Formula One, Class A(1)

      1,252          97,756  

Liberty Media Corp.-Liberty Formula One, Class C(1)

      8,506          723,180  
       

 

 

  
       820,936  
       

 

 

  

Financial Services — 2.6%

 

Jack Henry & Associates, Inc.

      845          133,544  

WEX, Inc.(1)

      5,336          816,621  
       

 

 

  
       950,165  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Ground Transportation — 5.5%

 

Canadian Pacific Kansas City Ltd.

      6,762        $ 531,899  

JB Hunt Transport Services, Inc.

      5,180          1,097,642  

TFI International, Inc.

      3,339          362,715  
       

 

 

  
       1,992,256  
       

 

 

  

Health Care Equipment & Supplies — 8.1%

 

Boston Scientific Corp.(1)

      9,678          607,294  

Cooper Cos., Inc.(1)

      3,085          220,577  

Glaukos Corp.(1)

      1,098          118,211  

Globus Medical, Inc., Class A(1)

      3,918          337,575  

ICU Medical, Inc.(1)

      2,361          304,923  

Lantheus Holdings, Inc.(1)

      2,016          152,914  

Medline, Inc., Class A(1)

      5,318          236,651  

STERIS PLC

      1,485          328,378  

Teleflex, Inc.

      5,349          639,794  
       

 

 

  
       2,946,317  
       

 

 

  

Hotels, Restaurants & Leisure — 4.4%

 

Aramark

      17,665          716,139  

DoorDash, Inc., Class A(1)

      4,812          722,522  

Entain PLC (United Kingdom)

      20,764          156,793  
       

 

 

  
        1,595,454  
       

 

 

  

Insurance — 2.2%

 

Intact Financial Corp. (Canada)

      1,480          268,190  

W.R. Berkley Corp.

      3,082          204,275  

Willis Towers Watson PLC

      1,082          314,537  
       

 

 

  
       787,002  
       

 

 

  

Interactive Media & Services — 0.3%

 

Ziff Davis, Inc.(1)

      2,852          119,670  
       

 

 

  
       119,670  
       

 

 

  

Life Sciences Tools & Services — 5.0%

 

Illumina, Inc.(1)

      2,240          276,102  

Revvity, Inc.

      10,091          884,072  

Waters Corp.(1)

      2,162          643,844  
       

 

 

  
       1,804,018  
       

 

 

  

Machinery — 1.8%

 

Ingersoll Rand, Inc.

      8,368          670,444  
       

 

 

  
       670,444  
       

 

 

  

Multi-Utilities — 3.5%

 

Ameren Corp.

      6,301          692,606  

DTE Energy Co.

      3,940          576,107  
       

 

 

  
       1,268,713  
       

 

 

  

Oil, Gas & Consumable Fuels — 0.5%

 

ONEOK, Inc.

      2,082          188,192  
       

 

 

  
       188,192  
       

 

 

  

Passenger Airlines — 1.7%

 

Ryanair Holdings PLC, ADR

      10,581          611,582  
       

 

 

  
       611,582  
       

 

 

  

Professional Services — 3.6%

 

Broadridge Financial Solutions, Inc.

      2,322          377,279  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Professional Services — (continued)

 

SS&C Technologies Holdings, Inc.

      6,953        $ 469,814  

TransUnion

      3,728          257,940  

UL Solutions, Inc., Class A

      2,578          220,960  
       

 

 

  
       1,325,993  
       

 

 

  

Real Estate Management & Development — 1.8%

 

CoStar Group, Inc.(1)

      9,736          392,750  

FirstService Corp.

      1,816          252,315  
       

 

 

  
       645,065  
       

 

 

  

Semiconductors & Semiconductor Equipment — 5.6%

 

KLA Corp.

      353          519,761  

NXP Semiconductors NV

      3,462          681,529  

ON Semiconductor Corp.(1)

      13,685          847,375  
       

 

 

  
       2,048,665  
       

 

 

  

Software — 6.5%

 

AppLovin Corp., Class A(1)

      560          222,880  

Constellation Software, Inc. (Canada)

      433          760,105  

Descartes Systems Group, Inc.(1)

      2,374          169,883  

Dynatrace, Inc.(1)

      4,640          171,587  

PTC, Inc.(1)

      4,480          638,355  

Topicus.com, Inc. (Canada)(1)

      1,862          123,063  

Workday, Inc., Class A(1)

      2,111          274,261  
       

 

 

  
        2,360,134  
       

 

 

  

Specialized REITs — 0.5%

 

Lamar Advertising Co., Class A

      1,573          199,236  
       

 

 

  
       199,236  
       

 

 

  

Specialty Retail — 2.4%

 

Burlington Stores, Inc.(1)

      1,062          345,553  

CarMax, Inc.(1)

      6,035          250,935  

Wayfair, Inc., Class A(1)

      3,892          292,718  
       

 

 

  
       889,206  
       

 

 

  

Textiles, Apparel & Luxury Goods — 2.2%

 

Gildan Activewear, Inc.

      14,562          810,375  
       

 

 

  
       810,375  
       

 

 

  

Trading Companies & Distributors — 3.8%

 

Ferguson Enterprises, Inc.

      5,852          1,365,038  
       

 

 

  
       1,365,038  
       

 

 

  

Total Common Stocks
(Cost $27,088,592)

 

        35,752,294  
       

 

 

  
     Principal
Amount		       
Value		  

Repurchase Agreements — 1.6%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $579,649, due 4/1/2026(2)

    $  579,632          579,632  
       

 

 

  

Total Repurchase Agreements
(Cost $579,632)

 

        579,632  
       

 

 

  

Total Investments — 100.0%
(Cost $27,668,224)

 

        36,331,926  
       

 

 

  

Assets in excess of other liabilities — (0.0)%

 

        17,052  
       

 

 

  

Total Net Assets — 100.0%

 

      $  36,348,978  
       

 

 

  

 

(1)

Non–income–producing security.

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

 

(2)

The table below presents collateral for repurchase agreements.

 


Security

   
Coupon		     Maturity
Date		      Principal
Amount		     
Value		  

U.S. Treasury Note

      3.625 %      8/31/2029      $  594,600      $  591,248  

Legend:

ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2     Level 3      Total  

Common Stocks

    $ 35,426,126      $ 326,168 *    $ —       $ 35,752,294  

Repurchase Agreements

      —         579,632       —         579,632  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $   35,426,126      $   905,800     $ —       $   36,331,926  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* 

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

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MID CAP RELATIVE VALUE VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — 98.1%

 

Aerospace & Defense — 2.8%

 

L3Harris Technologies, Inc.

      1,977      $ 682,362  

StandardAero, Inc.(1)

      69,033        1,783,122  
     

 

 

  
     2,465,484  
     

 

 

  

Automobile Components — 1.3%

 

Aptiv PLC(1)

      16,023        1,112,637  
     

 

 

  
     1,112,637  
     

 

 

  

Banks — 4.3%

 

Fifth Third Bancorp

      44,333        2,059,711  

First Citizens BancShares, Inc., Class A

      447        842,443  

Regions Financial Corp.

      33,115        864,964  
     

 

 

  
     3,767,118  
     

 

 

  

Beverages — 2.9%

 

Keurig Dr Pepper, Inc.

      70,497        1,856,186  

Primo Brands Corp.

      34,755        654,437  
     

 

 

  
     2,510,623  
     

 

 

  

Building Products — 1.1%

 

Carlisle Cos., Inc.

      1,775        592,176  

Owens Corning

      3,643        394,245  
     

 

 

  
     986,421  
     

 

 

  

Chemicals — 3.5%

 

Eastman Chemical Co.

      13,768        1,050,774  

RPM International, Inc.

      20,169        2,004,798  
     

 

 

  
     3,055,572  
     

 

 

  

Commercial Services & Supplies — 3.2%

 

Copart, Inc.(1)

      9,673        321,144  

Republic Services, Inc.

      11,262        2,466,603  
     

 

 

  
     2,787,747  
     

 

 

  

Construction & Engineering — 0.8%

 

API Group Corp.(1)

      18,366        744,190  
     

 

 

  
     744,190  
     

 

 

  

Construction Materials — 3.1%

 

Amrize Ltd.(1)

      17,734        993,459  

Vulcan Materials Co.

      6,437        1,752,795  
     

 

 

  
      2,746,254  
     

 

 

  

Containers & Packaging — 1.1%

 

Graphic Packaging Holding Co.

      95,651        950,771  
     

 

 

  
     950,771  
     

 

 

  

Electric Utilities — 6.5%

 

American Electric Power Co., Inc.

      22,830        2,992,556  

FirstEnergy Corp.

      53,341        2,702,255  
     

 

 

  
     5,694,811  
     

 

 

  

Electronic Equipment, Instruments & Components — 5.7%

 

CDW Corp.

      13,339        1,614,286  

Keysight Technologies, Inc.(1)

      10,592        2,990,863  

Novanta, Inc.(1)

      3,570        421,652  
     

 

 

  
     5,026,801  
     

 

 

  

Energy Equipment & Services — 2.8%

 

Baker Hughes Co.

      39,443        2,407,995  
     

 

 

  
     2,407,995  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MID CAP RELATIVE VALUE VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — (continued)

 

Financial Services — 0.0%

 

Pershing Square Tontine Holdings Ltd.(1)(2)(3)

      125,172      $ 0  
     

 

 

  
        0  
     

 

 

  

Ground Transportation — 3.4%

 

Canadian Pacific Kansas City Ltd.

      21,116        1,660,985  

Knight-Swift Transportation Holdings, Inc.

      23,338        1,343,802  
     

 

 

  
     3,004,787  
     

 

 

  

Health Care Equipment & Supplies — 1.9%

 

Alcon AG

      22,320        1,681,812  
     

 

 

  
     1,681,812  
     

 

 

  

Health Care Providers & Services — 3.2%

 

Labcorp Holdings, Inc.

      10,560        2,817,514  
     

 

 

  
     2,817,514  
     

 

 

  

Household Durables — 1.9%

 

D.R. Horton, Inc.

      3,166        434,439  

Somnigroup International, Inc.

      16,273        1,202,900  
     

 

 

  
     1,637,339  
     

 

 

  

Household Products — 2.8%

 

Church & Dwight Co., Inc.

      26,504        2,473,353  
     

 

 

  
     2,473,353  
     

 

 

  

Insurance — 5.0%

 

Arch Capital Group Ltd.(1)

      19,522        1,873,917  

Brown & Brown, Inc.

      13,878        904,984  

Loews Corp.

      15,117        1,613,589  
     

 

 

  
     4,392,490  
     

 

 

  

IT Services — 1.4%

 

Okta, Inc.(1)

      15,560        1,224,728  
     

 

 

  
     1,224,728  
     

 

 

  

Life Sciences Tools & Services — 4.7%

 

Charles River Laboratories International, Inc.(1)

      10,039        1,731,728  

Qiagen NV

      13,758        550,870  

Revvity, Inc.

      12,041        1,054,912  

Waters Corp.(1)

      2,631        783,512  
     

 

 

  
     4,121,022  
     

 

 

  

Machinery — 5.6%

 

Donaldson Co., Inc.

      4,953        420,361  

Gates Industrial Corp. PLC(1)

      68,617        1,551,430  

Ingersoll Rand, Inc.

      7,427        595,051  

Mueller Industries, Inc.

      6,961        771,279  

Toro Co.

      16,813        1,571,007  
     

 

 

  
      4,909,128  
     

 

 

  

Media — 0.1%

 

NIQ Global Intelligence PLC(1)

      5,516        62,717  
     

 

 

  
     62,717  
     

 

 

  

Metals & Mining — 1.9%

 

Freeport-McMoRan, Inc.

      19,929        1,171,426  

Nucor Corp.

      2,898        490,052  
     

 

 

  
     1,661,478  
     

 

 

  

Mortgage REITs — 1.8%

 

Annaly Capital Management, Inc.

      72,943        1,542,744  
     

 

 

  
     1,542,744  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MID CAP RELATIVE VALUE VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — (continued)

 

Oil, Gas & Consumable Fuels — 5.8%

 

EOG Resources, Inc.

      11,496      $ 1,661,977  

EQT Corp.

      28,455        1,810,876  

Valero Energy Corp.

      6,654        1,644,070  
     

 

 

  
     5,116,923  
     

 

 

  

Professional Services — 2.7%

 

Booz Allen Hamilton Holding Corp.

      14,748        1,150,787  

Jacobs Solutions, Inc.

      9,326        1,187,013  
     

 

 

  
     2,337,800  
     

 

 

  

Real Estate Management & Development — 1.3%

 

CBRE Group, Inc., Class A(1)

      8,113        1,098,987  
     

 

 

  
     1,098,987  
     

 

 

  

Semiconductors & Semiconductor Equipment — 6.6%

 

ON Semiconductor Corp.(1)

      29,236        1,810,293  

Qnity Electronics, Inc., Class W/I

      19,327        2,229,949  

Teradyne, Inc.

      5,822        1,725,990  
     

 

 

  
     5,766,232  
     

 

 

  

Specialized REITs — 1.6%

 

Weyerhaeuser Co.

      56,664        1,384,302  
     

 

 

  
     1,384,302  
     

 

 

  

Specialty Retail — 1.7%

 

AutoZone, Inc.(1)

      445        1,503,112  
     

 

 

  
     1,503,112  
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.0%

 

PVH Corp.

      12,256        854,979  
     

 

 

  
     854,979  
     

 

 

  

Trading Companies & Distributors — 2.6%

 

AerCap Holdings NV

      11,060        1,517,211  

WESCO International, Inc.

      2,899        793,224  
     

 

 

  
     2,310,435  
     

 

 

  

Water Utilities — 2.0%

 

American Water Works Co., Inc.

      12,908        1,756,650  
     

 

 

  
     1,756,650  
     

 

 

  

Total Common Stocks
(Cost $66,412,156)

 

       85,914,956  
     

 

 

  
     Principal
Amount		     
Value		  

Warrants — 0.0%

 

Pershing Square Holdings Ltd.(1)(2)

    $ 14,344        0  
     

 

 

  

Total Warrants
(Cost $0)

 

      0  
     

 

 

  
     Shares      Value  

Rights — 0.0%

 

Investment Companies — 0.0%

 

Pershing Square Holdings Ltd.(1)(2)

      38,465        0  
     

 

 

  

Total Rights
(Cost $0)

 

      0  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MID CAP RELATIVE VALUE VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Repurchase Agreements — 1.9%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,620,792, due 4/1/2026(4)

    $ 1,620,744      $ 1,620,744  
     

 

 

  

Total Repurchase Agreements
(Cost $1,620,744)

 

      1,620,744  
     

 

 

  

Total Investments — 100.0%
(Cost $68,032,900)

 

      87,535,700  
     

 

 

  

Assets in excess of other liabilities — 0.0%

 

      5,313  
     

 

 

  

Total Net Assets — 100.0%

 

    $  87,541,013  
     

 

 

  

 

(1)

Non–income–producing security.

(2)

The table below presents securities deemed illiquid by the investment adviser.

 

Security

    Shares      Cost      Value      Acquisition
Date		      % of Fund’s
Net Assets		  

Pershing Square Tontine Holdings Ltd.

      125,172      $  0      $  0        7/26/2022        0.00 % 

Pershing Square Holdings Ltd.

      14,344        0        0        7/26/2022        0.00  

Pershing Square 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

      3.625 %      8/31/2029      $  1,662,600      $  1,653,230  

Legend:

REITs – Real Estate Investment Trusts

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MID CAP RELATIVE VALUE VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2      Level 3      Total  

Common Stocks

    $ 85,914,956      $ 0      $ —       $ 85,914,956  

Warrants

      —         0        —         0  

Rights

      —         0        —         0  

Repurchase Agreements

      —         1,620,744        —         1,620,744  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $   85,914,956      $   1,620,744      $ —       $   87,535,700  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Agency Mortgage-Backed Securities — 28.6%

        

Fannie Mae ACES

        

Series 2025-M4, Class A2

        

4.389% due 8/25/2035

    $ 500,000        $ 491,842  

Federal Home Loan Mortgage Corp.

        

3.50% due 1/1/2035

      69,206          64,060  

3.50% due 9/1/2051

      447,287          414,246  

5.00% due 7/1/2052

      425,802          426,500  

5.00% due 8/1/2052

      661,271          661,049  

5.00% due 4/1/2054

      145,081          144,271  

5.438% due 9/1/2055(1)(2)

      265,426          268,657  

5.50% due 7/1/2054

      148,051          151,273  

5.50% due 11/1/2054

      939,492          962,305  

6.00% due 2/1/2055

      124,434          129,578  

6.50% due 11/1/2053

      506,572          527,354  

Federal National Mortgage Association

        

2.50% due 8/1/2050

      1,722,358           1,487,010  

2.50% due 3/1/2052

      800,467          677,393  

3.00% due 4/1/2051

      289,258          256,416  

3.50% due 9/1/2051

      178,060          166,581  

3.50% due 4/1/2052

      782,214          723,864  

3.50% due 6/1/2052

      39,940          36,903  

5.00% due 7/1/2052

      565,710          567,420  

5.00% due 8/1/2052

      880,506          879,375  

5.00% due 1/1/2053

      86,584          85,951  

5.468% due 10/1/2055(1)(2)

      964,880          978,372  

5.50% due 10/1/2054

      486,170          497,779  

6.00% due 10/1/2053

      632,163          647,056  

6.00% due 10/1/2054

      107,578          112,025  

6.00% due 1/1/2055

      242,151          251,864  

6.244% due 11/1/2054(1)(2)

      620,990          641,721  

Freddie Mac Multifamily Structured Pass-Through Certificates

        

Series K-146, Class A2

        

2.92% due 6/25/2032

      460,000          423,848  

Series K-153, Class A2

        

3.82% due 12/25/2032(1)(2)

      440,000          424,381  

Series K-161, Class A2

        

4.90% due 10/25/2033(1)(2)

      230,000          235,449  

Series K-169, Class A2

        

4.66% due 12/25/2034(1)(2)

      250,000          251,455  

Series K-G07, Class A2

        

3.123% due 8/25/2032(1)(2)

      1,146,000          1,065,416  

Series KG-08, Class A2

        

4.134% due 5/25/2033(1)(2)

      550,000          538,005  

Government National Mortgage Association

        

2.00% due 5/20/2056(3)

      401,000          331,029  

2.50% due 4/20/2056(3)

      400,000          344,063  

2.50% due 5/20/2056(3)

      919,000          790,053  

3.00% due 4/20/2056(3)

      511,000          456,115  

3.00% due 5/20/2056(3)

      1,846,000          1,646,430  

4.50% due 4/20/2056(3)

      1,521,000          1,469,136  

4.50% due 5/20/2056(3)

      546,000          526,806  

5.00% due 4/20/2056(3)

      910,000          901,175  

5.00% due 5/20/2056(3)

      496,000          490,202  

5.50% due 4/20/2056(3)

      1,928,000          1,940,279  

5.50% due 5/20/2056(3)

      1,971,000          1,979,549  

6.00% due 4/20/2056(3)

      786,000          799,210  

6.00% due 5/20/2056(3)

      1,104,000          1,121,217  

Uniform Mortgage-Backed Security

        

2.00% due 4/1/2041(3)

      383,000          352,231  

2.00% due 5/1/2056(3)

      1,369,000          1,101,992  

2.50% due 5/1/2056(3)

      1,995,000          1,676,346  

3.00% due 5/1/2056(3)

      45,000          39,483  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Agency Mortgage-Backed Securities — (continued)

        

4.00% due 5/1/2039(3)

    $ 360,000        $ 351,355  

4.00% due 5/1/2056(3)

      802,000          756,111  

4.50% due 4/1/2040(3)

      1,375,000           1,365,096  

4.50% due 5/1/2041(3)

      1,827,000          1,812,270  

5.00% due 4/1/2040(3)

      176,000          177,285  

5.00% due 5/1/2041(3)

      613,000          616,901  

5.00% due 4/1/2056(3)

      16,000          15,778  

5.00% due 5/1/2056(3)

      11,000          10,835  

5.50% due 4/1/2040(3)

      140,000          142,721  

5.50% due 5/1/2041(3)

      812,000          827,082  

5.50% due 4/1/2056(3)

      382,000          383,759  

5.50% due 5/1/2056(3)

      609,000          610,972  

6.00% due 5/1/2041(3)

      132,000          136,091  

6.00% due 5/1/2056(3)

      383,000          389,939  

7.00% due 5/1/2054(3)

      296,000          311,409  
       

 

 

  

Total Agency Mortgage-Backed Securities
(Cost $39,270,774)

 

        39,062,339  
       

 

 

  

Asset-Backed Securities — 10.9%

 

AB BSL CLO 3 Ltd.

        

Series 2021-3A, Class BR

        

5.218% (3 mo. USD Term SOFR + 1.55%) due 4/20/2038(1)(4)

      500,000          499,130  

Affirm Master Trust

        

Series 2025-3A, Class A

        

4.45% due 10/16/2034(4)

      220,000          219,047  

Series 2026-1A, Class A

        

4.37% due 2/15/2034(4)

      205,000          204,177  

AmeriCredit Automobile Receivables Trust

        

Series 2022-2, Class C

        

5.32% due 4/18/2028

      173,430          174,110  

Avant Loans Funding Trust

        

Series 2024-REV1, Class A

        

5.92% due 10/15/2033(4)

      295,000          295,448  

Avid Automobile Receivables Trust

        

Series 2021-1, Class E

        

3.39% due 4/17/2028(4)

      82,145          82,036  

BSPDF Issuer LLC

        

Series 2026-FL3, Class A

        

5.10% due 9/18/2043(1)(2)(4)

      200,000          199,998  

BSPRT Issuer LLC

        

Series 2025-FL12, Class A

        

5.064% due 1/17/2043(1)(2)(4)

      150,000          150,003  

Cajun Global LLC

        

Series 2025-2A, Class A2

        

5.912% due 11/20/2055(4)

      125,000          124,100  

Capital One Multi-Asset Execution Trust

        

Series 2025-A3, Class A

        

4.65% due 10/15/2037

      65,000          64,173  

CarMax Select Receivables Trust

        

Series 2024-A, Class A3

        

5.40% due 11/15/2028

      380,000          382,307  

Series 2025-B, Class A3

        

4.12% due 3/15/2030

      335,000          333,883  

Cherry Securitization Trust

        

Series 2025-1A, Class A

        

6.13% due 11/15/2032(4)

      225,000          227,199  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Asset-Backed Securities — (continued)

        

Citizens Auto Receivables Trust

        

Series 2023-1, Class A3

        

5.84% due 1/18/2028(4)

    $  230,949        $ 231,836  

Series 2024-2, Class A4

        

5.26% due 4/15/2031(4)

      545,000           552,463  

DLLAD LLC

        

Series 2023-1A, Class A4

        

4.80% due 6/20/2030(4)

      510,000          513,276  

Drive Auto Receivables Trust

        

Series 2025-2, Class A3

        

4.14% due 9/15/2032

      250,000          249,789  

Driven Brands Funding LLC

        

Series 2025-1A, Class A2

        

5.296% due 10/20/2055(4)

      119,700          107,133  

Exeter Automobile Receivables Trust

        

Series 2024-4A, Class C

        

5.48% due 8/15/2030

      665,000          672,276  

Series 2025-3A, Class B

        

4.86% due 2/15/2030

      180,000          181,043  

First National Master Note Trust

        

Series 2024-1, Class A

        

5.34% due 5/15/2030

      805,000          815,075  

GM Financial Automobile Leasing Trust

        

Series 2024-3, Class A3

        

4.21% due 10/20/2027

      466,548          466,703  

Huntington Auto Trust

        

Series 2024-1A, Class A3

        

5.23% due 1/16/2029(4)

      267,448          269,345  

Hyundai Auto Lease Securitization Trust

        

Series 2025-B, Class B

        

4.94% due 8/15/2029(4)

      175,000          176,233  

KKR CLO 35 Ltd.

        

Series 35A, Class BR

        

5.268% (3 mo. USD Term SOFR + 1.60%) due 1/20/2038(1)(4)

      340,000          339,419  

Lending Funding Trust

        

Series 2020-2A, Class A

        

2.32% due 4/21/2031(4)

      351,510          347,096  

Lendmark Funding Trust

        

Series 2021-1A, Class A

        

1.90% due 11/20/2031(4)

      750,000          734,360  

LoanCore Issuer LLC

        

Series 2025-CRE8, Class A

        

5.063% (1 mo. USD Term SOFR + 1.39%) due 8/17/2042(1)(2)(4)

      280,000          280,034  

Mariner Finance Issuance Trust

        

Series 2021-AA, Class A

        

1.86% due 3/20/2036(4)

      284,167          280,899  

Mercury Financial Credit Card Master Trust

        

Series 2024-2A, Class A

        

6.56% due 7/20/2029(4)

      360,000          360,589  

Nissan Auto Receivables Owner Trust

        

Series 2023-B, Class A3

        

5.93% due 3/15/2028

      89,701          90,234  

PEAC Solutions Receivables LLC

        

Series 2024-1A, Class A3

        

5.64% due 11/20/2030(4)

      340,000          346,294  

Series 2024-2A, Class A2

        

4.74% due 4/20/2027(4)

      113,017          113,194  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Asset-Backed Securities — (continued)

        

PFP Ltd.

        

Series 2026-13, Class A

        

5.18% (1 mo. USD Term SOFR + 1.50%) due 8/18/2043(1)(2)(4)

    $  300,000        $ 300,245  

PFS Financing Corp.

        

Series 2023-B, Class A

        

5.27% due 5/15/2028(4)

      210,000          210,279  

Rad CLO 27 Ltd.

        

Series 2024-27A, Class A1

        

4.992% (3 mo. USD Term SOFR + 1.32%) due 1/15/2038(1)(4)

      330,000          330,014  

Regatta XXVIII Funding Ltd.

        

Series 2024-2A, Class A2

        

5.418% (3 mo. USD Term SOFR + 1.75%) due 4/25/2037(1)(4)

      250,000          250,021  

Santander Drive Auto Receivables Trust

        

Series 2024-2, Class C

        

5.84% due 6/17/2030

      195,000          198,480  

Series 2025-2, Class B

        

4.87% due 5/15/2031

      260,000          261,689  

Series 2025-4, Class C

        

4.52% due 1/15/2032

      440,000          438,080  

SBNA Auto Receivables Trust

        

Series 2024-A, Class A3

        

5.32% due 12/15/2028(4)

      173,605          174,016  

SEB Funding LLC

        

Series 2026-1A, Class A2

        

6.665% due 1/30/2056(4)

      275,000          272,802  

Silver Point CLO 4 Ltd.

        

Series 2024-4A, Class A2

        

5.502% (3 mo. USD Term SOFR + 1.83%) due 4/15/2037(1)(4)

      250,000          249,998  

U.S. Bank C&I Credit-Linked Notes

        

Series 2025-SUP2, Class B1

        

4.818% due 9/25/2032(4)

      205,639          203,522  

Westlake Automobile Receivables Trust

        

Series 2023-1A, Class C

        

5.74% due 8/15/2028(4)

      503,380          504,823  

Series 2024-2A, Class C

        

5.68% due 3/15/2030(4)

      400,000          405,141  

World Omni Auto Receivables Trust

        

Series 2024-B, Class A3

        

5.27% due 9/17/2029

      367,802          370,682  

World Omni Automobile Lease Securitization Trust

        

Series 2025-A, Class B

        

4.68% due 5/15/2030

      380,000          381,451  

World Omni Select Auto Trust

        

Series 2025-A, Class A2A

        

4.14% due 5/15/2030

      173,709          173,739  
       

 

 

  

Total Asset-Backed Securities
(Cost $14,814,853)

 

         14,807,884  
       

 

 

  

Corporate Bonds & Notes — 37.5%

 

Aerospace & Defense — 0.9%

 

ATI, Inc.

        

7.25% due 8/15/2030

      197,000          204,283  

Boeing Co.

        

6.858% due 5/1/2054

      163,000          179,394  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

        

Aerospace & Defense — (continued)

        

Hexcel Corp.

        

5.875% due 2/26/2035

    $  227,000        $ 233,039  

Honeywell Aerospace, Inc.

        

4.60% due 3/16/2033(4)

      94,000          92,922  

4.95% due 3/16/2036(4)

      97,000          96,244  

Northrop Grumman Corp.

        

3.25% due 1/15/2028

      284,000          278,925  

TransDigm, Inc.

        

6.75% due 1/31/2034(4)

      158,000          160,070  
       

 

 

  
          1,244,877  
       

 

 

  

Agriculture — 0.7%

 

Altria Group, Inc.

        

4.875% due 2/4/2028

      245,000          247,025  

BAT Capital Corp.

        

5.625% due 8/15/2035

      135,000          138,842  

Imperial Brands Finance PLC

        

5.875% due 7/1/2034(4)

      617,000          634,604  
       

 

 

  
           1,020,471  
       

 

 

  

Airlines — 0.5%

 

AS Mileage Plan IP Ltd.

        

5.308% due 10/20/2031(4)

      346,000          338,458  

JetBlue Airways Corp./JetBlue Loyalty LP

        

9.875% due 9/20/2031(4)

      162,000          153,100  

United Airlines Holdings, Inc.

        

4.875% due 3/1/2029

      140,000          136,931  
       

 

 

  
          628,489  
       

 

 

  

Auto Manufacturers — 0.9%

 

Ford Motor Co.

        

9.625% due 4/22/2030

      173,000          196,764  

Ford Motor Credit Co. LLC

        

5.303% due 9/6/2029

      200,000          198,957  

7.20% due 6/10/2030

      272,000          286,505  

JB Poindexter & Co., Inc.

        

8.75% due 12/15/2031(4)

      177,000          179,402  

Nissan Motor Acceptance Co. LLC

        

7.05% due 9/15/2028(4)

      303,000          307,724  

Toyota Motor Credit Corp.

        

4.55% due 9/20/2027

      122,000          122,695  
       

 

 

  
          1,292,047  
       

 

 

  

Auto Parts & Equipment — 0.2%

 

Clarios Global LP/Clarios U.S. Finance Co.

        

6.75% due 9/15/2032(4)

      142,000          143,136  

ZF North America Capital, Inc.

        

6.75% due 4/23/2030(4)

      170,000          164,455  
       

 

 

  
          307,591  
       

 

 

  

Beverages — 0.3%

 

Bacardi Ltd./Bacardi-Martini BV

        

5.40% due 6/15/2033(4)

      440,000          435,637  
       

 

 

  
          435,637  
       

 

 

  

Biotechnology — 0.8%

 

Amgen, Inc.

        

5.15% due 3/2/2028

      353,000          358,173  

Genmab AS/Genmab Finance LLC

        

6.25% due 12/15/2032(4)

      200,000          205,047  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

        

Biotechnology — (continued)

        

Regeneron Pharmaceuticals, Inc.

        

2.80% due 9/15/2050

    $  291,000        $ 176,136  

Royalty Pharma PLC

        

3.35% due 9/2/2051

      84,000          54,428  

5.40% due 9/2/2034

      249,000          251,053  
       

 

 

  
           1,044,837  
       

 

 

  

Building Materials — 0.3%

 

EMRLD Borrower LP/Emerald Co-Issuer, Inc.

        

6.75% due 7/15/2031(4)

      204,000          209,805  

Smyrna Ready Mix Concrete LLC

        

6.00% due 11/1/2028(4)

      159,000          157,801  
       

 

 

  
          367,606  
       

 

 

  

Chemicals — 0.5%

 

Celanese U.S. Holdings LLC

        

7.00% due 2/15/2031

      279,000          286,476  

OCP SA, Reg S

        

6.75% due 5/2/2034

      200,000          208,063  

Rain Carbon, Inc.

        

12.25% due 9/1/2029(4)

      132,000          135,808  
       

 

 

  
          630,347  
       

 

 

  

Coal — 0.1%

 

SunCoke Energy, Inc.

        

4.875% due 6/30/2029(4)

      209,000          188,594  
       

 

 

  
          188,594  
       

 

 

  

Commercial Banks — 3.1%

 

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          178,513  

Banco de Credito del Peru SA

        

5.65% (5.65% fixed rate until 10/15/2031; 5 yr. CMT rate + 1.96% thereafter)
due 1/15/2037(1)(4)

      204,000          198,951  

BankUnited, Inc.

        

5.125% due 6/11/2030

      288,000          286,798  

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          359,768  

First Citizens BancShares, Inc.

        

5.60% (5.60% fixed rate until 9/5/2030; 5 yr. CMT rate + 1.85% thereafter) due 9/5/2035(1)

      296,000          289,303  

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)

      605,000          534,078  

5.065% (5.065% fixed rate until 1/21/2036; 1 day USD SOFR + 1.19% thereafter) due 1/21/2037(1)

      119,000          116,343  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

        

Commercial Banks — (continued)

        

JPMorgan Chase & Co.

        

5.193% (5.193% fixed rate until 2/5/2036; 1 day USD SOFR + 1.30% thereafter) due 2/5/2037(1)

    $  346,000        $ 340,002  

5.294% (5.294% fixed rate until 7/22/2034; 1 day USD SOFR + 1.46% thereafter) due 7/22/2035(1)

      134,000          135,659  

5.576% (5.576% fixed rate until 7/23/2035; 1 day USD SOFR + 1.64% thereafter) due 7/23/2036(1)

      174,000          176,211  

Morgan Stanley

        

5.297% (5.297% fixed rate until 4/20/2032; 1 day USD SOFR + 2.62% thereafter) due 4/20/2037(1)

      729,000          727,227  

PNC Financial Services Group, Inc.

        

5.676% (5.676% fixed rate until 1/22/2034; 1 day USD SOFR + 1.90% thereafter) due 1/22/2035(1)

      264,000          271,579  

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          281,611  

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          356,261  
       

 

 

  
           4,252,304  
       

 

 

  

Commercial Services — 0.6%

 

Allied Universal Holdco LLC

        

7.875% due 2/15/2031(4)

      127,000          130,964  

CompoSecure Holdings LLC

        

5.625% due 2/1/2033(4)

      139,000          135,796  

EquipmentShare.com, Inc.

        

9.00% due 5/15/2028(4)

      131,000          135,314  

Global Payments, Inc.

        

2.90% due 11/15/2031

      242,000          212,050  

Herc Holdings, Inc.

        

7.25% due 6/15/2033(4)

      209,000          214,171  
       

 

 

  
          828,295  
       

 

 

  

Computers — 0.2%

 

Gartner, Inc.

        

4.50% due 7/1/2028(4)

      309,000          303,789  
       

 

 

  
          303,789  
       

 

 

  

Cosmetics & Personal Care — 0.2%

 

Kenvue, Inc.

        

5.10% due 3/22/2043

      219,000          206,831  
       

 

 

  
          206,831  
       

 

 

  

Diversified Financial Services — 2.3%

 

Aircastle Ltd.

        

2.85% due 1/26/2028(4)

      600,000          581,251  

Aviation Capital Group LLC

        

4.875% due 1/28/2033(4)

      89,000          85,886  

6.375% due 7/15/2030(4)

      280,000          294,711  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

        

Diversified Financial Services — (continued)

        

Avolon Holdings Funding Ltd.

        

2.528% due 11/18/2027(4)

    $ 35,000        $ 33,814  

5.375% due 5/30/2030(4)

      245,000          247,671  

Citadel Securities Global Holdings LLC

        

6.20% due 6/18/2035(4)

      500,000          511,536  

Jane Street Group/JSG Finance, Inc.

        

6.75% due 5/1/2033(4)

      202,000          204,943  

LPL Holdings, Inc.

        

4.00% due 3/15/2029(4)

      425,000          412,709  

Muthoot Finance Ltd., Reg S

        

6.375% due 4/23/2029

      225,000          223,598  

Neuberger Berman Group LLC/Neuberger Berman Finance Corp.

        

4.50% due 3/15/2027(4)

      365,000          363,975  

Osaic Holdings, Inc.

        

6.75% due 8/1/2032(4)

      147,000          147,018  

Takeoff Merger Sub, Inc.

        

5.50% due 3/24/2036(4)

      94,000          92,600  
       

 

 

  
           3,199,712  
       

 

 

  

Electric — 4.5%

 

AEP Texas, Inc.

        

Series Q

        

5.20% due 4/15/2036

      138,000          135,718  

AES Corp.

        

3.95% due 7/15/2030(4)

      448,000          428,310  

Appalachian Power Co.

        

5.65% due 4/1/2034

      334,000          343,658  

Capital Power U.S. Holdings, Inc.

        

6.189% due 6/1/2035(4)

      264,000          270,323  

Comision Federal de Electricidad

        

6.045% due 1/28/2034(4)

      200,000          193,820  

Constellation Energy Generation LLC

        

5.60% due 6/15/2042

      118,000          115,637  

Dominion Energy, Inc.

        

5.45% due 3/15/2035

      238,000          239,804  

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          149,230  

Electricite de France SA, Reg S

        

4.50% due 12/4/2069

      200,000          140,079  

Entergy Louisiana LLC

        

4.90% due 4/15/2036

      72,000          70,238  

5.70% due 3/15/2054

      233,000          226,301  

Entergy Mississippi LLC

        

5.05% due 4/15/2036

      212,000          208,898  

FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple

        

7.25% due 1/31/2041(4)

      198,101          198,300  

Florida Power & Light Co.

        

5.60% due 2/15/2066

      143,000          137,759  

5.80% due 3/15/2065

      107,000          106,592  

Indiana Michigan Power Co.

        

5.60% due 3/15/2056

      64,000          61,732  

ITC Holdings Corp.

        

5.50% due 4/15/2036(4)

      134,000          134,396  

Lightning Power LLC

        

7.25% due 8/15/2032(4)

      184,000          191,264  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

        

Electric — (continued)

        

Louisville Gas & Electric Co.

        

5.85% due 8/15/2055

    $  154,000        $ 152,818  

Narragansett Electric Co.

        

5.35% due 5/1/2034(4)

      200,000          202,822  

NRG Energy, Inc.

        

4.45% due 6/15/2029(4)

      280,000          276,543  

5.407% due 10/15/2035(4)

      163,000          159,891  

6.00% due 2/1/2033(4)

      146,000          146,037  

Oglethorpe Power Corp.

        

5.80% due 6/1/2054

      194,000          186,407  

Pacific Gas and Electric Co.

        

5.20% due 5/1/2036

      117,000          114,032  

5.80% due 5/15/2034

      339,000          347,370  

PG&E Corp.

        

6.85% (6.85% fixed rate until 6/15/2031; 5 yr. CMT rate + 3.23% thereafter) due 9/15/2056(1)

      75,000          74,110  

PSEG Power LLC

        

5.75% due 5/15/2035(4)

      100,000          101,567  

Talen Energy Supply LLC

        

6.25% due 2/1/2034(4)

      166,000          164,150  

Virginia Electric and Power Co.

        

4.95% due 3/15/2036

      141,000          137,446  

Vistra Operations Co. LLC

        

5.70% due 12/30/2034(4)

      566,000          569,403  

7.75% due 10/15/2031(4)

      138,000          144,552  
       

 

 

  
           6,129,207  
       

 

 

  

Electronics — 0.5%

 

Flex Ltd.

        

5.375% due 11/13/2035

      140,000          137,564  

Vontier Corp.

        

2.95% due 4/1/2031

      535,000          486,484  
       

 

 

  
          624,048  
       

 

 

  

Engineering & Construction — 0.3%

 

MasTec, Inc.

 

4.50% due 8/15/2028(4)

      351,000          347,190  
       

 

 

  
          347,190  
       

 

 

  

Entertainment — 0.4%

 

Discovery Global Holdings, Inc.

 

4.279% due 3/15/2032

      174,000          153,990  

Flutter Treasury DAC

        

5.875% due 6/4/2031(4)

      443,000          438,876  
       

 

 

  
          592,866  
       

 

 

  

Food — 0.3%

 

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings

 

6.375% due 4/15/2066

      211,000          207,046  

Pilgrim’s Pride Corp.

        

3.50% due 3/1/2032

      181,000          164,302  
       

 

 

  
          371,348  
       

 

 

  

Forest Products & Paper — 0.1%

 

Magnera Corp.

        

4.75% due 11/15/2029(4)

      154,000          139,026  
       

 

 

  
          139,026  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

        

Gas — 0.2%

        

National Fuel Gas Co.

        

5.95% due 3/15/2035

    $  288,000        $ 297,952  
       

 

 

  
          297,952  
       

 

 

  

Healthcare-Products — 1.1%

 

180 Medical, Inc.

        

5.30% due 10/8/2035(4)

      216,000          211,746  

Augusta SpinCo Corp.

        

4.945% due 3/23/2033

      246,000          245,149  

Baxter International, Inc.

        

2.539% due 2/1/2032

      440,000          370,861  

5.65% due 12/15/2035

      303,000          295,917  

Medline Borrower LP/Medline Co-Issuer, Inc.

        

6.25% due 4/1/2029(4)

      183,000          186,474  

VSP Optical Group, Inc.

        

5.45% due 12/1/2035(4)

      229,000          224,428  
       

 

 

  
           1,534,575  
       

 

 

  

Healthcare-Services — 1.3%

 

Centene Corp.

        

2.45% due 7/15/2028

      322,000          299,878  

3.375% due 2/15/2030

      229,000          206,865  

Fresenius Medical Care U.S. Finance III, Inc.

        

2.375% due 2/16/2031(4)

      241,000          213,628  

Icon Investments Six DAC

        

6.00% due 5/8/2034

      400,000          405,200  

UnitedHealth Group, Inc.

        

3.45% due 1/15/2027

      167,000          166,168  

Universal Health Services, Inc.

        

2.65% due 1/15/2032

      504,000          439,076  
       

 

 

  
          1,730,815  
       

 

 

  

Home Furnishings — 0.1%

 

Whirlpool Corp.

        

6.125% due 6/15/2030

      138,000          134,740  
       

 

 

  
          134,740  
       

 

 

  

Insurance — 1.7%

 

Athene Global Funding

        

5.033% due 7/17/2030(4)

      484,000          478,629  

5.62% due 5/8/2026(4)

      283,000          283,238  

Brighthouse Financial Global Funding

        

5.65% due 6/10/2029(4)

      408,000          410,780  

Brown & Brown, Inc.

        

2.375% due 3/15/2031

      238,000          209,419  

CNO Global Funding

        

5.875% due 6/4/2027(4)

      362,000          366,950  

Jackson National Life Global Funding

        

4.60% due 10/1/2029(4)

      302,000          299,044  

RGA Global Funding

        

5.00% due 8/25/2032(4)

      119,000          117,715  

Sammons Financial Group Global Funding

        

5.10% due 12/10/2029(4)

      137,000          138,329  
       

 

 

  
          2,304,104  
       

 

 

  

Internet — 1.0%

 

Amazon.com, Inc.

        

4.875% due 3/13/2036

      232,000          229,886  

5.80% due 3/13/2056

      209,000          208,832  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

        

Internet — (continued)

        

Beignet Investor LLC

        

6.581% due 5/30/2049(4)

    $  264,000        $ 271,433  

Meta Platforms, Inc.

        

5.625% due 11/15/2055

      259,000          242,784  

Prosus NV, Reg S

        

4.027% due 8/3/2050

      247,000          165,225  

Uber Technologies, Inc.

        

4.80% due 9/15/2035

      187,000          181,456  
       

 

 

  
           1,299,616  
       

 

 

  

Iron & Steel — 0.4%

 

Carpenter Technology Corp.

        

5.625% due 3/1/2034(4)

      144,000          142,674  

Commercial Metals Co.

        

5.75% due 11/15/2033(4)

      145,000          143,475  

Vale Overseas Ltd.

        

6.00% (6.00% fixed rate until 11/25/2030; 5 yr. CMT rate + 2.43% thereafter) due 2/25/2056(1)(4)

      200,000          196,800  
       

 

 

  
          482,949  
       

 

 

  

Leisure Time — 0.5%

 

Carnival Corp.

        

6.125% due 2/15/2033(4)

      145,000          146,454  

Royal Caribbean Cruises Ltd.

        

5.375% due 7/15/2027(4)

      227,000          227,857  

5.375% due 1/15/2036

      206,000          202,384  

6.00% due 2/1/2033(4)

      137,000          138,369  
       

 

 

  
          715,064  
       

 

 

  

Lodging — 0.5%

 

Hilton Domestic Operating Co., Inc.

        

5.50% due 3/31/2034(4)

      207,000          202,234  

MGM China Holdings Ltd., Reg S

        

4.75% due 2/1/2027

      240,000          237,145  

Wynn Macau Ltd.

        

6.75% due 2/15/2034(4)

      200,000          195,185  
       

 

 

  
          634,564  
       

 

 

  

Machinery-Construction & Mining — 0.1%

 

Vertiv Holdings Co.

        

4.85% due 3/15/2036

      120,000          116,684  

5.80% due 3/15/2056

      29,000          27,876  
       

 

 

  
          144,560  
       

 

 

  

Machinery-Diversified — 0.3%

 

nVent Finance SARL

        

4.55% due 4/15/2028

      403,000          402,058  
       

 

 

  
          402,058  
       

 

 

  

Media — 0.5%

 

Directv Financing LLC

        

8.875% due 2/1/2030(4)

      156,000          155,653  

Paramount Global

        

3.375% due 2/15/2028

      255,000          247,112  

4.90% due 8/15/2044

      196,000          121,819  

Univision Communications, Inc.

        

8.50% due 7/31/2031(4)

      141,000          141,688  
       

 

 

  
          666,272  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

        

Mining — 1.3%

        

Anglo American Capital PLC

        

5.50% due 5/2/2033(4)

    $  200,000        $ 202,349  

Antofagasta PLC

        

6.25% due 5/2/2034(4)

      200,000          208,840  

Freeport Indonesia PT, Reg S

        

6.20% due 4/14/2052

      200,000          193,494  

Glencore Funding LLC

        

6.375% due 10/6/2030(4)

      216,000          229,140  

Hecla Mining Co.

        

7.25% due 2/15/2028

      99,000          98,928  

Ivanhoe Mines Ltd.

        

7.875% due 1/23/2030(4)

      245,000          247,624  

Navoi Mining & Metallurgical Combinat

        

6.75% due 5/14/2030(4)

      200,000          205,577  

Novelis Corp.

        

6.875% due 1/30/2030(4)

      181,000          182,569  

Windfall Mining Group, Inc./Groupe Minier Windfall, Inc.

        

5.854% due 5/13/2032(4)

      200,000          203,183  
       

 

 

  
           1,771,704  
       

 

 

  

Miscellaneous Manufacturing — 0.3%

 

Eaton Corp.

        

4.80% due 3/6/2036

      200,000          197,459  

LSB Industries, Inc.

        

6.25% due 10/15/2028(4)

      192,000          190,810  
       

 

 

  
          388,269  
       

 

 

  

Oil & Gas — 2.2%

 

Aethon United BR LP/Aethon United Finance Corp.

        

7.50% due 10/1/2029(4)

      149,000          155,402  

Caturus Energy LLC

        

8.50% due 2/15/2030(4)

      250,000          259,404  

Continental Resources, Inc.

        

5.75% due 1/15/2031(4)

      235,000          239,503  

Crescent Energy Finance LLC

        

7.375% due 1/15/2033(4)

      204,000          203,949  

EQT Corp.

        

7.00% due 2/1/2030

      148,000          158,342  

Expand Energy Corp.

        

5.375% due 3/15/2030

      80,000          80,665  

Hilcorp Energy I LP/Hilcorp Finance Co.

        

8.375% due 11/1/2033(4)

      263,000          274,396  

Nabors Industries, Inc.

        

8.875% due 8/15/2031(4)

      140,000          145,849  

Petroleos Mexicanos

        

6.70% due 2/16/2032

      352,000          344,495  

Saudi Arabian Oil Co.

        

4.375% due 2/2/2031(4)

      200,000          194,307  

SM Energy Co.

        

6.625% due 4/15/2034(4)

      141,000          140,602  

6.75% due 8/1/2029(4)

      158,000          160,393  

Transocean International Ltd.

        

7.875% due 10/15/2032(4)

      146,000          156,001  

Viper Energy Partners LLC

        

5.70% due 8/1/2035

      272,000          274,124  

Wildfire Intermediate Holdings LLC

        

7.50% due 10/15/2029(4)

      203,000          205,693  
       

 

 

  
          2,993,125  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

        

Oil & Gas Services — 0.4%

        

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.

        

4.65% due 6/15/2033

    $  112,000        $ 110,233  

5.00% due 6/15/2036

      140,000          137,452  

Kodiak Gas Services LLC

        

6.50% due 10/1/2033(4)

      147,000          148,588  

WBI Operating LLC

        

6.25% due 10/15/2030(4)

      150,000          150,894  
       

 

 

  
          547,167  
       

 

 

  

Packaging & Containers — 0.1%

 

Clydesdale Acquisition Holdings, Inc.

        

6.75% due 4/15/2032(4)

      144,000          136,245  
       

 

 

  
          136,245  
       

 

 

  

Pharmaceuticals — 1.0%

 

AbbVie, Inc.

        

4.80% due 3/15/2027

      249,000          250,256  

Bayer Corp.

        

6.65% due 2/15/2028(4)

      343,000          355,568  

Bayer U.S. Finance LLC

        

6.375% due 11/21/2030(4)

      400,000          420,642  

Pfizer Investment Enterprises Pte Ltd.

        

4.45% due 5/19/2028

      250,000          251,484  

Teva Pharmaceutical Finance Netherlands III BV

        

3.15% due 10/1/2026

      25,000          24,751  
       

 

 

  
           1,302,701  
       

 

 

  

Pipelines — 2.6%

 

Boardwalk Pipelines LP

        

3.40% due 2/15/2031

      148,000          138,060  

Cheniere Energy Partners LP

        

3.25% due 1/31/2032

      45,000          41,013  

4.00% due 3/1/2031

      55,000          52,796  

Colonial Enterprises, Inc.

        

5.627% due 11/15/2035(4)

      228,000          227,399  

Columbia Pipelines Holding Co. LLC

        

4.999% due 11/17/2032(4)

      334,000          331,800  

5.097% due 10/1/2031(4)

      101,000          101,546  

DT Midstream, Inc.

        

4.125% due 6/15/2029(4)

      286,000          279,983  

Eastern Energy Gas Holdings LLC

        

5.65% due 10/15/2054

      116,000          109,257  

5.80% due 1/15/2035

      207,000          214,670  

Enbridge, Inc.

        

8.50% (8.50% fixed rate until 10/15/2033; 5 yr. CMT rate + 4.43% thereafter) due 1/15/2084(1)

      300,000          337,523  

Florida Gas Transmission Co. LLC

        

5.75% due 7/15/2035(4)

      282,000          289,325  

Gulfstream Natural Gas System LLC

        

5.60% due 7/23/2035(4)

      272,000          275,428  

NGPL PipeCo LLC

        

3.25% due 7/15/2031(4)

      443,000          407,114  

Southern Natural Gas Co. LLC

        

5.45% due 8/1/2035(4)

      196,000          199,415  

Targa Resources Partners LP/Targa Resources Partners Finance Corp.

        

5.50% due 3/1/2030

      310,000          312,832  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

        

Pipelines — (continued)

        

Venture Global Plaquemines LNG LLC

        

7.50% due 5/1/2033(4)

    $  241,000        $ 264,908  
       

 

 

  
          3,583,069  
       

 

 

  

Real Estate — 0.1%

 

Kennedy-Wilson, Inc.

        

4.75% due 3/1/2029

      201,000          197,232  
       

 

 

  
          197,232  
       

 

 

  

Real Estate Investment Trusts — 1.3%

 

Brandywine Operating Partnership LP

        

4.55% due 10/1/2029

      194,000          176,885  

CFE Fibra E

        

5.875% due 9/23/2040(4)

      197,160          191,503  

Crown Castle, Inc.

        

3.30% due 7/1/2030

      308,000          288,583  

EPR Properties

        

4.50% due 6/1/2027

      180,000          179,241  

Host Hotels & Resorts LP

        

5.70% due 6/15/2032

      219,000          224,085  

Iron Mountain Information Management Services, Inc.

        

5.00% due 7/15/2032(4)

      161,000          151,994  

Millrose Properties, Inc.

        

6.375% due 8/1/2030(4)

      151,000          150,953  

Piedmont Operating Partnership LP

        

5.625% due 1/15/2033

      224,000          217,673  

VICI Properties LP/VICI Note Co., Inc.

        

4.625% due 12/1/2029(4)

      263,000          258,564  
       

 

 

  
           1,839,481  
       

 

 

  

Retail — 0.2%

 

Advance Auto Parts, Inc.

        

7.00% due 8/1/2030(4)

      126,000          127,644  

QXO Building Products, Inc.

        

6.75% due 4/30/2032(4)

      131,000          133,619  
       

 

 

  
          261,263  
       

 

 

  

Semiconductors — 0.6%

 

Foundry JV Holdco LLC

        

5.50% due 1/25/2031(4)

      200,000          204,215  

5.90% due 1/25/2033(4)

      447,000          459,566  

6.15% due 1/25/2032(4)

      200,000          208,797  
       

 

 

  
          872,578  
       

 

 

  

Software — 0.7%

 

Fiserv, Inc.

        

4.55% due 2/15/2031

      92,000          90,067  

5.15% due 8/12/2034

      115,000          111,699  

5.45% due 3/15/2034

      101,000          100,498  

Oracle Corp.

        

5.95% due 9/26/2055

      479,000          402,969  

6.55% due 2/4/2046

      201,000          187,524  
       

 

 

  
          892,757  
       

 

 

  

Telecommunications — 0.6%

 

Cipher Compute LLC

        

7.125% due 11/15/2030(4)

      140,000          145,044  

Level 3 Financing, Inc.

        

8.50% due 1/15/2036(4)

      265,801          277,340  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

        

Telecommunications — (continued)

        

Sprint Capital Corp.

        

8.75% due 3/15/2032

    $  212,000        $ 252,083  

SV RNO Property Owner 1 LLC

        

5.875% due 3/1/2031(4)

      143,000          141,354  
       

 

 

  
          815,821  
       

 

 

  

Transportation — 0.5%

 

GXO Logistics, Inc.

        

6.50% due 5/6/2034

      193,000          202,527  

Rand Parent LLC

        

8.50% due 2/15/2030(4)

      276,000          283,321  

Watco Cos. LLC/Watco Finance Corp.

        

7.125% due 8/1/2032(4)

      209,000          214,646  
       

 

 

  
          700,494  
       

 

 

  

Water — 0.2%

 

Nova Securitisation SARL

        

5.75% due 2/3/2031(4)

      280,000          270,895  
       

 

 

  
          270,895  
       

 

 

  

Total Corporate Bonds & Notes
(Cost $51,233,076)

 

         51,075,182  
       

 

 

  

Non-Agency Mortgage-Backed Securities — 11.0%

 

BANK

 

Series 2019-BN21, Class A5

        

2.851% due 10/17/2052

      200,000          188,482  

BBCMS Mortgage Trust

        

Series 2023-C21, Class A5

        

6.00% due 9/15/2056(1)(2)

      370,000          392,050  

Series 2025-5C33, Class A4

        

5.839% due 3/15/2058

      170,000          176,713  

Series 2025-5C34, Class A3

        

5.659% due 5/15/2058

      210,000          216,970  

Benchmark Mortgage Trust

        

Series 2018-B2, Class A5

        

3.882% due 2/15/2051(1)(2)

      290,000          285,848  

Series 2024-V11, Class A3

        

5.909% due 11/15/2057(1)(2)

      200,000          207,730  

Series 2024-V6, Class A3

        

5.926% due 3/15/2057

      160,000          165,120  

Series 2024-V9, Class A3

        

5.602% due 8/15/2057

      410,000          420,593  

Series 2025-V18, Class A3

        

5.184% due 10/15/2058

      280,000          285,121  

BMO Mortgage Trust

        

Series 2023-C5, Class A4

        

5.494% due 6/15/2056

      220,000          225,817  

Series 2024-5C5, Class A3

        

5.857% due 2/15/2057

      250,000          258,111  

Series 2024-5C8, Class A3

        

5.625% due 12/15/2057(1)(2)

      270,000          277,805  

BX Commercial Mortgage Trust

        

Series 2026-CSMO, Class B

        

5.373% due 2/15/2043(1)(2)(4)

      200,000          200,000  

BX Trust

        

Series 2025-ROIC, Class B

        

5.066% due 3/15/2030(1)(2)(4)

      302,565          300,107  

Series 2025-VLT6, Class B

        

5.565% due 3/15/2042(1)(2)(4)

      100,000          99,250  

Series 2025-VOLT, Class D

        

6.423% due 12/15/2044(1)(2)(4)

      220,000          218,419  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Non-Agency Mortgage-Backed Securities — (continued)

        

CIM Trust

        

Series 2021-INV1, Class A2

        

2.50% due 7/1/2051(1)(2)(4)

    $  390,802        $ 325,114  

Series 2021-J3, Class A1

        

2.50% due 6/25/2051(1)(2)(4)

      772,474           642,651  

Citigroup Mortgage Loan Trust, Inc.

        

Series 2022-INV1, Class A3B

        

3.00% due 11/27/2051(1)(2)(4)

      73,103          63,439  

CONE Trust

        

Series 2024-DFW1, Class A

        

5.314% due 8/15/2041(1)(2)(4)

      210,000          208,491  

Connecticut Avenue Securities Trust

        

Series 2023-R03, Class 2M2

        

7.562% due 4/25/2043(1)(2)(4)

      85,000          88,993  

Series 2023-R04, Class 1M1

        

5.962% due 5/25/2043(1)(2)(4)

      174,594          177,853  

DBC Mortgage Trust

        

Series 2025-DBC, Class A

        

5.023% due 11/15/2042(1)(2)(4)

      190,000          189,881  

Ellington Financial Mortgage Trust

        

Series 2025-INV4, Class A1

        

5.10% due 10/25/2070(1)(2)(4)

      222,877          221,924  

Flagstar Mortgage Trust

        

Series 2021-3INV, Class A2

        

2.50% due 6/25/2051(1)(2)(4)

      518,301          431,156  

Series 2021-7, Class A1

        

2.50% due 8/25/2051(1)(2)(4)

      380,673          318,276  

Freddie Mac STACR REMIC Trust

        

Series 2022-DNA1, Class M2

        

6.162% due 1/25/2042(1)(2)(4)

      225,000          226,687  

Series 2022-DNA3, Class M2

        

8.012% due 4/25/2042(1)(2)(4)

      150,000          154,359  

GS Mortgage-Backed Securities Trust

        

Series 2021-MM1, Class A2

        

2.50% due 4/25/2052(1)(2)(4)

      293,861          243,903  

Series 2021-PJ2, Class A2

        

2.50% due 7/25/2051(1)(2)(4)

      399,193          332,324  

Series 2021-PJ8, Class A2

        

2.50% due 1/25/2052(1)(2)(4)

      538,042          446,571  

JP Morgan Mortgage Trust

        

Series 2021-13, Class A3

        

2.50% due 4/25/2052(1)(2)(4)

      416,664          345,828  

Series 2021-INV6, Class A2

        

3.00% due 4/25/2052(1)(2)(4)

      166,395          144,398  

Series 2021-INV8, Class A2

        

3.00% due 5/25/2052(1)(2)(4)

      382,936          332,580  

Series 2022-1, Class A3

        

2.50% due 7/25/2052(1)(2)(4)

      188,354          155,994  

Series 2022-4, Class A3

        

3.00% due 10/25/2052(1)(2)(4)

      302,417          261,697  

Series 2022-INV1, Class A3

        

3.00% due 3/25/2052(1)(2)(4)

      229,594          200,000  

Series 2022-INV3, Class A3B

        

3.00% due 9/25/2052(1)(2)(4)

      219,411          190,559  

Series 2025-DSC1, Class A1

        

5.577% due 9/25/2065(1)(2)(4)

      340,327          341,799  

Series 2025-VIS3, Class A1

        

5.062% due 2/25/2066(1)(2)(4)

      191,673          190,802  

Series 2026-NQM1, Class A1FC

        

4.601% due 6/25/2066(1)(2)(4)

      155,973          154,866  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Non-Agency Mortgage-Backed Securities — (continued)

        

KIND Commercial Mortgage Trust

        

Series 2024-1, Class A

        

5.563% due 8/15/2041(1)(2)(4)

    $  170,000        $ 169,894  

Morgan Stanley Bank of America Merrill Lynch Trust

        

Series 2025-5C1, Class A3

        

5.635% due 3/15/2058

      150,000          154,785  

Morgan Stanley Residential Mortgage Loan Trust

        

Series 2025-DSC2, Class A1

        

5.443% due 7/25/2070(1)(2)(4)

      273,760          274,464  

Series 2026-DSC1, Class A1FC

        

4.617% due 1/25/2071(1)(2)(4)

      128,721          128,180  

NYC Commercial Mortgage Trust

        

Series 2026-1PARK, Class C

        

5.528% due 2/15/2043(1)(2)(4)

      200,000          199,144  

NYMT Loan Trust

        

Series 2025-INV2, Class A1

        

5.00% due 10/25/2060(1)(2)(4)

      245,277          244,004  

OBX Trust

        

Series 2025-NQM16, Class A1

        

4.905% due 8/25/2065(1)(2)(4)

      108,990          108,444  

Series 2025-NQM17, Class A1FC

        

4.848% due 8/25/2065(1)(2)(4)

      188,506          187,857  

Rate Mortgage Trust

        

Series 2021-HB1, Class A1

        

2.50% due 12/25/2051(1)(2)(4)

      321,918          267,808  

RCKT Mortgage Trust

        

Series 2021-4, Class A1

        

2.50% due 9/25/2051(1)(2)(4)

      84,522          70,153  

Series 2021-5, Class A1

        

2.50% due 11/25/2051(1)(2)(4)

      566,361          472,226  

ROCK Trust

        

Series 2024-CNTR, Class A

        

5.388% due 11/13/2041(4)

      240,000          243,981  

Sequoia Mortgage Trust

        

Series 2026-INV1, Class A2

        

4.50% due 1/25/2056(1)(2)(4)

      321,645          308,516  

SWCH Commercial Mortgage Trust

        

Series 2025-DATA, Class A

        

5.115% due 2/15/2042(1)(2)(4)

      370,000          365,375  

TEXAS Commercial Mortgage Trust

        

Series 2025-TWR, Class B

        

5.265% due 4/15/2042(1)(2)(4)

      200,000          198,751  

Verus Securitization Trust

        

Series 2025-9, Class A1

        

4.935% due 10/27/2070(1)(2)(4)

      294,135          292,695  

Series 2026-1, Class A1FC

        

4.743% due 1/25/2071(1)(2)(4)

      98,387          97,883  

Series 2026-2, Class A1FC

        

4.507% due 2/25/2071(1)(2)(4)

      113,965          112,994  

Wells Fargo Commercial Mortgage Trust

        

Series 2019-C51, Class A3

        

3.055% due 6/15/2052

      264,019          252,545  

Series 2021-C61, Class A4

        

2.658% due 11/15/2054

      250,000          223,202  

Series 2025-C65, Class A5

        

5.292% due 10/15/2058

      320,000          324,380  
       

 

 

  

Total Non-Agency Mortgage-Backed Securities
(Cost $15,040,821)

 

         15,005,562  
    

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

        Principal
Amount		       
Value		  

Senior Secured Loans — 1.2%

 

Airlines — 0.1%

 

American Airlines, Inc.

 

2025 Term Loan

 

5.918% (3 mo. USD Term SOFR + 2.25%) due 4/20/2028(1)

         $  114,924        $ 113,685  
            

 

 

  
       113,685  
            

 

 

  

Diversified Financial Services — 0.5%

 

Avolon TLB Borrower 1 U.S. LLC

 

2023 Term Loan B6

 

5.425% (1 mo. USD Term SOFR + 1.75%) due 6/24/2030(1)

           417,713          418,139  

Hudson River Trading LLC

 

2026 Repriced Term Loan B

 

6.175% (1 mo. USD Term SOFR + 2.50%) due 3/18/2030(1)

           274,908          273,495  
            

 

 

  
       691,634  
            

 

 

  

Electric — 0.1%

 

NRG Energy, Inc.

 

2024 Term Loan

 

5.521% (3 mo. USD Term SOFR + 1.75%) due 4/16/2031(1)

           76,958          77,042  
            

 

 

  
       77,042  
            

 

 

  

Entertainment — 0.2%

 

Flutter Financing BV

 

2024 Term Loan B

 

5.45% (3 mo. USD Term SOFR + 1.75%) due 11/30/2030(1)

           364,333          359,779  
            

 

 

  
       359,779  
            

 

 

  

Environmental Control — 0.1%

 

Clean Harbors, Inc.

 

2025 Term Loan

 

5.168% (1 mo. USD Term SOFR + 1.50%) due 10/8/2032(1)

           206,483          207,722  
            

 

 

  
       207,722  
            

 

 

  

Pipelines — 0.2%

 

Colossus Acquireco LLC

 

Term Loan B

 

5.38% (3 mo. USD Term SOFR + 1.75%) due 7/30/2032(1)

           234,820          233,829  
            

 

 

  
       233,829  
            

 

 

  

Total Senior Secured Loans
(Cost $1,692,670)

 

         1,683,691  
            

 

 

  

Foreign Government — 0.4%

 

Panama Government International Bonds

 

5.227% due 2/23/2034

      USD          200,000          192,800  

Romania Government International Bonds

             

5.75% due 7/4/2036(4)

      USD          58,000          53,780  

6.625% due 5/16/2036(4)

      USD          266,000          264,163  
            

 

 

  

Total Foreign Government
(Cost $522,860)

 

        510,743  
            

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

        Principal
Amount		       
Value		  

U.S. Government Securities — 24.9%

 

U.S. Treasury Bonds

 

4.00% due 11/15/2042

         $  2,326,000        $ 2,104,757  

4.50% due 11/15/2054

           3,648,900          3,408,871  

4.625% due 11/15/2044

           2,401,000          2,323,249  

4.75% due 2/15/2045

           3,655,000          3,591,323  

4.75% due 5/15/2055

           5,641,000          5,492,703  

4.875% due 8/15/2045

           1,737,000          1,731,301  

U.S. Treasury Notes

             

3.375% due 12/31/2027

           3,807,000          3,777,704  

3.375% due 2/29/2028

           3,495,000          3,467,422  

3.50% due 11/30/2030

           7,073,000          6,942,868  

3.625% due 12/31/2030

           1,091,000          1,076,169  
            

 

 

  

Total U.S. Government Securities
(Cost $34,209,131)

 

        33,916,367  
            

 

 

  

Repurchase Agreements — 2.4%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $3,349,209, due 4/1/2026(5)

 

        3,349,110          3,349,110  
            

 

 

  

Total Repurchase Agreements
(Cost $3,349,110)

 

        3,349,110  
            

 

 

  

Total Investments — 116.9%
(Cost $160,133,295)

 

        159,410,878  
            

 

 

  

Liabilities in excess of other assets — (16.9)%

 

        (23,103,730 ) 
            

 

 

  

Total Net Assets — 100.0%

 

      $  136,307,148  
            

 

 

  

 

(1)

Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(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 March 31, 2026, the aggregate market value of these securities amounted to $48,311,976, representing 35.4% 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.

(5)

The table below presents collateral for repurchase agreements.

 

Security

    Coupon     Maturity
Date		      Principal
Amount		      Value  

U.S. Treasury Note

      3.625 %      8/31/2029      $  3,435,600      $  3,416,235  

Open futures contracts at March 31, 2026:

 

Type

    Expiration      Contracts      Position      Notional
Amount		      Notional
Value		      Unrealized
Depreciation		  

U.S. 2-Year Treasury Note

      June 2026        32        Long      $   6,745,681      $    6,638,250      $  (107,431 ) 

 

Type

    Expiration      Contracts      Position      Notional
Amount		     Notional
Value		     Unrealized
Depreciation		  

U.S. Ultra 10-Year Treasury Note

      June 2026        15        Short      $  (1,701,966 )    $  (1,702,734 )    $      (768 ) 

Legend:

ACES – Alternative Credit Enhancement Securities

CLO – Collateralized Loan Obligation

CMT – Constant Maturity Treasury

REMIC – Real Estate Mortgage Investment Conduit

SOFR – Secured Overnight Financing Rate

STACR – Structured Agency Credit Risk

USD – United States Dollar

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

Assets (unaudited)    — Valuation Inputs —  

Investments in Securities

    Level 1     Level 2      Level 3      Total  

Agency Mortgage-Backed Securities

    $ —      $ 39,062,339      $ —       $ 39,062,339  

Asset-Backed Securities

      —        14,807,884        —         14,807,884  

Corporate Bonds & Notes

      —        51,075,182        —         51,075,182  

Non-Agency Mortgage-Backed Securities

      —        15,005,562        —         15,005,562  

Senior Secured Loans

      —        1,683,691        —         1,683,691  

Foreign Government

      —        510,743        —         510,743  

U.S. Government Securities

      —        33,916,367        —         33,916,367  

Repurchase Agreements

      —        3,349,110        —         3,349,110  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Assets

    $ —      $  159,410,878      $ —       $  159,410,878  
  

 

 

    

 

 

     

 

 

     

 

 

  

Liabilities

                           

Other Financial Instruments

           

Futures Contracts

    $ (108,199 )    $ —       $ —       $ (108,199 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Liabilities

    $  (108,199 )    $ —       $ —       $ (108,199 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 98.9%

 

Air Freight & Logistics — 2.5%

 

GXO Logistics, Inc.(1)

      44,770        $ 2,321,324  

Hub Group, Inc., , Class A

      37,371          1,346,851  
       

 

 

  
       3,668,175  
       

 

 

  

Automobile Components — 0.4%

 

Fox Factory Holding Corp.(1)

      32,242          530,703  
       

 

 

  
       530,703  
       

 

 

  

Banks — 9.9%

 

Enterprise Financial Services Corp.

      54,702          2,959,925  

First BanCorp

      98,205          2,097,659  

National Bank Holdings Corp., Class A

      64,711          2,534,083  

Popular, Inc.

      11,487          1,541,211  

Prosperity Bancshares, Inc.

      37,551          2,522,676  

WesBanco, Inc.

      86,275          2,975,625  
       

 

 

  
        14,631,179  
       

 

 

  

Biotechnology — 2.8%

 

Halozyme Therapeutics, Inc.(1)

      16,247          1,050,044  

PTC Therapeutics, Inc.(1)

      45,069          3,070,551  
       

 

 

  
       4,120,595  
       

 

 

  

Building Products — 1.1%

 

UFP Industries, Inc.

      17,654          1,626,286  
       

 

 

  
       1,626,286  
       

 

 

  

Capital Markets — 2.9%

 

BGC Group, Inc., Class A

      323,791          3,166,676  

Lazard, Inc.

      27,313          1,160,256  
       

 

 

  
       4,326,932  
       

 

 

  

Chemicals — 5.7%

 

Ashland, Inc.

      39,335          2,187,419  

Celanese Corp.

      39,292          2,584,235  

Huntsman Corp.

      180,679          2,404,838  

Ingevity Corp.(1)

      17,814          1,268,891  
       

 

 

  
       8,445,383  
       

 

 

  

Commercial Services & Supplies — 2.8%

 

ABM Industries, Inc.

      50,992          1,964,212  

BrightView Holdings, Inc.(1)

      182,946          2,156,933  
       

 

 

  
       4,121,145  
       

 

 

  

Construction & Engineering — 2.3%

 

Arcosa, Inc.

      12,059          1,279,942  

MYR Group, Inc.(1)

      7,227          2,040,327  
       

 

 

  
       3,320,269  
       

 

 

  

Consumer Finance — 0.8%

 

FirstCash Holdings, Inc.

      1,974          371,112  

SLM Corp.

      40,094          858,413  
       

 

 

  
       1,229,525  
       

 

 

  

Containers & Packaging — 0.8%

 

Sonoco Products Co.

      20,187          1,091,915  
       

 

 

  
       1,091,915  
       

 

 

  

Diversified Consumer Services — 1.2%

 

ADT, Inc.

      273,560          1,797,289  
       

 

 

  
       1,797,289  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Diversified REITs — 1.5%

 

Broadstone Net Lease, Inc.

      123,555        $ 2,257,350  
       

 

 

  
        2,257,350  
       

 

 

  

Electric Utilities — 1.4%

 

Portland General Electric Co.

      39,308          2,074,283  
       

 

 

  
       2,074,283  
       

 

 

  

Electrical Equipment — 1.8%

 

Regal Rexnord Corp.

      14,032          2,627,632  
       

 

 

  
       2,627,632  
       

 

 

  

Electronic Equipment, Instruments & Components — 2.8%

 

Crane NXT Co.

      45,407          1,843,070  

Littelfuse, Inc.

      6,633          2,250,909  
       

 

 

  
       4,093,979  
       

 

 

  

Energy Equipment & Services — 2.6%

 

Atlas Energy Solutions, Inc.

      88,885          1,166,171  

Expro Group Holdings NV(1)

      53,918          938,712  

Liberty Energy, Inc.

      61,748          1,778,343  
       

 

 

  
       3,883,226  
       

 

 

  

Food Products — 1.1%

 

Post Holdings, Inc.(1)

      11,263          1,113,460  

Vital Farms, Inc.(1)

      38,875          548,915  
       

 

 

  
       1,662,375  
       

 

 

  

Gas Utilities — 1.5%

 

Spire, Inc.

      23,509          2,128,505  
       

 

 

  
       2,128,505  
       

 

 

  

Ground Transportation — 2.5%

 

Knight-Swift Transportation Holdings, Inc.

      30,735          1,769,721  

RXO, Inc.(1)

      127,071          1,857,778  
       

 

 

  
       3,627,499  
       

 

 

  

Health Care Equipment & Supplies — 1.0%

 

Integer Holdings Corp.(1)

      8,371          736,648  

Teleflex, Inc.

      6,612          790,861  
       

 

 

  
       1,527,509  
       

 

 

  

Health Care Providers & Services — 2.9%

 

Aveanna Healthcare Holdings, Inc.(1)

      222,476          1,432,745  

Option Care Health, Inc.(1)

      106,768          2,874,195  
       

 

 

  
       4,306,940  
       

 

 

  

Health Care Technology — 0.4%

 

Phreesia, Inc.(1)

      64,548          540,912  
       

 

 

  
       540,912  
       

 

 

  

Hotels, Restaurants & Leisure — 0.1%

 

Dave & Buster’s Entertainment, Inc.(1)

      19,022          206,008  
       

 

 

  
       206,008  
       

 

 

  

Household Durables — 0.8%

 

Century Communities, Inc.

      19,824          1,137,501  
       

 

 

  
       1,137,501  
       

 

 

  

Insurance — 4.4%

 

CNO Financial Group, Inc.

      55,537          2,280,349  

Hanover Insurance Group, Inc.

      7,390          1,281,057  

Primerica, Inc.

      6,017          1,507,138  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Insurance — (continued)

 

Slide Insurance Holdings, Inc.(1)

      80,254        $ 1,444,572  
       

 

 

  
        6,513,116  
       

 

 

  

Interactive Media & Services — 2.0%

 

Cargurus, Inc.(1)

      26,945          917,477  

IAC, Inc.(1)

      49,776          1,992,534  
       

 

 

  
       2,910,011  
       

 

 

  

IT Services — 0.8%

 

ASGN, Inc.(1)

      30,872          1,195,055  
       

 

 

  
       1,195,055  
       

 

 

  

Life Sciences Tools & Services — 1.7%

 

Bio-Rad Laboratories, Inc., Class A(1)

      4,268          1,189,705  

ICON PLC(1)

      12,392          1,371,299  
       

 

 

  
       2,561,004  
       

 

 

  

Machinery — 1.9%

 

Hillman Solutions Corp.(1)

      175,941          1,463,829  

Timken Co.

      13,863          1,394,202  
       

 

 

  
       2,858,031  
       

 

 

  

Marine Transportation — 1.3%

 

Star Bulk Carriers Corp.

      81,994          1,883,402  
       

 

 

  
       1,883,402  
       

 

 

  

Metals & Mining — 6.2%

 

Alcoa Corp.

      15,232          1,010,339  

Capstone Copper Corp. (Canada)(1)

      219,439          1,654,745  

Commercial Metals Co.

      24,954          1,532,924  

Constellium SE(1)

      31,761          780,685  

thyssenkrupp AG (Germany)

      212,637          1,834,080  

Warrior Met Coal, Inc.

      25,114          2,339,369  
       

 

 

  
       9,152,142  
       

 

 

  

Multi-Utilities — 1.6%

 

Black Hills Corp.

      33,169          2,302,260  
       

 

 

  
       2,302,260  
       

 

 

  

Oil, Gas & Consumable Fuels — 6.1%

 

Antero Resources Corp.(1)

      19,735          837,553  

BKV Corp.(1)

      112,191          3,199,687  

DHT Holdings, Inc.

      74,873          1,367,930  

Northern Oil & Gas, Inc.

      15,198          444,238  

Scorpio Tankers, Inc.

      32,274          2,409,577  

SM Energy Co.

      24,374          759,981  
       

 

 

  
       9,018,966  
       

 

 

  

Paper & Forest Products — 1.1%

 

Louisiana-Pacific Corp.

      22,126          1,609,667  
       

 

 

  
       1,609,667  
       

 

 

  

Professional Services — 2.5%

 

KBR, Inc.

      19,747          727,874  

ManpowerGroup, Inc.

      39,123          1,152,564  

Maximus, Inc.

      27,630          1,771,083  
       

 

 

  
       3,651,521  
       

 

 

  

Retail REITs — 3.1%

 

Brixmor Property Group, Inc.

      79,353          2,285,366  

Getty Realty Corp.

      72,087          2,292,367  
       

 

 

  
       4,577,733  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Semiconductors & Semiconductor Equipment — 6.1%

 

Diodes, Inc.(1)

      14,768        $ 1,008,064  

Onto Innovation, Inc.(1)

      9,010          1,847,681  

Semtech Corp.(1)

      12,067          927,831  

Silicon Motion Technology Corp., ADR

      19,275          2,164,390  

Ultra Clean Holdings, Inc.(1)

      48,080          2,989,614  
       

 

 

  
       8,937,580  
       

 

 

  

Software — 4.5%

 

NCR Voyix Corp.(1)

      190,243          1,204,238  

Nice Ltd., ADR(1)

      5,878          648,109  

Pegasystems, Inc.

      36,568          1,556,334  

Teradata Corp.(1)

      126,521          3,242,733  
       

 

 

  
       6,651,414  
       

 

 

  

Specialty Retail — 1.8%

 

Academy Sports & Outdoors, Inc.

      28,345          1,600,076  

Advance Auto Parts, Inc.

      18,523          977,088  
       

 

 

  
       2,577,164  
       

 

 

  

Trading Companies & Distributors — 0.2%

 

Herc Holdings, Inc.

      3,264          324,931  
       

 

 

  
       324,931  
       

 

 

  

Total Common Stocks

 (Cost $128,473,221)

            145,707,112  
       

 

 

  
    

 

Principal
Amount

        Value  

Repurchase Agreements — 1.1%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,652,375, due 4/1/2026(2)

    $  1,652,327          1,652,327  
       

 

 

  

Total Repurchase Agreements

 (Cost $1,652,327)

 

 

        1,652,327  
       

 

 

  

Total Investments — 100.0%

 (Cost $130,125,548)

 

 

        147,359,439  
       

 

 

  

Liabilities in excess of other assets — (0.0)%

 

        (55,135 ) 
       

 

 

  

Total Net Assets — 100.0%

 

      $  147,304,304  
       

 

 

  

 

(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

      1.00 %      7/31/2028      $  1,795,900      $  1,685,549  

Legend:

ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2     Level 3      Total  

Common Stocks

    $ 143,873,032      $ 1,834,080 *    $ —       $ 145,707,112  

Repurchase Agreements

      —         1,652,327       —         1,652,327  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $  143,873,032      $  3,486,407     $ —       $  147,359,439  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

*

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

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN GLOBAL UTILITIES VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 99.2%

 

Belgium — 2.4%

 

Elia Group SA(1)

      6,899        $ 1,057,249  
       

 

 

  
       1,057,249  
       

 

 

  

Bermuda — 1.7%

 

CK Infrastructure Holdings Ltd.

      91,999          734,280  
       

 

 

  
       734,280  
       

 

 

  

Brazil — 4.4%

 

Cia de Saneamento Basico do Estado de Sao Paulo

      62,819          1,919,067  
       

 

 

  
        1,919,067  
       

 

 

  

China — 3.5%

 

ENN Energy Holdings Ltd.

      189,094          1,528,654  
       

 

 

  
       1,528,654  
       

 

 

  

France — 5.7%

 

Engie SA

      77,501          2,498,647  
       

 

 

  
       2,498,647  
       

 

 

  

Germany — 5.3%

 

E.ON SE

      107,542          2,350,522  
       

 

 

  
       2,350,522  
       

 

 

  

Italy — 4.5%

 

Enel SpA

      179,788          1,957,327  
       

 

 

  
       1,957,327  
       

 

 

  

Japan — 4.5%

 

Kansai Electric Power Co., Inc.

      67,800          1,116,762  

Tokyo Gas Co. Ltd.

      17,800          840,461  
       

 

 

  
       1,957,223  
       

 

 

  

Spain — 2.0%

 

Iberdrola SA

      38,633          886,849  
       

 

 

  
       886,849  
       

 

 

  

United Kingdom — 7.2%

 

National Grid PLC

      52,129          878,840  

SSE PLC

      65,725          2,269,093  
       

 

 

  
       3,147,933  
       

 

 

  

United States — 58.0%

 

American Electric Power Co., Inc.

      16,637          2,180,778  

American Water Works Co., Inc.

      10,406          1,416,152  

Atmos Energy Corp.

      10,485          1,936,789  

CMS Energy Corp.

      17,713          1,374,175  

Constellation Energy Corp.

      4,017          1,121,747  

Dominion Energy, Inc.

      30,941          1,912,773  

Duke Energy Corp.

      13,048          1,708,505  

Essential Utilities, Inc.

      15,336          617,581  

Exelon Corp.

      15,011          735,839  

IDACORP, Inc.

      10,804          1,544,648  

NextEra Energy, Inc.

      33,798          3,139,158  

NRG Energy, Inc.

      1,414          206,642  

Sempra

      27,368          2,659,349  

Southern Co.

      17,563          1,695,181  

Vistra Corp.

      9,780          1,470,227  

WEC Energy Group, Inc.

      14,306          1,656,206  
       

 

 

  
        25,375,750  
       

 

 

  

Total Common Stocks
(Cost $28,561,670)

 

        43,413,501  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN GLOBAL UTILITIES VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Repurchase Agreements — 0.6%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $268,387, due 4/1/2026(2)

    $  268,379        $ 268,379  
       

 

 

  

Total Repurchase Agreements
(Cost $268,379)

 

        268,379  
       

 

 

  

Total Investments — 99.8%
(Cost $28,830,049)

 

        43,681,880  
       

 

 

  

Assets in excess of other liabilities — 0.2%

 

        88,679  
       

 

 

  

Total Net Assets — 100.0%

 

      $  43,770,559  
       

 

 

  

 

(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

      1.00 %      7/31/2028      $  291,700      $  273,777  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN GLOBAL UTILITIES VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2     Level 3      Total  

Common Stocks

           

Belgium

    $ —       $ 1,057,249 *    $ —       $ 1,057,249  

Bermuda

      —         734,280 *      —         734,280  

Brazil

      1,919,067        —        —         1,919,067  

China

      —         1,528,654 *      —         1,528,654  

France

      —         2,498,647 *      —         2,498,647  

Germany

      —         2,350,522 *      —         2,350,522  

Italy

      —         1,957,327 *      —         1,957,327  

Japan

      —         1,957,223 *      —         1,957,223  

Spain

      —         886,849 *      —         886,849  

United Kingdom

      —         3,147,933 *      —         3,147,933  

United States

      25,375,750        —        —         25,375,750  

Repurchase Agreements

      —         268,379       —         268,379  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $  27,294,817      $  16,387,063     $ —       $  43,681,880  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

*

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

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — 1.0%

 

Biotechnology — 0.1%

 

BioMarin Pharmaceutical, Inc.(1)

      4,240      $ 239,518  
     

 

 

  
        239,518  
     

 

 

  

Electrical Equipment — 0.1%

 

Forgent Power Solutions, Inc.(1)

      4,341        127,061  
     

 

 

  
        127,061  
     

 

 

  

Financial Services — 0.1%

 

PennyMac Financial Services, Inc.

      2,631        229,949  
     

 

 

  
        229,949  
     

 

 

  

Hotels, Restaurants & Leisure — 0.1%

 

Caesars Entertainment, Inc.(1)

      5,432        143,568  
     

 

 

  
        143,568  
     

 

 

  

IT Services — 0.1%

 

Applied Digital Corp.(1)

      6,366        151,129  
     

 

 

  
        151,129  
     

 

 

  

Metals & Mining — 0.2%

 

Hudbay Minerals, Inc. (Canada)

      11,839        247,435  
     

 

 

  
        247,435  
     

 

 

  

Oil, Gas & Consumable Fuels — 0.2%

 

Sunococorp LLC

      5,292        326,252  
     

 

 

  
        326,252  
     

 

 

  

Semiconductors & Semiconductor Equipment — 0.1%

 

Broadcom, Inc.

      428        132,470  
     

 

 

  
        132,470  
     

 

 

  

Total Common Stocks
(Cost $1,635,624)

 

      1,597,382  
     

 

 

  
     Principal
Amount		      Value  

Agency Mortgage-Backed Securities — 24.9%

 

Government National Mortgage Association

      

3.50% due 4/20/2056(2)

    $  2,868,000        2,630,115  

4.00% due 4/20/2056(2)

      472,000        442,064  

5.00% due 4/20/2056(2)

      229,000        226,779  

Uniform Mortgage-Backed Security

      

2.50% due 4/1/2056(2)

      794,000        667,456  

3.00% due 4/1/2056(2)

      4,985,000        4,377,725  

3.50% due 4/1/2056(2)

      5,102,000        4,676,718  

4.00% due 4/1/2056(2)

      2,369,000        2,235,208  

4.50% due 4/1/2056(2)

      5,248,470        5,064,803  

5.00% due 4/1/2056(2)

      5,600,939        5,523,235  

5.50% due 4/1/2056(2)

      4,333,537        4,353,497  

5.50% due 5/1/2056(2)

      4,335,463        4,349,504  

6.00% due 4/1/2056(2)

      2,999,274        3,057,244  

6.00% due 5/1/2056(2)

      754,726        768,399  

6.50% due 4/1/2056(2)

      262,000        271,040  
     

 

 

  

Total Agency Mortgage-Backed Securities
(Cost $39,024,397)

 

       38,643,787  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Asset-Backed Securities — 21.2%

 

ACHV ABS Trust

      

Series 2023-1PL, Class D

      

8.47% due 3/18/2030(3)

    $ 260,962      $ 262,669  

Aligned Data Centers Issuer LLC

      

Series 2021-1A, Class A2

      

1.937% due 8/15/2046(3)

      169,000        167,274  

Ally Bank Auto Credit-Linked Notes

 

Series 2025-A, Class E

 

6.066% due 6/15/2033(3)

      203,071        203,644  

Series 2025-B, Class E

      

6.164% due 9/15/2033(3)

      680,816        682,633  

Amur Equipment Finance Receivables XV LLC

      

Series 2025-1A, Class D

      

5.68% due 8/20/2032(3)

      346,000        350,273  

Arini European CLO II DAC

      

Series 2A, Class DR

      

5.166% (3 mo. EURIBOR + 3.15%) due 10/15/2038(3)(4)

      500,000        570,316  

Ballyrock CLO 21 Ltd.

      

Series 2022-21A, Class BR

      

5.618% (3 mo. USD Term SOFR + 1.95%) due 10/20/2037(3)(4)

      1,000,000        999,328  

Bayview Opportunity Master Fund VII LLC

      

Series 2025-EDU1, Class C

      

5.462% (30 day SOFR + 1.80%) due 7/27/2048(3)(4)

      208,860        209,238  

Benefit Street Partners CLO XXVIII Ltd.

      

Series 2022-28A, Class CR

      

5.568% (3 mo. USD Term SOFR + 1.90%) due 10/20/2037(3)(4)

      1,000,000        997,488  

Capital Four CLO XI DAC

      

Series 11A, Class D

      

5.224% (3 mo. EURIBOR + 3.10%) due 1/25/2039(3)(4)

      500,000        573,523  

Carvana Auto Receivables Trust

      

Series 2021-N3, Class E

      

3.16% due 6/12/2028(3)

      830,751        812,162  

CIFC Funding Ltd.

      

Series 2018-2A, Class CR

      

5.668% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037(3)(4)

      1,000,000        998,717  

Compass Datacenters Issuer II LLC

      

Series 2025-1A, Class B1

      

5.756% due 5/25/2050(3)

      557,000        556,577  

Elmwood CLO 36 Ltd.

      

Series 2024-12RA, Class CR

      

5.668% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037(3)(4)

      1,300,000         1,298,332  

Empower CLO Ltd.

      

Series 2022-1A, Class CR

      

5.618% (3 mo. USD Term SOFR + 1.95%) due 10/20/2037(3)(4)

      1,000,000        999,334  

Exeter Automobile Receivables Trust

      

Series 2024-3A, Class E

      

7.84% due 10/15/2031(3)

      230,000        236,811  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Asset-Backed Securities — (continued)

 

Exeter Select Automobile Receivables Trust

 

Series 2025-2, Class D

 

5.34% due 1/15/2032

    $ 180,000      $ 180,496  

FHF Issuer Trust

 

Series 2025-1A, Class C

 

5.69% due 8/15/2031(3)

      741,000        722,058  

Series 2025-1A, Class D

 

5.95% due 6/15/2032(3)

      467,000        442,458  

Series 2025-2A, Class A2

 

5.75% due 5/15/2030(3)

      616,000        618,463  

Fora Financial Asset Securitization LLC

 

Series 2024-1A, Class A

 

6.33% due 8/15/2029(3)

      416,000        417,380  

Foundation Finance Trust

 

Series 2023-2A, Class D

 

9.10% due 6/15/2049(3)

      609,040        648,135  

Hilton Grand Vacations Trust

 

Series 2025-1A, Class C

 

5.52% due 5/27/2042(3)

      294,051        295,594  

Series 2025-2A, Class C

 

5.12% due 5/25/2044(3)

      367,516        365,709  

Huntington Bank Auto Credit-Linked Notes

 

Series 2025-1, Class C

 

5.923% (30 day SOFR + 2.25%) due 3/21/2033(3)(4)

      175,693        175,045  

Series 2025-1, Class D

 

7.173% (30 day SOFR + 3.50%) due 3/21/2033(3)(4)

      325,357        321,881  

Series 2025-2, Class D

 

6.923% (30 day SOFR + 3.25%) due 9/20/2033(3)(4)

      409,064        399,744  

Jersey Mike’s Funding LLC

      

Series 2025-1A, Class A2

 

5.61% due 8/16/2055(3)

      417,900        424,134  

Kennedy Lewis CLO 8 Ltd.

      

Series 8A, Class CR2

      

5.768% (3 mo. USD Term SOFR + 2.10%) due 1/20/2038(3)(4)

      1,000,000         1,000,303  

Lendbuzz Securitization Trust

 

Series 2026-1A, Class A2

 

4.68% due 7/15/2030(3)

      180,970        180,798  

Series 2026-1A, Class B

 

5.16% due 12/16/2030(3)

      30,010        30,001  

Series 2026-1A, Class C

 

5.74% due 9/15/2031(3)

      39,104        39,211  

Lightpath Fiber Issuer LLC

      

Series 2026-1A, Class A2

 

5.597% due 3/25/2056(3)

      767,000        764,874  

Lmdv Issuer Co. LLC

 

Series 2025-1A, Class B

 

5.90% due 12/15/2055(3)

      333,000        332,351  

Series 2025-1A, Class C

 

7.88% due 12/15/2055(3)

      237,000        238,024  

Luxury Lease Partners Auto Lease Trust

      

Series 2025-A, Class A

 

5.51% due 3/15/2032(3)

      565,350        564,870  

Marlette Funding Trust

      

Series 2025-1A, Class D

 

6.02% due 7/16/2035(3)

      420,000        420,354  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Asset-Backed Securities — (continued)

 

MetroNet Infrastructure Issuer LLC

 

Series 2026-1A, Class C

 

7.10% due 4/20/2056(3)

    $ 237,000      $  234,550  

MVW LLC

      

Series 2025-1A, Class C

      

5.75% due 9/22/2042(3)

      302,964        303,637  

OHA Credit Funding 3 Ltd.

      

Series 2019-3A, Class CR2

      

5.418% (3 mo. USD Term SOFR + 1.75%) due 1/20/2038(3)(4)

      1,000,000        996,843  

OnDeck Asset Securitization IV LLC

 

Series 2025-1A, Class B

 

5.52% due 4/19/2032(3)

      500,000        495,565  

Series 2025-1A, Class C

      

6.64% due 4/19/2032(3)

      250,000        248,493  

Series 2025-1A, Class D

      

8.77% due 4/19/2032(3)

      200,000        202,256  

Palmer Square European CLO DAC

      

Series 2021-2A, Class DR

      

5.136% (3 mo. EURIBOR + 3.15%) due 3/15/2038(3)(4)

      330,000        376,292  

Polus Eu CLO XXI DAC

      

4.079% (3 mo. EURIBOR + 2.00%) due 4/25/2039(3)(4)

      270,000        312,080  

4.579% (3 mo. EURIBOR + 2.50%) due 4/25/2039(3)(4)

      340,000        392,989  

Pretium Mortgage Credit Partners LLC

      

Series 2025-NPL4, Class A1

      

6.368% due 4/25/2055(3)(4)

      593,057        593,614  

QTS Issuer ABS I LLC

      

Series 2025-1A, Class B

      

5.928% due 5/25/2055(3)

      310,000        303,108  

QTS Issuer ABS II LLC

      

Series 2026-1A, Class B

      

6.729% due 1/5/2056(3)

      410,121        405,900  

RCKT Mortgage Trust

      

Series 2026-CES2, Class M1A

      

5.355% due 2/25/2056(3)(4)

      150,000        147,683  

Reach ABS Trust

      

Series 2025-2A, Class C

      

5.69% due 8/18/2032(3)

      220,000        220,357  

Reach Abs Trust

      

Series 2026-1A, Class D

      

5.16% due 2/15/2033(3)

      270,000        266,883  

Research-Driven Pagaya Motor Asset Trust

 

Series 2026-R1A, Class A

 

5.659% due 7/25/2034(3)

      316,000        316,203  

Series 2026-R1A, Class B

      

6.211% due 7/25/2034(3)

      173,000        173,120  

RKTL Trust

      

Series 2026-1A, Class D

      

5.21% due 2/26/2035(3)

      244,000        240,793  

Santander Bank Auto Credit-Linked Notes

      

Series 2025-A, Class E

      

6.274% due 1/16/2034(3)

      250,000        250,307  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Asset-Backed Securities — (continued)

 

SEB Funding LLC

 

Series 2026-1A, Class A2

 

6.665% due 1/30/2056(3)

    $  230,000      $ 228,162  

SF ABS Issuer LLC

      

Series 2025-1A, Class A2

      

5.377% due 11/25/2055(3)

      735,000        719,252  

Sierra Timeshare Receivables Funding LLC

 

Series 2025-1A, Class D

 

6.86% due 1/21/2042(3)

      484,343        487,122  

Series 2026-1A, Class D

      

7.10% due 12/22/2042(3)

      500,000        498,140  

SoFi Consumer Loan Program Trust

      

Series 2025-3, Class D

      

5.35% due 8/15/2034(3)

      846,000        839,307  

Sotheby’s Artfi Master Trust

      

Series 2026-1A, Class D

      

5.54% due 6/20/2033(3)

      591,000        590,147  

Stack Infrastructure Issuer LLC

      

Series 2026-1A, Class A2

      

5.00% due 3/27/2056(3)

      394,000        379,108  

Switch ABS Issuer LLC

      

Series 2026-1A, Class A21

      

5.609% due 3/27/2056(3)

      632,000        631,850  

Tricolor Auto Securitization Trust

 

Series 2025-1A, Class C

 

5.72% due 10/15/2029(3)(5)(6)

      906,000        198,297  

Series 2025-1A, Class D

      

6.84% due 4/15/2031(3)(5)(6)

      370,000        46,161  

Truist Bank Auto Credit-Linked Notes

      

Series 2025-1, Class C

      

6.807% due 9/26/2033(3)

      519,255        517,846  

Upstart Securitization Trust

      

Series 2025-3, Class C

      

5.43% due 9/20/2035(3)

      190,000        189,088  

VB-S1 Issuer LLC

 

Series 2026-1A, Class D

 

5.193% due 3/15/2056(3)

      151,000        148,462  

Series 2026-1A, Class F

      

6.843% due 3/15/2056(3)

      132,000        132,557  

Vertical Bridge CC LLC

 

Series 2025-1A, Class B

 

5.602% due 8/16/2055(3)

      525,000        522,225  

Series 2025-1A, Class C

      

7.446% due 8/16/2055(3)

      507,000        513,973  

Western Funding Auto Loan Trust

      

Series 2025-1, Class C

      

5.34% due 11/15/2035(3)

      247,000        249,240  

Westlake Automobile Receivables Trust

 

Series 2025-P1, Class D

 

5.59% due 7/15/2032(3)

      346,000        350,699  

Series 2026-1A, Class D

      

4.75% due 7/15/2031(3)

      194,000        192,045  

Wingspire Equipment Finance LLC

      

Series 2025-1A, Class D

      

5.45% due 9/20/2033(3)

      432,000        429,327  
     

 

 

  

Total Asset-Backed Securities
(Cost $33,968,493)

 

       32,843,883  
  

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Corporate Bonds & Notes — 33.0%

 

Airlines — 0.5%

 

American Airlines, Inc./AAdvantage Loyalty IP Ltd.

 

5.75% due 4/20/2029(3)

    $  314,000      $ 312,282  

Latam Airlines Group SA

      

7.625% due 1/7/2031(3)

      453,000        457,530  
     

 

 

  
         769,812  
     

 

 

  

Auto Manufacturers — 0.6%

 

General Motors Financial Co., Inc.

 

Series A

 

5.75% (5.75% fixed rate until 9/30/2027; 3 mo. USD Term SOFR + 3.606% thereafter) due 9/30/2027(4)

      493,000        479,995  

Stellantis Finance U.S., Inc.

      

6.45% due 3/18/2035(3)

      387,000        381,219  
     

 

 

  
        861,214  
     

 

 

  

Auto Parts & Equipment — 0.3%

 

Cyprium Corp./Cyprium Holdings Luxembourg SARL

 

6.375% due 4/15/2034(3)

      464,000        450,378  
     

 

 

  
        450,378  
     

 

 

  

Biotechnology — 0.3%

 

BioMarin Pharmaceutical, Inc.

 

5.50% due 2/15/2034(3)

      200,000        196,911  

Bridgebio Pharma, Inc.

      

0.75% due 2/1/2033(3)

      323,000        319,996  
     

 

 

  
        516,907  
     

 

 

  

Building Materials — 0.6%

 

JH North America Holdings, Inc.

 

5.875% due 1/31/2031(3)

      390,000        386,759  

Wilsonart LLC

      

11.00% due 8/15/2032(3)

      656,000        475,523  
     

 

 

  
        862,282  
     

 

 

  

Chemicals — 0.6%

 

FIS Fabbrica Italiana Sintetici SpA

 

5.279% (3 mo. EURIBOR + 3.25%) due 2/5/2031(3)(4)

      290,000        328,637  

Olympus Water U.S. Holding Corp.

      

7.25% due 2/15/2033(3)

      200,000        190,820  

SCIH Salt Holdings, Inc.

      

6.625% due 5/1/2029(3)

      381,000        379,095  
     

 

 

  
        898,552  
     

 

 

  

Commercial Banks — 1.4%

 

Citigroup, Inc.

 

5.592% (5.592% fixed rate until 11/19/2029 ; 5 yr. CMT rate + 1.28% thereafter) due 11/19/2034(4)

      315,000        319,722  

Series JJ

      

6.50% (6.50% fixed rate until 5/15/2031; 5 yr. CMT rate + 2.75% thereafter) due 5/15/2031(4)

      464,000        462,874  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Corporate Bonds & Notes — (continued)

 

Commercial Banks — (continued)

 

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)

    $  408,000      $ 406,129  

M&T Bank Corp.

      

Series I

      

3.50% (3.50% fixed rate until 9/1/2026; 5 yr. CMT rate + 2.68% thereafter) due 9/1/2026(4)

      251,000        242,998  

Toronto-Dominion Bank

      

6.35% (6.35% fixed rate until 10/31/2030; 5 yr. CMT rate + 2.72% thereafter) due 10/31/2085(4)

      314,000        308,939  

U.S. Bancorp

      

Series N

      

3.70% (3.70% fixed rate until 1/15/2027; 5 yr. CMT rate + 2.54% thereafter) due 1/15/2027(4)

      415,000        406,794  
     

 

 

  
        2,147,456  
     

 

 

  

Commercial Services — 1.0%

 

Garda World Security Corp.

 

6.50% due 1/15/2031(3)

      231,000        234,201  

House of HR Group BV, Reg S

      

9.00% due 11/3/2029

      400,000        396,155  

Raven Acquisition Holdings LLC

      

6.875% due 11/15/2031(3)

      360,000        347,061  

Veritiv Operating Co.

      

10.50% due 11/30/2030(3)

      543,000        564,312  
     

 

 

  
         1,541,729  
     

 

 

  

Computers — 0.2%

 

Booz Allen Hamilton, Inc.

 

5.95% due 4/15/2035

      306,000        308,495  
     

 

 

  
        308,495  
     

 

 

  

Diversified Financial Services — 3.3%

 

Aretec Group, Inc.

 

10.00% due 8/15/2030(3)

      122,000        129,584  

Atlas Warehouse Lending Co. LP

      

4.95% due 11/15/2030(3)

      250,000        245,230  

5.25% due 1/15/2033(3)

      250,000        242,118  

Bread Financial Holdings, Inc.

      

6.75% due 5/15/2031(3)

      463,000        459,410  

Burford Capital Global Finance LLC

      

7.50% due 7/15/2033(3)

      698,000        581,085  

8.50% due 1/15/2034(3)

      200,000        171,744  

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)

      298,000        303,112  

7.964% (7.964% fixed rate until 11/2/2033; 1 day USD SOFR + 3.37% thereafter) due 11/2/2034(4)

      82,000        94,042  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Corporate Bonds & Notes — (continued)

 

Diversified Financial Services — (continued)

 

Series M

      

3.95% (3.95% fixed rate until 9/1/2026; 5 yr. CMT rate + 3.16% thereafter) due 9/1/2026(4)

    $  411,000      $ 405,065  

Jane Street Group/JSG Finance, Inc.

      

6.75% due 5/1/2033(3)

      660,000        669,615  

Marex Group PLC

      

6.404% due 11/4/2029

      75,000        77,240  

Navient Corp.

      

5.00% due 3/15/2027

      240,000        234,592  

5.50% due 3/15/2029

      252,000        230,971  

OneMain Finance Corp.

      

6.50% due 3/15/2033

      351,000        335,530  

6.75% due 9/15/2033

      30,000        28,766  

Osaic Holdings, Inc.

      

6.75% due 8/1/2032(3)

      494,000        494,062  

PennyMac Financial Services, Inc.

      

6.75% due 2/15/2034(3)

      387,000        362,169  

StoneX Group, Inc.

      

7.875% due 3/1/2031(3)

      121,000        125,674  
     

 

 

  
         5,190,009  
     

 

 

  

Electric — 2.6%

 

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        279,131  

Alpha Generation LLC

      

6.25% due 1/15/2034(3)

      798,000        783,910  

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)

      271,000        265,494  

CenterPoint Energy, Inc.

      

5.95% (5.95% fixed rate until 1/1/2031 ; 5 yr. CMT rate + 2.22% thereafter) due 4/1/2056(4)

      395,000        391,488  

CMS Energy Corp.

      

6.50% (6.50% fixed rate until 3/1/2035; 5 yr. CMT rate + 1.96% thereafter) due 6/1/2055(4)

      375,000        381,763  

Long Ridge Energy LLC

      

8.75% due 2/15/2032(3)

      194,000        203,528  

NRG Energy, Inc.

      

5.75% due 1/15/2034(3)

      322,000        317,629  

6.00% due 1/15/2036(3)

      82,000        81,254  

Talen Energy Supply LLC

      

6.25% due 2/1/2034(3)

      323,000        319,401  

6.50% due 2/1/2036(3)

      453,000        456,140  

Vistra Operations Co. LLC

      

6.00% due 4/15/2034(3)

      315,000        323,809  

Xcel Energy, Inc.

      

5.75% (5.75% fixed rate until 9/3/2031; 5 yr. CMT rate + 2.17% thereafter) due 12/3/2056(4)

      264,000        257,711  
     

 

 

  
        4,061,258  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Engineering & Construction — 0.1%

 

Weekley Homes LLC/Weekley Finance Corp.

        

6.75% due 1/15/2034(3)

    $  152,000        $ 145,577  
       

 

 

  
          145,577  
       

 

 

  

Entertainment — 2.9%

 

Allwyn Entertainment Financing U.K. PLC

        

4.625% due 8/15/2031(3)

      250,000          276,946  

Caesars Entertainment, Inc.

        

6.00% due 10/15/2032(3)

      601,000          552,925  

Flutter Treasury DAC, Reg S

        

6.125% due 6/4/2031

      210,000          268,791  

Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC

        

8.25% due 4/15/2030(3)

      359,000          367,519  

11.875% due 4/15/2031(3)

      355,000          369,827  

Penn Entertainment, Inc.

        

4.125% due 7/1/2029(3)

      148,000          138,410  

6.75% due 4/1/2031(3)

      520,000          505,034  

Rivers Enterprise Borrower LLC

        

6.25% due 10/15/2030(3)

      406,000          404,976  

Six Flags Entertainment Corp.

        

7.25% due 5/15/2031(3)

      516,000          496,813  

Six Flags Entertainment Corp./Canada’s Wonderland Co./Millennium Operations LLC

        

8.625% due 1/15/2032(3)

      95,000          95,153  

Starz Capital Holdings 1, Inc.

        

6.00% due 4/15/2030(3)

      498,000          456,915  

Voyager Parent LLC

        

9.25% due 7/1/2032(3)

      595,000          617,737  
       

 

 

  
          4,551,046  
       

 

 

  

Food — 0.3%

 

Pilgrim’s Pride Corp.

        

6.25% due 7/1/2033

      381,000          398,976  
       

 

 

  
          398,976  
       

 

 

  

Healthcare-Services — 1.1%

 

Humana, Inc.

        

5.50% due 3/15/2053

      391,000          338,878  

6.625% (6.625% fixed rate until 6/15/2031; 5 yr. CMT rate + 2.89% thereafter) due 9/15/2056(4)

      753,000          723,622  

LifePoint Health, Inc.

        

10.00% due 6/1/2032(3)

      201,000          205,267  

Surgery Center Holdings, Inc.

        

7.25% due 4/15/2032(3)

      267,000          262,240  

UnitedHealth Group, Inc.

        

5.30% due 6/15/2035

      236,000          240,752  
       

 

 

  
           1,770,759  
       

 

 

  

Home Builders — 0.8%

 

LGI Homes, Inc.

        

4.00% due 7/15/2029(3)

      138,000          122,914  

7.00% due 11/15/2032(3)

      573,000          531,301  

Risewell Homes, Inc.

        

8.50% due 11/1/2030(3)

      487,000          476,199  

9.25% due 10/1/2029(3)

      141,000          142,431  
       

 

 

  
          1,272,845  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Insurance — 0.3%

 

Asurion LLC/Asurion Co-Issuer, Inc.

        

8.00% due 12/31/2032(3)

    $  250,000        $ 259,362  

8.375% due 2/1/2034(3)

      214,000          207,765  
       

 

 

  
          467,127  
       

 

 

  

Internet — 0.6%

 

AppLovin Corp.

        

5.50% due 12/1/2034

      555,000          550,405  

Rakuten Group, Inc.

        

5.125% (5.125% fixed rate until 4/22/2026; 5 yr. CMT rate + 4.58% thereafter) due 4/22/2026(3)(4)

      324,000          323,223  
       

 

 

  
          873,628  
       

 

 

  

Investment Companies — 0.2%

 

Apollo Debt Solutions BDC

        

5.20% due 12/8/2028(3)

      91,000          89,870  

Cipher Digital, Inc.

        

0.00% due 10/1/2031(3)(7)

      187,000          208,446  
       

 

 

  
          298,316  
       

 

 

  

Leisure Time — 0.9%

 

Carnival Corp.

        

5.75% due 8/1/2032(3)

      463,000          462,850  

NCL Corp. Ltd.

        

5.875% due 1/15/2031(3)

      592,000          575,167  

Royal Caribbean Cruises Ltd.

        

5.375% due 1/15/2036

      410,000          402,803  
       

 

 

  
           1,440,820  
       

 

 

  

Lodging — 0.3%

 

Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.

        

4.875% due 7/1/2031(3)

      508,000          458,396  
       

 

 

  
          458,396  
       

 

 

  

Machinery-Diversified — 0.2%

 

Esab Corp.

        

5.625% due 4/1/2031(3)

      338,000          340,369  
       

 

 

  
          340,369  
       

 

 

  

Media — 0.8%

 

AMC Networks, Inc.

        

10.50% due 7/15/2032(3)

      615,000          606,958  

Midcontinent Communications

        

8.00% due 8/15/2032(3)

      333,000          310,139  

Univision Communications, Inc.

        

8.50% due 7/31/2031(3)

      91,000          91,444  

9.375% due 8/1/2032(3)

      292,000          300,940  
       

 

 

  
          1,309,481  
       

 

 

  

Mining — 0.5%

 

First Quantum Minerals Ltd.

        

7.25% due 2/15/2034(3)

      494,000          502,910  

Taseko Mines Ltd.

        

8.25% due 5/1/2030(3)

      328,000          341,960  
       

 

 

  
          844,870  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Miscellaneous Manufacturing — 0.4%

 

Maxam Prill SARL

        

7.75% due 7/15/2030(3)

    $  540,000        $ 548,836  
       

 

 

  
          548,836  
       

 

 

  

Oil & Gas — 2.4%

 

Antero Resources Corp.

        

5.40% due 2/1/2036

      405,000          398,261  

Granite Ridge Resources, Inc.

        

8.875% due 11/5/2029(3)

      839,000          819,544  

Infinity Natural Resources LLC

        

7.625% due 4/1/2031(3)

      191,000          192,008  

Matador Resources Co.

        

6.00% due 4/15/2034(3)

      122,000          121,229  

SM Energy Co.

        

6.625% due 4/15/2034(3)

      67,000          66,811  

7.00% due 8/1/2032(3)

      363,000          370,657  

9.625% due 6/15/2033(3)

      378,000          417,584  

Sunoco LP

        

7.875% (7.875% fixed rate until 9/18/2030; 5 yr. CMT rate + 4.23% thereafter) due 9/18/2030(3)(4)

      832,000          849,494  

Viper Energy Partners LLC

        

5.70% due 8/1/2035

      402,000          405,140  
       

 

 

  
           3,640,728  
       

 

 

  

Oil & Gas Services — 0.5%

 

Kodiak Gas Services LLC

        

5.875% due 4/1/2031(3)

      306,000          307,516  

USA Compression Partners LP/USA Compression Finance Corp.

        

6.25% due 10/1/2033(3)

      481,000          479,487  
       

 

 

  
          787,003  
       

 

 

  

Packaging & Containers — 0.3%

 

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Reg S

        

3.00% due 9/1/2029

      478,000          498,439  
       

 

 

  
          498,439  
       

 

 

  

Pharmaceuticals — 1.0%

 

CVS Health Corp.

        

6.75% (6.75% fixed rate until 9/10/2034; 5 yr. CMT rate + 2.52% thereafter) due 12/10/2054(4)

      257,000          260,223  

7.00% (7.00% fixed rate until 12/10/2029; 5 yr. CMT rate + 2.89% thereafter) due 3/10/2055(4)

      236,000          243,219  

HLF Financing SARL LLC/Herbalife International, Inc.

        

4.875% due 6/1/2029(3)

      347,000          324,703  

12.25% due 4/15/2029(3)

      89,000          94,911  

Teva Pharmaceutical Finance Co. LLC

        

6.15% due 2/1/2036

      608,000          626,431  
       

 

 

  
          1,549,487  
       

 

 

  

Pipelines — 1.7%

 

DT Midstream, Inc.

        

4.125% due 6/15/2029(3)

      63,000          61,675  

5.80% due 12/15/2034(3)

      255,000          261,808  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Pipelines — (continued)

 

Hess Midstream Operations LP

        

4.25% due 2/15/2030(3)

    $  634,000        $ 609,234  

Howard Midstream Energy Partners LLC

        

6.625% due 1/15/2034(3)

      399,000          400,517  

ITT Holdings LLC

        

6.50% due 8/1/2029(3)

      668,000          649,522  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.

        

6.75% due 3/15/2034(3)

      716,000          719,585  
       

 

 

  
           2,702,341  
       

 

 

  

Real Estate Investment Trusts — 1.2%

 

EF Holdco/EF Cayman Holdings/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM

        

7.375% due 9/30/2030(3)

      449,000          432,377  

GLP Capital LP/GLP Financing II, Inc.

        

5.625% due 3/1/2036

      232,000          225,643  

Millrose Properties, Inc.

        

6.25% due 9/15/2032(3)

      280,000          274,850  

6.375% due 8/1/2030(3)

      277,000          276,914  

Rithm Capital Corp.

        

8.00% due 4/1/2029(3)

      233,000          228,906  

8.00% due 7/15/2030(3)

      395,000          381,246  
       

 

 

  
          1,819,936  
       

 

 

  

Retail — 1.0%

 

Carvana Co.

        

9.00% (9.00% Cash or 13.00% PIK) due 6/1/2030(3)(8)

      510,837          531,400  

9.00% (9.00% Cash or 14.00% PIK) due 6/1/2031(3)(8)

      199,577          215,803  

Kohl’s Corp.

        

10.00% due 6/1/2030(3)

      111,000          117,374  

Michaels Cos., Inc.

        

8.50% due 3/15/2033(3)

      275,000          267,711  

Victra Holdings LLC/Victra Finance Corp.

        

8.75% due 9/15/2029(3)

      369,000          382,969  
       

 

 

  
          1,515,257  
       

 

 

  

Semiconductors — 0.2%

 

Kioxia Holdings Corp.

        

6.625% due 7/24/2033(3)

      373,000          383,379  
       

 

 

  
          383,379  
       

 

 

  

Software — 1.0%

 

Cloud Software Group, Inc.

        

9.00% due 9/30/2029(3)

      679,000          655,013  

CoreWeave, Inc.

        

9.00% due 2/1/2031(3)

      34,000          32,352  

9.25% due 6/1/2030(3)

      277,000          269,150  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Software — (continued)

 

ROBLOX Corp.

        

3.875% due 5/1/2030(3)

    $ 579,000        $ 544,134  
       

 

 

  
          1,500,649  
       

 

 

  

Telecommunications — 2.4%

 

APLD ComputeCo 2 LLC

        

6.75% due 3/15/2031(3)

      549,000          545,003  

APLD ComputeCo LLC

        

9.25% due 12/15/2030(3)

      393,000          404,916  

Black Pearl Compute LLC

        

6.125% due 2/15/2031(3)

      417,000          424,421  

Cipher Compute LLC

        

7.125% due 11/15/2030(3)

      440,000          455,853  

Flash Compute LLC

        

7.25% due 12/31/2030(3)

      274,000          275,861  

Level 3 Financing, Inc.

        

3.75% due 7/15/2029(3)

      239,000          221,672  

6.875% due 6/30/2033(3)

      94,779          96,515  

7.00% due 3/31/2034(3)

      60,362          61,786  

8.50% due 1/15/2036(3)

      381,000          397,540  

SV RNO Property Owner 1 LLC

        

5.875% due 3/1/2031(3)

      395,000          390,455  

Vmed O2 U.K. Financing I PLC

        

6.75% due 1/15/2033(3)

      453,000          404,731  
       

 

 

  
          3,678,753  
       

 

 

  

Transportation — 0.5%

 

Rand Parent LLC

        

8.50% due 2/15/2030(3)

      464,000          476,308  

Watco Cos. LLC/Watco Finance Corp.

        

7.125% due 8/1/2032(3)

      280,000          287,564  
       

 

 

  
          763,872  
       

 

 

  

Total Corporate Bonds & Notes
(Cost $51,972,866)

 

         51,168,982  
       

 

 

  

Non-Agency Mortgage-Backed Securities — 27.3%

 

1211 Avenue of the Americas Trust

        

Series 2015-1211, Class A1A2

        

3.901% due 8/10/2035(3)

      1,100,000          1,050,500  

1301 Trust

        

Series 2025-1301, Class D

        

6.223% due 8/11/2042(3)(4)(9)

      314,000          315,059  

ALA Trust

        

Series 2025-OANA, Class D

        

6.764% due 6/15/2040(3)(4)(9)

      221,000          221,276  

BLP Commercial Mortgage Trust

        

Series 2025-IND2, Class E

        

7.423% due 12/15/2042(3)(4)(9)

      991,000          990,690  

BPR Trust

        

Series 2024-PMDW, Class E

        

5.85% due 11/5/2041(3)(4)(9)

      378,000          363,292  

BX Commercial Mortgage Trust

        

Series 2024-AIR2, Class D

        

6.463% due 10/15/2041(3)(4)(9)

      502,610          502,610  

Series 2024-BIO2, Class D

        

7.713% due 8/13/2041(3)(4)(9)

      780,000          752,724  

Series 2024-GPA3, Class C

        

5.564% due 12/15/2039(3)(4)(9)

      1,287,533          1,287,533  

Series 2026-CSMO, Class C

        

5.673% due 2/15/2043(3)(4)(9)

      100,000          100,094  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Non-Agency Mortgage-Backed Securities — (continued)

 

Series 2026-CSMO, Class D

        

6.123% due 2/15/2043(3)(4)(9)

    $ 100,000        $ 100,156  

Series 2026-XL6, Class D

        

5.773% due 3/15/2043(3)(4)(9)

      300,000          298,123  

Series 2026-XL6, Class E

        

6.673% due 3/15/2043(3)(4)(9)

      108,000          107,327  

BX Trust

 

Series 2024-CNYN, Class D

        

6.363% due 4/15/2041(3)(4)(9)

      1,212,035           1,211,277  

Series 2024-VLT4, Class E

        

6.562% due 6/15/2041(3)(4)(9)

      488,000          478,878  

Series 2025-VLT7, Class E

        

7.423% due 7/15/2044(3)(4)(9)

      955,000          945,473  

Series 2026-CART, Class D

        

5.573% due 2/15/2036(3)(4)(9)

      300,000          297,110  

BXHPP Trust

 

Series 2021-FILM, Class A

        

4.437% due 8/15/2036(3)(4)(9)

      154,000          145,915  

Series 2021-FILM, Class B

        

4.687% due 8/15/2036(3)(4)(9)

      480,000          442,800  

Citigroup Commercial Mortgage Trust

        

Series 2016-C3, Class AS

        

3.366% due 11/15/2049(4)(9)

      1,000,000          985,317  

Connecticut Avenue Securities Trust

 

Series 2021-R01, Class 1B2

        

9.662% due 10/25/2041(3)(4)(9)

      99,000          101,025  

Series 2021-R02, Class 2B2

        

9.862% due 11/25/2041(3)(4)(9)

      73,000          74,661  

Series 2022-R01, Class 1B2

        

9.662% due 12/25/2041(3)(4)(9)

      821,508          842,742  

Series 2022-R06, Class 1M2

        

7.512% due 5/25/2042(3)(4)(9)

      255,000          261,893  

Series 2024-R04, Class 1B1

        

5.862% due 5/25/2044(3)(4)(9)

      690,000          696,784  

Series 2024-R05, Class 2B1

        

5.662% due 7/25/2044(3)(4)(9)

      1,800,000          1,801,110  

Series 2025-R01, Class 1B1

        

5.362% due 1/25/2045(3)(4)(9)

      605,000          603,506  

Series 2025-R02, Class 1B1

        

5.612% due 2/25/2045(3)(4)(9)

      1,920,000          1,919,232  

DROP Mortgage Trust

        

Series 2021-FILE, Class B

        

5.487% due 10/15/2043(3)(4)(9)

      445,000          441,662  

Ellington Financial Mortgage Trust

        

Series 2025-RTL1, Class A2

        

5.565% due 11/25/2040(3)(4)(9)

      215,000          215,117  

Extended Stay America Trust

 

Series 2025-ESH, Class D

        

6.273% due 10/15/2042(3)(4)(9)

      1,052,000          1,053,315  

Series 2025-ESH, Class E

        

7.023% due 10/15/2042(3)(4)(9)

      253,000          253,316  

Series 2025-ESH, Class F

        

7.773% due 10/15/2042(3)(4)(9)

      133,000          133,166  

Series 2026-ESH2, Class E

        

6.573% due 2/15/2043(3)(4)(9)

      318,008          318,704  

Series 2026-ESH2, Class F

        

7.423% due 2/15/2043(3)(4)(9)

      158,509          158,507  

Federal Home Loan Mortgage Corp.

        

STACR Trust

        

Series 2018-DNA3, Class B2

        

11.526% due 9/25/2048(3)(4)(9)

      87,000          98,927  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Non-Agency Mortgage-Backed Securities — (continued)

 

Freddie Mac STACR REMIC Trust

 

Series 2020-HQA5, Class B2

        

11.062% due 11/25/2050(3)(4)(9)

    $ 61,223        $ 74,674  

Series 2021-DNA6, Class B2

        

11.162% due 10/25/2041(3)(4)(9)

      1,086,857           1,117,593  

Series 2021-DNA7, Class B2

        

11.462% due 11/25/2041(3)(4)(9)

      1,375,001          1,421,369  

Series 2021-HQA3, Class B2

        

9.912% due 9/25/2041(3)(4)(9)

      307,339          312,915  

Series 2021-HQA4, Class B2

        

10.662% due 12/25/2041(3)(4)(9)

      1,858,033          1,916,132  

Series 2022-DNA2, Class B2

        

12.162% due 2/25/2042(3)(4)(9)

      384,527          404,718  

Series 2025-HQA1, Class M2

        

5.312% due 2/25/2045(3)(4)(9)

      218,000          218,131  

FS Commercial Mortgage Trust

        

Series 2023-4SZN, Class D

        

9.08% due 11/10/2039(3)(4)(9)

      1,727,000          1,753,391  

Great Wolf Trust

        

Series 2024-WOLF, Class G

        

9.109% due 3/15/2039(3)(4)(9)

      133,000          133,182  

GS Mortgage Securities Corp. Trust

        

Series 2025-800D, Class A

        

6.33% due 11/25/2041(3)(4)(9)

      760,000          759,199  

GWT Trust

        

Series 2024-WLF2, Class D

        

6.612% due 5/15/2041(3)(4)(9)

      1,120,000          1,123,500  

Homeward Opportunities Fund Trust

        

Series 2025-RRTL1, Class A1

        

5.476% due 3/25/2040(3)(4)(9)

      1,550,000          1,552,605  

JPMorgan Chase Bank NA

        

Series 2020-CL1, Class M1

        

6.043% due 10/25/2057(3)(4)(9)

      1,132,140          1,167,171  

Series 2020-CL1, Class M2

        

6.293% due 10/25/2057(3)(4)(9)

      859,180          892,316  

LEX Trust

        

Series 2026-450, Class D

        

6.023% due 3/15/2043(3)(4)(9)

      407,000          403,308  

MHC Commercial Mortgage Trust

        

Series 2021-MHC, Class F

        

6.388% due 4/15/2038(3)(4)(9)

      520,000          519,675  

MTN Commercial Mortgage Trust

        

Series 2022-LPFL, Class F

        

8.965% due 3/15/2039(3)(4)(9)

      807,000          805,062  

NRM FHT1 Excess Owner LLC

        

Series 2025-FHT1, Class A

        

6.545% due 3/25/2032(3)(4)(9)

      1,352,206          1,356,974  

NYC Commercial Mortgage Trust

        

Series 2021-909, Class C

        

3.206% due 4/10/2043(3)(4)(9)

      385,000          312,524  

PNW Trust

        

Series 2026-ARTE, Class D

        

7.184% due 4/15/2029(3)(4)(9)

      153,000          152,659  

PRM7 Trust

        

Series 2025-PRM7, Class E

        

6.618% due 11/10/2042(3)(4)(9)

      321,000          316,136  

Saluda Grade Alternative Mortgage Trust

        

Series 2026-RTL7, Class A2

        

6.748% due 3/25/2031(3)(4)(9)

      223,000          220,224  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Non-Agency Mortgage-Backed Securities — (continued)

 

Saluds Grade Alternative Mortgage Trust

        

Series 2025-RRTL1, Class A2

        

5.657% due 10/25/2040(3)(4)(9)

    $  100,000        $ 99,560  

SCG Commercial Mortgage Trust

        

Series 2025-FLWR, Class E

        

6.423% due 8/15/2042(3)(4)(9)

      200,000          198,544  

SCG Trust

        

Series 2025-SNIP, Class E

        

7.073% due 9/15/2042(3)(4)(9)

      335,000          335,000  

SMRT

        

Series 2022-MINI, Class E

        

6.373% due 1/15/2039(3)(4)(9)

      900,000          896,625  

SWCH Commercial Mortgage Trust

        

Series 2025-DATA, Class F

        

7.911% due 2/15/2042(3)(4)(9)

      640,000          630,195  

Taurus U.K. DAC

 

Series 2025-UK3A, Class C

        

5.741% due 7/20/2035(3)(4)(9)

      140,000          184,944  

Series 2025-UK3A, Class D

        

6.541% due 7/20/2035(3)(4)(9)

      200,000          263,168  

TVC Mortgage Trust

 

Series 2026-RRTL1, Class A2

        

5.315% due 2/25/2041(3)(4)(9)

      100,000          99,285  

Series 2026-RRTL1, Class M1

        

6.34% due 2/25/2041(3)(4)(9)

      100,000          99,294  

Vontive Mortgage Trust

        

Series 2025-RTL1, Class A1

        

6.507% due 3/25/2030(3)(4)(9)

      897,000          907,387  

Wells Fargo Commercial Mortgage Trust

 

Series 2025-1918, Class A

        

5.204% due 9/15/2040(3)(4)(9)

      663,000          659,027  

Series 2025-VTT, Class D

        

5.764% due 3/15/2038(3)(4)(9)

      735,000          730,931  

Series 2025-VTT, Class E

        

6.447% due 3/15/2038(3)(4)(9)

      746,000          751,543  
       

 

 

  

Total Non-Agency Mortgage-Backed Securities
(Cost $42,767,866)

            42,358,782  
       

 

 

  

Senior Secured Loans — 11.9%

 

Building Materials — 0.7%

 

Chamberlain Group, Inc.

        

2025 Term Loan B

        

6.418% (1 mo. USD Term SOFR + 2.75%) due 9/8/2032(4)

      74,078          73,311  

CP Atlas Buyer, Inc.

        

2025 Term Loan

        

8.918% (1 mo. USD Term SOFR + 5.25%) due 7/8/2030(4)

      394,020          361,186  

EMRLD Borrower LP

 

Term Loan B

        

5.923% (3 mo. USD Term SOFR + 2.25%) due 5/31/2030(4)

      278,243          277,756  

2024 Term Loan B

        

5.95% (3 mo. USD Term SOFR + 2.25%) due 8/4/2031(4)

      247,543          246,924  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Senior Secured Loans — (continued)

 

Building Materials — (continued)

 

Gibraltar Industries, Inc.

        

2026 Term Loan B

        

5.918% (1 mo. USD Term SOFR + 2.25%) due 2/2/2033(4)

    $  149,132        $ 148,200  
       

 

 

  
        1,107,377  
       

 

 

  

Chemicals — 0.0%

 

Olympus Water U.S. Holding Corp.

        

2025 USD Term Loan B

        

6.95% (3 mo. USD Term SOFR + 3.25%) due 11/3/2032(4)

      36,589          35,177  
       

 

 

  
       35,177  
       

 

 

  

Commercial Banks — 0.4%

 

Chrysaor Bidco SARL

        

2025 EUR Term Loan B

        

5.531% (3 mo. EURIBOR + 3.50%) due 10/30/2031(4)

      500,000          573,920  
       

 

 

  
       573,920  
       

 

 

  

Commercial Services — 1.7%

 

Albion Financing 3 SARL

        

2025 USD Term Loan

        

6.664% (3 mo. USD Term SOFR + 3.00%) due 5/21/2031(4)

      229,422          229,064  

Atlas Luxco 4 SARL

        

EUR Term Loan B

        

0.00% due 8/20/2032(10)

      498,747          574,026  

Ensemble RCM LLC

        

2026 Term Loan B

        

6.70% (3 mo. USD Term SOFR + 3.00%) due 2/9/2033(4)

      483,309          477,166  

Inspired Finco Holdings Ltd.

        

2026 EUR Term Loan B8

        

4.892% (1 mo. EURIBOR + 3.00%) due 2/28/2031(4)

      480,793          552,162  

Lernen Bidco Ltd.

        

2025 USD Term Loan B3

        

7.41% (6 mo. USD Term SOFR + 3.50%) due 10/27/2031(4)

      399,985          383,654  

Parexel International Corp.

        

2025 Repriced Term Loan B

        

6.418% (1 mo. USD Term SOFR + 2.75%) due 12/12/2031(4)

      160,598          159,928  

Veritiv Corp.

        

Term Loan B

        

7.70% (3 mo. USD Term SOFR + 4.00%) due 12/2/2030(4)

      261,368          253,527  
       

 

 

  
          2,629,527  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Senior Secured Loans — (continued)

        

Distribution/Wholesale — 0.2%

        

Gloves Buyer, Inc.

        

2025 Term Loan

        

7.668% (1 mo. USD Term SOFR + 4.00%) due 5/21/2032(4)

    $  293,375        $ 292,055  
       

 

 

  
          292,055  
       

 

 

  

Diversified Financial Services — 0.4%

        

Aretec Group, Inc.

        

2025 Repriced Term Loan

        

6.668% (1 mo. USD Term SOFR + 3.00%) due 8/9/2030(4)

      117,705          116,111  

Hudson River Trading LLC

        

2026 Repriced Term Loan B

        

6.175% (1 mo. USD Term SOFR + 2.50%) due 3/18/2030(4)

      352,616          350,804  

Osaic Holdings, Inc.

        

2025 Term Loan

        

6.595% (6 mo. USD Term SOFR + 3.00%) due 7/30/2032(4)

      147,000          144,116  
       

 

 

  
          611,031  
       

 

 

  

Electric — 0.3%

        

Long Ridge Energy LLC

        

Term Loan B

        

8.20% (3 mo. USD Term SOFR + 4.50%) due 2/19/2032(4)

      488,967          482,855  
       

 

 

  
          482,855  
       

 

 

  

Engineering & Construction — 0.8%

        

Azuria Water Solutions, Inc.

        

2026 Delayed Draw Term Loan

        

0.00% due 1/27/2033(4)(10)(11)

      57,355          56,710  

2026 Term Loan B

        

0.00% due 1/27/2033(4)(10)

      430,166          425,326  

Ramudden Global Group GmbH

        

2026 EUR Term Loan B

        

0.00% due 2/14/2033(4)(10)

      500,000          572,250  

Salas O’brien, Inc.

        

Term Loan

        

6.418% (1 mo. USD Term SOFR + 2.75%) due 1/31/2033(4)

      200,874          200,372  
       

 

 

  
           1,254,658  
       

 

 

  

Entertainment — 0.3%

        

Flutter Financing BV

        

2025 Term Loan B

        

5.70% (3 mo. USD Term SOFR + 2.00%) due 6/4/2032(4)

      200,187          197,685  

River Rock Entertainment Authority

        

Term Loan

        

12.676% (1 mo. USD Term SOFR + 9.00%) due 6/25/2031(4)

      260,000          253,500  
       

 

 

  
          451,185  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Senior Secured Loans — (continued)

        

Food — 0.3%

        

Froneri Lux Finco SARL

        

2025 EUR Term Loan

        

4.899% (6 mo. EURIBOR + 2.75%) due 9/30/2032(4)

    $  500,000        $ 568,072  
       

 

 

  
          568,072  
       

 

 

  

Food Service — 0.7%

        

Areas Worldwide SA

        

2025 EUR Repriced Term Loan B

        

5.635% (3 mo. EURIBOR + 3.50%) due 12/31/2029(4)

      500,000          566,586  

Gategroup Finance Luxembourg SA

        

EUR Repriced Term Loan

        

5.573% (3 mo. EURIBOR + 3.50%) due 6/10/2032(4)

      500,000          574,313  
       

 

 

  
           1,140,899  
       

 

 

  

Forest Products & Paper — 0.2%

        

Spa Holdings 3 OYJ

        

2025 USD Term Loan B

        

8.473% (3 mo. USD Term SOFR + 4.51%) due 5/23/2030(4)

      359,352          355,234  
       

 

 

  
          355,234  
       

 

 

  

Healthcare-Products — 0.4%

        

Hologic, Inc.

        

2026 EUR Term Loan B

        

0.00% due 4/7/2033(10)

      500,000          571,302  
       

 

 

  
          571,302  
       

 

 

  

Healthcare-Services — 0.4%

        

Dermatology Intermediate Holdings III, Inc.

        

2022 Term Loan B

        

7.917% (3 mo. USD Term SOFR + 4.25%) due 3/30/2029(4)

      375,128          352,932  

Star Parent, Inc.

        

Term Loan B

        

7.70% (3 mo. USD Term SOFR + 4.00%) due 9/27/2030(4)

      224,478          221,713  
       

 

 

  
          574,645  
       

 

 

  

Household Products & Wares — 0.2%

        

Lavender Dutch BorrowerCo BV

        

USD Term Loan

        

6.949% (3 mo. USD Term SOFR + 3.25%) due 12/30/2032(4)

      286,771          282,111  
       

 

 

  
          282,111  
       

 

 

  

Insurance — 1.0%

        

Asurion LLC

        

2025 Term Loan B13

        

7.918% (1 mo. USD Term SOFR + 4.25%) due 9/19/2030(4)

      313,853          309,864  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Senior Secured Loans — (continued)

        

Insurance — (continued)

        

Jones DesLauriers Insurance Management, Inc.

        

2026 Repriced Term Loan B

        

6.664% (3 mo. USD Term SOFR + 3.00%) due 2/2/2033(4)

    $  401,000        $ 388,970  

Siaci Saint Honore

        

2026 EUR Term Loan B

        

5.377% (3 mo. EURIBOR + 3.25%) due 7/26/2032(4)

      590,000          673,686  

USI, Inc.

        

2024 Term Loan C

        

5.95% (3 mo. USD Term SOFR + 2.25%) due 9/29/2030(4)

      244,418          243,502  
       

 

 

  
           1,616,022  
       

 

 

  

Internet — 0.6%

        

Hunter Holdco 3 Ltd.

        

USD Term Loan B

        

8.05% (3 mo. USD Term SOFR + 4.25%) due 8/19/2028(4)

      360,000          320,400  

Proofpoint, Inc.

        

2025 Repriced Term Loan

        

6.70% (3 mo. USD Term SOFR + 3.00%) due 8/31/2028(4)

      589,647          569,994  
       

 

 

  
          890,394  
       

 

 

  

Media — 0.1%

        

DirecTV Financing LLC

        

2024 Term Loan

        

9.179% (3 mo. USD Term SOFR + 5.25%) due 8/2/2029(4)

      181,591          181,847  
       

 

 

  
          181,847  
       

 

 

  

Packaging & Containers — 0.3%

        

Proampac PG Borrower LLC

        

2026 USD Term Loan B

        

7.782% (1 mo. USD Term SOFR + 4.00%) due 3/7/2033(4)

      514,966          496,041  
       

 

 

  
          496,041  
       

 

 

  

Pharmaceuticals — 0.4%

        

AI Sirona (Luxembourg) Acquisition SARL

        

2025 EUR 1st Lien Term Loan B

        

0.00% due 1/20/2033(10)

      500,000          573,001  
       

 

 

  
          573,001  
       

 

 

  

Retail — 1.1%

        

LSF9 Atlantis Holdings LLC

        

2025 Term Loan B

        

7.45% (3 mo. USD Term SOFR + 3.75%) due 3/29/2029(4)

      132,344          130,359  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Senior Secured Loans — (continued)

        

Retail — (continued)

        

Men’s Wearhouse, Inc.

        

2026 Term Loan B

        

9.414% (3 mo. USD Term SOFR + 5.75%) due 1/28/2031(4)

    $  177,912        $ 177,634  

Park River Holdings, Inc.

        

2025 Term Loan

        

8.161% (3 mo. USD Term SOFR + 4.50%) due 3/15/2031(4)

      127,000          123,873  

Peer Holding III BV

        

2025 EUR Add on Term Loan B9

        

4.877% (3 mo. EURIBOR + 2.75%) due 9/29/2032(4)

      500,000          575,538  

White Cap Buyer LLC

        

2026 Incremental Term Loan B

        

7.168% (1 mo. USD Term SOFR + 3.50%) due 2/10/2033(4)

      685,679          650,826  
       

 

 

  
          1,658,230  
       

 

 

  

Software — 1.1%

        

Darktrace PLC

        

1st Lien Term Loan

        

6.898% (3 mo. USD Term SOFR + 3.25%) due 10/9/2031(4)

      831,208          793,912  

Modena Buyer LLC

        

Term Loan

        

7.917% (3 mo. USD Term SOFR + 4.25%) due 7/1/2031(4)

      363,484          325,216  

Project Alpha Intermediate Holding, Inc.

        

2024 1st Lien Term Loan B

        

6.95% (3 mo. USD Term SOFR + 3.25%) due 10/26/2030(4)

      321,236          242,022  

2025 2nd Lien Incremental Term Loan

        

8.70% (3 mo. USD Term SOFR + 5.00%) due 5/9/2033(4)

      250,000          145,250  

Rocket Software, Inc.

        

2023 USD Term Loan B

        

7.418% (1 mo. USD Term SOFR + 3.75%) due 11/28/2028(4)

      249,372          238,697  
       

 

 

  
          1,745,097  
       

 

 

  

Telecommunications — 0.3%

        

Windstream Services LLC

        

2025 Term Loan B

        

7.668% (1 mo. USD Term SOFR + 4.00%) due 10/6/2032(4)

      414,960          414,703  
       

 

 

  
          414,703  
       

 

 

  

Total Senior Secured Loans
(Cost $19,022,761)

            18,505,383  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Preferred Stocks — 0.3%

 

Software — 0.3%

 

Oracle Corp., Series D, 6.50%(1)

      8,300      $ 373,583  
     

 

 

  
     373,583  
     

 

 

  

Total Preferred Stocks
(Cost $415,000)

 

      373,583  
     

 

 

  

Exchange-Traded Funds — 4.1%

 

Janus Henderson Emerging Markets Debt Hard Currency ETF

      121,292        6,363,051  
     

 

 

  

Total Exchange-Traded Funds
(Cost $6,175,154)

 

      6,363,051  
     

 

 

  
     Principal
Amount		      Value  

Repurchase Agreements — 1.3%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,927,046, due 4/1/2026(12)

    $ 1,926,989        1,926,989  
     

 

 

  

Total Repurchase Agreements
(Cost $1,926,989)

 

      1,926,989  
     

 

 

  
     Notional
Amount		         

Swaptions Purchased — Put — 0.4%

 

CDX Swaption

 

Expration: June 2026; Contracts: 23,000,000;

 

Exercise Rate: 1.065%; Counterparty: BNP Paribas SA(1)

      24,250,050        583,153  
     

 

 

  

Total Swaptions Purchased — Put
(Premium paid $438,095)

 

      583,153  
  

 

 

  

Total Investments — 125.4%
(Cost $197,347,245)

 

      194,364,975  
     

 

 

  

Liabilities in excess of other assets — (25.4)%

 

      (39,373,001 ) 
     

 

 

  

Total Net Assets — 100.0%

 

    $  154,991,974  
     

 

 

  

 

(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 March 31, 2026, the aggregate market value of these securities amounted to $113,007,245, representing 72.9% 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.

(4)

Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(5)

Security valued using significant unobservable inputs (Level 3).

(6)

The table below presents securities deemed illiquid by the investment adviser.

 

Security

    Cost      Value      Acquisition
Date		      % of Fund’s
Net Assets		  

Tricolor Auto Securitization Trust, Class C

    $  906,000      $  198,297        3/11/2025        0.13 % 

Tricolor Auto Securitization Trust, Class D

      370,000        46,161        3/11/2025        0.03  

 

(7)

Zero coupon bond.

(8)

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.

(9)

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

(10)

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

(11)

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

(12)

The table below presents collateral for repurchase agreements.

 

Security

    Coupon     Maturity
Date		      Principal
Amount		      Value  

U.S. Treasury Note

      1.00 %      7/31/2028      $ 997,400      $ 936,102  

U.S. Treasury Note

      3.625       8/31/2029         1,035,400         1,029,583  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

Open futures contracts at March 31, 2026:

 

Type

    Expiration      Contracts      Position      Notional
Amount		     Notional
Value		     Unrealized
Depreciation		  

U.S. 2-Year Treasury Note

      June 2026        203        Long      $ 42,205,350     $ 42,111,398     $ (93,952 ) 

U.S. 5-Year Treasury Note

      June 2026        324        Long         35,622,108        35,050,219       (571,889 ) 

U.S. 10-Year Treasury Note

      June 2026        15        Long        1,692,910       1,665,703       (27,207 ) 

U.S. Long Bond

      June 2026        5        Long        585,871       569,375       (16,496 ) 
           

 

 

    

 

 

    

 

 

  

Total

             $ 80,106,239     $ 79,396,695     $ (709,544 ) 
           

 

 

    

 

 

    

 

 

  

Type

    Expiration      Contracts      Position      Notional
Amount		     Notional
Value		    

 

Unrealized
Appreciation

  

U.S. Ultra 10-Year Treasury Note

      June 2026        70        Short      $ (8,090,997 )    $ (7,946,094 )    $ 144,903  

U.S. Ultra Bond

      June 2026        26        Short        (3,136,572 )      (3,030,625 )      105,947  
           

 

 

    

 

 

    

 

 

  

Total

             $  (11,227,569 )    $  (10,976,719 )    $  250,850  
           

 

 

    

 

 

    

 

 

  

Credit default swaptions written at March 31, 2026:

 

Description

    Counterparty      Strike Rate     Expiration
Month		      Notional
Amount		      Premium
Paid		     Market Value  

Put

                

CDX.NA.HY.S45

      BNP Paribas SA        1.00 %      June 2026      $  22,770,000      $  (129,789 )    $  (145,675 ) 

Total return swap at March 31, 2026:

 

Counterparty
/Return Paid

    Return Received    Notional
Amount		      Maturity      Payment
Frequency		      Upfront
Payments		      Value     Unrealized
Depreciation		  

BNP Paribas SA
USD SOFR + 0.16%

    Janus Henderson AAA CLO
ETF		      USD        154,955        7/23/2026        Quarterly      $ —       $  (68,180 )    $  (68,180 ) 

Open forward foreign currency contracts at March 31, 2026:

 

Counterparty

    Settlement
Date		      Amount and
Description of
Currency to be
Purchased		      Amount and
Description of
Currency to be
Sold		      Unrealized
Appreciation		  

BNP Paribas Securities Services

      5/22/2026        176,850 EUR        203,982 USD      $ 907  

BNP Paribas Securities Services

      5/22/2026        141,236 EUR        162,718 USD        911  

BNP Paribas Securities Services

      5/22/2026        135,812 EUR        156,849 USD        496  

BNP Paribas Securities Services

      5/22/2026        95,831 EUR        110,273 USD        752  

BNP Paribas Securities Services

      5/22/2026        95,106 EUR        109,844 USD        341  

BNP Paribas Securities Services

      5/22/2026        18,000 EUR        20,817 USD        37  

BNP Paribas Securities Services

      5/22/2026        11,979 EUR        13,936 USD        (58 ) 

BNP Paribas Securities Services

      5/22/2026        573,214 USD        498,750 EUR        (4,613 ) 

BNP Paribas Securities Services

      5/22/2026        577,366 USD        500,000 EUR        (1,909 ) 

BNP Paribas Securities Services

      5/22/2026        578,493 USD        500,000 EUR        (783 ) 

BNP Paribas Securities Services

      5/22/2026        7,678,270 USD        6,486,587 EUR        163,232  

BNP Paribas Securities Services

      5/22/2026        715,019 USD        528,905 GBP        15,029  
           

 

 

  

Total

             $  174,342  
           

 

 

  

 

Legend:

CLO – Collateralized Loan Obligation

CMT – Constant Maturity Treasury

EUR – Euro

EURIBOR – Euro Interbank Offered Rate

GBP – Great British Pound

PIK – Payment–In–Kind

REMIC – Real Estate Mortgage Investment Conduit

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

SOFR – Secured Overnight Financing Rate

STACR – Structured Agency Credit Risk

USD – United States Dollar

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN MULTI-SECTOR BOND VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

Assets (unaudited)    — Valuation Inputs —  

Investments in Securities

    Level 1     Level 2     Level 3(1)      Total  

Common Stocks

    $ 1,597,382     $ —      $ —       $ 1,597,382  

Agency Mortgage-Backed Securities

      —        38,643,787       —         38,643,787  

Asset-Backed Securities

      —        32,599,425       244,458        32,843,883  

Corporate Bonds & Notes

      —        51,168,982       —         51,168,982  

Non-Agency Mortgage-Backed Securities

      —        42,358,782       —         42,358,782  

Senior Secured Loans

      —        18,505,383       —         18,505,383  

Preferred Stocks

      373,583       —        —         373,583  

Exchange-Traded Funds

      6,363,051       —        —         6,363,051  

Repurchase Agreements

      —        1,926,989       —         1,926,989  

Swaptions Purchased

      —        583,153       —         583,153  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ 8,334,016     $ 185,786,501     $ 244,458      $ 194,364,975  
  

 

 

    

 

 

    

 

 

     

 

 

  

Other Financial Instruments

 

Forward foreign Currency Contracts

    $ —      $ 181,705     $ —       $ 181,705  

Futures Contracts

      250,850       —        —         250,850  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Assets

    $  8,584,866     $  185,968,206     $  244,458      $  194,797,530  
  

 

 

    

 

 

    

 

 

     

 

 

  

Liabilities

 

Forward foreign Currency Contracts

    $ —      $ (7,363 )    $ —       $ (7,363 ) 

Futures Contracts

      (709,544 )      —        —         (709,544 ) 

Swaptions Written

      —        (145,675 )      —         (145,675 ) 

Total Return Swaps

      —        (68,180 )      —         (68,180 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Liabilities

    $ (709,544 )    $ (221,218 )    $ —       $ (930,762 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

 

(1)

For the period ended March 31, 2026, investments valued at $244,458 were transferred into Level 3 due to a reduction in the availability of significant observable inputs. There were no transfers out of Level 3.

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Asset-Backed Securities — 20.1%

 

ACRES Commercial Realty Issuer LLC

 

Series 2026-FL4, Class B

 

5.61% due 8/18/2044(1)(2)(3)

    $ 454,000        $ 453,997  

Anchorage Capital CLO 7 Ltd.

        

Series 2015-7A, Class BR3

        

5.721% (3 mo. USD Term SOFR + 2.05%) due 4/28/2037(1)(2)

      462,000          461,993  

Arbor Realty Commercial Real Estate Notes LLC

        

Series 2026-FL1, Class C

        

5.87% due 9/20/2043(1)(2)(3)

      448,633          448,631  

Benefit Street Partners CLO XXVIII Ltd.

        

Series 2022-28A, Class CR

        

5.568% (3 mo. USD Term SOFR + 1.90%) due 10/20/2037(1)(2)

      1,000,000          997,488  

Black Diamond CLO Ltd.

        

Series 2021-1A, Class BR

        

5.869% (3 mo. USD Term SOFR + 2.2%) due 11/22/2034(1)(2)

      600,000          599,618  

BlueMountain CLO Ltd.

        

Series 2014-2A, Class BR2

        

5.679% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030(1)(2)

      800,000          800,652  

Carlyle U.S. CLO Ltd.

        

Series 2017-3A, Class CR2

        

5.67% (3 mo. USD Term SOFR + 2%) due 10/21/2037(1)(2)

      3,000,000           2,996,145  

Citizens Auto Receivables Trust

        

Series 2024-1, Class A3

        

5.11% due 4/17/2028(1)

      599,777          602,125  

CNH Equipment Trust

        

Series 2022-B, Class A4

        

3.91% due 3/15/2028

      1,630,000          1,627,434  

CyrusOne Data Centers Issuer I LLC

        

Series 2024-2A, Class A2

        

4.50% due 5/20/2049(1)

      900,000          874,856  

DB Master Finance LLC

        

Series 2021-1A, Class A2II

        

2.493% due 11/20/2051(1)

      1,005,375          946,561  

Elmwood CLO 36 Ltd.

        

Series 2024-12RA, Class CR

        

5.668% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037(1)(2)

      1,000,000          998,717  

Enterprise Fleet Financing LLC

        

Series 2024-3, Class A4

        

5.06% due 3/20/2031(1)

      1,000,000          1,014,563  

Ford Credit Auto Lease Trust

        

Series 2024-B, Class B

        

5.18% due 2/15/2028

      600,000          604,642  

GMF Floorplan Owner Revolving Trust

        

Series 2024-1A, Class B

        

5.33% due 3/15/2029(1)

      942,000          950,588  

Hyundai Auto Receivables Trust

        

Series 2024-B, Class B

        

5.04% due 9/16/2030

      800,000          812,808  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Asset-Backed Securities — (continued)

 

Kennedy Lewis CLO 10 Ltd.

        

Series 2022-10A, Class BR

        

5.269% (3 mo. USD Term SOFR + 1.6%) due 1/22/2038(1)(2)

    $  1,200,000        $  1,197,952  

Kennedy Lewis CLO 8 Ltd.

        

Series 8A, Class CR2

        

5.768% (3 mo. USD Term SOFR + 2.10%) due 1/20/2038(1)(2)

      1,000,000          1,000,303  

Kubota Credit Owner Trust

        

Series 2025-1A, Class A3

        

4.67% due 6/15/2029(1)

      450,000          453,341  

Series 2025-1A, Class A4

        

4.87% due 7/15/2030(1)

      450,000          455,373  

LRECS LLC

        

Series 2025-CRE1, Class B

        

5.677% (1 mo. USD Term SOFR + 2%) due 8/19/2043(1)(2)(3)

      624,843          625,435  

Marble Point CLO XXII Ltd.

        

Series 2021-2A, Class CR

        

5.718% (3 mo. USD Term SOFR + 2.05%) due 7/25/2034(1)(2)

      1,283,333          1,281,955  

MF1 LLC

        

Series 2025-FL17, Class C

 

5.772% (1 mo. USD Term SOFR + 2.09%) due 2/18/2040(1)(2)(3)

      888,889          889,397  

Series 2025-FL20, Class C

        

5.83% (1 mo. USD Term SOFR + 2.15%) due 2/18/2043(1)(2)(3)

      758,766          760,208  

Neuberger Berman CLO XVII Ltd.

        

Series 2014-17A, Class BR3

        

5.369% (3 mo. USD Term SOFR + 1.7%) due 7/22/2038(1)(2)

      1,100,000          1,098,188  

Neuberger Berman Loan Advisers CLO 35 Ltd.

        

Series 2019-35A, Class CRR

        

5.318% (3 mo. USD Term SOFR + 1.65%) due 1/19/2033(1)(2)

      1,250,000          1,244,185  

NextGear Floorplan Master Owner Trust

        

Series 2024-1A, Class A2

        

5.12% due 3/15/2029(1)

      1,500,000          1,512,973  

Nissan Auto Lease Trust

        

Series 2024-B, Class B

        

5.21% due 12/15/2028

      1,050,000          1,059,178  

Octagon Investment Partners 50 Ltd.

        

Series 2020-4A, Class DR

        

7.084% (3 mo. USD Term SOFR + 3.41%) due 1/15/2035(1)(2)

      1,100,000          1,033,885  

OHA Credit Funding 3 Ltd.

        

Series 2019-3A, Class CR2

        

5.418% (3 mo. USD Term SOFR + 1.75%) due 1/20/2038(1)(2)

      2,000,000          1,993,686  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Asset-Backed Securities — (continued)

 

Oscar U.S. Funding XV LLC

        

Series 2023-1A, Class A3

        

5.81% due 12/10/2027(1)

    $ 335,032        $ 335,515  

Parallel Ltd.

        

Series 2023-1A, Class A2R

        

5.468% (3 mo. USD Term SOFR + 1.8%) due 7/20/2036(1)(2)

      949,520          949,968  

Park Avenue Institutional Advisers CLO Ltd.

        

Series 2019-2A, Class CRR

        

7.063% (3 mo. USD Term SOFR + 3.4%) due 10/15/2034(1)(2)

      297,872          296,905  

PFP Ltd.

        

Series 2025-12, Class B

        

5.722% (1 mo. USD Term SOFR + 2.04%) due 12/18/2042(1)(2)(3)

      325,000          324,923  

Series 2026-13, Class B

        

5.53% due 8/18/2043(1)(2)(3)

      100,000          100,068  

RR 36 Ltd.

        

Series 2024-36RA, Class A1R

        

4.962% (3 mo. USD Term SOFR + 1.29%) due 1/15/2040(1)(2)

      1,150,000          1,148,635  

Santander Drive Auto Receivables Trust

        

Series 2023-4, Class B

        

5.77% due 12/15/2028

      689,659          694,213  

Stellantis Financial Underwritten Enhanced Lease Trust

        

Series 2025-AA, Class A2

        

4.63% due 7/20/2027(1)

      299,774          300,260  

Taco Bell Funding LLC

        

Series 2025-1A, Class A2I

        

4.821% due 8/25/2055(1)

      628,635          618,977  

TCW CLO Ltd.

        

Series 2021-1A, Class A1R1

        

5.028% (3 mo. USD Term SOFR + 1.36%) due 1/20/2038(1)(2)

      1,650,000          1,650,201  

Vantage Data Centers Issuer LLC

        

Series 2024-1A, Class A2

        

5.10% due 9/15/2054(1)

      800,000          786,559  

Wheels Fleet Lease Funding 1 LLC

        

Series 2024-3A, Class A1

        

4.80% due 9/19/2039(1)

      409,376          412,009  

Series 2024-3A, Class B

        

5.07% due 9/19/2039(1)

      375,000          378,595  

World Omni Select Auto Trust

        

Series 2024-A, Class B

        

5.18% due 6/17/2030

      800,000          805,840  
       

 

 

  

Total Asset-Backed Securities
(Cost $38,680,956)

 

         38,599,545  
       

 

 

  

Corporate Bonds & Notes — 40.5%

 

Aerospace & Defense — 2.2%

 

Boeing Co.

        

6.528% due 5/1/2034

      508,000          553,386  

6.858% due 5/1/2054

      495,000          544,785  

Bombardier, Inc.

        

7.50% due 2/1/2029(1)

      1,063,000          1,103,731  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Aerospace & Defense — (continued)

 

RTX Corp.

        

6.10% due 3/15/2034

    $ 700,000        $ 753,794  

6.40% due 3/15/2054

      100,000          107,831  

TransDigm, Inc.

        

4.625% due 1/15/2029

      1,159,000          1,138,745  
       

 

 

  
           4,202,272  
       

 

 

  

Apparel — 0.4%

 

Beach Acquisition Bidco LLC

        

(10.00% Cash or 10.75% PIK)

        

10.00% due 7/15/2033(1)(4)

      706,212          752,128  
       

 

 

  
          752,128  
       

 

 

  

Auto Manufacturers — 1.0%

 

Ford Motor Credit Co. LLC

        

6.05% due 3/5/2031

      1,079,000          1,088,547  

General Motors Financial Co., Inc.

        

5.35% due 1/7/2030

      400,000          407,289  

Wabash National Corp.

        

4.50% due 10/15/2028(1)

      500,000          438,054  
       

 

 

  
          1,933,890  
       

 

 

  

Beverages — 0.6%

 

Anheuser-Busch InBev Worldwide, Inc.

        

4.95% due 1/15/2042

      400,000          373,137  

Bacardi Ltd.

        

5.15% due 5/15/2038(1)

      819,000          758,937  
       

 

 

  
          1,132,074  
       

 

 

  

Building Materials — 0.9%

 

JH North America Holdings, Inc.

        

5.875% due 1/31/2031(1)

      504,000          499,812  

6.125% due 7/31/2032(1)

      504,000          501,992  

Quikrete Holdings, Inc.

        

6.375% due 3/1/2032(1)

      681,000          690,536  
       

 

 

  
          1,692,340  
       

 

 

  

Chemicals — 0.5%

 

Chemours Co.

        

5.75% due 11/15/2028(1)

      435,000          430,704  

7.875% due 3/15/2034(1)

      162,000          161,953  

OCP SA

        

6.75% due 5/2/2034(1)

      416,000          432,772  
       

 

 

  
          1,025,429  
       

 

 

  

Commercial Banks — 5.3%

 

Banco Mercantil del Norte SA, Reg S

        

6.625% (6.625% fixed rate until 01/24/2032 ; 10 yr. CMT rate + 5.03% thereafter) due 1/24/2032(2)

      345,000          328,700  

Banco Nacional de Comercio Exterior SNC

        

5.875% due 5/7/2030(1)

      205,000          209,551  

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          890,644  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Commercial Banks — (continued)

 

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        $ 325,824  

Citigroup, Inc.

        

Series GG

        

6.875% (6.875% fixed rate until 8/15/2030 ; 5 yr. CMT rate + 2.89% thereafter) due 8/15/2030(2)

      991,000          997,995  

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)

      765,000          761,104  

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          1,048,283  

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          1,103,815  

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          1,111,183  

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          1,114,217  

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          1,102,001  

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          1,117,432  
       

 

 

  
           10,110,749  
       

 

 

  

Commercial Services — 1.1%

 

Ashtead Capital, Inc.

        

5.80% due 4/15/2034(1)

      1,066,000          1,086,777  

Triton Container International Ltd./TAL International Container Corp.

        

5.15% due 2/15/2033

      983,000          962,484  
       

 

 

  
          2,049,261  
       

 

 

  

Computers — 0.5%

 

Booz Allen Hamilton, Inc.

        

5.95% due 4/15/2035

      1,028,000          1,036,382  
       

 

 

  
          1,036,382  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Diversified Financial Services — 4.1%

 

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        $ 1,427,151  

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          532,194  

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          710,102  

Jane Street Group/JSG Finance, Inc.

        

6.75% due 5/1/2033(1)

      560,000          568,158  

Jefferies Financial Group, Inc.

        

5.50% due 2/15/2036

      1,169,000          1,121,999  

LPL Holdings, Inc.

        

4.375% due 5/15/2031(1)

      1,505,000          1,439,617  

Muthoot Finance Ltd.

        

7.125% due 2/14/2028(1)

      508,000          510,609  

Nomura Holdings, Inc.

        

5.043% (5.043% fixed rate until 6/10/2031; 5 yr. CMT rate + 1.30% thereafter) due 6/10/2036(2)

      600,000          582,032  

7.00% (7.00% fixed rate until 7/15/2030; 5 yr. CMT rate + 3.08% thereafter) due 7/15/2030(2)

      450,000          453,044  

Shriram Finance Ltd.

        

6.15% due 4/3/2028(1)

      514,000          517,205  
       

 

 

  
           7,862,111  
       

 

 

  

Electric — 1.5%

 

Engie Energia Chile SA, Reg S

        

3.40% due 1/28/2030

      294,000          273,418  

NextEra Energy Capital Holdings, Inc.

        

5.45% due 3/15/2035

      500,000          508,337  

Saavi Energia SARL

        

8.875% due 2/10/2035(1)

      554,000          581,368  

Xcel Energy, Inc.

        

5.50% due 3/15/2034

      900,000          914,888  

XPLR Infrastructure Operating Partners LP

        

7.25% due 1/15/2029(1)

      552,000          568,100  
       

 

 

  
          2,846,111  
       

 

 

  

Entertainment — 0.3%

 

Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada’s Wonderland Co.

        

6.625% due 5/1/2032(1)

      577,000          575,614  
       

 

 

  
          575,614  
       

 

 

  

Food — 1.2%

 

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings

        

5.75% due 4/1/2033

      200,000          206,448  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Food — (continued)

 

Performance Food Group, Inc.

        

6.125% due 9/15/2032(1)

    $ 537,000        $ 537,992  

Post Holdings, Inc.

        

4.625% due 4/15/2030(1)

      578,000          554,883  

6.25% due 10/15/2034(1)

      762,000          746,155  

Tyson Foods, Inc.

        

4.95% due 2/20/2036

      240,000          234,433  
       

 

 

  
           2,279,911  
       

 

 

  

Gas — 0.3%

 

APA Infrastructure Ltd.

        

5.125% due 9/16/2034(1)

      663,000          657,295  
       

 

 

  
          657,295  
       

 

 

  

Healthcare-Services — 0.4%

 

Toledo Hospital

        

Series B

        

5.325% due 11/15/2028

      71,000          71,626  

UnitedHealth Group, Inc.

        

5.15% due 7/15/2034

      600,000          605,116  
       

 

 

  
          676,742  
       

 

 

  

Insurance — 3.5%

 

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

        

5.875% due 11/1/2029(1)

      783,000          757,575  

Brown & Brown, Inc.

        

5.65% due 6/11/2034

      1,075,000          1,084,136  

Corebridge Financial, Inc.

        

5.75% due 1/15/2034

      1,064,000          1,091,323  

Fairfax Financial Holdings Ltd.

        

5.75% due 5/20/2035

      182,000          186,525  

6.00% due 12/7/2033

      1,268,000          1,324,759  

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          492,154  

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          328,913  

Sammons Financial Group, Inc.

        

6.875% due 4/15/2034(1)

      1,422,000          1,505,565  
       

 

 

  
          6,770,950  
       

 

 

  

Internet — 0.3%

 

Snap, Inc.

        

6.875% due 3/1/2033(1)

      598,000          564,674  
       

 

 

  
          564,674  
       

 

 

  

Leisure Time — 1.3%

 

NCL Corp. Ltd.

        

6.75% due 2/1/2032(1)

      700,000          694,689  

Patrick Industries, Inc.

        

4.75% due 5/1/2029(1)

      1,144,000          1,112,657  

Royal Caribbean Cruises Ltd.

        

4.75% due 5/15/2033

      349,000          336,980  

5.25% due 2/27/2038

      342,000          325,350  
       

 

 

  
          2,469,676  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Lodging — 0.2%

 

Wynn Macau Ltd.

        

6.75% due 2/15/2034(1)

    $ 418,000        $ 407,936  
       

 

 

  
          407,936  
       

 

 

  

Machinery-Diversified — 0.8%

 

Regal Rexnord Corp.

        

6.40% due 4/15/2033

      1,463,000          1,546,376  
       

 

 

  
           1,546,376  
       

 

 

  

Media — 1.1%

 

CCO Holdings LLC/CCO Holdings Capital Corp.

        

4.50% due 8/15/2030(1)

      846,000          790,569  

Charter Communications Operating LLC/Charter Communications Operating Capital

        

6.10% due 6/1/2029

      700,000          725,096  

VZ Secured Financing BV

        

5.00% due 1/15/2032(1)

      617,000          528,890  
       

 

 

  
          2,044,555  
       

 

 

  

Mining — 1.7%

 

Anglo American Capital PLC

        

4.75% due 3/16/2052(1)

      222,000          181,608  

5.50% due 5/2/2033(1)

      727,000          735,538  

Eldorado Gold Corp.

        

6.25% due 9/1/2029(1)

      125,000          124,318  

IAMGOLD Corp.

        

5.75% due 10/15/2028(1)

      511,000          508,513  

Northern Star Resources Ltd.

        

6.125% due 4/11/2033(1)

      1,045,000          1,079,192  

Rio Tinto Finance USA PLC

        

5.25% due 3/14/2035

      660,000          670,544  
       

 

 

  
          3,299,713  
       

 

 

  

Oil & Gas — 2.3%

 

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          761,158  

Eni SpA

       

5.50% due 5/15/2034(1)

      758,000          776,452  

Occidental Petroleum Corp.

        

5.55% due 10/1/2034

      1,085,000          1,103,403  

Petroleos Mexicanos

        

5.95% due 1/28/2031

      322,000          307,856  

Santos Finance Ltd.

        

5.75% due 11/13/2035(1)

      374,000          374,867  

6.875% due 9/19/2033(1)

      997,000          1,085,468  
       

 

 

  
          4,409,204  
       

 

 

  

Pharmaceuticals — 0.2%

 

AstraZeneca PLC

        

6.45% due 9/15/2037

      400,000          447,032  
       

 

 

  
          447,032  
       

 

 

  

Pipelines — 3.2%

 

Cheniere Energy Partners LP

        

5.95% due 6/30/2033

      500,000          524,155  

DCP Midstream Operating LP

        

3.25% due 2/15/2032

      1,649,000          1,498,881  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Corporate Bonds & Notes — (continued)

 

Pipelines — (continued)

 

Energy Transfer LP

 

5.70% due 4/1/2035

    $ 400,000      $ 410,812  

6.20% due 4/1/2055

      300,000        291,257  

MPLX LP

      

5.50% due 6/1/2034

      100,000        101,029  

ONEOK, Inc.

      

5.05% due 11/1/2034

      300,000        291,809  

Plains All American Pipeline LP/PAA Finance Corp.

      

5.70% due 9/15/2034

      734,000        749,756  

Targa Resources Corp.

      

5.40% due 7/30/2036

      588,000        583,707  

5.50% due 2/15/2035

      400,000        403,558  

Venture Global LNG, Inc.

      

7.00% due 1/15/2030(1)

      985,000        1,005,737  

Western Midstream Operating LP

      

5.45% due 11/15/2034

      300,000        297,066  
     

 

 

  
         6,157,767  
     

 

 

  

Real Estate Investment Trusts — 2.1%

 

Boston Properties LP

      

5.75% due 1/15/2035

      1,105,000        1,098,934  

6.50% due 1/15/2034

      519,000        543,333  

Store Capital LLC

      

2.70% due 12/1/2031

      1,301,000        1,132,106  

4.625% due 3/15/2029

      554,000        548,092  

Vornado Realty LP

      

5.75% due 2/1/2033

      796,000        780,579  
     

 

 

  
        4,103,044  
     

 

 

  

Retail — 0.5%

 

Home Depot, Inc.

      

4.95% due 6/25/2034

      400,000        402,896  

PetSmart LLC/PetSmart Finance Corp.

      

7.50% due 9/15/2032(1)

      474,000        476,308  
     

 

 

  
        879,204  
     

 

 

  

Semiconductors — 0.3%

 

Broadcom, Inc.

      

3.137% due 11/15/2035(1)

      658,000        559,027  
     

 

 

  
        559,027  
     

 

 

  

Software — 1.3%

 

Fiserv, Inc.

      

5.625% due 8/21/2033

      600,000        605,623  

Oracle Corp.

      

5.70% due 2/4/2036

      382,000        367,288  

Salesforce, Inc.

      

5.20% due 3/15/2033

      393,000        392,329  

5.55% due 3/15/2036

      687,000        684,863  

6.40% due 3/15/2046

      393,000        395,721  
     

 

 

  
        2,445,824  
     

 

 

  

Telecommunications — 0.7%

 

Rogers Communications, Inc.

      

3.80% due 3/15/2032

      1,196,000        1,116,451  

5.30% due 2/15/2034

      300,000        298,693  
     

 

 

  
        1,415,144  
     

 

 

  

Trucking & Leasing — 0.6%

 

SMBC Aviation Capital Finance DAC

      

5.55% due 4/3/2034(1)

      1,073,000        1,076,980  
     

 

 

  
        1,076,980  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Corporate Bonds & Notes — (continued)

 

Water — 0.1%

 

Aegea Finance SARL

     

9.00% due 1/20/2031(1)

    $ 261,000      $ 254,149  
     

 

 

  
        254,149  
     

 

 

  

Total Corporate Bonds & Notes
(Cost $77,641,101)

          77,683,564  
     

 

 

  

Municipals — 0.9%

 

California Public Finance Authority

     

Series A

     

5.40% due 11/15/2031

      456,000        465,477  

Massachusetts Development Finance Agency

     

7.375% due 10/1/2035

      680,000        695,135  

Oklahoma Development Finance Authority

     

Series C

     

5.45% due 8/15/2028

      230,000        228,803  

Public Finance Authority

     

7.087% due 7/1/2060

      360,000        362,569  
     

 

 

  

Total Municipals
(Cost $1,728,247)

         1,751,984  
     

 

 

  

Non-Agency Mortgage-Backed Securities — 10.6%

 

Arbor Realty Commercial Real Estate Notes Ltd.

     

Series 2022-FL1, Class C

     

5.972% due 1/15/2037(1)(2)(3)

      1,000,000        999,837  

BANK

 

Series 2019-BN24, Class AS

3.283% due 11/15/2062(2)(3)

      1,413,000        1,310,628  

Series 2022-BNK43, Class B

     

5.151% due 8/15/2055(2)(3)

      500,000        481,502  

BBCMS Mortgage Trust

     

Series 2024-5C29, Class B

     

5.858% due 9/15/2057(2)(3)

      300,000        304,324  

Benchmark Mortgage Trust

 

Series 2024-V11, Class AM

6.201% due 11/15/2057(2)(3)

      1,000,000        1,032,440  

Series 2024-V5, Class AM

     

6.417% due 1/10/2057(2)(3)

      855,000        886,579  

Series 2024-V5, Class B

     

6.059% due 1/10/2057(2)(3)

      360,000        365,435  

BMO Mortgage Trust

     

Series 2023-C6, Class AS

     

6.55% due 9/15/2056(2)(3)

      950,000        1,008,051  

BX Commercial Mortgage Trust

 

Series 2025-BCAT, Class C

     

5.573% due 8/15/2042(1)(2)(3)

      210,823        210,559  

Series 2025-BCAT, Class D

     

6.323% due 8/15/2042(1)(2)(3)

      159,075        159,374  

Citigroup Commercial Mortgage Trust

     

Series 2016-C3, Class AS

     

3.366% due 11/15/2049(2)(3)

      1,125,000        1,108,482  

Dwight Issuer LLC

     

Series 2025-FL1, Class AS

     

5.966% due 6/18/2042(1)(2)(3)

      639,000        639,087  

Greystone CRE Notes LLC

     

Series 2025-FL4, Class B

     

6.261% due 1/15/2043(1)(2)(3)

      114,500        114,591  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

March 31, 2026 (unaudited)

           Principal
Amount		      Value  

Non-Agency Mortgage-Backed Securities — (continued)

 

JP Morgan Mortgage Trust

         

Series 2026-NQM1, Class A1

         

4.745% due 6/25/2066(1)(2)(3)

       $ 161,187      $ 159,470  

MF1 LLC

 

Series 2025-FL19, Class AS

 

5.671% due 5/18/2042(1)(2)(3)

         1,053,777        1,056,425  

Series 2025-FL19, Class B

         

6.021% due 5/18/2042(1)(2)(3)

         1,092,085        1,093,959  

Morgan Stanley Capital I Trust

 

Series 2020-L4, Class AS

 

2.88% due 2/15/2053

         750,000        684,535  

Series 2021-L6, Class AS

         

2.749% due 6/15/2054(2)(3)

         1,700,000        1,513,805  

Morgan Stanley Residential Mortgage Loan Trust

 

Series 2025-NQM5, Class A1

 

5.439% due 7/25/2070(1)(2)(3)

         185,068        185,289  

Series 2025-NQM6, Class A1

         

5.152% due 7/25/2070(1)(2)(3)

         493,205        492,100  

Series 2025-NQM9, Class A1

         

5.016% due 9/25/2070(1)(2)(3)

         466,208        465,232  

Series 2026-NQM2, Class A1

         

4.734% due 1/26/2071(1)(2)(3)

         713,226        706,363  

NEW Residential Mortgage Loan Trust

         

Series 2025-NQM2, Class A1

         

5.566% due 4/25/2065(1)(2)(3)

         323,115        324,695  

New Residential Mortgage Loan Trust

 

Series 2026-NQM2, Class A1

 

4.743% due 12/25/2065(1)(2)(3)

         484,493        479,593  

Series 2026-NQM3, Class A1

 

4.833% due 2/25/2066(1)(2)(3)

         990,226        980,855  

Series 2026-NQM4, Class A1

 

5.003% due 2/25/2066(1)(2)(3)

         370,982        370,847  

OBX Trust

 

Series 2025-NQM14, Class A1

 

5.162% due 7/25/2065(1)(2)(3)

         166,212        166,022  

Series 2025-NQM4, Class A1

 

5.40% due 2/25/2055(1)(2)(3)

         653,119        654,522  

PMT Loan Trust

 

Series 2025-INV4, Class A9

 

5.50% due 3/25/2056(1)(2)(3)

         612,740        613,155  

Series 2026-CNF1, Class A26

 

4.862% due 1/25/2057(1)(2)(3)

         185,131        184,791  

Series 2026-INV2, Class A35

 

4.812% due 1/25/2057(1)(2)(3)

         958,683        957,382  

Provident Funding Mortgage Trust

 

Series 2025-2, Class A4

 

5.50% due 6/25/2055(1)(2)(3)

         545,367        545,588  
        

 

 

  

Total Non-Agency Mortgage-Backed Securities
(Cost $20,540,505)

             20,255,517  
        

 

 

  

Foreign Government — 2.5%

 

Angola Government International Bonds, Reg S

         

8.00% due 11/26/2029

      USD        457,000        451,197  

Colombia Government International Bonds

         

6.50% due 1/21/2033

      USD        314,000        307,406  

Eagle Funding Luxco SARL

         

5.50% due 8/17/2030(1)

      USD        370,000        371,943  

Egypt Government International Bonds, Reg S

         

7.30% due 9/30/2033

      USD        510,000        474,453  

Ivory Coast Government International Bonds

         

7.625% due 1/30/2033(1)

      USD        562,000        571,902  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

March 31, 2026 (unaudited)

           Principal
Amount		      Value  

Foreign Government — (continued)

 

Nigeria Government International Bonds, Reg S

         

7.375% due 9/28/2033

      USD      $ 591,000      $ 578,726  

Republic of South Africa Government International Bonds, Reg S

         

7.10% due 11/19/2036

      USD        430,000        439,209  

Romania Government International Bonds

         

6.625% due 5/16/2036(1)

      USD        402,000        399,223  

Serbia International Bonds

         

6.00% due 6/12/2034(1)

      USD        651,000        652,277  

Turkiye Government International Bonds

 

5.875% due 5/21/2030

      EUR        288,000        346,206  

7.625% due 5/15/2034

      USD        218,000        221,781  
        

 

 

  

Total Foreign Government
(Cost $4,663,506)

            4,814,323  
        

 

 

  

U.S. Government Securities — 23.9%

 

U.S. Treasury Bonds

 

4.25% due 2/15/2054

         2,000,000        1,791,562  

4.50% due 11/15/2054

         12,000,000        11,210,625  

4.625% due 11/15/2044

         23,789,000        23,018,645  

4.875% due 8/15/2045

         750,000        747,539  

U.S. Treasury Notes

 

3.375% due 12/31/2027

         1,400,000        1,389,227  

4.25% due 1/31/2030

         7,474,000        7,568,593  
        

 

 

  

Total U.S. Government Securities
(Cost $46,844,612)

            45,726,191  
        

 

 

  

Repurchase Agreements — 0.4%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $684,976, due 4/1/2026(5)

 

      684,956        684,956  
        

 

 

  

Total Repurchase Agreements
(Cost $684,956)

            684,956  
        

 

 

  

Total Investments — 98.9%
(Cost $190,783,883)

            189,516,080  
        

 

 

  

Assets in excess of other liabilities — 1.1%

 

      2,146,012  
        

 

 

  

Total Net Assets — 100.0%

 

    $  191,662,092  
        

 

 

  

 

(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 March 31, 2026, the aggregate market value of these securities amounted to $78,346,121, representing 40.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(2)

Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(3)

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

(4)

Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

(5)

The table below presents collateral for repurchase agreements.

 

Security

    Coupon     Maturity
Date		      Principal
Amount		      Value  

U.S. Treasury Note

      3.625 %      8/31/2029      $  702,700      $  698,795  

Open futures contracts at March 31, 2026:

 

Type

    Expiration      Contracts      Position      Notional
Amount		      Notional
Value		      Unrealized
Depreciation		  

U.S. 2-Year Treasury Note

      June 2026        99        Long      $ 20,931,451      $ 20,537,086      $ (394,365 ) 

U.S. 5-Year Treasury Note

      June 2026        24        Long        2,629,019        2,596,313        (32,706 ) 
           

 

 

     

 

 

     

 

 

  

Total

 

    $  23,560,470      $  23,133,399      $  (427,071 ) 
  

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

Open forward foreign currency contracts at March 31, 2026:

 

 

Counterparty

    Settlement
Date		      Amount and
Description of
Currency to be
Purchased		      Amount and
Description of
Currency to be
Sold		      Unrealized
Appreciation		  

HSBC Bank USA NA

      4/17/2026        372,075        USD        318,000        EUR      $ 4,254  
                 

 

 

  

Total

 

    $ 4,254  
  

 

 

  

Legend:

CLO – Collateralized Loan Obligation

CMT – Constant Maturity Treasury

EUR – Euro

PIK – Payment–In–Kind

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN TOTAL RETURN BOND VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

Assets (unaudited)    — Valuation Inputs —  

Investments in Securities

   Level 1     Level 2      Level 3      Total  

Asset-Backed Securities

    $ —      $ 38,599,545      $ —       $ 38,599,545  

Corporate Bonds & Notes

      —        77,683,564        —         77,683,564  

Municipals

      —        1,751,984        —         1,751,984  

Non-Agency Mortgage-Backed Securities

      —        20,255,517        —         20,255,517  

Foreign Government

      —        4,814,323        —         4,814,323  

U.S. Government Securities

      —        45,726,191        —         45,726,191  

Repurchase Agreements

      —        684,956        —         684,956  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ —      $  189,516,080      $ —       $  189,516,080  
  

 

 

    

 

 

     

 

 

     

 

 

  

Other Financial Instruments

 

Forward Foreign Currency Contracts

      —        4,254        —         4,254  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Assets

    $ —      $  189,520,334      $ —       $  189,520,334  
  

 

 

    

 

 

     

 

 

     

 

 

  

Liabilities

           

Futures Contracts

      (427,071 )      —         —         (427,071 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Liabilities

    $  (427,071 )    $ —       $ —       $
 (427,071
 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Agency Mortgage-Backed Securities — 2.7%

 

Federal Home Loan Mortgage Corp.

        

5.359% due 8/1/2055(1)(2)

    $ 56,804        $ 57,608  

5.425% due 10/1/2055(1)(2)

      89,628          90,207  

5.508% due 7/1/2055(1)(2)

      156,393          158,513  

5.634% due 8/1/2055(1)(2)

      87,859          89,225  

5.86% due 5/1/2055(1)(2)

      110,525          112,785  

5.992% due 8/1/2054(1)(2)

      55,961          57,269  

Federal National Mortgage Association

        

5.465% due 10/1/2055(1)(2)

      33,207          33,530  

5.525% due 10/1/2053(1)(2)

      20,283          20,634  

5.719% due 8/1/2055(1)(2)

      130,260          132,754  

5.885% due 2/1/2054(1)(2)

      33,276          34,054  

5.984% due 9/1/2055(1)(2)

      446,876          458,413  

Uniform Mortgage-Backed Security

        

4.50% due 4/1/2040(3)

      925,000          918,337  

4.50% due 5/1/2041(3)

      41,000          40,669  

5.00% due 4/1/2040(3)

      387,000          389,826  

5.00% due 5/1/2041(3)

      296,000          297,884  

5.50% due 4/1/2040(3)

      238,000          242,625  

5.50% due 5/1/2041(3)

      438,000          446,135  
       

 

 

  

Total Agency Mortgage-Backed Securities
(Cost $3,589,288)

 

         3,580,468  
       

 

 

  

Asset-Backed Securities — 2.3%

 

BlueMountain CLO Ltd.

        

Series 2014-2A, Class BR2

        

5.679% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030(1)(4)

      600,000          600,489  

LoanCore Issuer LLC

        

Series 2025-CRE8, Class A

        

5.063% (1 mo. USD Term SOFR + 1.39%) due 8/17/2042(1)(2)(4)

      270,000          270,033  

Oscar U.S. Funding XV LLC

        

Series 2023-1A, Class A3

        

5.81% due 12/10/2027(4)

      251,274          251,637  

Silver Point CLO 12 Ltd.

        

Series 2025-12A, Class A1

        

5.288% (3 mo. USD Term SOFR + 1.31%) due 10/15/2038(1)(4)

      1,000,000          999,577  

Voya CLO Ltd.

        

Series 2019-1A, Class A2RR

        

5.272% (3 mo. USD Term SOFR + 1.60%) due 10/15/2037(1)(4)

      1,000,000          999,727  
       

 

 

  

Total Asset-Backed Securities
(Cost $3,121,612)

 

        3,121,463  
       

 

 

  

Corporate Bonds & Notes — 40.3%

 

Aerospace & Defense — 0.7%

 

Boeing Co.

        

6.298% due 5/1/2029

      500,000          524,918  

6.388% due 5/1/2031

      200,000          213,268  

Honeywell Aerospace, Inc.

        

4.60% due 3/16/2033(4)

      182,000          179,912  
       

 

 

  
          918,098  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Agriculture — 0.5%

 

BAT Capital Corp.

        

5.834% due 2/20/2031

    $ 320,000        $ 334,873  

6.343% due 8/2/2030

      342,000          365,078  
       

 

 

  
       699,951  
       

 

 

  

Airlines — 0.1%

 

United Airlines Pass-Through Trust

        

Series 2020-1, Class A

        

5.875% due 10/15/2027

      132,196          134,405  
       

 

 

  
          134,405  
       

 

 

  

Auto Manufacturers — 0.7%

 

Ford Motor Credit Co. LLC

        

7.35% due 11/4/2027

      876,000          904,074  
       

 

 

  
          904,074  
       

 

 

  

Commercial Banks — 8.6%

 

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)

      431,000          451,081  

Bank of Montreal

        

3.803% (3.803% fixed rate until 12/15/2027; 5 yr. USD Swap rate + 1.43% thereafter)
due 12/15/2032(1)

      550,000          541,212  

Citigroup, Inc.

        

6.27% (6.27% fixed rate until 11/17/2032; 1 day USD SOFR + 2.34% thereafter) due 11/17/2033(1)

      1,113,000           1,189,562  

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(1)

      731,000          739,708  

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)

      782,000          690,329  

5.065% (5.065% fixed rate until 1/21/2036; 1 day USD SOFR + 1.19% thereafter) due 1/21/2037(1)

      117,000          114,388  

5.218% (5.218% fixed rate until 4/23/2030; 1 day USD SOFR + 1.58% thereafter) due 4/23/2031(1)

      350,000          355,903  

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(1)

      347,000          323,325  

2.963% (2.963% fixed rate until 1/25/2032; 1 day USD SOFR + 1.26% thereafter) due 1/25/2033(1)

      1,054,000          956,213  

4.995% (4.995% fixed rate until 7/22/2029; 1 day USD SOFR + 1.13% thereafter) due 7/22/2030(1)

      269,000          272,819  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Commercial Banks — (continued)

 

5.193% (5.193% fixed rate until 2/5/2036; 1 day USD SOFR + 1.30% thereafter) due 2/5/2037(1)

    $ 338,000        $ 332,141  

5.576% (5.576% fixed rate until 7/23/2035; 1 day USD SOFR + 1.64% thereafter) due 7/23/2036(1)

      165,000          167,096  

Morgan Stanley

        

4.708% (4.708% fixed rate until 3/12/2031; 1 day USD SOFR + 1.20% thereafter) due 3/12/2032(1)

      185,000          183,754  

5.042% (5.042% fixed rate until 7/19/2029; 1 day USD SOFR + 1.22% thereafter) due 7/19/2030(1)

      1,089,000           1,101,597  

5.424% (5.424% fixed rate until 7/21/2033; 1 day USD SOFR + 1.88% thereafter) due 7/21/2034(1)

      520,000          527,623  

5.449% (5.449% fixed rate until 7/20/2028; 1 day USD SOFR + 1.63% thereafter) due 7/20/2029(1)

      321,000          326,723  

6.342% (6.342% fixed rate until 10/18/2032; 1 day USD SOFR + 2.56% thereafter) due 10/18/2033(1)

      580,000          620,585  

Series I

        

4.892% (4.892% fixed rate until 10/22/2035; 1 day USD SOFR + 1.31% thereafter) due 10/22/2036(1)

      159,000          153,706  

Toronto-Dominion Bank

        

3.625% (3.625% fixed rate until 9/15/2026; 5 yr. USD Swap rate + 2.21% thereafter) due 9/15/2031(1)

      113,000          112,344  

U.S. Bancorp

        

5.046% (5.046% fixed rate until 2/12/2030; 1 day USD SOFR + 1.06% thereafter) due 2/12/2031(1)

      375,000          380,463  

UBS Group AG

        

2.746% (2.746% fixed rate until 2/11/2032; 1 yr. CMT rate + 1.10% thereafter) due 2/11/2033(1)(4)

      794,000          702,191  

UniCredit SpA

        

5.459% (5.459% fixed rate until 6/30/2030; 5 yr. CMT rate + 4.75% thereafter) due 6/30/2035(1)(4)

      200,000          199,640  

Wells Fargo & Co.

        

3.35% (3.35% fixed rate until 3/2/2032; 1 day USD SOFR + 1.50% thereafter) due 3/2/2033(1)

      477,000          437,974  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Commercial Banks — (continued)

 

5.389% (5.389% fixed rate until 4/24/2033; 1 day USD SOFR + 2.02% thereafter) due 4/24/2034(1)

    $  614,000        $ 623,195  
       

 

 

  
           11,503,572  
       

 

 

  

Commercial Services — 0.2%

 

Global Payments, Inc.

        

5.20% due 11/15/2032

      278,000          269,856  
       

 

 

  
          269,856  
       

 

 

  

Computers — 0.3%

 

Gartner, Inc.

        

4.50% due 7/1/2028(4)

      383,000          376,541  
       

 

 

  
          376,541  
       

 

 

  

Cosmetics & Personal Care — 0.3%

 

Kenvue, Inc.

        

4.90% due 3/22/2033

      409,000          412,291  
       

 

 

  
          412,291  
       

 

 

  

Diversified Financial Services — 1.9%

 

Air Lease Corp.

        

5.85% due 12/15/2027

      445,000          454,297  

Aircastle Ltd.

        

2.85% due 1/26/2028(4)

      671,000          650,033  

Aviation Capital Group LLC

        

4.875% due 1/28/2033(4)

      136,000          131,241  

Avolon Holdings Funding Ltd.

        

3.25% due 2/15/2027(4)

      786,000          777,122  

LPL Holdings, Inc.

        

4.625% due 11/15/2027(4)

      377,000          374,242  

5.20% due 3/15/2030

      201,000          202,473  
       

 

 

  
          2,589,408  
       

 

 

  

Electric — 6.4%

 

AEP Texas, Inc.

        

Series Q

        

5.20% due 4/15/2036

      134,000          131,784  

Alliant Energy Finance LLC

        

5.95% due 3/30/2029(4)

      353,000          366,155  

American Transmission Systems, Inc.

        

2.65% due 1/15/2032(4)

      243,000          217,722  

Capital Power U.S. Holdings, Inc.

        

6.189% due 6/1/2035(4)

      189,000          193,527  

Constellation Energy Generation LLC

        

5.00% due 2/1/2031(4)

      331,000          331,891  

DTE Energy Co.

        

5.10% due 3/1/2029

      551,000          560,283  

Duke Energy Indiana LLC

        

Series DDDD

        

4.95% due 3/15/2036

      438,000          431,191  

Evergy Kansas Central, Inc.

        

5.25% due 3/15/2035

      200,000          201,598  

Evergy Missouri West, Inc.

        

5.65% due 6/1/2034(4)

      696,000          710,601  

FirstEnergy Pennsylvania Electric Co.

        

3.25% due 3/15/2028(4)

      629,000          614,966  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Electric — (continued)

 

Idaho Power Co.

        

5.20% due 8/15/2034

    $  363,000        $ 367,876  

ITC Holdings Corp.

        

5.50% due 4/15/2036(4)

      135,000          135,399  

Kentucky Utilities Co.

        

Series KENT

5.45% due 4/15/2033

      450,000          464,343  

Liberty Utilities Co.

        

5.869% due 1/31/2034(4)

      356,000          368,457  

Monongahela Power Co.

        

5.85% due 2/15/2034(4)

      437,000          458,845  

NorthWestern Corp.

        

5.073% due 3/21/2030(4)

      449,000          456,167  

Oncor Electric Delivery Co. LLC

        

4.50% due 3/15/2031(4)

      97,000          96,466  

Pacific Gas and Electric Co.

        

5.20% due 5/1/2036

      114,000          111,108  

PSEG Power LLC

        

5.75% due 5/15/2035(4)

      275,000          279,308  

Public Service Enterprise Group, Inc.

        

5.20% due 4/1/2029

      367,000          373,967  

Puget Energy, Inc.

        

5.725% due 3/15/2035

      464,000          467,376  

Southern Co.

        

5.20% due 6/15/2033

      392,000          395,927  

Virginia Electric and Power Co.

        

4.95% due 3/15/2036

      272,000          265,144  

Vistra Operations Co. LLC

        

4.70% due 1/31/2031(4)

      135,000          132,826  

6.95% due 10/15/2033(4)

      150,000          163,216  

7.75% due 10/15/2031(4)

      230,000          240,921  
       

 

 

  
        8,537,064  
       

 

 

  

Electronics — 0.4%

 

Amphenol Corp.

        

4.40% due 2/15/2033

      573,000          559,235  
       

 

 

  
       559,235  
       

 

 

  

Food — 1.0%

 

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings

        

3.625% due 1/15/2032

      413,000          382,558  

5.50% due 1/15/2036

      372,000          372,171  

Pilgrim’s Pride Corp.

        

3.50% due 3/1/2032

      387,000          351,297  

4.25% due 4/15/2031

      205,000          195,819  
       

 

 

  
       1,301,845  
       

 

 

  

Gas — 0.3%

 

National Fuel Gas Co.

        

4.75% due 9/1/2028

      370,000          370,228  
       

 

 

  
       370,228  
       

 

 

  

Healthcare-Products — 0.9%

 

Abbott Laboratories

        

4.30% due 3/15/2033

      509,000          498,136  

Augusta SpinCo Corp.

        

4.945% due 3/23/2033

      263,000          262,090  

Baxter International, Inc.

        

5.65% due 12/15/2035

      233,000          227,553  

VSP Optical Group, Inc.

        

5.45% due 12/1/2035(4)

      161,000          157,786  
       

 

 

  
       1,145,565  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Healthcare-Services — 2.5%

 

Beth Israel Lahey Health, Inc.

        

Series O

4.717% due 7/1/2030

    $  300,000        $ 299,218  

Centene Corp.

        

3.375% due 2/15/2030

      390,000          352,302  

CommonSpirit Health

        

5.318% due 12/1/2034

      359,000          359,585  

Fresenius Medical Care U.S. Finance III, Inc.

        

3.00% due 12/1/2031(4)

      301,000          267,556  

HCA, Inc.

        

5.45% due 4/1/2031

      363,000          372,074  

Icon Investments Six DAC

        

6.00% due 5/8/2034

      344,000          348,472  

Providence St. Joseph Health Obligated Group

        

5.369% due 10/1/2032

      771,000          782,372  

UnitedHealth Group, Inc.

        

4.50% due 4/15/2033

      543,000          530,165  
       

 

 

  
           3,311,744  
       

 

 

  

Insurance — 0.6%

 

Brighthouse Financial Global Funding

        

2.00% due 6/28/2028(4)

      399,000          372,905  

Brown & Brown, Inc.

        

2.375% due 3/15/2031

      536,000          471,633  
       

 

 

  
          844,538  
       

 

 

  

Internet — 1.6%

 

Amazon.com, Inc.

        

3.85% due 3/13/2028

      240,000          239,234  

4.55% due 3/13/2033

      405,000          401,102  

MercadoLibre, Inc.

        

3.125% due 1/14/2031

      375,000          342,008  

Uber Technologies, Inc.

        

4.50% due 8/15/2029(4)

      915,000          907,248  

4.80% due 9/15/2035

      288,000          279,462  
       

 

 

  
          2,169,054  
       

 

 

  

Leisure Time — 0.8%

 

Carnival Corp.

        

4.00% due 8/1/2028(4)

      500,000          488,239  

Royal Caribbean Cruises Ltd.

        

3.70% due 3/15/2028

      525,000          516,520  
       

 

 

  
          1,004,759  
       

 

 

  

Lodging — 0.2%

 

Las Vegas Sands Corp.

        

3.50% due 8/18/2026

      243,000          241,709  
       

 

 

  
          241,709  
       

 

 

  

Machinery-Diversified — 0.7%

 

nVent Finance SARL

        

4.55% due 4/15/2028

      548,000          546,719  

Regal Rexnord Corp.

        

6.30% due 2/15/2030

      352,000          368,816  
       

 

 

  
          915,535  
       

 

 

  

Mining — 0.9%

 

Anglo American Capital PLC

        

5.50% due 5/2/2033(4)

      200,000          202,349  

5.625% due 4/1/2030(4)

      269,000          277,386  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Mining — (continued)

 

Glencore Funding LLC

        

5.186% due 4/1/2030(4)

    $  721,000        $ 730,998  
       

 

 

  
          1,210,733  
       

 

 

  

Miscellaneous Manufacturing — 0.2%

 

Eaton Corp.

        

4.50% due 3/6/2033

      200,000          197,258  
       

 

 

  
          197,258  
       

 

 

  

Oil & Gas — 1.1%

 

Continental Resources, Inc.

        

4.375% due 1/15/2028

      443,000          439,998  

Ovintiv, Inc.

        

7.375% due 11/1/2031

      169,000          186,950  

Patterson-UTI Energy, Inc.

        

3.95% due 2/1/2028

      463,000          455,459  

Permian Resources Operating LLC

        

7.00% due 1/15/2032(4)

      380,000          393,488  
       

 

 

  
          1,475,895  
       

 

 

  

Oil & Gas Services — 0.2%

 

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.

        

4.65% due 6/15/2033

      299,000          294,283  
       

 

 

  
          294,283  
       

 

 

  

Pharmaceuticals — 1.2%

 

AbbVie, Inc.

        

4.40% due 3/15/2033

      528,000          518,326  

Bayer U.S. Finance LLC

        

6.375% due 11/21/2030(4)

      435,000          457,448  

EMD Finance LLC

        

4.625% due 10/15/2032(4)

      690,000          680,190  
       

 

 

  
           1,655,964  
       

 

 

  

Pipelines — 2.3%

 

Cheniere Energy Partners LP

        

4.00% due 3/1/2031

      55,000          52,796  

Colonial Pipeline Co.

        

7.63% due 4/15/2032(4)

      300,000          332,539  

Columbia Pipelines Holding Co. LLC

        

4.999% due 11/17/2032(4)

      188,000          186,762  

5.097% due 10/1/2031(4)

      371,000          373,005  

DT Midstream, Inc.

        

4.125% due 6/15/2029(4)

      250,000          244,740  

Energy Transfer LP

        

7.375% due 2/1/2031(4)

      720,000          746,794  

NGPL PipeCo LLC

        

3.25% due 7/15/2031(4)

      612,000          562,423  

ONEOK, Inc.

        

5.375% due 6/1/2029

      359,000          365,797  

Targa Resources Partners LP/Targa Resources Partners Finance Corp.

        

4.875% due 2/1/2031

      223,000          222,648  
       

 

 

  
          3,087,504  
       

 

 

  

Real Estate Investment Trusts — 2.0%

 

Brixmor Operating Partnership LP

        

5.20% due 4/1/2032

      417,000          419,662  

5.75% due 2/15/2035

      101,000          103,733  

Crown Castle, Inc.

        

3.30% due 7/1/2030

      489,000          458,173  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Real Estate Investment Trusts — (continued)

 

Invitation Homes Operating Partnership LP

        

4.95% due 1/15/2033

    $ 348,000        $ 339,847  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.

        

4.75% due 6/15/2029(4)

      425,000          411,941  

Phillips Edison Grocery Center Operating Partnership I LP

        

4.75% due 3/15/2033

      64,000          62,450  

Regency Centers LP

        

5.00% due 7/15/2032

      219,000          220,629  

Tanger Properties LP

        

2.75% due 9/1/2031

      327,000          292,025  

VICI Properties LP/VICI Note Co., Inc.

        

4.625% due 12/1/2029(4)

      407,000          400,136  
       

 

 

  
          2,708,596  
       

 

 

  

Semiconductors — 1.6%

 

Broadcom, Inc.

        

4.15% due 4/15/2032(4)

      653,000          631,779  

4.80% due 2/15/2036

      180,000          175,488  

4.90% due 7/15/2032

      258,000          260,255  

Foundry JV Holdco LLC

        

5.50% due 1/25/2031(4)

      647,000          660,636  

Marvell Technology, Inc.

        

5.75% due 2/15/2029

      445,000          459,453  
       

 

 

  
          2,187,611  
       

 

 

  

Software — 1.3%

 

Fiserv, Inc.

        

3.50% due 7/1/2029

      173,000          165,700  

Oracle Corp.

        

4.65% due 5/6/2030

      545,000          532,651  

4.95% due 2/4/2031

      1,000,000          978,440  
       

 

 

  
          1,676,791  
       

 

 

  

Telecommunications — 0.8%

 

Frontier Communications Holdings LLC

        

6.00% due 1/15/2030(4)

      654,000          657,912  

T-Mobile USA, Inc.

        

3.375% due 4/15/2029

      386,000          374,082  
       

 

 

  
          1,031,994  
       

 

 

  

Total Corporate Bonds & Notes
(Cost $53,673,659)

 

         53,736,101  
       

 

 

  

Non-Agency Mortgage-Backed Securities — 1.1%

 

BBCMS Mortgage Trust

        

Series 2025-5C34, Class A3

5.659% due 5/15/2058

      200,000          206,639  

Benchmark Mortgage Trust

        

Series 2026-V21, Class A3

5.127% due 3/15/2031

      400,000          405,333  

BMO Mortgage Trust

        

Series 2026-5C14, Class A3

5.209% due 3/15/2059

      210,000          213,539  

GS Mortgage Securities Trust

        

Series 2017-GS7, Class A4

3.43% due 8/10/2050

      230,000          226,696  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

 

March 31, 2026 (unaudited)

             Principal
Amount		        Value  

Non-Agency Mortgage-Backed Securities — (continued)

 

Wells Fargo Commercial Mortgage Trust

             

Series 2016-LC24, Class A4

             

2.942% due 10/15/2049

         $ 418,000        $ 415,538  
            

 

 

  

Total Non-Agency Mortgage-Backed Securities
(Cost $1,474,925)

 

        1,467,745  
            

 

 

  

Foreign Government — 0.5%

 

Caisse d’Amortissement de la Dette Sociale

             

4.00% due 3/3/2033(4)

      USD          287,000          278,181  

Cassa Depositi e Prestiti SpA

             

Series 144A

             

4.375% due 10/1/2030(4)

      USD          329,000          326,539  
            

 

 

  

Total Foreign Government
(Cost $614,790)

 

        604,720  
            

 

 

  

U.S. Government Securities — 53.9%

 

U.S. Treasury Notes

 

1.50% due 11/30/2028

           1,766,000          1,662,937  

1.875% due 2/15/2032

           1,149,000          1,018,885  

3.375% due 2/29/2028

           275,000          272,830  

3.50% due 4/30/2030

           3,292,000          3,241,848  

3.50% due 11/30/2030

           5,606,000          5,502,858  

3.625% due 8/31/2029

           7,020,000          6,966,253  

3.625% due 12/31/2030

           1,474,000          1,453,963  

3.875% due 12/31/2032

           3,372,000          3,323,132  

3.875% due 8/15/2034

           2,023,000          1,971,556  

4.00% due 1/31/2031

           1,210,000          1,212,458  

4.125% due 10/31/2029

           6,142,000          6,192,384  

4.25% due 2/28/2029

           4,513,000          4,564,829  

4.25% due 6/30/2029

           4,649,000          4,705,297  

4.25% due 1/31/2030

           5,971,000          6,046,570  

4.25% due 11/15/2034

           1,308,000          1,307,642  

4.25% due 8/15/2035

           4,704,000          4,686,360  

4.375% due 7/15/2027

           2,801,000          2,820,038  

4.375% due 8/31/2028

           5,419,000          5,486,737  

4.50% due 5/31/2029

           4,688,000          4,778,830  

4.625% due 2/15/2035

           1,583,300          1,624,491  

4.875% due 10/31/2030

           2,951,000          3,065,928  
            

 

 

  

Total U.S. Government Securities
(Cost $71,934,334)

 

        71,905,826  
            

 

 

  

Repurchase Agreements — 0.3%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $339,555, due 4/1/2026(5)

         $ 339,545          339,545  
            

 

 

  

Total Repurchase Agreements
(Cost $339,545)

 

        339,545  
            

 

 

  

Total Investments — 101.1%
(Cost $134,748,153)

 

        134,755,868  
            

 

 

  

Liabilities in excess of other assets — (1.1)%

 

        (1,480,577 ) 
            

 

 

  

Total Net Assets — 100.0%

 

      $  133,275,291  
            

 

 

  

 

(1)

Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(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 March 31, 2026, the aggregate market value of these securities amounted to $22,478,913, representing 16.9% 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.

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

 

(5)

The table below presents collateral for repurchase agreements.

 

Security

    Coupon     Maturity
Date		      Principal
Amount		      Value  

U.S. Treasury Note

      3.625 %      8/31/2029      $  348,400      $  346,522  

Legend:

CLO – Collateralized Loan Obligation

CMT – Constant Maturity Treasury

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2      Level 3      Total  

Agency Mortgage-Backed Securities

    $ —       $ 3,580,468      $ —       $ 3,580,468  

Asset-Backed Securities

      —         3,121,463        —         3,121,463  

Corporate Bonds & Notes

      —         53,736,101        —         53,736,101  

Non-Agency Mortgage-Backed Securities

      —         1,467,745        —         1,467,745  

Foreign Government

      —         604,720        —         604,720  

U.S. Government Securities

      —         71,905,826        —         71,905,826  

Repurchase Agreements

      —         339,545        —         339,545  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ —       $  134,755,868      $ —       $  134,755,868  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN ALL CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 99.4%

 

Aerospace & Defense — 2.6%

 

BWX Technologies, Inc.

      2,523        $ 515,928  

Curtiss-Wright Corp.

      1,183          805,765  

General Dynamics Corp.

      2,043          701,198  

General Electric Co.

      3,418          969,926  

Howmet Aerospace, Inc.

      3,465          798,544  

Leonardo DRS, Inc.

      4,875          217,035  

RTX Corp.

      7,490          1,444,821  
       

 

 

  
       5,453,217  
       

 

 

  

Automobile Components — 0.4%

 

Aptiv PLC(1)

      10,331          717,385  
       

 

 

  
       717,385  
       

 

 

  

Banks — 4.0%

 

Columbia Banking System, Inc.

      11,712          321,260  

JPMorgan Chase & Co.

      14,583          4,289,735  

PNC Financial Services Group, Inc.

      9,127          1,899,238  

Prosperity Bancshares, Inc.

      5,590          375,536  

Wells Fargo & Co.

      16,217          1,291,035  
       

 

 

  
        8,176,804  
       

 

 

  

Beverages — 1.0%

 

Celsius Holdings, Inc.(1)

      4,405          156,289  

Coca-Cola Europacific Partners PLC

      4,547          412,276  

PepsiCo, Inc.

      9,350          1,451,962  
       

 

 

  
       2,020,527  
       

 

 

  

Biotechnology — 2.4%

 

Gilead Sciences, Inc.

      24,197          3,372,336  

Vertex Pharmaceuticals, Inc.(1)

      3,547          1,583,877  
       

 

 

  
       4,956,213  
       

 

 

  

Broadline Retail — 4.2%

 

Amazon.com, Inc.(1)

      41,945          8,735,885  
       

 

 

  
       8,735,885  
       

 

 

  

Building Products — 0.7%

 

Allegion PLC

      2,488          361,482  

Trane Technologies PLC

      2,802          1,167,705  
       

 

 

  
       1,529,187  
       

 

 

  

Capital Markets — 3.2%

 

Bullish(1)

      1,469          52,487  

Charles Schwab Corp.

      13,293          1,249,276  

CME Group, Inc.

      3,239          956,639  

KKR & Co., Inc.

      9,799          906,407  

Moody’s Corp.

      2,068          902,165  

Morgan Stanley

      9,228          1,518,652  

Northern Trust Corp.

      2,156          300,913  

Raymond James Financial, Inc.

      2,920          422,787  

TPG, Inc.

      7,949          322,014  
       

 

 

  
       6,631,340  
       

 

 

  

Chemicals — 1.0%

 

Albemarle Corp.

      2,849          511,481  

International Flavors & Fragrances, Inc.

      2,429          176,224  

Linde PLC

      1,743          864,110  

Sherwin-Williams Co.

      1,783          571,540  
       

 

 

  
       2,123,355  
       

 

 

  

Commercial Services & Supplies — 0.6%

 

GFL Environmental, Inc.

      29,405          1,226,777  
       

 

 

  
       1,226,777  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN ALL CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Communications Equipment — 0.8%

 

Arista Networks, Inc.(1)

      13,166        $ 1,616,522  
       

 

 

  
       1,616,522  
       

 

 

  

Construction & Engineering — 1.0%

 

Legence Corp., Class A(1)

      18,648          1,052,866  

MYR Group, Inc.(1)

      3,728          1,052,489  
       

 

 

  
       2,105,355  
       

 

 

  

Construction Materials — 0.6%

 

CRH PLC

      12,091          1,271,006  
       

 

 

  
        1,271,006  
       

 

 

  

Consumer Staples Distribution & Retail — 1.1%

 

BJ’s Wholesale Club Holdings, Inc.(1)

      17,036          1,676,683  

Performance Food Group Co.(1)

      5,836          499,912  
       

 

 

  
       2,176,595  
       

 

 

  

Containers & Packaging — 0.3%

 

Avery Dennison Corp.

      2,172          375,061  

Smurfit WestRock PLC

      8,089          322,347  
       

 

 

  
       697,408  
       

 

 

  

Distributors — 0.2%

 

LKQ Corp.

      14,056          412,825  
       

 

 

  
       412,825  
       

 

 

  

Diversified Consumer Services — 0.3%

 

Bright Horizons Family Solutions, Inc.(1)

      4,081          335,173  

Grand Canyon Education, Inc.(1)

      1,237          210,327  

Phoenix Education Partners, Inc.

      3,654          114,955  
       

 

 

  
       660,455  
       

 

 

  

Electric Utilities — 1.7%

 

Duke Energy Corp.

      6,123          801,746  

Evergy, Inc.

      5,070          415,334  

NextEra Energy, Inc.

      7,989          742,018  

PG&E Corp.

      61,589          1,082,119  

Xcel Energy, Inc.

      6,187          491,495  
       

 

 

  
       3,532,712  
       

 

 

  

Electrical Equipment — 1.7%

 

AMETEK, Inc.

      4,537          972,551  

Emerson Electric Co.

      8,490          1,112,360  

GE Vernova, Inc.

      1,537          1,341,647  
       

 

 

  
       3,426,558  
       

 

 

  

Electronic Equipment, Instruments & Components — 1.3%

 

Advanced Energy Industries, Inc.

      2,025          653,488  

Amphenol Corp., Class A

      11,228          1,418,658  

Coherent Corp.(1)

      1,447          344,690  

Zebra Technologies Corp., Class A(1)

      1,369          286,230  
       

 

 

  
       2,703,066  
       

 

 

  

Energy Equipment & Services — 0.5%

 

SLB Ltd.

      10,688          549,256  

TechnipFMC PLC

      5,676          392,382  
       

 

 

  
       941,638  
       

 

 

  

Entertainment — 1.7%

 

Live Nation Entertainment, Inc.(1)

      1,945          296,632  

Netflix, Inc.(1)

      18,412          1,770,314  

Spotify Technology SA(1)

      1,935          938,301  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN ALL CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Entertainment — (continued)

 

Take-Two Interactive Software, Inc.(1)

      2,523        $ 498,292  
       

 

 

  
       3,503,539  
       

 

 

  

Financial Services — 2.4%

 

Block, Inc.(1)

      6,887          414,460  

Fidelity National Information Services, Inc.

      7,632          358,017  

Mastercard, Inc., Class A

      6,297          3,146,359  

Visa, Inc., Class A

      3,242          979,862  
       

 

 

  
        4,898,698  
       

 

 

  

Food Products — 0.5%

 

Mondelez International, Inc., Class A

      13,672          788,054  

Tyson Foods, Inc., Class A

      5,054          323,810  
       

 

 

  
       1,111,864  
       

 

 

  

Ground Transportation — 0.9%

 

Uber Technologies, Inc.(1)

      19,146          1,377,172  

XPO, Inc.(1)

      2,729          530,927  
       

 

 

  
       1,908,099  
       

 

 

  

Health Care Equipment & Supplies — 2.2%

 

Becton Dickinson & Co.

      8,050          1,265,701  

Boston Scientific Corp.(1)

      13,357          838,152  

Medtronic PLC

      19,204          1,664,027  

STERIS PLC

      3,446          762,014  
       

 

 

  
       4,529,894  
       

 

 

  

Health Care Providers & Services — 1.3%

 

Cigna Group

      5,239          1,397,503  

Humana, Inc.

      2,229          386,487  

Lumexa Imaging Holdings, Inc.(1)

      25,245          217,107  

McKesson Corp.

      711          615,271  
       

 

 

  
       2,616,368  
       

 

 

  

Health Care Technology — 0.1%

 

Waystar Holding Corp.(1)

      4,508          108,688  
       

 

 

  
       108,688  
       

 

 

  

Hotels, Restaurants & Leisure — 1.6%

 

Aramark

      16,965          687,761  

DraftKings, Inc., Class A(1)

      6,557          141,762  

Dutch Bros, Inc., Class A(1)

      9,244          468,301  

Hilton Worldwide Holdings, Inc.

      3,110          945,689  

Starbucks Corp.

      7,380          661,174  

Viking Holdings Ltd.(1)

      6,520          479,090  
       

 

 

  
       3,383,777  
       

 

 

  

Household Durables — 0.3%

 

PulteGroup, Inc.

      4,449          523,247  
       

 

 

  
       523,247  
       

 

 

  

Household Products — 0.6%

 

Colgate-Palmolive Co.

      7,342          625,759  

Procter & Gamble Co.

      4,036          582,960  
       

 

 

  
       1,208,719  
       

 

 

  

Independent Power and Renewable Electricity Producers — 0.3%

 

Vistra Corp.

      4,276          642,811  
       

 

 

  
       642,811  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN ALL CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Industrial Conglomerates — 0.5%

 

Honeywell International, Inc.

      4,846        $ 1,095,341  
       

 

 

  
       1,095,341  
       

 

 

  

Industrial REITs — 0.1%

 

Rexford Industrial Realty, Inc.

      6,670          218,309  
       

 

 

  
       218,309  
       

 

 

  

Insurance — 3.4%

 

Aon PLC, Class A

      3,923          1,266,266  

Arthur J Gallagher & Co.

      3,643          789,001  

Assurant, Inc.

      1,622          353,288  

Chubb Ltd.

      4,645          1,513,945  

Everest Group Ltd.

      1,007          329,138  

Lincoln National Corp.

      8,006          284,213  

Principal Financial Group, Inc.

      5,727          516,060  

Progressive Corp.

      4,485          889,106  

Selective Insurance Group, Inc.

      3,988          300,655  

Willis Towers Watson PLC

      2,431          706,692  
       

 

 

  
       6,948,364  
       

 

 

  

Interactive Media & Services — 6.9%

 

Alphabet, Inc., Class A

      31,997          9,201,057  

Meta Platforms, Inc., Class A

      8,765          5,014,720  
       

 

 

  
        14,215,777  
       

 

 

  

IT Services — 0.9%

 

Accenture PLC, Class A

      4,468          885,960  

MongoDB, Inc.(1)

      1,519          371,806  

Okta, Inc.(1)

      6,891          542,390  
       

 

 

  
       1,800,156  
       

 

 

  

Life Sciences Tools & Services — 1.2%

 

ICON PLC(1)

      4,108          454,591  

Illumina, Inc.(1)

      3,613          445,338  

Repligen Corp.(1)

      4,152          489,189  

Waters Corp.(1)

      3,980          1,185,244  
       

 

 

  
       2,574,362  
       

 

 

  

Machinery — 1.8%

 

Caterpillar, Inc.

      2,520          1,785,319  

Nordson Corp.

      3,274          871,080  

Pentair PLC

      8,188          713,257  

RBC Bearings, Inc.(1)

      665          361,175  
       

 

 

  
       3,730,831  
       

 

 

  

Media — 0.3%

 

EchoStar Corp., Class A(1)

      5,034          589,330  
       

 

 

  
       589,330  
       

 

 

  

Multi-Utilities — 0.4%

 

Sempra

      9,253          899,114  
       

 

 

  
       899,114  
       

 

 

  

Office REITs — 0.1%

 

Highwoods Properties, Inc.

      12,858          275,290  
       

 

 

  
       275,290  
       

 

 

  

Oil, Gas & Consumable Fuels — 3.8%

 

Cheniere Energy, Inc.

      4,039          1,146,107  

ConocoPhillips

      17,808          2,350,656  

EQT Corp.

      6,710          427,024  

Exxon Mobil Corp.

      15,886          2,695,219  

Permian Resources Corp,Class A

      20,767          442,752  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN ALL CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Oil, Gas & Consumable Fuels — (continued)

 

Valero Energy Corp.

      3,224        $ 796,586  
       

 

 

  
       7,858,344  
       

 

 

  

Personal Care Products — 0.3%

 

e.l.f. Beauty, Inc.(1)

      1,154          69,944  

Kenvue, Inc.

      33,758          581,988  
       

 

 

  
       651,932  
       

 

 

  

Pharmaceuticals — 3.9%

 

Johnson & Johnson

      17,003          4,156,213  

Pfizer, Inc.

      136,907          3,844,349  
       

 

 

  
       8,000,562  
       

 

 

  

Professional Services — 1.2%

 

Jacobs Solutions, Inc.

      5,317          676,748  

Leidos Holdings, Inc.

      5,118          795,951  

TransUnion

      8,753          605,620  

Verisk Analytics, Inc.

      2,417          458,626  
       

 

 

  
       2,536,945  
       

 

 

  

Retail REITs — 0.6%

 

Federal Realty Investment Trust

      6,944          737,522  

NNN REIT, Inc.

      13,873          583,082  
       

 

 

  
       1,320,604  
       

 

 

  

Semiconductors & Semiconductor Equipment — 12.9%

 

Broadcom, Inc.

      18,458          5,712,936  

First Solar, Inc.(1)

      1,149          226,652  

KLA Corp.

      1,373          2,021,619  

Lam Research Corp.

      14,933          3,190,585  

MACOM Technology Solutions Holdings, Inc.(1)

      2,035          451,912  

NVIDIA Corp.

      86,448          15,076,531  
       

 

 

  
        26,680,235  
       

 

 

  

Software — 8.2%

 

Autodesk, Inc.(1)

      5,718          1,368,889  

Cadence Design Systems, Inc.(1)

      6,447          1,791,428  

Guidewire Software, Inc.(1)

      7,416          1,109,137  

HubSpot, Inc.(1)

      1,961          478,680  

Intuit, Inc.

      2,970          1,284,169  

JFrog Ltd.(1)

      6,448          302,605  

Microsoft Corp.

      26,996          9,993,109  

Tyler Technologies, Inc.(1)

      1,597          546,781  
       

 

 

  
       16,874,798  
       

 

 

  

Specialized REITs — 0.6%

 

Digital Realty Trust, Inc.

      5,086          916,548  

Smartstop Self Storage REIT, Inc.

      7,213          218,410  
       

 

 

  
       1,134,958  
       

 

 

  

Specialty Retail — 2.1%

 

Carvana Co.(1)

      3,536          1,111,647  

Floor & Decor Holdings, Inc., Class A(1)

      17,310          879,348  

TJX Cos., Inc.

      8,821          1,408,714  

Tractor Supply Co.

      20,123          911,572  
       

 

 

  
       4,311,281  
       

 

 

  

Technology Hardware, Storage & Peripherals — 6.3%

 

Apple, Inc.

      47,880          12,151,465  

Seagate Technology Holdings PLC

      2,158          845,418  
       

 

 

  
       12,996,883  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN ALL CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

        Shares        Value  

Common Stocks — (continued)

 

Textiles, Apparel & Luxury Goods — 0.4%

 

Amer Sports, Inc.(1)

 

        7,620        $ 250,850  

Birkenstock Holding PLC(1)

 

        11,653          417,527  

Columbia Sportswear Co.

 

        2,349          128,749  

Wolverine World Wide, Inc.

 

        6,948          113,391  
                           

 

 

  
       910,517  
                           

 

 

  

Tobacco — 0.6%

 

Philip Morris International, Inc.

 

        7,551          1,248,482  
                           

 

 

  
       1,248,482  
                           

 

 

  

Trading Companies & Distributors — 0.6%

 

Ferguson Enterprises, Inc.

 

        1,934          451,125  

WW Grainger, Inc.

 

        712          776,657  
                           

 

 

  
       1,227,782  
                           

 

 

  

Wireless Telecommunication Services — 0.8%

 

T-Mobile U.S., Inc.

 

        7,559          1,587,617  
                           

 

 

  
       1,587,617  
                           

 

 

  

Total Common Stocks
(Cost $169,672,933)

 

        205,238,348  
                           

 

 

  
         Principal
Amount		        Value  

Repurchase Agreements — 0.6%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,259,167, due 4/1/2026(2)

           $  1,259,129          1,259,129  
                           

 

 

  

Total Repurchase Agreements
(Cost $1,259,129)

 

        1,259,129  
                           

 

 

  

Total Investments — 100.0%
(Cost $170,932,062)

 

        206,497,477  
                           

 

 

  

Assets in excess of other liabilities — 0.0%

 

        3,398  
                           

 

 

  

Total Net Assets — 100.0%

 

      $  206,500,875  
                           

 

 

  

 

(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

      1.00 %      7/31/2028      $  1,368,500      $  1,284,376  

Legend:

REITs – Real Estate Investment Trusts

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN ALL CAP CORE VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2      Level 3      Total  

Common Stocks

    $ 205,238,348      $ —       $ —       $ 205,238,348  

Repurchase Agreements

      —         1,259,129        —         1,259,129  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $  205,238,348      $  1,259,129      $  —       $  206,497,477  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 63.9%

 

Aerospace & Defense — 1.1%

 

Axon Enterprise, Inc.(1)

      1,609        $ 683,326  

Northrop Grumman Corp.

      2,104          1,435,433  
       

 

 

  
        2,118,759  
       

 

 

  

Automobiles — 1.1%

 

Tesla, Inc.(1)

      5,328          1,980,684  
       

 

 

  
       1,980,684  
       

 

 

  

Banks — 1.3%

 

Wells Fargo & Co.

      30,756          2,448,485  
       

 

 

  
       2,448,485  
       

 

 

  

Biotechnology — 0.9%

 

AbbVie, Inc.

      2,418          525,891  

Vertex Pharmaceuticals, Inc.(1)

      2,420          1,080,627  
       

 

 

  
       1,606,518  
       

 

 

  

Broadline Retail — 2.2%

 

Amazon.com, Inc.(1)

      19,365          4,033,149  
       

 

 

  
       4,033,149  
       

 

 

  

Capital Markets — 3.7%

 

Bank of New York Mellon Corp.

      11,859          1,406,833  

Blackrock, Inc.

      1,490          1,432,948  

CME Group, Inc.

      4,017          1,186,421  

Goldman Sachs Group, Inc.

      1,245          1,053,258  

KKR & Co., Inc.

      20,014          1,851,295  
       

 

 

  
       6,930,755  
       

 

 

  

Chemicals — 1.0%

 

Celanese Corp.

      5,295          348,252  

Linde PLC

      2,119          1,050,516  

PPG Industries, Inc.

      3,632          388,188  
       

 

 

  
       1,786,956  
       

 

 

  

Commercial Services & Supplies — 1.1%

 

Clean Harbors, Inc.(1)

      4,815          1,380,605  

Waste Connections, Inc.

      3,914          635,790  
       

 

 

  
       2,016,395  
       

 

 

  

Construction Materials — 0.6%

 

James Hardie Industries PLC(1)

      55,618          1,053,405  
       

 

 

  
       1,053,405  
       

 

 

  

Containers & Packaging — 0.1%

 

Packaging Corp. of America

      1,008          213,918  
       

 

 

  
       213,918  
       

 

 

  

Distributors — 0.4%

 

Pool Corp.

      4,030          815,390  
       

 

 

  
       815,390  
       

 

 

  

Electrical Equipment — 0.7%

 

Eaton Corp. PLC

      1,845          659,901  

Regal Rexnord Corp.

      3,619          677,694  
       

 

 

  
       1,337,595  
       

 

 

  

Electronic Equipment, Instruments & Components — 1.3%

 

Celestica, Inc.(1)

      3,333          938,839  

Coherent Corp.(1)

      1,128          268,701  

Flex Ltd.(1)

      18,008          1,178,804  
       

 

 

  
       2,386,344  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Entertainment — 1.0%

 

Netflix, Inc.(1)

      5,192        $ 499,211  

Spotify Technology SA(1)

      853          413,628  

Walt Disney Co.

      10,196          982,691  
       

 

 

  
       1,895,530  
       

 

 

  

Financial Services — 1.8%

 

Mastercard, Inc., Class A

      6,533          3,264,279  
       

 

 

  
       3,264,279  
       

 

 

  

Health Care Equipment & Supplies — 1.5%

 

Boston Scientific Corp.(1)

      17,634          1,106,534  

Edwards Lifesciences Corp.(1)

      22,213          1,778,817  
       

 

 

  
       2,885,351  
       

 

 

  

Health Care Providers & Services — 0.5%

 

UnitedHealth Group, Inc.

      3,614          977,912  
       

 

 

  
       977,912  
       

 

 

  

Health Care REITs — 1.1%

 

Welltower, Inc.

      9,992          1,975,518  
       

 

 

  
       1,975,518  
       

 

 

  

Hotels, Restaurants & Leisure — 3.4%

 

Carnival Corp.

      105,552          2,731,686  

DoorDash, Inc., Class A(1)

      13,445          2,018,766  

Marriott International, Inc., Class A

      4,642          1,518,259  
       

 

 

  
       6,268,711  
       

 

 

  

Insurance — 1.2%

 

American International Group, Inc.

      28,790          2,166,447  
       

 

 

  
       2,166,447  
       

 

 

  

Interactive Media & Services — 5.5%

 

Alphabet, Inc., Class A

      26,468          7,611,138  

Meta Platforms, Inc., Class A

      4,654          2,662,693  
       

 

 

  
        10,273,831  
       

 

 

  

IT Services — 0.9%

 

Shopify, Inc., Class A(1)

      8,039          953,586  

Snowflake, Inc.(1)

      4,824          727,556  
       

 

 

  
       1,681,142  
       

 

 

  

Life Sciences Tools & Services — 1.0%

 

Danaher Corp.

      5,025          952,740  

ICON PLC(1)

      7,519          832,053  
       

 

 

  
       1,784,793  
       

 

 

  

Machinery — 0.5%

 

IDEX Corp.

      5,180          981,869  
       

 

 

  
       981,869  
       

 

 

  

Multi-Utilities — 2.1%

 

Sempra

      39,911          3,878,152  
       

 

 

  
       3,878,152  
       

 

 

  

Oil, Gas & Consumable Fuels — 2.9%

 

Exxon Mobil Corp.

      22,626          3,838,727  

Shell PLC, ADR

      16,138          1,500,834  
       

 

 

  
       5,339,561  
       

 

 

  

Pharmaceuticals — 2.3%

 

Eli Lilly & Co.

      2,418          2,224,004  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Pharmaceuticals — (continued)

 

Merck & Co., Inc.

      17,078        $ 2,054,312  
       

 

 

  
          4,278,316  
       

 

 

  

Semiconductors & Semiconductor Equipment — 11.4%

 

Broadcom, Inc.

      13,812          4,274,952  

KLA Corp.

      1,479          2,177,694  

Micron Technology, Inc.

      5,449          1,840,890  

NVIDIA Corp.

      64,599          11,266,066  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

      4,739          1,601,545  
       

 

 

  
           21,161,147  
       

 

 

  

Software — 5.2%

 

Autodesk, Inc.(1)

      2,853          683,008  

Figma, Inc., Class A(1)

      2,334          49,341  

Microsoft Corp.

      18,846          6,976,224  

Palantir Technologies, Inc., Class A(1)

      4,920          719,697  

Samsara, Inc., Class A(1)

      24,474          775,581  

Trimble, Inc.(1)

      7,464          486,877  
       

 

 

  
          9,690,728  
       

 

 

  

Specialty Retail — 1.1%

 

O’Reilly Automotive, Inc.(1)

      21,716          2,004,604  
       

 

 

  
          2,004,604  
       

 

 

  

Technology Hardware, Storage & Peripherals — 2.1%

 

Apple, Inc.

      15,702          3,985,011  
       

 

 

  
          3,985,011  
       

 

 

  

Tobacco — 1.2%

 

Philip Morris International, Inc.

      13,942          2,305,170  
       

 

 

  
          2,305,170  
       

 

 

  

Trading Companies & Distributors — 1.0%

 

Ferguson Enterprises, Inc.

      3,945          920,210  

WESCO International, Inc.

      3,190          872,848  
       

 

 

  
          1,793,058  
       

 

 

  

Wireless Telecommunication Services — 0.7%

 

T-Mobile U.S., Inc.

      6,694          1,405,941  
       

 

 

  
          1,405,941  
       

 

 

  

Total Common Stocks
(Cost $102,271,883)

           118,725,424  
       

 

 

  
     Principal
Amount		        Value  

Agency Mortgage-Backed Securities — 8.7%

 

Federal Home Loan Mortgage Corp.

        

2.00% due 5/1/2051

    $  736,759          601,529  

2.00% due 4/1/2052

      979,677          803,601  

2.50% due 7/1/2041

      302,109          272,321  

2.50% due 2/1/2042

      442,341          397,712  

2.50% due 7/1/2051

      811,577          695,138  

2.50% due 10/1/2051

      52,617          44,601  

2.50% due 11/1/2051

      322,755          275,701  

4.00% due 4/1/2047

      7,321          7,062  

4.00% due 11/1/2048

      96,539          92,600  

4.00% due 5/1/2049

      12,642          12,173  

4.00% due 7/1/2049

      15,555          15,013  

4.00% due 4/1/2052

      278,486          264,045  

4.50% due 1/1/2038

      77,857          77,417  

4.50% due 5/1/2038

      17,070          16,994  

4.50% due 11/1/2048

      19,287          18,917  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Agency Mortgage-Backed Securities — (continued)

 

4.50% due 8/1/2049

    $ 44,001        $ 43,219  

5.00% due 1/1/2053

      105,491          104,556  

5.50% due 6/1/2040

      331,643          341,117  

5.50% due 9/1/2052

      199,886          202,729  

5.50% due 2/1/2053

      19,123          19,285  

5.50% due 3/1/2053

      29,158          29,447  

5.50% due 5/1/2053

      43,916          44,281  

5.50% due 6/1/2053

      59,028          59,504  

5.50% due 7/1/2053

       366,156          369,167  

5.50% due 8/1/2053

      101,692          102,467  

5.50% due 9/1/2053

      28,250          28,621  

6.00% due 11/1/2053

      138,574          141,326  

6.50% due 11/1/2053

      247,551           256,221  

Federal National Mortgage Association

        

2.00% due 12/1/2050

      178,405          145,263  

2.50% due 2/1/2041

      51,569          46,661  

2.50% due 5/1/2051

      479,916          412,384  

3.00% due 6/1/2043

      186,402          171,262  

3.00% due 10/1/2051

      609,685          537,380  

3.50% due 8/1/2043

      184,949          174,696  

3.50% due 4/1/2052

      99,261          91,531  

4.00% due 3/1/2046

      7,650          7,373  

4.00% due 1/1/2049

      9,649          9,304  

4.00% due 8/1/2049

      6,402          6,171  

4.00% due 8/1/2051

      8,565          8,265  

4.00% due 10/1/2052

      107,534          101,821  

4.20% due 10/1/2030

      530,000          528,947  

4.22% due 9/1/2030

      520,419          520,428  

4.34% due 8/1/2030

      284,000          285,374  

4.40% due 9/1/2030

      330,000          331,590  

4.47% due 5/1/2030

      289,000          290,346  

4.50% due 4/1/2038

      290,654          289,369  

4.50% due 11/1/2048

      27,816          27,385  

4.50% due 10/1/2050

      14,200          13,953  

4.50% due 8/1/2052

      13,347          12,934  

4.50% due 9/1/2052

      28,680          27,956  

4.83% due 10/1/2030

      275,000          280,579  

5.00% due 8/1/2052

      542,450          538,976  

5.00% due 9/1/2052

      30,996          30,819  

5.00% due 10/1/2052

      19,936          19,817  

5.50% due 7/1/2040

      265,742          273,334  

5.50% due 1/1/2053

      116,664          117,692  

5.50% due 8/1/2053

      29,935          30,177  

6.00% due 9/1/2053

      343,029          351,432  

Freddie Mac Multifamily Structured Pass-Through Certificates

 

Series K-150, Class A2

        

3.71% due 9/25/2032(2)(3)

      78,000          74,898  

Series K-157, Class A2

        

3.99% due 5/25/2033(2)(3)

      125,000          123,680  

Series K-758, Class A2

        

4.68% due 10/25/2031(2)(3)

      100,000          101,563  

Government National Mortgage Association

 

2.00% due 12/20/2050

      349,365          288,775  

2.00% due 1/20/2051

      95,316          78,785  

2.00% due 2/20/2051

      317,473          262,414  

2.50% due 5/20/2051

      431,176          371,203  

2.50% due 7/20/2051

      441,033          379,663  

2.50% due 8/20/2051

      431,799          371,713  

3.00% due 1/20/2051

      395,838          355,209  

3.00% due 5/20/2051

      208,117          185,932  

3.50% due 1/20/2052

      359,493          332,766  

3.50% due 2/20/2052

      358,852          332,282  

4.00% due 4/20/2052

      68,116          64,386  

4.00% due 8/20/2052

      290,293          274,372  

4.00% due 4/20/2056(4)

      403,000          377,440  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Agency Mortgage-Backed Securities — (continued)

 

4.50% due 8/20/2048

    $ 139,897        $ 137,698  

5.50% due 4/20/2056(4)

      300,000          301,911  

Uniform Mortgage-Backed Security

        

4.00% due 4/1/2041(4)

      461,000          450,182  

4.00% due 4/1/2056(4)

      213,000          200,971  

4.50% due 4/1/2056(4)

      166,000          160,191  
       

 

 

  

Total Agency Mortgage-Backed Securities
(Cost $16,469,819)

            16,246,017  
       

 

 

  

Asset-Backed Securities — 0.4%

 

CF Hippolyta Issuer LLC

        

Series 2022-1A, Class A1

        

5.97% due 8/15/2062(5)

      95,855          95,253  

Chesapeake Funding II LLC

        

Series 2024-1A, Class A1

        

5.52% due 5/15/2036(5)

      80,837          81,644  

Enterprise Fleet Financing LLC

 

Series 2023-3, Class A2

        

6.40% due 3/20/2030(5)

      84,690          85,452  

Series 2024-3, Class A3

        

4.98% due 8/21/2028(5)

      300,000          302,477  

Kubota Credit Owner Trust

        

Series 2023-2A, Class A3

        

5.28% due 1/18/2028(5)

      90,438          90,994  

Navient Private Education Refi Loan Trust

        

Series 2023-A, Class A

        

5.51% due 10/15/2071(5)

      127,391          128,826  
       

 

 

  

Total Asset-Backed Securities
(Cost $781,077)

           784,646  
       

 

 

  

Corporate Bonds & Notes — 6.5%

 

Aerospace & Defense — 0.0%

 

Boeing Co.

        

5.705% due 5/1/2040

      35,000          35,055  
       

 

 

  
          35,055  
       

 

 

  

Agriculture — 0.4%

 

BAT Capital Corp.

        

5.35% due 8/15/2032

      75,000          76,959  

5.625% due 8/15/2035

      313,000          321,908  

7.079% due 8/2/2043

      15,000          16,488  

Philip Morris International, Inc.

        

4.25% due 10/29/2032

      153,000          148,215  

5.25% due 2/13/2034

      230,000          234,209  

Reynolds American, Inc.

        

5.85% due 8/15/2045

      10,000          9,685  
       

 

 

  
          807,464  
       

 

 

  

Airlines — 0.0%

 

United Airlines Pass-Through Trust

        

Series 2016-1, Class AA

        

3.10% due 7/7/2028

      33,089          32,219  
       

 

 

  
          32,219  
       

 

 

  

Auto Parts & Equipment — 0.1%

 

LG Energy Solution Ltd.

        

5.25% due 4/2/2031(5)

      200,000          199,380  
       

 

 

  
          199,380  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Commercial Banks — 1.3%

 

Citizens Financial Group, Inc.

        

6.645% (6.645% fixed rate until 4/25/2034; 1 day USD SOFR + 2.33% thereafter)
due 4/25/2035(3)

    $  325,000        $ 348,323  

Commonwealth Bank of Australia

        

5.071% due 9/14/2028(5)

      250,000          256,261  

Goldman Sachs Group, Inc.

        

4.148% (4.148% fixed rate until 1/21/2028; 1 day USD SOFR + 0.71% thereafter)
due 1/21/2029(3)

      248,000          246,470  

4.516% (4.516% fixed rate until 1/21/2031; 1 day USD SOFR + 0.96% thereafter)
due 1/21/2032(3)

      80,000          78,787  

HSBC Holdings PLC

        

4.675% (4.675% fixed rate until 3/10/2031; 1 day USD SOFR + 1.21% thereafter)
due 3/10/2032(3)

      200,000          197,350  

JPMorgan Chase & Co.

        

4.912% (4.912% fixed rate until 7/25/2032; 1 day USD SOFR + 2.08% thereafter)
due 7/25/2033(3)

      415,000          415,286  

5.103% (5.103% fixed rate until 4/22/2030; 1 day USD SOFR + 1.44% thereafter)
due 4/22/2031(3)

      84,000          85,525  

5.14% (5.14% fixed rate until 1/24/2030; 1 day USD SOFR + 1.01% thereafter)
due 1/24/2031(3)

      125,000          127,288  

5.572% (5.572% fixed rate until 4/22/2035; 1 day USD SOFR + 1.68% thereafter)
due 4/22/2036(3)

      409,000          421,468  

Morgan Stanley

        

4.238% (4.238% fixed rate until 1/9/2029; 1 day USD SOFR + 0.80% thereafter)
due 1/9/2030(3)

      130,000          128,688  

4.654% (4.654% fixed rate until 10/18/2029; 1 day USD SOFR + 1.10% thereafter)
due 10/18/2030(3)

      161,000          160,934  
       

 

 

  
           2,466,380  
       

 

 

  

Electric — 0.9%

 

AEP Texas, Inc.

        

Series Q

        

5.20% due 4/15/2036

      35,000          34,421  

CenterPoint Energy Houston Electric LLC

        

Series AR

        

4.85% due 4/1/2036

      165,000          161,583  

Duke Energy Corp.

        

4.95% due 9/15/2035

      45,000          43,868  

Duke Energy Florida LLC

        

4.20% due 12/1/2030

      45,000          44,506  

4.85% due 12/1/2035

      55,000          53,982  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Electric — (continued)

 

Duke Energy Indiana LLC

        

Series DDDD

        

4.95% due 3/15/2036

    $ 10,000        $ 9,845  

FirstEnergy Pennsylvania Electric Co.

        

3.60% due 6/1/2029(5)

      34,000          33,017  

5.20% due 4/1/2028(5)

      10,000          10,142  

Ohio Edison Co.

        

4.95% due 12/15/2029(5)

      20,000          20,203  

Pacific Gas and Electric Co.

        

4.75% due 2/15/2044

      60,000          49,991  

4.95% due 7/1/2050

       421,867          349,465  

5.20% due 5/1/2036

      10,000          9,746  

6.00% due 5/1/2056

      10,000          9,490  

Public Service Co. of Colorado

        

4.15% due 3/13/2029

      105,000          104,700  

Public Service Co. of Oklahoma

        

5.45% due 1/15/2036

      175,000          176,123  

Southern California Edison Co.

        

4.00% due 4/1/2047

      128,000          95,095  

4.65% due 10/1/2043

      122,000          102,027  

4.80% due 3/15/2033

      125,000          122,767  

6.20% due 9/15/2055

      6,000          5,950  

Southwestern Electric Power Co.

        

5.20% due 4/1/2036

      143,000          140,619  
       

 

 

  
          1,577,540  
       

 

 

  

Food — 0.6%

 

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings

        

3.00% due 5/15/2032

      80,000          71,091  

5.50% due 1/15/2036

      132,000          132,061  

5.625% due 3/10/2037(5)

      135,000          135,423  

5.75% due 4/1/2033

      60,000          61,934  

5.95% due 4/20/2035

      40,000          41,523  

6.25% due 3/1/2056

      65,000          63,720  

6.375% due 4/15/2066

      155,000          152,096  

6.75% due 3/15/2034

      25,000          27,496  

Mars, Inc.

        

5.20% due 3/1/2035(5)

      187,000          188,780  

5.65% due 5/1/2045(5)

      117,000          115,539  

5.70% due 5/1/2055(5)

      104,000          101,407  
       

 

 

  
           1,091,070  
       

 

 

  

Healthcare-Services — 0.1%

 

Providence St. Joseph Health Obligated Group

        

5.403% due 10/1/2033

      110,000          112,156  

Sutter Health

        

Series 20A

        

2.294% due 8/15/2030

      25,000          22,777  
       

 

 

  
          134,933  
       

 

 

  

Insurance — 0.5%

 

Athene Global Funding

        

5.583% due 1/9/2029(5)

      175,000          176,609  

Fortitude Global Funding

        

4.625% due 10/6/2028(5)

      125,000          123,731  

Protective Life Global Funding

        

5.432% due 1/14/2032(5)

      185,000          189,448  

RGA Global Funding

        

4.35% due 8/25/2028(5)

      205,000          203,900  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

 

Insurance — (continued)

 

Sammons Financial Group Global Funding

        

4.95% due 6/12/2030(5)

    $  260,000        $ 260,082  
       

 

 

  
          953,770  
       

 

 

  

Internet — 0.1%

 

Amazon.com, Inc.

        

4.875% due 3/13/2036

      70,000          69,362  

5.65% due 3/13/2046

      35,000          34,879  

5.95% due 3/13/2066

      60,000          60,197  
       

 

 

  
           164,438  
       

 

 

  

Oil & Gas — 0.3%

 

Diamondback Energy, Inc.

        

3.50% due 12/1/2029

      76,000          73,333  

5.75% due 4/18/2054

      200,000          189,148  

Saudi Arabian Oil Co.

        

5.375% due 6/2/2035(5)

      240,000          238,611  
       

 

 

  
          501,092  
       

 

 

  

Pharmaceuticals — 0.1%

 

Novartis Capital Corp.

        

4.60% due 3/18/2033

      135,000          134,426  
       

 

 

  
          134,426  
       

 

 

  

Pipelines — 0.4%

 

Columbia Pipelines Holding Co. LLC

        

4.999% due 11/17/2032(5)

      45,000          44,704  

5.097% due 10/1/2031(5)

      75,000          75,405  

Columbia Pipelines Operating Co. LLC

        

5.927% due 8/15/2030(5)

      120,000          125,605  

Gray Oak Pipeline LLC

        

3.45% due 10/15/2027(5)

      15,000          14,714  

Greensaif Pipelines Bidco SARL

        

5.853% due 2/23/2036(5)

      200,000          200,445  

Whistler Pipeline LLC

        

5.40% due 9/30/2029(5)

      193,000          197,698  

5.70% due 9/30/2031(5)

      130,000          133,533  
       

 

 

  
          792,104  
       

 

 

  

Real Estate Investment Trusts — 0.5%

 

American Tower Trust I

        

5.49% due 3/15/2028(5)

      315,000          318,494  

Healthpeak OP LLC

        

4.75% due 1/15/2033

      175,000          171,185  

5.375% due 2/15/2035

      150,000          150,462  

Kilroy Realty LP

        

2.65% due 11/15/2033

      95,000          75,458  

5.875% due 10/15/2035

      199,000          191,852  

WEA Finance LLC

        

2.875% due 1/15/2027(5)

      20,000          19,752  

3.50% due 6/15/2029(5)

      45,000          43,484  
       

 

 

  
          970,687  
       

 

 

  

Semiconductors — 0.5%

 

Foundry JV Holdco LLC

        

5.90% due 1/25/2033(5)

      400,000          411,245  

6.30% due 1/25/2039(5)

      200,000          208,320  

Intel Corp.

        

4.60% due 3/25/2040

      307,000          270,713  
       

 

 

  
          890,278  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Corporate Bonds & Notes — (continued)

        

Software — 0.4%

        

Oracle Corp.

        

3.60% due 4/1/2050

    $  175,000        $ 105,652  

3.95% due 3/25/2051

      35,000          22,178  

4.00% due 7/15/2046

      5,000          3,367  

4.00% due 11/15/2047

      10,000          6,618  

4.55% due 2/4/2029

      70,000          69,115  

5.375% due 9/27/2054

      20,000          15,471  

5.55% due 2/6/2053

      25,000          19,947  

5.875% due 9/26/2045

      17,000          14,667  

6.00% due 8/3/2055

      15,000          12,576  

6.55% due 2/4/2046

      50,000          46,648  

6.85% due 2/4/2066

      60,000          55,159  

Salesforce, Inc.

        

4.65% due 3/15/2029

      175,000          175,362  

4.90% due 9/15/2031

      175,000          174,752  
       

 

 

  
          721,512  
       

 

 

  

Telecommunications — 0.3%

 

AT&T, Inc.

        

5.55% due 11/1/2045

      165,000          156,205  

5.85% due 4/30/2046

      81,000          78,932  

T-Mobile USA, Inc.

        

5.05% due 7/15/2033

      110,000          110,762  

5.125% due 5/15/2032

      188,000          190,700  
       

 

 

  
          536,599  
       

 

 

  

Total Corporate Bonds & Notes
(Cost $12,094,037)

            12,008,947  
       

 

 

  

Municipals — 0.5%

 

Chicago Transit Authority Sales & Transfer Tax Receipts Revenue

        

Series A

        

6.899% due 12/1/2040

      45,231          50,508  

Dallas Fort Worth International Airport

        

Series A

        

4.087% due 11/1/2051

      100,000          80,808  

Metropolitan Transportation Authority

        

Series C2

        

5.175% due 11/15/2049

      10,000          9,330  

Municipal Electric Authority of Georgia

        

Series A

        

6.637% due 4/1/2057

      144,000          154,373  

Regents of the University of California Medical Center Pooled Revenue

        

Series N

        

3.006% due 5/15/2050

      125,000          81,911  

State of Illinois

        

5.10% due 6/1/2033

      545,343          555,491  

Texas Natural Gas Securitization Finance Corp.

        

5.169% due 4/1/2041

      35,000          35,447  
       

 

 

  

Total Municipals
(Cost $1,023,173)

           967,868  
       

 

 

  

Non-Agency Mortgage-Backed Securities — 1.3%

 

BX Trust

        

Series 2025-ARIA, Class A

        

5.031% due 12/13/2042(2)(3)(5)

      50,000          50,263  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

March 31, 2026 (unaudited)

           Principal
Amount		        Value  

Non-Agency Mortgage-Backed Securities — (continued)

 

Fannie Mae REMIC

           

Series 2019-42, Class LA

           

3.00% due 8/25/2049

       $ 208,480        $ 191,669  

Series 2020-27, Class HC

           

1.50% due 10/25/2049

         311,374          245,942  

Ginnie Mae REMIC

           

Series 2021-215, Class KA

           

2.50% due 10/20/2049

         225,608          201,321  

GS Mortgage-Backed Securities Trust

           

Series 2026-DSC1, Class A1

           

4.725% due 5/25/2066(2)(3)(5)

         261,861          259,449  

Pretium Mortgage Credit Partners LLC

 

Series 2025-RPL2, Class A1

           

4.00% due 8/25/2064(2)(3)(5)

         231,287          224,362  

Series 2025-RPL6, Class A1

           

3.85% due 9/25/2069(2)(3)(5)

         353,162          350,057  

Series 2026-RPL1, Class A1

           

4.15% due 1/25/2070(2)(3)(5)

         185,311          179,489  

PRPM Trust

           

Series 2026-RCF1, Class A1

           

4.845% due 1/25/2056(2)(3)(5)

         95,121          94,591  

RFR Trust

           

Series 2025-SGRM, Class A

           

5.379% due 3/11/2041(2)(3)(5)

         174,333          176,389  

Verus Securitization Trust

           

Series 2025-R2, Class A1

           

5.086% due 7/25/2067(2)(3)(5)

         293,984          293,040  

Series 2026-R2, Class A1

           

5.389% due 10/25/2067(2)(3)(5)

         150,000          149,850  
          

 

 

  

Total Non-Agency Mortgage-Backed Securities
(Cost $2,437,660)

 

         2,416,422  
          

 

 

  

Foreign Government — 0.1%

 

Israel Government International Bonds

           

5.375% due 3/12/2029

      USD        220,000          223,204  
          

 

 

  

Total Foreign Government
(Cost $219,274)

 

        223,204  
          

 

 

  

U.S. Government Securities — 17.3%

 

U.S. Treasury Bonds

 

2.25% due 2/15/2052

         566,900          341,646  

2.375% due 5/15/2051

         358,700          224,398  

2.50% due 2/15/2045

         153,100          107,367  

2.50% due 2/15/2046

         460,700          317,847  

3.00% due 11/15/2044

         70,500          53,982  

3.25% due 5/15/2042

         25,000          20,600  

3.375% due 8/15/2042

         29,600          24,724  

3.625% due 2/15/2053

          385,000          308,993  

3.625% due 5/15/2053

         232,300          186,267  

3.875% due 2/15/2043

         544,700          483,996  

3.875% due 5/15/2043

         536,200          475,228  

4.00% due 11/15/2042

         796,900          721,101  

4.00% due 11/15/2052

         389,300          334,479  

4.125% due 8/15/2044

         334,800          303,753  

4.125% due 8/15/2053

         148,300          130,052  

4.25% due 2/15/2054

         38,700          34,667  

4.375% due 8/15/2043

         478,600          451,735  

4.50% due 2/15/2044

         392,900          375,726  

4.50% due 11/15/2054

         211,400          197,494  

4.625% due 5/15/2044

         418,200          405,572  

4.625% due 11/15/2044

         382,000          369,630  

4.625% due 11/15/2045

         70,900          68,385  

4.625% due 2/15/2046

         422,800          407,606  

4.625% due 5/15/2054

         312,700          298,152  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

U.S. Government Securities — (continued)

 

4.625% due 11/15/2055

    $ 368,300        $ 351,899  

4.75% due 11/15/2043

      435,700          430,458  

4.75% due 11/15/2053

      377,800          367,337  

4.75% due 5/15/2055

      436,200          424,733  

4.75% due 8/15/2055

      156,900          152,904  

4.75% due 2/15/2056

      407,200          397,147  

5.00% due 5/15/2045

      108,600          110,013  

U.S. Treasury Notes

        

3.375% due 11/30/2027

      352,800          350,195  

3.375% due 12/31/2027

      1,011,600          1,003,815  

3.375% due 2/29/2028

      1,494,400          1,482,608  

3.375% due 9/15/2028

      610,700          604,402  

3.50% due 10/31/2027

      463,200          460,721  

3.50% due 1/31/2028

      1,600,500          1,591,372  

3.50% due 1/15/2029

      266,900          264,627  

3.50% due 9/30/2029

      479,300          473,533  

3.50% due 11/30/2030

      160,300          157,351  

3.50% due 2/28/2031

      1,058,000          1,037,501  

3.625% due 8/31/2027

      670,000          668,011  

3.625% due 8/31/2029

      459,600          456,081  

3.625% due 8/31/2030

      693,700          685,191  

3.625% due 10/31/2030

      602,000          594,216  

3.625% due 12/31/2030

      415,800          410,148  

3.75% due 8/15/2027

      282,900          282,546  

3.75% due 1/31/2031

      833,800          826,700  

3.75% due 8/31/2031

      438,700          433,251  

3.75% due 10/31/2032

      28,600          28,005  

3.75% due 11/30/2032

      78,800          77,122  

3.875% due 7/31/2027

      493,200          493,393  

3.875% due 10/15/2027

      141,500          141,588  

3.875% due 12/31/2029

      147,100          147,002  

3.875% due 4/30/2030

      489,200          488,665  

3.875% due 6/30/2030

      448,600          447,917  

3.875% due 7/31/2030

      351,300          350,710  

3.875% due 8/31/2032

      227,100          224,252  

3.875% due 12/31/2032

      389,300          383,658  

4.00% due 12/15/2027

      491,300          492,624  

4.00% due 1/31/2029

      123,000          123,557  

4.00% due 7/31/2029

      310,500          311,883  

4.00% due 10/31/2029

      441,900          443,661  

4.00% due 2/28/2030

      306,500          307,661  

4.00% due 3/31/2030

      407,700          409,165  

4.00% due 5/31/2030

      793,600          796,297  

4.00% due 7/31/2032

      228,200          227,050  

4.00% due 1/31/2033

      619,000          614,261  

4.00% due 11/15/2035

      138,900          135,493  

4.125% due 9/30/2027

      373,400          374,932  

4.125% due 10/31/2029

      24,400          24,600  

4.125% due 11/30/2029

      429,200          432,754  

4.125% due 3/31/2032

      86,100          86,403  

4.125% due 5/31/2032

      77,300          77,502  

4.125% due 2/15/2036

      1,604,300          1,579,233  

4.25% due 1/15/2028

      279,800          281,778  

4.25% due 6/30/2029

      609,000          616,375  

4.375% due 7/15/2027

      514,500          517,997  

4.375% due 12/31/2029

      340,200          345,954  

4.50% due 5/31/2029

      378,600          385,935  

4.625% due 4/30/2031

      12,600          12,974  
       

 

 

  

Total U.S. Government Securities
(Cost $32,732,050)

            32,040,561  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Exchange-Traded Funds — 0.4%

      

State Street SPDR S&P 500 ETF Trust

      1,037      $ 674,403  
     

 

 

  

Total Exchange-Traded Funds
(Cost $682,335)

         674,403  
     

 

 

  
     Principal
Amount		      Value  

U.S. Treasury Bills — 0.5%

      

U.S. Treasury Bills

      

3.833% due 5/12/2026(6)

    $ 900,000        896,281  
     

 

 

  

Total U.S. Treasury Bills
(Cost $896,287)

         896,281  
     

 

 

  

Repurchase Agreements — 1.5%

      

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $2,823,955,
due 4/1/2026(7)

      2,823,872        2,823,872  
     

 

 

  

Total Repurchase Agreements
(Cost $2,823,872)

         2,823,872  
     

 

 

  

Total Investments Before TBA Sale Commitments — 101.1%
(Cost $172,431,467)

         187,807,645  
     

 

 

  

TBA Sale Commitments

      

Agency Mortgage-Backed Securities — (0.9)%

      

Government National Mortgage Association

      

3.00% due 4/20/2056(4)

      (128,000 )       (114,252 ) 

4.00% due 4/20/2056(4)

      (403,000 )       (377,440 ) 

4.00% due 5/20/2056(4)

      (403,000 )       (377,220 ) 

Uniform Mortgage-Backed Security

      

4.00% due 4/1/2056(4)

      (213,000 )       (200,971 ) 

4.50% due 4/1/2040(4)

      (359,000 )       (356,414 ) 

4.50% due 4/1/2056(4)

      (166,000 )       (160,191 ) 
     

 

 

  

Total TBA Sale Commitments
(Proceeds $1,598,251)

         (1,586,488 ) 
     

 

 

  

Liabilities in excess of other assets — (0.2)%

         (528,204 ) 
     

 

 

  

Total Net Assets — 100.0%

       $  185,692,953  
     

 

 

  

 

(1)

Non–income–producing security.

(2)

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

(3)

Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(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 March 31, 2026, the aggregate market value of these securities amounted to $6,608,068, representing 3.6% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(6)

Interest rate shown reflects the discount rate at time of purchase.

(7)

The table below presents collateral for repurchase agreements.

 

Security

    Coupon      Maturity
Date		        Principal
Amount		        Value  

U.S. Treasury Note

      1.00 %       7/31/2028        $  3,069,100        $  2,880,381  

Open futures contracts at March 31, 2026:

 

Type

    Expiration        Contracts        Position        Notional
Amount		        Notional
Value		        Unrealized
Appreciation
(Depreciation)		  

U.S. 10-Year Treasury Note

      June 2026          7          Long        $ 775,935        $ 777,328        $ 1,393  

U.S. 2-Year Treasury Note

      June 2026          1          Long          210,290          207,445          (2,845 ) 
                 

 

 

       

 

 

       

 

 

  

Total

                   $  986,225        $  984,773        $ (1,452 ) 
                 

 

 

       

 

 

       

 

 

  

Legend:

ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

REMIC – Real Estate Mortgage Investment Conduit

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN BALANCED ALLOCATION VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

Assets (unaudited)    — Valuation Inputs —  

Investments in Securities

    Level 1     Level 2     Level 3      Total  

Common Stocks

    $ 118,725,424     $ —      $ —       $ 118,725,424  

Agency Mortgage-Backed Securities

      —        16,246,017       —         16,246,017  

Asset-Backed Securities

      —        784,646       —         784,646  

Corporate Bonds & Notes

      —        12,008,947       —         12,008,947  

Municipals

      —        967,868       —         967,868  

Non-Agency Mortgage-Backed Securities

      —        2,416,422       —         2,416,422  

Foreign Government

      —        223,204       —         223,204  

U.S. Government Securities

      —        32,040,561       —         32,040,561  

Exchange-Traded Funds

      674,403       —        —         674,403  

U.S. Treasury Bills

      —        896,281       —         896,281  

Repurchase Agreements

      —        2,823,872       —         2,823,872  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ 119,399,827     $ 68,407,818     $ —       $ 187,807,645  
  

 

 

    

 

 

    

 

 

     

 

 

  

Other Financial Instruments

 

Futures Contracts

    $ 1,393     $ —      $ —       $ 1,393  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Assets

    $  119,401,220     $  68,407,818     $ —       $  187,809,038  
  

 

 

    

 

 

    

 

 

     

 

 

  

Liabilities

          

Futures Contracts

    $ (2,845 )    $ —      $ —       $ (2,845 ) 

TBA Sale Commitments

      —        (1,586,488 )      —         (1,586,488 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Liabilities

    $ (2,845 )    $ (1,586,488 )    $ —       $ (1,589,333 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Agency Mortgage-Backed Securities — 16.0%

 

Federal Home Loan Mortgage Corp.

 

1.50% due 4/1/2036

    $ 183,590        $ 165,660  

2.00% due 11/1/2035

      3,201,688           2,953,687  

2.00% due 8/1/2050

      18,846          15,481  

2.00% due 9/1/2050

      14,333          11,676  

2.00% due 1/1/2051

      17,247          14,114  

2.00% due 7/1/2051

      67,832          55,048  

2.00% due 1/1/2052

      480,659          394,483  

2.00% due 3/1/2052

      879,550          718,307  

2.50% due 2/1/2050

      342,347          291,901  

2.50% due 5/1/2051

      613,848          526,756  

4.00% due 10/1/2037

      280,212          274,084  

4.00% due 6/1/2052

      1,514,617          1,432,645  

5.00% due 11/1/2053

      446,977          447,811  

5.00% due 4/1/2054

      53,286          53,071  

5.50% due 9/1/2053

      3,327,175          3,367,089  

6.00% due 10/1/2053

      2,631,555          2,694,960  

6.00% due 8/1/2055

      764,545          794,988  

Federal National Mortgage Association

        

1.50% due 4/1/2036

      145,692          131,464  

1.50% due 6/1/2036

      440,128          396,184  

2.00% due 8/1/2050

      24,271          19,742  

2.00% due 9/1/2050

      25,455          20,706  

2.00% due 10/1/2050

      59,819          48,505  

2.00% due 11/1/2050

      56,915          46,324  

2.00% due 12/1/2050

      51,698          42,151  

2.00% due 1/1/2051

      107,810          87,732  

2.00% due 2/1/2051

      16,465          13,526  

2.00% due 4/1/2051

      80,673          65,506  

2.00% due 7/1/2051

      80,319          65,063  

2.00% due 8/1/2051

      17,578          14,472  

2.00% due 11/1/2051

      49,995          40,975  

2.50% due 2/1/2037

      1,129,232          1,067,571  

2.50% due 12/1/2049

      758,564          645,741  

2.50% due 5/1/2051

      1,458,724          1,253,654  

2.50% due 4/1/2052

      1,468,941          1,260,513  

3.00% due 6/1/2051

      235,390          210,970  

3.00% due 3/1/2052

      114,482          102,172  

3.00% due 4/1/2052

      97,345          86,704  

3.50% due 10/1/2052

      2,792,624          2,562,940  

5.00% due 8/1/2052

      459,438          459,284  

5.00% due 3/1/2054

      50,359          50,179  

5.50% due 1/1/2054

      860,341          866,302  

6.00% due 9/1/2053

      214,101          219,583  

6.00% due 5/1/2055

      184,101          191,321  

6.00% due 7/1/2055

      288,080          294,217  

6.00% due 8/1/2055

      329,416          341,728  

6.50% due 12/1/2053

      290,226          306,485  

6.50% due 8/1/2055

      596,805          630,622  

Government National Mortgage Association

        

2.00% due 10/20/2050

      3,841,601          3,177,172  

2.50% due 4/20/2050

      1,599,434          1,378,986  

2.50% due 12/20/2051

      237,708          204,641  

2.50% due 6/20/2052

      140,631          121,068  

3.00% due 5/20/2052

      1,670,190          1,492,146  

3.50% due 8/20/2047

      513,870          484,328  

3.50% due 7/20/2052

      508,117          469,868  

3.50% due 8/20/2052

      323,919          299,297  

3.50% due 10/20/2052

      91,303          84,415  

4.00% due 10/20/2055

      395,679          370,921  

4.50% due 11/20/2054

      1,074,800          1,040,355  

5.00% due 4/20/2056(1)

      850,000          841,757  

5.50% due 2/20/2055

      652,503          657,535  

5.50% due 3/20/2055

      441,051          444,415  

5.50% due 4/20/2056(1)

      175,000          176,115  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Agency Mortgage-Backed Securities — (continued)

 

5.50% due 5/20/2056(1)

    $ 150,000        $ 150,651  

6.00% due 4/20/2056(1)

      800,000          813,445  

6.00% due 5/20/2056(1)

      1,600,000           1,624,952  

Uniform Mortgage-Backed Security

        

2.00% due 4/1/2056(1)

      5,625,000          4,529,443  

2.00% due 5/1/2056(1)

      1,000,000          804,961  

2.50% due 4/1/2056(1)

      300,000          252,188  

3.00% due 4/1/2056(1)

      1,300,000          1,141,633  

4.50% due 4/1/2056(1)

      1,450,000          1,399,258  

5.00% due 4/1/2040(1)

      750,000          755,477  

5.00% due 5/1/2041(1)

      450,000          452,864  

5.00% due 4/1/2056(1)

      750,000          739,595  

5.50% due 4/1/2056(1)

      1,000,000          1,004,606  

6.00% due 5/1/2056(1)

      1,100,000          1,119,929  

6.50% due 4/1/2056(1)

      175,000          181,038  
       

 

 

  

Total Agency Mortgage-Backed Securities
(Cost $51,627,698)

 

        51,967,156  
       

 

 

  

Asset-Backed Securities — 9.9%

 

AASET LLC

 

Series 2022-1A, Class A

 

6.00% due 5/16/2047(2)

      1,077,605          1,094,398  

Aimco CLO 20 Ltd.

        

Series 2023-20A, Class A1R

 

4.881% (3 mo. USD Term SOFR + 1.21%) due 10/16/2038(2)(3)

      1,250,000          1,249,024  

Allegro CLO XIII Ltd.

        

Series 2021-1A, Class A1R

 

5.008% (3 mo. USD Term SOFR + 1.34%) due 7/20/2038(2)(3)

      250,000          250,233  

ALTDE Trust

        

Series 2025-1A, Class A

 

5.90% due 8/15/2050(2)

      694,261          698,400  

Ares LIV CLO Ltd.

        

Series 2019-54A, Class AR2

 

4.982% (3 mo. USD Term SOFR + 1.31%) due 7/15/2038(2)(3)

      250,000          249,901  

Ares LVIII CLO Ltd.

        

Series 2020-58A, Class A1R2

 

4.912% (3 mo. USD Term SOFR + 1.24%) due 4/15/2038(2)(3)

      263,000          262,298  

Ares LXX CLO Ltd.

        

Series 2023-70A, Class A1R

 

4.918% (3 mo. USD Term SOFR + 1.25%) due 1/25/2039(2)(3)

      250,000          249,930  

Ares LXXVI CLO Ltd.

        

Series 2025-76A, Class A1

 

5.072% (3 mo. USD Term SOFR + 1.40%) due 5/27/2038(2)(3)

      563,000          563,166  

Ares XXXIV CLO Ltd.

        

Series 2015-2A, Class A1R4

 

4.958% (3 mo. USD Term SOFR + 1.29%) due 7/17/2038(2)(3)

      343,000          342,736  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Asset-Backed Securities — (continued)

 

Bain Capital Credit CLO Ltd.

        

Series 2023-2A, Class A1R

 

4.988% (3 mo. USD Term SOFR + 1.32%) due 7/18/2038(2)(3)

    $ 261,000        $ 260,859  

Series 2023-4A, Class A1R

 

4.96% (3 mo. USD Term SOFR + 1.23%) due 1/21/2039(2)(3)

      256,000          255,381  

BCRED BSL Static CLO Ltd.

        

Series 2025-1A, Class AR

 

4.918% (3 mo. USD Term SOFR + 1.25%) due 7/24/2035(2)(3)

      185,220          185,259  

Benefit Street Partners CLO 43 Ltd.

 

Series 2025-43A, Class A

 

5.072% (3 mo. USD Term SOFR + 1.27%) due 10/20/2038(2)(3)

      250,000          249,888  

Benefit Street Partners CLO 44 Ltd.

 

Series 2025-44A, Class A1

 

4.944% (3 mo. USD Term SOFR + 1.22%) due 1/15/2039(2)(3)

      250,000          249,401  

Benefit Street Partners CLO XXXIII Ltd.

 

Series 2023-33A, Class AR

 

4.854% (3 mo. USD Term SOFR + 1.19%) due 1/25/2039(2)(3)

      250,000          249,667  

Carlyle U.S. CLO Ltd.

 

Series 2025-6A, Class A1

 

4.879% (3 mo. USD Term SOFR + 1.22%) due 1/20/2039(2)(3)

      250,000          249,362  

Cedar Funding XII CLO Ltd.

 

Series 2020-12A, Class ARR

 

4.868% (3 mo. USD Term SOFR + 1.20%) due 1/25/2038(2)(3)

      100,000          99,925  

CIFC Funding Ltd.

 

Series 2019-5A, Class A1R2

 

4.942% (3 mo. USD Term SOFR + 1.27%) due 10/15/2038(2)(3)

      2,250,000           2,245,963  

Series 2025-6A, Class A1

 

5.11% (3 mo. USD Term SOFR + 1.25%) due 10/23/2038(2)(3)

      152,000          151,545  

DB Master Finance LLC

        

Series 2021-1A, Class A2I

 

2.045% due 11/20/2051(2)

      105,325          103,682  

Series 2021-1A, Class A2II

 

2.493% due 11/20/2051(2)

      928,775          874,442  

Series 2025-1A, Class A2I

 

4.891% due 8/20/2055(2)

      184,538          182,779  

Series 2025-1A, Class A2II

 

5.165% due 8/20/2055(2)

      149,625          147,341  

Domino’s Pizza Master Issuer LLC

        

Series 2017-1A, Class A23

 

4.118% due 7/25/2047(2)

      1,085,700          1,078,237  

Series 2018-1A, Class A2II

 

4.328% due 7/25/2048(2)

      506,913          503,254  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		     
Value		  

Asset-Backed Securities — (continued)

 

Flatiron CLO 31 Ltd.

 

Series 2025-31A, Class A1

 

4.897% (3 mo. USD Term SOFR + 1.20%) due 1/18/2039(2)(3)

    $ 250,000      $ 249,397  

Flatiron CLO 32 Ltd.

 

Series 2025-32A, Class A1

 

4.959% (3 mo. USD Term SOFR + 1.29%) due 10/22/2038(2)(3)

      250,000        249,545  

Flatiron RR CLO 30 Ltd.

 

Series 2025-30A, Class A1

 

4.832% (3 mo. USD Term SOFR + 1.16%) due 4/15/2038(2)(3)

      262,000        261,174  

GGAM Master Trust International Ltd.

 

Series 2025-1A, Class A

 

5.923% due 9/30/2060(2)

      471,761        470,062  

GoldenTree Loan Management U.S. CLO 28 Ltd.

 

Series 2026-28A, Class A

 

4.837% (3 mo. USD Term SOFR + 1.17%) due 10/20/2039(2)(3)

      131,000        131,000  

Green Lakes Park CLO LLC

 

Series 2025-1A, Class ARR

 

4.848% (3 mo. USD Term SOFR + 1.18%) due 1/25/2038(2)(3)

      2,000,000        1,991,046  

Horizon Aircraft Finance II Ltd.

 

Series 2019-1, Class A

 

3.721% due 7/15/2039(2)

      803,739        797,680  

Jersey Mike’s Funding LLC

 

Series 2024-1A, Class A2

 

5.636% due 2/15/2055(2)

      346,500        350,421  

Series 2025-1A, Class A2

 

5.61% due 8/16/2055(2)

      144,275        146,427  

Lakeside Park CLO Ltd.

 

Series 2025-1A, Class A

 

4.822% (3 mo. USD Term SOFR + 1.15%) due 4/15/2038(2)(3)

      250,000        249,212  

Magnetite XLV Ltd.

 

Series 2025-45A, Class A1

 

4.822% (3 mo. USD Term SOFR + 1.15%) due 4/15/2038(2)(3)

      184,000        183,249  

Magnetite XXVI Ltd.

 

Series 2020-26A, Class AR2

 

4.818% (3 mo. USD Term SOFR + 1.15%) due 1/25/2038(2)(3)

      1,500,000         1,495,410  

Magnetite XXXVI Ltd.

 

Series 2023-36A, Class AR

 

4.988% (3 mo. USD Term SOFR + 1.32%) due 7/25/2038(2)(3)

      250,000        249,959  

Morgan Stanley Eaton Vance CLO Ltd.

 

Series 2025-21A, Class A1

 

4.842% (3 mo. USD Term SOFR + 1.17%) due 4/15/2038(2)(3)

      316,000        315,011  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Asset-Backed Securities — (continued)

 

Navigator Aviation Ltd.

 

Series 2025-1, Class A

 

5.107% due 10/15/2050(2)

    $ 340,227        $ 333,350  

OCP Aegis CLO Ltd.

 

Series 2024-39A, Class AR

 

4.762% (3 mo. USD Term SOFR + 1.09%) due 4/16/2038(2)(3)

      166,000          165,749  

Series 2025-47A, Class A1

 

4.857% (3 mo. USD Term SOFR + 1.11%) due 1/21/2038(2)(3)

      250,000          249,310  

OCP CLO Ltd.

 

Series 2018-15A, Class AR

 

4.918% (3 mo. USD Term SOFR + 1.25%) due 1/20/2038(2)(3)

      250,000          249,815  

Series 2020-8RA, Class AR2

 

4.888% (3 mo. USD Term SOFR + 1.22%) due 10/17/2038(2)(3)

      250,000          249,423  

Series 2025-44A, Class A

 

4.968% (3 mo. USD Term SOFR + 1.30%) due 10/24/2038(2)(3)

      250,000          250,185  

Series 2025-46A, Class A

 

5.047% (3 mo. USD Term SOFR + 1.20%) due 10/15/2038(2)(3)

      250,000          249,515  

OHA Credit Funding Ltd.

 

Series 2023-14RA, Class A

 

4.898% (3 mo. USD Term SOFR + 1.23%) due 4/20/2038(2)(3)

      250,000          249,339  

OHA Credit Partners VII Ltd.

 

Series 2012-7A, Class AR4

 

4.796% (3 mo. USD Term SOFR + 1.14%) due 2/20/2038(2)(3)

      2,000,000           1,991,066  

OneMain Financial Issuance Trust

 

Series 2021-1A, Class A1

 

1.55% due 6/16/2036(2)

      700,000          684,063  

Palmer Square CLO Ltd.

 

Series 2025-5A, Class A

 

5.094% (3 mo. USD Term SOFR + 1.21%) due 10/20/2038(2)(3)

      250,000          249,512  

Series 2026-1A, Class A

 

4.86% (3 mo. USD Term SOFR + 1.19%) due 4/20/2039(2)(3)

      250,000          249,190  

Palmer Square Loan Funding Ltd.

 

Series 2025-2A, Class A1

 

4.612% (3 mo. USD Term SOFR + 0.94%) due 7/15/2033(2)(3)

      222,923          222,724  

Phantom Aviation

 

Series 2026-1, Class A

 

5.24% due 1/15/2051(2)

      249,032          244,142  

Planet Fitness Master Issuer LLC

 

Series 2019-1A, Class A2

 

3.858% due 12/5/2049(2)

      1,720,313          1,638,247  

Series 2022-1A, Class A2II

 

4.008% due 12/5/2051(2)

      960,000          895,732  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		       
Value		  

Asset-Backed Securities — (continued)

        

RR 25 Ltd.

        

Series 2023-25A, Class A1A2

 

4.849% (3 mo. USD Term SOFR + 1.18%) due 4/15/2041(2)(3)

    $ 250,000        $ 249,260  

RR 36 Ltd.

        

Series 2024-36RA, Class A1R

 

4.962% (3 mo. USD Term SOFR + 1.29%) due 1/15/2040(2)(3)

      1,900,000           1,897,745  

RR 44 Ltd.

        

Series 2026-44A, Class A1A

 

4.842% (3 mo. USD Term SOFR + 1.17%) due 4/15/2041(2)(3)

      236,000          235,109  

Sixth Street CLO XIX Ltd.

        

Series 2021-19A, Class A1R

 

4.948% (3 mo. USD Term SOFR + 1.28%) due 7/17/2038(2)(3)

      250,000          249,565  

Sixth Street CLO XVIII Ltd.

        

Series 2021-18A, Class A1R

 

4.918% (3 mo. USD Term SOFR + 1.25%) due 10/17/2038(2)(3)

      250,000          249,427  

Sixth Street CLO XX Ltd.

        

Series 2021-20A, Class A1R

 

4.988% (3 mo. USD Term SOFR + 1.32%) due 7/17/2038(2)(3)

      250,000          249,870  

Slam Ltd.

        

Series 2025-1A, Class A

 

5.807% due 5/15/2050(2)

      237,549          240,156  

Subway Funding LLC

        

Series 2024-1A, Class A2I

 

6.028% due 7/30/2054(2)

      49,375          49,694  

Series 2024-3A, Class A2I

 

5.246% due 7/30/2054(2)

      138,250          136,475  

Taco Bell Funding LLC

        

Series 2025-1A, Class A2I

 

4.821% due 8/25/2055(2)

      330,000          324,930  

Wheels Fleet Lease Funding 1 LLC

        

Series 2024-3A, Class A1

 

4.80% due 9/19/2039(2)

      551,083          554,628  

Willis Engine Structured Trust VIII

        

Series 2025-A, Class A

 

5.582% due 6/15/2050(2)

      243,315          246,250  
       

 

 

  

Total Asset-Backed Securities
(Cost $32,070,360)

           32,041,135  
       

 

 

  

Corporate Bonds & Notes — 26.1%

        

Aerospace & Defense — 0.3%

        

Boeing Co.

        

5.15% due 5/1/2030

      1,000,000          1,016,740  
       

 

 

  
          1,016,740  
       

 

 

  

Agriculture — 0.3%

        

BAT Capital Corp.

        

6.421% due 8/2/2033

      1,000,000          1,084,505  
       

 

 

  
          1,084,505  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		       
Value		  

Corporate Bonds & Notes — (continued)

 

Apparel — 0.0%

        

Gildan Activewear, Inc.

        

4.70% due 10/7/2030(2)

    $ 28,000        $ 27,705  
       

 

 

  
          27,705  
       

 

 

  

Auto Manufacturers — 0.4%

        

General Motors Financial Co., Inc.

        

5.55% due 7/15/2029

      1,200,000           1,227,662  
       

 

 

  
          1,227,662  
       

 

 

  

Commercial Banks — 9.5%

        

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          2,048,481  

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          1,493,886  

4.623% (4.623% fixed rate until 5/9/2028; 1 day USD SOFR + 1.11% thereafter) due 5/9/2029(3)

      693,000          696,013  

Barclays PLC

        

4.219% (4.219% fixed rate until 5/24/2029; 1 day USD SOFR + 0.93% thereafter) due 5/24/2030(3)

      266,000          261,875  

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          1,526,051  

BNP Paribas SA

        

5.786% (5.786% fixed rate until 1/13/2032; 1 day USD SOFR + 1.62% thereafter) due 1/13/2033(2)(3)

      1,000,000          1,033,022  

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          988,569  

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          2,986,418  

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          1,027,907  

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          789,092  

Goldman Sachs Group, Inc.

        

3.80% due 3/15/2030

      2,000,000          1,943,582  

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          2,585,960  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		     
Value		  

Corporate Bonds & Notes — (continued)

 

Commercial Banks — (continued)

 

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      $ 1,724,135  

5.103% (5.103% fixed rate until 4/22/2030; 1 day USD SOFR + 1.44% thereafter) due 4/22/2031(3)

      270,000        274,902  

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        1,023,539  

5.572% (5.572% fixed rate until 4/22/2035; 1 day USD SOFR + 1.68% thereafter) due 4/22/2036(3)

      320,000        329,755  

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        699,711  

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         2,122,966  

5.192% (5.192% fixed rate until 4/17/2030; 1 day USD SOFR + 1.51% thereafter) due 4/17/2031(3)

      494,000        501,357  

5.587% (5.587% fixed rate until 1/18/2035; 1 day USD SOFR + 1.42% thereafter) due 1/18/2036(3)

      700,000        713,667  

5.664% (5.664% fixed rate until 4/17/2035; 1 day USD SOFR + 1.76% thereafter) due 4/17/2036(3)

      194,000        198,707  

Morgan Stanley Private Bank NA

      

4.734% (4.734% fixed rate until 7/18/2030; 1 day USD SOFR + 1.08% thereafter) due 7/18/2031(3)

      400,000        398,761  

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        996,674  

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        1,532,371  

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        2,075,654  

5.15% (5.15% fixed rate until 4/23/2030; 1 day USD SOFR + 1.50% thereafter) due 4/23/2031(3)

      365,000        371,236  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		       
Value		  

Corporate Bonds & Notes — (continued)

 

Commercial Banks — (continued)

 

5.605% (5.605% fixed rate until 4/23/2035; 1 day USD SOFR + 1.74% thereafter) due 4/23/2036(3)

    $ 322,000        $ 329,512  
       

 

 

  
          30,673,803  
       

 

 

  

Commercial Services — 0.0%

 

Verisk Analytics, Inc.

        

4.45% due 3/15/2031

      44,000          43,268  
       

 

 

  
          43,268  
       

 

 

  

Computers — 0.6%

 

Dell International LLC/EMC Corp.

        

4.15% due 2/15/2029

      162,000          160,652  

4.50% due 2/15/2031

      300,000          296,454  

4.75% due 10/6/2032

      216,000          212,931  

5.10% due 2/15/2036

      340,000          332,453  

5.30% due 10/1/2029

      1,000,000           1,020,537  
       

 

 

  
          2,023,027  
       

 

 

  

Diversified Financial Services — 2.1%

 

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

        

5.375% due 12/15/2031

      1,800,000          1,828,341  

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          1,016,915  

5.282% (5.282% fixed rate until 7/27/2028; 1 day USD SOFR + 1.28% thereafter) due 7/27/2029(3)

      300,000          305,111  

Avolon Holdings Funding Ltd.

        

5.15% due 1/15/2030(2)

      27,000          27,098  

5.375% due 5/30/2030(2)

      146,000          147,592  

5.75% due 3/1/2029(2)

      1,000,000          1,022,621  

6.375% due 5/4/2028(2)

      40,000          41,172  

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          1,538,874  

Stellantis Financial Services U.S. Corp.

        

4.95% due 9/15/2028(2)

      482,000          479,349  

Takeoff Merger Sub, Inc.

        

4.40% due 3/24/2028(2)

      123,000          122,340  

4.50% due 3/24/2029(2)

      122,000          121,215  

4.85% due 3/24/2031(2)

      152,000          150,099  
       

 

 

  
          6,800,727  
       

 

 

  

Electric — 0.7%

 

AEP Texas, Inc.

        

Series Q

        

5.20% due 4/15/2036

      65,000          63,925  

Duke Energy Corp.

        

5.45% due 6/15/2034

      1,000,000          1,022,140  

Southern Co.

        

5.70% due 3/15/2034

      1,000,000          1,036,232  

Southwestern Electric Power Co.

        

5.20% due 4/1/2036

      105,000          103,252  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		     
Value		  

Corporate Bonds & Notes — (continued)

 

Electric — (continued)

 

5.30% due 4/1/2033

    $ 127,000      $ 128,781  
     

 

 

  
        2,354,330  
     

 

 

  

Food — 0.2%

 

Mars, Inc.

      

4.80% due 3/1/2030(2)

      262,000        264,757  

5.00% due 3/1/2032(2)

      197,000        199,339  

5.20% due 3/1/2035(2)

      164,000        165,562  
     

 

 

  
        629,658  
     

 

 

  

Gas — 0.3%

 

NiSource, Inc.

      

3.60% due 5/1/2030

      1,000,000        963,645  
     

 

 

  
        963,645  
     

 

 

  

Healthcare-Services — 0.4%

 

Centene Corp.

      

4.625% due 12/15/2029

      1,000,000        949,283  

Cigna Group

      

5.40% due 3/15/2033

      400,000        411,222  
     

 

 

  
        1,360,505  
     

 

 

  

Insurance — 1.8%

 

Aon North America, Inc.

      

5.45% due 3/1/2034

      800,000        816,987  

Athene Global Funding

      

4.596% (1 day USD SOFR + 0.95%) due 4/19/2027(2)(3)

      320,000        320,048  

4.721% due 10/8/2029(2)

      1,000,000        983,831  

Corebridge Financial, Inc.

      

3.90% due 4/5/2032

      1,000,000        937,796  

Grand River Funding Trust I

      

6.311% due 2/15/2036(2)

      253,000        255,236  

MetLife, Inc.

      

5.375% due 7/15/2033

      600,000        618,969  

Reinsurance Group of America, Inc.

      

5.75% due 9/15/2034

      1,000,000        1,015,819  

Unum Group

      

5.75% due 8/15/2042

      1,000,000        972,667  
     

 

 

  
         5,921,353  
     

 

 

  

Internet — 0.1%

 

Uber Technologies, Inc.

      

4.15% due 1/15/2031

      163,000        159,380  

4.80% due 9/15/2035

      129,000        125,176  
     

 

 

  
        284,556  
     

 

 

  

Investment Companies — 0.7%

 

Ares Capital Corp.

      

7.00% due 1/15/2027

      500,000        506,751  

Ares Strategic Income Fund

      

5.45% due 9/9/2028(2)

      206,000        203,856  

5.55% due 4/15/2031(2)

      700,000        670,584  

5.80% due 9/9/2030(2)

      167,000        162,389  

HPS Corporate Lending Fund

      

5.45% due 11/15/2030(2)

      670,000        640,678  
     

 

 

  
        2,184,258  
     

 

 

  

Media — 0.8%

 

Charter Communications Operating LLC/Charter Communications Operating Capital

      

5.25% due 4/1/2053

      200,000        156,840  

6.10% due 6/1/2029

      1,000,000        1,035,851  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		       
Value		  

Corporate Bonds & Notes — (continued)

 

Media — (continued)

        

6.484% due 10/23/2045

    $ 1,000,000        $ 921,965  

6.70% due 12/1/2055

      500,000          477,684  
       

 

 

  
          2,592,340  
       

 

 

  

Oil & Gas — 1.5%

        

Cenovus Energy, Inc.

        

2.65% due 1/15/2032

      800,000          711,289  

4.65% due 3/20/2031

      67,000          66,536  

5.40% due 3/20/2036

      52,000          51,732  

Occidental Petroleum Corp.

        

7.50% due 5/1/2031

      1,000,000          1,113,018  

Petroleos Mexicanos

        

5.95% due 1/28/2031

      1,500,000          1,434,109  

7.69% due 1/23/2050

      1,500,000           1,298,982  
       

 

 

  
          4,675,666  
       

 

 

  

Pharmaceuticals — 0.6%

        

Bayer U.S. Finance LLC

        

6.375% due 11/21/2030(2)

      1,000,000          1,051,605  

CVS Health Corp.

        

3.75% due 4/1/2030

      1,000,000          966,281  
       

 

 

  
          2,017,886  
       

 

 

  

Pipelines — 1.8%

        

Columbia Pipelines Operating Co. LLC

        

5.439% due 2/15/2035(2)

      1,000,000          1,014,146  

Energy Transfer LP

        

5.70% due 4/1/2035

      800,000          821,625  

6.20% due 4/1/2055

      400,000          388,342  

MPLX LP

        

4.95% due 9/1/2032

      1,000,000          995,467  

5.50% due 6/1/2034

      100,000          101,029  

ONEOK, Inc.

        

5.05% due 11/1/2034

      600,000          583,617  

Targa Resources Corp.

        

4.35% due 1/15/2029

      85,000          84,644  

4.35% due 4/15/2031

      97,000          94,959  

4.90% due 9/15/2030

      126,000          127,065  

5.65% due 2/15/2036

      303,000          307,452  

Western Midstream Operating LP

        

5.45% due 11/15/2034

      300,000          297,066  

Williams Cos., Inc.

        

4.65% due 8/15/2032

      1,000,000          988,067  
       

 

 

  
          5,803,479  
       

 

 

  

Real Estate Investment Trusts — 2.0%

        

American Homes 4 Rent LP

        

4.95% due 6/15/2030

      293,000          294,072  

5.50% due 7/15/2034

      200,000          200,070  

Brixmor Operating Partnership LP

        

4.125% due 5/15/2029

      900,000          887,783  

COPT Defense Properties LP

        

4.50% due 10/15/2030

      33,000          32,574  

Extra Space Storage LP

        

4.95% due 1/15/2033

      472,000          465,793  

Healthpeak OP LLC

        

5.375% due 2/15/2035

      1,000,000          1,003,083  

Kite Realty Group Trust

        

4.75% due 9/15/2030

      1,000,000          999,823  

Omega Healthcare Investors, Inc.

        

3.25% due 4/15/2033

      937,000          824,746  

Phillips Edison Grocery Center Operating Partnership I LP

        

2.625% due 11/15/2031

      740,000          655,335  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 


March 31, 2026 (unaudited)

    Principal
Amount		       
Value		  

Corporate Bonds & Notes — (continued)

        

Real Estate Investment Trusts — (continued)

        

4.75% due 3/15/2033

    $ 91,000        $ 88,797  

VICI Properties LP

        

4.75% due 4/1/2028

      61,000          61,062  

5.125% due 5/15/2032

      1,000,000          985,459  
       

 

 

  
          6,498,597  
       

 

 

  

Retail — 0.2%

        

O’Reilly Automotive, Inc.

        

5.00% due 8/19/2034

      700,000          692,253  
       

 

 

  
          692,253  
       

 

 

  

Semiconductors — 0.4%

        

Broadcom, Inc.

        

3.419% due 4/15/2033

      112,000          102,416  

3.50% due 2/15/2041

      888,000          708,455  

NXP BV/NXP Funding LLC/NXP USA, Inc.

        

4.85% due 8/19/2032

      103,000          101,601  

5.25% due 8/19/2035

      297,000          296,100  
       

 

 

  
           1,208,572  
       

 

 

  

Software — 0.4%

        

MSCI, Inc.

        

5.15% due 3/15/2036

      70,000          67,801  

5.25% due 9/1/2035

      267,000          261,541  

Oracle Corp.

        

4.45% due 9/26/2030

      123,000          118,533  

4.80% due 9/26/2032

      205,000          195,231  

5.20% due 9/26/2035

      187,000          175,405  

5.875% due 9/26/2045

      115,000          99,215  

5.95% due 9/26/2055

      144,000          121,143  

6.10% due 9/26/2065

      149,000          123,548  

Paychex, Inc.

        

5.10% due 4/15/2030

      32,000          32,287  

5.35% due 4/15/2032

      46,000          46,232  

5.60% due 4/15/2035

      36,000          36,156  
       

 

 

  
          1,277,092  
       

 

 

  

Telecommunications — 1.0%

        

AT&T, Inc.

        

2.55% due 12/1/2033

      1,000,000          846,238  

5.40% due 2/15/2034

      700,000          715,745  

NTT Finance Corp.

        

4.567% due 7/16/2027(2)

      200,000          200,455  

4.62% due 7/16/2028(2)

      200,000          200,760  

4.876% due 7/16/2030(2)

      200,000          201,264  

T-Mobile USA, Inc.

        

2.70% due 3/15/2032

      300,000          266,867  

Verizon Communications, Inc.

        

2.55% due 3/21/2031

      1,000,000          907,868  
       

 

 

  
          3,339,197  
       

 

 

  

Total Corporate Bonds & Notes
(Cost $83,892,672)

           84,700,824  
       

 

 

  

Non-Agency Mortgage-Backed Securities — 4.9%

        

BLP Commercial Mortgage Trust

        

Series 2024-IND2, Class A

        

5.015% due 3/15/2041(2)(3)(4)

      106,225          106,250  

BMP Commercial Mortgage Trust

        

Series 2024-MF23, Class B

        

5.314% due 6/15/2041(2)(3)(4)

      213,000          212,867  

BPR Commercial Mortgage Trust

        

Series 2024-PARK, Class A

        

4.87% due 11/5/2039(2)(3)(4)

      774,000          782,176  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 


March 31, 2026 (unaudited)

    Principal
Amount		       
Value		  

Non-Agency Mortgage-Backed Securities — (continued)

 

BX Commercial Mortgage Trust

        

Series 2020-VIV2, Class C

        

3.542% due 3/9/2044(2)(3)(4)

    $ 696,000        $ 648,546  

Series 2020-VIV3, Class B

        

3.544% due 3/9/2044(2)(3)(4)

      1,000,000          941,925  

Series 2021-ACNT, Class B

        

5.037% due 11/15/2038(2)(3)(4)

      74,705          74,659  

Series 2022-LP2, Class C

        

5.234% due 2/15/2039(2)(3)(4)

      700,000          699,562  

Series 2024-GPA3, Class A

        

4.965% due 12/15/2039(2)(3)(4)

      315,218          315,218  

Series 2024-XL4, Class A

        

5.115% due 2/15/2039(2)(3)(4)

      579,408          580,067  

Series 2024-XL5, Class A

        

5.064% due 3/15/2041(2)(3)(4)

      1,023,292          1,024,464  

Series 2025-SPOT, Class A

        

5.116% due 4/15/2040(2)(3)(4)

      521,319          521,400  

Series 2026-ALOHA, Class A

        

5.05% due 4/15/2043(2)(3)(4)

      274,000          274,000  

Series 2026-XL6, Class A

        

4.873% due 3/15/2043(2)(3)(4)

      338,000          337,156  

Series 2026-XL6, Class B

        

5.123% due 3/15/2043(2)(3)(4)

      100,000          99,249  

BX Trust

        

Series 2019-OC11, Class A

        

3.202% due 12/9/2041(2)

      2,000,000           1,888,265  

Series 2021-LBA, Class AJV

        

4.837% due 2/15/2036(2)(3)(4)

      275,000          274,828  

Series 2024-CNYN, Class A

        

5.114% due 4/15/2041(2)(3)(4)

      204,620          204,688  

Series 2025-DIME, Class A

        

4.823% due 2/15/2035(2)(3)(4)

      100,000          99,481  

Series 2025-ROIC, Class A

        

4.816% due 3/15/2030(2)(3)(4)

      427,495          425,357  

Series 2025-ROIC, Class B

        

5.066% due 3/15/2030(2)(3)(4)

      1,464,023          1,452,128  

Series 2025-TAIL, Class A

        

5.073% due 6/15/2035(2)(3)(4)

      100,000          100,000  

CENT Trust

        

Series 2025-CITY, Class A

        

4.92% due 7/10/2040(2)(3)(4)

      198,000          199,420  

ELP Commercial Mortgage Trust

        

Series 2025-ELP, Class A

        

4.297% due 11/13/2042(2)(3)(4)

      149,000          147,227  

Extended Stay America Trust

        

Series 2025-ESH, Class A

        

4.973% due 10/15/2042(2)(3)(4)

      460,000          460,000  

Series 2025-ESH, Class B

        

5.273% due 10/15/2042(2)(3)(4)

      80,000          80,100  

Series 2025-ESH, Class C

        

5.523% due 10/15/2042(2)(3)(4)

      40,000          40,063  

Series 2026-ESH2, Class A

        

4.873% due 2/15/2043(2)(3)(4)

      388,346          388,346  

Series 2026-ESH2, Class B

        

5.073% due 2/15/2043(2)(3)(4)

      39,627          39,664  

Series 2026-ESH2, Class C

        

5.273% due 2/15/2043(2)(3)(4)

      26,748          26,790  

HAVN Trust

        

Series 2025-MOB, Class A

        

5.373% due 10/15/2035(2)(3)(4)

      50,000          49,688  

Hilton USA Trust

        

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		     
Value		  

Non-Agency Mortgage-Backed Securities — (continued)

 

Series 2016-HHV, Class A

      

3.719% due 11/5/2038(2)

    $ 1,875,000      $ 1,865,225  

Series 2016-HHV, Class B

     

4.194% due 11/5/2038(2)(3)(4)

      250,000        249,262  

INT Commercial Mortgage Trust

     

Series 2025-PLAZA, Class A

     

4.554% due 11/5/2037(2)(3)(4)

      134,000        133,551  

MHP Commercial Mortgage Trust

     

Series 2025-MHIL2, Class A

     

5.173% due 9/15/2040(2)(3)(4)

      212,000        211,062  

PLYM Commercial Mortgage Trust

      

Series 2026-IND, Class A

     

4.923% due 3/15/2043(2)(3)(4)

      339,000        337,305  

Series 2026-IND, Class B

     

5.123% due 3/15/2043(2)(3)(4)

      100,000        99,250  

Series 2026-IND, Class C

     

5.323% due 3/15/2043(2)(3)(4)

      100,000        99,125  

TCO Commercial Mortgage Trust

     

Series 2024-DPM, Class A

     

4.915% due 12/15/2039(2)(3)(4)

      600,000        599,063  
     

 

 

  

Total Non-Agency Mortgage-Backed Securities
(Cost $16,041,698)

 

       16,087,427  
     

 

 

  

U.S. Government Securities — 46.4%

 

U.S. Treasury Bonds

      

4.50% due 11/15/2054

      3,825,000        3,573,387  

4.625% due 11/15/2044

      30,000,000        29,028,516  

4.625% due 2/15/2055

      5,800,000        5,531,977  

4.625% due 11/15/2055

      1,300,000        1,242,109  

4.75% due 2/15/2045

      7,500,000        7,369,336  

4.75% due 8/15/2055

      3,380,000        3,293,916  

U.S. Treasury Notes

      

3.75% due 10/31/2032

      2,760,000        2,702,536  

3.875% due 7/31/2030

      3,450,000        3,444,205  

4.00% due 2/28/2030

      12,751,400        12,799,716  

4.00% due 6/30/2032

      5,200,000        5,176,234  

4.00% due 7/31/2032

      2,574,000        2,561,029  

4.00% due 1/31/2033

      5,700,000        5,656,359  

4.125% due 2/29/2032

      47,400,000        47,575,899  

4.125% due 5/31/2032

      150,000        150,393  

4.25% due 8/15/2035

      4,500,000        4,483,125  

4.625% due 2/15/2035

      15,890,200        16,303,593  
     

 

 

  

Total U.S. Government Securities
(Cost $152,252,721)

 

      150,892,330  
     

 

 

  

Repurchase Agreements — 1.3%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $4,362,631, due 4/1/2026(5)

      4,362,503        4,362,503  
     

 

 

  

Total Repurchase Agreements
(Cost $4,362,503)

 

      4,362,503  
     

 

 

  

Total Investments Before TBA Sale Commitments — 104.6%
(Cost $340,247,652)

 

      340,051,375  
     

 

 

  

TBA Sale Commitments

 

   

Agency Mortgage-Backed Securities — (0.3)%

 

Uniform Mortgage-Backed Security

 

5.50% due 4/1/2056(1)

      (1,000,000 )       (1,004,606 ) 
     

 

 

  

Total TBA Sale Commitments
(Cost $(1,011,016))

 

      (1,004,606 ) 
     

 

 

  

Liabilities in excess of other assets — (4.3)%

 

      (13,920,896 ) 
     

 

 

  

Total Net Assets — 100.0%

 

    $ 325,125,873  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

(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 March 31, 2026, the aggregate market value of these securities amounted to $59,367,656, representing 18.3% 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.

(3)

Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(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

      1.00 %      7/31/2028      $  4,741,400      $  4,449,901  

Legend:

CLO – Collateralized Loan Obligation

CMT – Constant Maturity Treasury

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN CORE FIXED INCOME VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

Assets (unaudited)    — Valuation Inputs —  

Investments in Securities

    Level 1      Level 2     Level 3      Total  

Agency Mortgage-Backed Securities

    $ —       $ 51,967,156     $ —       $ 51,967,156  

Asset-Backed Securities

      —         32,041,135       —         32,041,135  

Corporate Bonds & Notes

      —         84,700,824       —         84,700,824  

Non-Agency Mortgage-Backed Securities

      —         16,087,427       —         16,087,427  

U.S. Government Securities

      —         150,892,330       —         150,892,330  

Repurchase Agreements

      —         4,362,503       —         4,362,503  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Assets

    $ —       $  340,051,375     $ —       $  340,051,375  
  

 

 

     

 

 

    

 

 

     

 

 

  

Liabilities

           

Other Financial Instruments

           

TBA Sale Commitments

    $ —       $ (1,004,606 )    $ —       $ (1,004,606 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Liabilities

    $ —       $ (1,004,606 )    $ —       $ (1,004,606 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN EQUITY INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 99.6%

 

Aerospace & Defense — 1.4%

 

L3Harris Technologies, Inc.

      35,373        $  12,208,991  
       

 

 

  
       12,208,991  
       

 

 

  

Banks — 5.9%

 

Bank of America Corp.

      262,060          12,775,425  

Huntington Bancshares, Inc.

      908,087          14,211,562  

M&T Bank Corp.

      64,981          13,432,872  

Regions Financial Corp.

      389,960          10,185,755  
       

 

 

  
       50,605,614  
       

 

 

  

Beverages — 3.7%

 

Constellation Brands, Inc., Class A

      64,327          9,649,050  

Keurig Dr Pepper, Inc.

      562,185          14,802,331  

Pernod Ricard SA (France)

      99,324          7,413,448  
       

 

 

  
       31,864,829  
       

 

 

  

Biotechnology — 1.4%

 

Gilead Sciences, Inc.

      89,436          12,464,695  
       

 

 

  
       12,464,695  
       

 

 

  

Building Products — 0.8%

 

Johnson Controls International PLC

      52,231          6,839,649  
       

 

 

  
       6,839,649  
       

 

 

  

Capital Markets — 6.5%

 

Ares Management Corp., Class A

      109,031          11,895,282  

Intercontinental Exchange, Inc.

      63,345          9,962,902  

Nasdaq, Inc.

      139,301          11,825,262  

Raymond James Financial, Inc.

      74,529          10,791,054  

S&P Global, Inc.

      27,098          11,525,863  
       56,000,363  
       

 

 

  

Chemicals — 1.9%

 

Nutrien Ltd.

      97,348          7,345,880  

PPG Industries, Inc.

      87,732          9,376,796  
       

 

 

  
       16,722,676  
       

 

 

  

Communications Equipment — 2.0%

 

Cisco Systems, Inc.

      217,172          16,850,375  
       

 

 

  
       16,850,375  
       

 

 

  

Consumer Finance — 1.0%

 

Capital One Financial Corp.

      47,780          8,716,505  
       

 

 

  
       8,716,505  
       

 

 

  

Containers & Packaging — 1.0%

 

Avery Dennison Corp.

      50,644          8,745,206  
       

 

 

  
       8,745,206  
       

 

 

  

Electric Utilities — 2.7%

 

American Electric Power Co., Inc.

      101,890          13,355,741  

PPL Corp.

      266,823          10,192,639  
       

 

 

  
       23,548,380  
       

 

 

  

Electrical Equipment — 2.3%

 

Eaton Corp. PLC

      28,953          10,355,620  

Emerson Electric Co.

      74,764          9,795,579  
       

 

 

  
       20,151,199  
       

 

 

  

Electronic Equipment, Instruments & Components — 1.5%

 

TE Connectivity PLC

      59,715          12,481,629  
       

 

 

  
       12,481,629  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN EQUITY INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Entertainment — 1.3%

 

Walt Disney Co.

      113,052        $  10,895,952  
       

 

 

  
       10,895,952  
       

 

 

  

Financial Services — 1.9%

 

Equitable Holdings, Inc.

      152,000          5,640,720  

Visa, Inc., Class A

      34,446          10,410,959  
       

 

 

  
       16,051,679  
       

 

 

  

Food Products — 1.3%

 

Archer-Daniels-Midland Co.

      150,204          10,918,329  
       

 

 

  
       10,918,329  
       

 

 

  

Gas Utilities — 1.3%

 

Atmos Energy Corp.

      58,475          10,801,502  
       

 

 

  
       10,801,502  
       

 

 

  

Health Care Equipment & Supplies — 1.2%

 

Becton Dickinson & Co.

      64,504          10,141,964  
       

 

 

  
       10,141,964  
       

 

 

  

Health Care Providers & Services — 2.8%

 

CVS Health Corp.

      128,431          9,223,915  

Elevance Health, Inc.

      49,963          14,626,668  
       

 

 

  
       23,850,583  
       

 

 

  

Hotels, Restaurants & Leisure — 0.8%

 

Darden Restaurants, Inc.

      33,721          6,610,665  
       

 

 

  
       6,610,665  
       

 

 

  

Household Products — 1.1%

 

Kimberly-Clark Corp.

      96,310          9,291,026  
       

 

 

  
       9,291,026  
       

 

 

  

Industrial Conglomerates — 1.7%

 

Honeywell International, Inc.

      64,668          14,616,908  
       

 

 

  
       14,616,908  
       

 

 

  

Insurance — 4.5%

 

American International Group, Inc.

      164,635          12,388,784  

Marsh & McLennan Cos., Inc.

      80,120          13,896,814  

Progressive Corp.

      62,344          12,359,074  
       

 

 

  
       38,644,672  
       

 

 

  

IT Services — 1.1%

 

Amdocs Ltd.

      139,025          9,072,771  
       

 

 

  
       9,072,771  
       

 

 

  

Machinery — 2.0%

 

IDEX Corp.

      37,063          7,025,292  

PACCAR, Inc.

      87,238          10,075,989  
       

 

 

  
       17,101,281  
       

 

 

  

Metals & Mining — 1.0%

 

Anglo American PLC (United Kingdom)

      200,383          8,513,219  
       

 

 

  
       8,513,219  
       

 

 

  

Multi-Utilities — 3.1%

 

Dominion Energy, Inc.

      215,777          13,339,334  

Sempra

      134,185          13,038,757  
       

 

 

  
       26,378,091  
       

 

 

  

Oil, Gas & Consumable Fuels — 5.0%

 

Diamondback Energy, Inc.

      78,930          15,611,565  

EQT Corp.

      139,332          8,867,088  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN EQUITY INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Oil, Gas & Consumable Fuels — (continued)

        

Marathon Petroleum Corp.

      27,249        $ 6,653,661  

Targa Resources Corp.

      46,540           11,668,974  
       

 

 

  
       42,801,288  
       

 

 

  

Personal Care Products — 2.0%

 

Unilever PLC, ADR

      297,550          16,951,423  
       

 

 

  
       16,951,423  
       

 

 

  

Pharmaceuticals — 10.5%

 

AstraZeneca PLC, ADR

      46,938          9,257,112  

Eli Lilly & Co.

      11,949          10,990,332  

Johnson & Johnson

      72,442          17,707,723  

Merck & Co., Inc.

      193,059          23,223,067  

Pfizer, Inc.

      384,328          10,791,930  

Roche Holding AG (Switzerland)

      23,506          9,281,717  

Zoetis, Inc.

      74,434          8,798,843  
       

 

 

  
       90,050,724  
       

 

 

  

Professional Services — 1.1%

 

Automatic Data Processing, Inc.

      46,001          9,346,483  
       

 

 

  
       9,346,483  
       

 

 

  

Residential REITs — 1.2%

 

Sun Communities, Inc.

      82,039          10,333,632  
       

 

 

  
       10,333,632  
       

 

 

  

Semiconductors & Semiconductor Equipment — 2.6%

 

Broadcom, Inc.

      33,066          10,234,258  

NXP Semiconductors NV

      63,425          12,485,845  
       

 

 

  
       22,720,103  
       

 

 

  

Software — 2.4%

 

Microsoft Corp.

      32,285          11,950,938  

Roper Technologies, Inc.

      24,230          8,574,028  
       

 

 

  
       20,524,966  
       

 

 

  

Specialized REITs — 6.0%

 

Crown Castle, Inc.

      195,968          15,934,158  

Gaming & Leisure Properties, Inc.

      349,951          15,527,326  

Lamar Advertising Co., Class A

      81,602          10,335,709  

Weyerhaeuser Co.

      408,700          9,984,541  
       

 

 

  
       51,781,734  
       

 

 

  

Specialty Retail — 2.5%

 

Dick’s Sporting Goods, Inc.

      61,556          12,205,939  

Industria de Diseno Textil SA (Spain)

      165,588          9,520,650  
       

 

 

  
       21,726,589  
       

 

 

  

Technology Hardware, Storage & Peripherals — 1.4%

 

NetApp, Inc.

      119,958          12,282,500  
       

 

 

  
       12,282,500  
       

 

 

  

Textiles, Apparel & Luxury Goods — 0.7%

 

NIKE, Inc., Class B

      114,106          6,027,079  
       

 

 

  
       6,027,079  
       

 

 

  

Tobacco — 1.4%

 

Philip Morris International, Inc.

      74,393          12,300,139  
       

 

 

  
       12,300,139  
       

 

 

  

Trading Companies & Distributors — 2.4%

 

Ferguson Enterprises, Inc.

      50,351          11,744,874  

Sunbelt Rentals Holdings, Inc. (United States)

      133,384          8,517,682  
       

 

 

  
       20,262,556  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN EQUITY INCOME VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Water Utilities — 1.3%

 

American Water Works Co., Inc.

      80,757        $ 10,990,220  
       

 

 

  
       10,990,220  
       

 

 

  

Wireless Telecommunication Services — 1.9%

 

T-Mobile U.S., Inc.

      78,232          16,431,067  
       

 

 

  
       16,431,067  
       

 

 

  

Total Common Stocks
(Cost $813,025,666)

           854,619,256  
       

 

 

  
     Principal
Amount		        Value  

Repurchase Agreements — 0.5%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $4,091,442, due 4/1/2026(1)

    $ 4,091,322          4,091,322  
       

 

 

  

Total Repurchase Agreements
(Cost $4,091,322)

 

        4,091,322  
       

 

 

  

Total Investments — 100.1%
(Cost $817,116,988)

 

        858,710,578  
       

 

 

  

Liabilities in excess of other assets — (0.1)%

 

        (981,716 ) 
       

 

 

  

Total Net Assets — 100.0%

 

      $  857,728,862  
       

 

 

  

 

(1)

The table below presents collateral for repurchase agreements.

 

Security

   
Coupon		     Maturity
Date		      Principal
Amount		     
Value		  

U.S. Treasury Note

      3.625 %      8/31/2029      $  4,196,900      $  4,173,166  

Legend:

ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN EQUITY INCOME VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2     Level 3      Total  

Common Stocks

    $ 811,372,540      $ 43,246,716 *    $ —       $ 854,619,256  

Repurchase Agreements

      —         4,091,322       —         4,091,322  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $  811,372,540      $  47,338,038     $ —       $  858,710,578  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* 

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

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SELECT MID CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 98.4%

 

Aerospace & Defense — 4.8%

 

Carpenter Technology Corp.

      6,351        $ 2,503,247  

Curtiss-Wright Corp.

      690          469,973  

HEICO Corp., Class A

      6,186          1,305,803  

Howmet Aerospace, Inc.

      6,860          1,580,956  

StandardAero, Inc.(1)

      1,010          26,088  

Woodward, Inc.

      4,970          1,778,862  
       

 

 

  
       7,664,929  
       

 

 

  

Automobile Components — 0.2%

 

LCI Industries

      2,973          365,620  
       

 

 

  
       365,620  
       

 

 

  

Banks — 6.3%

 

Bancorp, Inc.(1)

      5,471          293,957  

East West Bancorp, Inc.

      12,187          1,301,084  

Eastern Bankshares, Inc.

      38,443          751,945  

First Horizon Corp.

      32,025          728,889  

FNB Corp.

      57,468          960,865  

Hancock Whitney Corp.

      15,359          976,679  

Pinnacle Financial Partners, Inc.

      12,235          1,053,923  

Popular, Inc.

      6,236          836,684  

UMB Financial Corp.

      6,890          777,123  

Webster Financial Corp.

      5,071          352,029  

Western Alliance Bancorp

      10,339          732,518  

Wintrust Financial Corp.

      8,932          1,241,012  
       

 

 

  
        10,006,708  
       

 

 

  

Beverages — 0.5%

 

Boston Beer Co., Inc., Class A(1)

      204          47,002  

Celsius Holdings, Inc.(1)

      7,533          267,271  

Coca-Cola Consolidated, Inc.

      2,769          530,928  
       

 

 

  
       845,201  
       

 

 

  

Biotechnology — 3.0%

 

Caris Life Sciences, Inc.(1)

      30,130          538,725  

Cytokinetics, Inc.(1)

      7,780          512,780  

Legend Biotech Corp., ADR(1)

      20,900          378,081  

Moderna, Inc.(1)

      10,000          508,000  

Neurocrine Biosciences, Inc.(1)

      2,030          267,432  

Roivant Sciences Ltd.(1)

      38,450          1,065,065  

United Therapeutics Corp.(1)

      1,450          859,821  

Veracyte, Inc.(1)

      19,230          619,398  
       

 

 

  
       4,749,302  
       

 

 

  

Broadline Retail — 0.2%

 

Etsy, Inc.(1)

      5,496          274,690  
       

 

 

  
       274,690  
       

 

 

  

Building Products — 1.6%

 

Armstrong World Industries, Inc.

      1,260          207,648  

Carlisle Cos., Inc.

      3,226          1,076,258  

Owens Corning

      2,360          255,399  

Simpson Manufacturing Co., Inc.

      4,830          828,925  

Trex Co., Inc.(1)

      6,720          244,742  
       

 

 

  
       2,612,972  
       

 

 

  

Capital Markets — 2.5%

 

Amundi SA (France)(2)

      6,340          545,284  

Blue Owl Capital, Inc.

      51,481          470,021  

Carlyle Group, Inc.

      15,805          764,804  

Evercore, Inc., Class A

      2,360          704,484  

Marex Group PLC

      16,316          727,367  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SELECT MID CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Capital Markets — (continued)

 

Patria Investments Ltd., Class A

      53,553        $ 674,768  

Raymond James Financial, Inc.

      800          115,832  

Wealthfront Corp.(1)

      4,742          43,863  
       

 

 

  
       4,046,423  
       

 

 

  

Chemicals — 1.6%

 

Avient Corp.

      16,686          605,702  

RPM International, Inc.

      11,060          1,099,364  

Westlake Corp.

      6,639          775,568  
       

 

 

  
       2,480,634  
       

 

 

  

Commercial Services & Supplies — 0.7%

 

Brink’s Co.

      10,796          1,118,790  
       

 

 

  
       1,118,790  
       

 

 

  

Communications Equipment — 0.5%

 

Ciena Corp.(1)

      1,889          733,366  
       

 

 

  
       733,366  
       

 

 

  

Construction & Engineering — 1.9%

 

Comfort Systems USA, Inc.

      1,110          1,530,679  

EMCOR Group, Inc.

      1,400          1,033,634  

WillScot Holdings Corp.

      30,515          529,740  
       

 

 

  
       3,094,053  
       

 

 

  

Construction Materials — 0.5%

 

Eagle Materials, Inc.

      4,289          812,551  
       

 

 

  
       812,551  
       

 

 

  

Consumer Finance — 1.0%

 

FirstCash Holdings, Inc.

      2,310          434,280  

SLM Corp.

      55,327          1,184,551  
       

 

 

  
       1,618,831  
       

 

 

  

Consumer Staples Distribution & Retail — 3.2%

 

Albertsons Cos., Inc., Class A

      13,366          227,756  

BJ’s Wholesale Club Holdings, Inc.(1)

      7,276          716,104  

Casey’s General Stores, Inc.

      1,937          1,409,865  

Maplebear, Inc.(1)

      6,602          247,311  

Performance Food Group Co.(1)

      10,858          930,096  

Sprouts Farmers Market, Inc.(1)

      4,744          365,905  

U.S. Foods Holding Corp.(1)

      13,234          1,220,307  
       

 

 

  
       5,117,344  
       

 

 

  

Containers & Packaging — 0.7%

 

Crown Holdings, Inc.

      10,711          1,073,778  
       

 

 

  
       1,073,778  
       

 

 

  

Diversified Consumer Services — 0.8%

 

Service Corp. International

      15,271          1,260,010  
       

 

 

  
       1,260,010  
       

 

 

  

Electric Utilities — 1.1%

 

IDACORP, Inc.

      1,398          199,872  

OGE Energy Corp.

      15,236          730,719  

Pinnacle West Capital Corp.

      3,460          348,595  

Portland General Electric Co.

      9,281          489,758  
       

 

 

  
        1,768,944  
       

 

 

  

Electrical Equipment — 1.9%

 

Acuity, Inc.

      2,270          636,099  

Forgent Power Solutions, Inc.(1)

      1,600          46,832  

Nextpower, Inc., Class A(1)

      8,320          1,002,976  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SELECT MID CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Electrical Equipment — (continued)

 

nVent Electric PLC

      11,580        $ 1,369,683  
       

 

 

  
       3,055,590  
       

 

 

  

Electronic Equipment, Instruments & Components — 2.8%

 

Coherent Corp.(1)

      4,302          1,024,779  

Jabil, Inc.

      4,254          1,129,990  

TD SYNNEX Corp.

      10,259          1,730,796  

TTM Technologies, Inc.(1)

      6,356          619,202  
       

 

 

  
        4,504,767  
       

 

 

  

Energy Equipment & Services — 1.2%

 

Liberty Energy, Inc.

      21,212          610,906  

Noble Corp. PLC

      9,675          474,752  

Weatherford International PLC

      9,393          888,390  
       

 

 

  
       1,974,048  
       

 

 

  

Entertainment — 0.1%

 

Warner Music Group Corp., Class A

      4,173          106,578  
       

 

 

  
       106,578  
       

 

 

  

Financial Services — 1.3%

 

NMI Holdings, Inc.(1)

      15,918          597,084  

Voya Financial, Inc.

      20,464          1,398,101  
       

 

 

  
       1,995,185  
       

 

 

  

Food Products — 0.6%

 

Darling Ingredients, Inc.(1)

      8,231          509,087  

Ingredion, Inc.

      2,901          326,827  

Marzetti Co.

      379          52,427  

Pilgrim’s Pride Corp.

      1,545          58,339  
       

 

 

  
       946,680  
       

 

 

  

Gas Utilities — 1.2%

 

National Fuel Gas Co.

      6,975          655,371  

Southwest Gas Holdings, Inc.

      5,780          502,282  

UGI Corp.

      21,938          798,982  
       

 

 

  
       1,956,635  
       

 

 

  

Ground Transportation — 3.2%

 

Knight-Swift Transportation Holdings, Inc.

      7,010          403,636  

Landstar System, Inc.

      8,818          1,413,613  

XPO, Inc.(1)

      17,111          3,328,945  
       

 

 

  
       5,146,194  
       

 

 

  

Health Care Equipment & Supplies — 0.3%

 

Penumbra, Inc.(1)

      1,620          531,959  
       

 

 

  
       531,959  
       

 

 

  

Health Care Providers & Services — 1.9%

 

Alignment Healthcare, Inc.(1)

      23,330          411,075  

BrightSpring Health Services, Inc.(1)

      19,000          809,590  

Privia Health Group, Inc.(1)

      25,390          522,272  

Tenet Healthcare Corp.(1)

      6,730          1,270,018  
       

 

 

  
       3,012,955  
       

 

 

  

Health Care REITs — 1.0%

 

CareTrust REIT, Inc.

      4,950          181,418  

Janus Living, Inc., Class A(1)

      7,560          178,189  

Ventas, Inc.

      15,223          1,244,937  
       

 

 

  
       1,604,544  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SELECT MID CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Health Care Technology — 0.4%

 

Waystar Holding Corp.(1)

      23,740        $ 572,371  
       

 

 

  
       572,371  
       

 

 

  

Hotels, Restaurants & Leisure — 2.3%

 

Aramark

      24,050          974,987  

Brinker International, Inc.(1)

      5,066          723,273  

Planet Fitness, Inc., Class A(1)

      12,457          926,552  

Wingstop, Inc.

      3,014          467,079  

Wynn Resorts Ltd.

      4,763          483,683  
       

 

 

  
        3,575,574  
       

 

 

  

Household Durables — 2.2%

 

Somnigroup International, Inc.

      19,239          1,422,147  

Taylor Morrison Home Corp.(1)

      11,770          685,485  

Toll Brothers, Inc.

      10,079          1,375,481  
       

 

 

  
       3,483,113  
       

 

 

  

Independent Power and Renewable Electricity Producers — 1.0%

 

Ormat Technologies, Inc.

      4,962          555,347  

Talen Energy Corp.(1)

      3,431          1,095,278  
       

 

 

  
       1,650,625  
       

 

 

  

Industrial REITs — 1.1%

 

EastGroup Properties, Inc.

      4,930          912,494  

Terreno Realty Corp.

      14,120          867,250  
       

 

 

  
       1,779,744  
       

 

 

  

Insurance — 3.7%

 

American Financial Group, Inc.

      9,171          1,171,228  

Assurant, Inc.

      3,297          718,120  

Baldwin Insurance Group, Inc.(1)

      46,889          1,028,745  

Reinsurance Group of America, Inc.

      9,033          1,844,177  

Selective Insurance Group, Inc.

      5,336          402,281  

Unum Group

      10,121          739,137  
       

 

 

  
       5,903,688  
       

 

 

  

Interactive Media & Services — 0.3%

 

Pinterest, Inc., Class A(1)

      27,383          502,204  
       

 

 

  
       502,204  
       

 

 

  

IT Services — 1.9%

 

Okta, Inc.(1)

      10,506          826,927  

Twilio, Inc., Class A(1)

      16,793          2,112,896  
       

 

 

  
       2,939,823  
       

 

 

  

Life Sciences Tools & Services — 1.8%

 

10X Genomics, Inc., Class A(1)

      18,890          401,035  

Bio-Techne Corp.

      10,450          546,117  

Illumina, Inc.(1)

      2,760          340,198  

Repligen Corp.(1)

      7,460          878,937  

Sartorius Stedim Biotech (France)

      2,550          499,251  

West Pharmaceutical Services, Inc.

      900          225,576  
       

 

 

  
       2,891,114  
       

 

 

  

Machinery — 6.3%

 

Allison Transmission Holdings, Inc.

      8,376          980,495  

Crane Co.

      8,560          1,463,760  

Dover Corp.

      2,240          466,928  

Esab Corp.

      14,180          1,370,639  

Flowserve Corp.

      28,275          2,078,495  

ITT, Inc.

      11,781          2,244,634  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SELECT MID CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Machinery — (continued)

 

RBC Bearings, Inc.(1)

      2,470        $ 1,341,506  
       

 

 

  
       9,946,457  
       

 

 

  

Marine Transportation — 1.5%

 

Kirby Corp.(1)

      18,472          2,454,559  
       

 

 

  
       2,454,559  
       

 

 

  

Media — 0.6%

 

EchoStar Corp., Class A(1)

      210          24,585  

New York Times Co., Class A

      8,360          699,983  

Nexstar Media Group, Inc.

      1,479          267,447  
       

 

 

  
       992,015  
       

 

 

  

Metals & Mining — 1.9%

 

Century Aluminum Co.(1)

      7,238          424,798  

Lundin Mining Corp. (Canada)

      49,328          1,230,097  

Reliance, Inc.

      4,582          1,392,562  
       

 

 

  
       3,047,457  
       

 

 

  

Office REITs — 0.7%

 

Douglas Emmett, Inc.

      22,290          209,972  

Postal Realty Trust, Inc., Class A

      49,888          925,921  
       

 

 

  
        1,135,893  
       

 

 

  

Oil, Gas & Consumable Fuels — 4.2%

 

Antero Resources Corp.(1)

      25,357          1,076,151  

HF Sinclair Corp.

      15,592          972,785  

Northern Oil & Gas, Inc.

      11,379          332,608  

Ovintiv, Inc.

      22,192          1,317,317  

Permian Resources Corp.

      73,171          1,560,006  

Plains All American Pipeline LP

      24,274          542,038  

Targa Resources Corp.

      3,248          814,371  
       

 

 

  
       6,615,276  
       

 

 

  

Paper & Forest Products — 0.4%

 

Louisiana-Pacific Corp.

      8,584          624,486  
       

 

 

  
       624,486  
       

 

 

  

Personal Care Products — 0.2%

 

BellRing Brands, Inc.(1)

      6,030          97,023  

e.l.f. Beauty, Inc.(1)

      2,718          164,738  
       

 

 

  
       261,761  
       

 

 

  

Pharmaceuticals — 1.3%

 

Elanco Animal Health, Inc.(1)

      59,720          1,429,100  

Royalty Pharma PLC, Class A

      14,200          681,174  
       

 

 

  
       2,110,274  
       

 

 

  

Professional Services — 1.4%

 

CACI International, Inc., Class A(1)

      2,930          1,593,539  

KBR, Inc.

      17,120          631,043  
       

 

 

  
       2,224,582  
       

 

 

  

Real Estate Management & Development — 0.8%

 

Compass, Inc., Class A(1)

      39,480          288,599  

Jones Lang LaSalle, Inc.(1)

      3,310          1,007,299  
       

 

 

  
       1,295,898  
       

 

 

  

Residential REITs — 0.9%

 

American Homes 4 Rent, Class A

      17,550          489,996  

Camden Property Trust

      3,370          329,114  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SELECT MID CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Residential REITs — (continued)

 

Sun Communities, Inc.

      4,360        $ 549,186  
       

 

 

  
       1,368,296  
       

 

 

  

Retail REITs — 0.8%

 

Macerich Co.

      23,720          448,308  

Urban Edge Properties

      38,420          767,632  
       

 

 

  
       1,215,940  
       

 

 

  

Semiconductors & Semiconductor Equipment — 4.2%

 

Allegro MicroSystems, Inc.(1)

      18,222          574,540  

Entegris, Inc.

      11,943          1,400,197  

MACOM Technology Solutions Holdings, Inc.(1)

      10,485          2,328,404  

MKS, Inc.

      4,469          1,027,021  

Nova Ltd.(1)

      1,083          470,325  

Rambus, Inc.(1)

      10,499          903,229  
       

 

 

  
       6,703,716  
       

 

 

  

Software — 1.7%

 

Gen Digital, Inc.

      13,775          259,383  

Guidewire Software, Inc.(1)

      6,119          915,158  

Nutanix, Inc., Class A(1)

      9,462          359,651  

Rubrik, Inc., , Class A(1)

      11,186          547,778  

Samsara, Inc., Class A(1)

      17,293          548,015  
       

 

 

  
       2,629,985  
       

 

 

  

Specialized REITs — 1.5%

 

CubeSmart

      15,479          567,305  

Four Corners Property Trust, Inc.

      33,050          781,633  

Outfront Media, Inc.

      38,291          1,014,711  
       

 

 

  
       2,363,649  
       

 

 

  

Specialty Retail — 3.9%

 

Aritzia, Inc. (Canada)(1)

      7,814          637,657  

Bath & Body Works, Inc.

      34,794          649,604  

Burlington Stores, Inc.(1)

      4,614          1,501,303  

Dick’s Sporting Goods, Inc.

      5,033          997,994  

Five Below, Inc.(1)

      4,839          1,105,615  

Gap, Inc.

      23,310          564,102  

Murphy USA, Inc.

      1,576          778,497  
       

 

 

  
       6,234,772  
       

 

 

  

Technology Hardware, Storage & Peripherals — 0.9%

 

Everpure, Inc., Class A(1)

      570          33,653  

Western Digital Corp.

      5,017          1,357,048  
       

 

 

  
       1,390,701  
       

 

 

  

Textiles, Apparel & Luxury Goods — 1.4%

 

Amer Sports, Inc.(1)

      20,455          673,379  

Birkenstock Holding PLC(1)

      16,722          599,149  

Ralph Lauren Corp.

      1,141          392,492  

Tapestry, Inc.

      3,605          508,702  
       

 

 

  
       2,173,722  
       

 

 

  

Trading Companies & Distributors — 2.5%

 

Core & Main, Inc., Class A(1)

      13,440          663,936  

Watsco, Inc.

      2,500          909,475  

WESCO International, Inc.

      8,949          2,448,625  
       

 

 

  
       4,022,036  
       

 

 

  

Total Common Stocks
(Cost $124,684,622)

 

         156,589,012  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SELECT MID CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		       
Value		  

U.S. Treasury Bills — 0.1%

 

U.S. Treasury Bills
3.638% due 4/23/2026(3)

    $ 110,000        $ 109,756  
       

 

 

  

Total U.S. Treasury Bills
(Cost $109,761)

 

        109,756  
       

 

 

  

Repurchase Agreements — 1.6%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $2,546,005, due 4/1/2026(4)

    $ 2,545,930          2,545,930  
       

 

 

  

Total Repurchase Agreements
(Cost $2,545,930)

 

        2,545,930  
       

 

 

  

Total Investments — 100.1%
(Cost $127,340,313)

 

        159,244,698  
       

 

 

  

Liabilities in excess of other assets — (0.1)%

 

        (106,350 ) 
       

 

 

  

Total Net Assets — 100.0%

 

      $  159,138,348  
       

 

 

  

 

(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 March 31, 2026, the aggregate market value of this security amounted to $545,284, representing 0.3% of net assets. These security has been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(3)

Interest rate shown reflects the discount rate at time of purchase.

(4)

The table below presents collateral for repurchase agreements.

 

Security

   
Coupon		     Maturity
Date		      Principal
Amount		      Value  

U.S. Treasury Note

      3.625 %      8/31/2029      $  2,611,700      $  2,597,001  

Open futures contracts at March 31, 2026:

 

Type

    Expiration      Contracts      Position      Notional
Amount		      Notional
Value		      Unrealized
Appreciation		  

S&P MidCap 400 E-mini futures

      June 2026        3        Long      $  1,017,779      $  1,018,950      $  1,171  

Legend:

ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SELECT MID CAP CORE VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

Assets (unaudited)      — Valuation Inputs —  

Investments in Securities

    Level 1      Level 2     Level 3      Total  

Common Stocks

    $ 155,544,477      $ 1,044,535 *    $ —       $ 156,589,012  

U.S. Treasury Bills

      —         109,756       —         109,756  

Repurchase Agreements

      —         2,545,930       —         2,545,930  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ 155,544,477      $ 3,700,221     $ —       $ 159,244,698  
  

 

 

     

 

 

    

 

 

     

 

 

  

Other Financial Instruments

           

Futures Contracts

    $ 1,171      $ —      $ —       $ 1,171  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Assets

    $  155,545,648      $  3,700,221     $ —       $  159,245,869  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* 

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

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SHORT DURATION BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Agency Mortgage-Backed Securities — 22.1%

        

Federal Home Loan Mortgage Corp.

        

3.00% due 5/1/2033

    $ 5,316,649        $ 5,195,626  

Federal National Mortgage Association

        

3.00% due 4/1/2033

      3,209,843          3,169,887  

3.00% due 9/1/2034

      5,555,422          5,379,254  

3.00% due 5/1/2037

      5,151,796          5,004,129  

Freddie Mac Multifamily Structured Pass-Through Certificates

        

Series K-065, Class A2

        

3.243% due 4/25/2027

      2,900,000          2,876,526  

Series K-068, Class A2

        

3.244% due 8/25/2027

      7,000,000          6,920,687  
       

 

 

  

Total Agency Mortgage-Backed Securities
(Cost $28,483,286)

            28,546,109  
       

 

 

  

Asset-Backed Securities — 24.8%

        

Aligned Data Centers Issuer LLC

        

Series 2021-1A, Class A2

        

1.937% due 8/15/2046(1)

      900,000          890,809  

Avis Budget Rental Car Funding AESOP LLC

        

Series 2021-2A, Class A

        

1.66% due 2/20/2028(1)

      1,100,000          1,079,931  

CARDS II Trust

        

Series 2025-1A, Class A

        

4.63% due 3/15/2031(1)

      3,000,000          3,010,808  

Citizens Auto Receivables Trust

        

Series 2024-1, Class A3

        

5.11% due 4/17/2028(1)

      493,453          495,385  

CNH Equipment Trust

        

Series 2024-A, Class A3

        

4.77% due 6/15/2029

      1,222,498          1,230,666  

CyrusOne Data Centers Issuer I LLC

        

Series 2024-2A, Class A2

        

4.50% due 5/20/2049(1)

      450,000          437,428  

DLLMT LLC

        

Series 2024-1A, Class A3

        

4.84% due 8/21/2028(1)

      1,000,000          1,005,479  

GMF Floorplan Owner Revolving Trust

        

Series 2025-1A, Class C

        

4.88% due 3/15/2029(1)

      2,900,000          2,911,292  

Hertz Vehicle Financing III LLC

        

Series 2025-1A, Class A

        

4.91% due 9/25/2029(1)

      2,900,000          2,921,536  

Kubota Credit Owner Trust

        

Series 2025-1A, Class A3

        

4.67% due 6/15/2029(1)

      405,000          408,007  

Series 2025-1A, Class A4

        

4.87% due 7/15/2030(1)

      405,000          409,836  

NextGear Floorplan Master Owner Trust

        

Series 2024-1A, Class A2

        

5.12% due 3/15/2029(1)

      1,000,000          1,008,649  

Series 2025-1A, Class B

        

4.89% due 2/15/2030(1)

      3,000,000          3,010,573  

Octagon Investment Partners 36 Ltd.

        

Series 2018-1A, Class B

        

5.324% (3 mo. USD Term SOFR + 1.65%) due 4/15/2031(1)(2)

      1,209,375          1,209,456  

Oscar U.S. Funding XV LLC

        

Series 2023-1A, Class A3

        

5.81% due 12/10/2027(1)

      251,274          251,637  

Stellantis Financial Underwritten Enhanced Lease Trust

        

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SHORT DURATION BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		        Value  

Asset-Backed Securities — (continued)

        

Series 2025-BA, Class C

        

4.71% due 1/22/2030(1)

    $ 610,000        $ 608,320  

Series 2025-CA, Class C

        

4.44% due 8/20/2030(1)

      2,650,000          2,630,039  

Tesla Lease Electric Vehicle Securitization LLC

        

Series 2025-A, Class C

        

5.09% due 6/20/2029(1)

      2,650,000          2,656,526  

Verizon Master Trust

        

Series 2025-3, Class C

        

4.90% due 3/20/2030

      2,900,000          2,912,537  

Wheels Fleet Lease Funding 1 LLC

        

Series 2024-3A, Class A1

        

4.80% due 9/19/2039(1)

      188,943          190,158  

Series 2024-3A, Class B

        

5.07% due 9/19/2039(1)

      195,000          196,870  

Series 2025-1A, Class C

        

5.08% due 1/18/2040(1)

      2,500,000          2,510,100  
       

 

 

  

Total Asset-Backed Securities
(Cost $31,880,531)

            31,986,042  
       

 

 

  

Corporate Bonds & Notes — 32.0%

        

Airlines — 1.1%

        

Delta Air Lines, Inc.

        

4.95% due 7/10/2028

      645,000          647,374  

Southwest Airlines Co.

        

4.375% due 11/15/2028

      800,000          789,631  
       

 

 

  
          1,437,005  
       

 

 

  

Biotechnology — 0.4%

        

Amgen, Inc.

        

5.15% due 3/2/2028

      500,000          507,327  
       

 

 

  
          507,327  
       

 

 

  

Commercial Banks — 10.3%

        

Banco Santander Chile

        

4.55% due 11/20/2030(1)

      1,300,000          1,282,944  

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          491,186  

4.979% (4.979% fixed rate until 1/24/2028; 1 day USD SOFR + 0.83% thereafter) due 1/24/2029(2)

      940,000          947,323  

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          2,824,591  

JPMorgan Chase & Co.

        

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          1,411,924  

5.299% (5.299% fixed rate until 7/24/2028; 1 day USD SOFR + 1.45% thereafter) due 7/24/2029(2)

      500,000          509,331  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SHORT DURATION BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Corporate Bonds & Notes — (continued)

 

Commercial Banks — (continued)

      

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      $ 1,921,885  

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        1,005,931  

Wells Fargo & Co.

      

5.574% (5.574% fixed rate until 7/25/2028; 1 day USD SOFR + 1.74% thereafter) due 7/25/2029(2)

      2,800,000        2,864,323  
     

 

 

  
      13,259,438  
     

 

 

  

Computers — 1.1%

 

Dell International LLC/EMC Corp.

 

4.75% due 4/1/2028

      1,450,000        1,460,190  
     

 

 

  
     1,460,190  
     

 

 

  

Diversified Financial Services — 4.0%

 

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        1,105,990  

Aviation Capital Group LLC

      

6.75% due 10/25/2028(1)

      1,300,000        1,360,258  

Lseg U.S. Fin Corp.

      

4.25% due 3/23/2029(1)

      490,000        486,429  

OneMain Finance Corp.

      

3.875% due 9/15/2028

      1,100,000        1,045,386  

Western Union Co.

      

4.75% due 6/15/2029

      1,120,000        1,110,024  
     

 

 

  
     5,108,087  
     

 

 

  

Electric — 1.0%

 

Vistra Operations Co. LLC

 

4.30% due 10/15/2028(1)

      1,300,000        1,284,420  
     

 

 

  
     1,284,420  
     

 

 

  

Electrical Components & Equipment — 1.1%

 

Molex Electronic Technologies LLC

 

4.75% due 4/30/2028(1)

      1,400,000        1,405,973  
     

 

 

  
     1,405,973  
     

 

 

  

Food — 2.2%

 

Mars, Inc.

 

4.55% due 4/20/2028(1)

      2,870,000        2,889,130  
     

 

 

  
     2,889,130  
     

 

 

  

Healthcare-Products — 0.9%

 

Medline Borrower LP

 

3.875% due 4/1/2029(1)

      1,170,000        1,131,813  
     

 

 

  
     1,131,813  
     

 

 

  

Healthcare-Services — 0.8%

 

HCA, Inc.

 

5.20% due 6/1/2028

      1,000,000        1,015,045  
     

 

 

  
     1,015,045  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SHORT DURATION BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

Corporate Bonds & Notes — (continued)

 

Insurance — 0.5%

 

Farmers Exchange Capital

 

7.05% due 7/15/2028(1)

    $ 650,000      $ 674,279  
     

 

 

  
     674,279  
     

 

 

  

Leisure Time — 1.7%

 

Carnival Corp.

 

7.00% due 8/15/2029(1)

      1,600,000        1,659,762  

Royal Caribbean Cruises Ltd.

      

5.375% due 7/15/2027(1)

      500,000        501,888  
     

 

 

  
     2,161,650  
     

 

 

  

Lodging — 0.8%

 

Las Vegas Sands Corp.

 

5.90% due 6/1/2027

      1,000,000        1,012,998  
     

 

 

  
     1,012,998  
     

 

 

  

Oil & Gas — 0.4%

 

EQT Corp.

 

4.50% due 1/15/2029

      500,000        498,831  
     

 

 

  
     498,831  
     

 

 

  

Pipelines — 1.8%

 

DT Midstream, Inc.

 

4.125% due 6/15/2029(1)

      1,370,000        1,341,176  

Williams Cos., Inc.

      

5.30% due 8/15/2028

      1,000,000        1,021,029  
     

 

 

  
     2,362,205  
     

 

 

  

Real Estate Investment Trusts — 1.7%

 

Extra Space Storage LP

 

3.50% due 7/1/2026

      500,000        498,907  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.

      

5.50% due 8/1/2030

      670,000        671,313  

VICI Properties LP

      

4.75% due 4/1/2028

      980,000        980,998  
     

 

 

  
     2,151,218  
     

 

 

  

Telecommunications — 1.8%

 

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC

 

5.152% due 3/20/2028(1)

      1,880,000        1,889,283  

T-Mobile USA, Inc.

      

3.75% due 4/15/2027

      500,000        496,905  
     

 

 

  
     2,386,188  
     

 

 

  

Transportation — 0.4%

 

GXO Logistics, Inc.

 

6.25% due 5/6/2029

      461,000        477,910  
     

 

 

  
     477,910  
     

 

 

  

Total Corporate Bonds & Notes
(Cost $41,158,715)

 

       41,223,707  
     

 

 

  

Non-Agency Mortgage-Backed Securities — 1.6%

 

Brean Asset-Backed Securities Trust

 

Series 2025-RM11, Class A1

4.75% due 5/25/2065(1)(2)(3)

      2,095,040        2,053,227  
     

 

 

  

Total Non-Agency Mortgage-Backed Securities
(Cost $2,031,102)

 

      2,053,227  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SHORT DURATION BOND VIP FUND

 

March 31, 2026 (unaudited)

    Principal
Amount		      Value  

U.S. Government Securities — 15.8%

 

U.S. Treasury Notes

 

1.375% due 10/31/2028

    $  21,700,000      $ 20,406,476  
     

 

 

  

Total U.S. Government Securities
(Cost $20,418,344)

 

      20,406,476  
     

 

 

  

Repurchase Agreements — 1.0%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $1,281,984, due 4/1/2026(4)

    $ 1,281,946        1,281,946  
     

 

 

  

Total Repurchase Agreements
(Cost $1,281,946)

 

      1,281,946  
     

 

 

  

Total Investments — 97.3%
(Cost $125,253,924)

 

      125,497,507  
     

 

 

  

Assets in excess of other liabilities — 2.7%

 

      3,462,293  
     

 

 

  

Total Net Assets — 100.0%

 

    $  128,959,800  
     

 

 

  

 

(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 March 31, 2026, the aggregate market value of these securities amounted to $45,803,421, representing 35.5% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

(2)

Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at March 31, 2026.

(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

      1.00 %      7/31/2028      $  1,393,300      $  1,307,653  

Legend:

SOFR – Secured Overnight Financing Rate

USD – United States Dollar

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SHORT DURATION BOND VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2      Level 3      Total  

Agency Mortgage-Backed Securities

    $ —       $ 28,546,109      $ —       $ 28,546,109  

Asset-Backed Securities

      —         31,986,042        —         31,986,042  

Corporate Bonds & Notes

      —         41,223,707        —         41,223,707  

Non-Agency Mortgage-Backed Securities

      —         2,053,227        —         2,053,227  

U.S. Government Securities

      —         20,406,476        —         20,406,476  

Repurchase Agreements

      —         1,281,946        —         1,281,946  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ —       $  125,497,507      $ —       $  125,497,507  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SMALL-MID CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 98.7%

 

Aerospace & Defense — 4.0%

 

BWX Technologies, Inc.

      14,366        $ 2,937,703  

Melrose Industries PLC (United Kingdom)

      319,124          2,149,603  

V2X, Inc.(1)

      35,003          2,397,706  
       

 

 

  
       7,485,012  
       

 

 

  

Automobile Components — 0.9%

 

Gentherm, Inc.(1)

      61,221          1,700,719  
       

 

 

  
       1,700,719  
       

 

 

  

Banks — 7.2%

 

Ameris Bancorp

      38,795          3,025,622  

Axos Financial, Inc.(1)

      26,000          2,212,340  

Customers Bancorp, Inc.(1)

      8,335          578,532  

Popular, Inc.

      15,158          2,033,749  

Texas Capital Bancshares, Inc.(1)

      27,051          2,566,599  

Wintrust Financial Corp.

      21,626          3,004,717  
       

 

 

  
        13,421,559  
       

 

 

  

Biotechnology — 3.8%

 

ACADIA Pharmaceuticals, Inc.(1)

      23,496          523,021  

Arrowhead Pharmaceuticals, Inc.(1)

      11,456          718,291  

Catalyst Pharmaceuticals, Inc.(1)

      22,418          555,070  

Exelixis, Inc.(1)

      13,890          595,742  

Janux Therapeutics, Inc.(1)

      36,984          514,078  

Monte Rosa Therapeutics, Inc.(1)

      32,978          542,488  

Praxis Precision Medicines, Inc.(1)

      1,606          517,437  

Protagonist Therapeutics, Inc.(1)

      5,735          604,469  

PTC Therapeutics, Inc.(1)

      8,311          566,228  

Roivant Sciences Ltd.(1)

      26,707          739,784  

United Therapeutics Corp.(1)

      2,143          1,270,756  
       

 

 

  
       7,147,364  
       

 

 

  

Building Products — 3.3%

 

AAON, Inc.

      19,887          1,645,649  

AZZ, Inc.

      18,565          2,323,039  

Carlisle Cos., Inc.

      6,462          2,155,852  
       

 

 

  
       6,124,540  
       

 

 

  

Capital Markets — 2.2%

 

Cboe Global Markets, Inc.

      4,998          1,404,788  

Raymond James Financial, Inc.

      12,761          1,847,665  

StoneX Group, Inc.(1)

      9,453          762,384  
       

 

 

  
       4,014,837  
       

 

 

  

Chemicals — 2.9%

 

Ashland, Inc.

      43,714          2,430,935  

Westlake Corp.

      24,784          2,895,267  
       

 

 

  
       5,326,202  
       

 

 

  

Commercial Services & Supplies — 1.8%

 

Montrose Environmental Group, Inc.(1)

      95,336          2,086,905  

Republic Services, Inc.

      5,790          1,268,126  
       

 

 

  
       3,355,031  
       

 

 

  

Communications Equipment — 0.5%

 

Ciena Corp.(1)

      2,475          960,869  
       

 

 

  
       960,869  
       

 

 

  

Construction & Engineering — 3.3%

 

API Group Corp.(1)

      75,235          3,048,522  

Comfort Systems USA, Inc.

      1,344          1,853,363  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SMALL-MID CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — (continued)

 

Construction & Engineering — (continued)

 

Sterling Infrastructure, Inc.(1)

      2,903        $ 1,182,305  
       

 

 

  
       6,084,190  
       

 

 

  

Containers & Packaging — 1.1%

 

Crown Holdings, Inc.

      20,742          2,079,385  
       

 

 

  
       2,079,385  
       

 

 

  

Electrical Equipment — 3.7%

 

Allient, Inc.

      50,897          3,007,504  

Nextpower, Inc., Class A(1)

      7,392          891,105  

Regal Rexnord Corp.

      16,066          3,008,519  
       

 

 

  
       6,907,128  
       

 

 

  

Electronic Equipment, Instruments & Components — 6.1%

 

Littelfuse, Inc.

      8,913          3,024,627  

Mirion Technologies, Inc.(1)

      126,259          2,347,155  

Ralliant Corp.

      55,643          2,314,192  

Sanmina Corp.(1)

      3,440          445,962  

Teledyne Technologies, Inc.(1)

      4,002          2,421,250  

TTM Technologies, Inc.(1)

      9,737          948,578  
       

 

 

  
        11,501,764  
       

 

 

  

Entertainment — 1.4%

 

Roku, Inc.(1)

      28,516          2,698,184  
       

 

 

  
       2,698,184  
       

 

 

  

Health Care Equipment & Supplies — 2.4%

 

Haemonetics Corp.(1)

      33,173          1,869,630  

LivaNova PLC(1)

      41,632          2,646,130  
       

 

 

  
       4,515,760  
       

 

 

  

Health Care Providers & Services — 2.1%

 

HealthEquity, Inc.(1)

      36,310          3,034,427  

Humana, Inc.

      5,585          968,383  
       

 

 

  
       4,002,810  
       

 

 

  

Health Care REITs — 0.4%

 

Omega Healthcare Investors, Inc.

      18,856          826,270  
       

 

 

  
       826,270  
       

 

 

  

Hotels, Restaurants & Leisure — 1.3%

 

Planet Fitness, Inc., Class A(1)

      31,592          2,349,813  
       

 

 

  
       2,349,813  
       

 

 

  

Household Durables — 1.4%

 

Toll Brothers, Inc.

      19,534          2,665,805  
       

 

 

  
       2,665,805  
       

 

 

  

Independent Power and Renewable Electricity Producers — 1.4%

 

Talen Energy Corp.(1)

      7,957          2,540,113  
       

 

 

  
       2,540,113  
       

 

 

  

Industrial REITs — 1.6%

 

Terreno Realty Corp.

      47,710          2,930,348  
       

 

 

  
       2,930,348  
       

 

 

  

Insurance — 5.6%

 

Arch Capital Group Ltd.(1)

      20,328          1,951,285  

Axis Capital Holdings Ltd.

      20,078          2,036,110  

First American Financial Corp.

      29,355          1,769,813  

Reinsurance Group of America, Inc.

      13,595          2,775,555  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SMALL-MID CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — (continued)

 

Insurance — (continued)

 

Unum Group

      26,107      $ 1,906,594  
     

 

 

  
      10,439,357  
     

 

 

  

IT Services — 1.3%

 

Okta, Inc.(1)

      31,535        2,482,120  
     

 

 

  
     2,482,120  
     

 

 

  

Life Sciences Tools & Services — 5.2%

 

Azenta, Inc.(1)

      118,607        2,506,166  

Bio-Rad Laboratories, Inc., Class A(1)

      8,394        2,339,827  

Bruker Corp.

      73,921        2,670,027  

ICON PLC(1)

      19,892        2,201,249  
     

 

 

  
     9,717,269  
     

 

 

  

Machinery — 1.2%

 

Esab Corp.

      23,059        2,228,883  
     

 

 

  
     2,228,883  
     

 

 

  

Marine Transportation — 2.0%

 

Kirby Corp.(1)

      27,507        3,655,130  
     

 

 

  
     3,655,130  
     

 

 

  

Metals & Mining — 2.2%

 

Century Aluminum Co.(1)

      13,480        791,141  

Coeur Mining, Inc.(1)

      43,627        818,879  

Commercial Metals Co.

      41,824        2,569,248  
     

 

 

  
     4,179,268  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.6%

 

Antero Resources Corp.(1)

      47,293        2,007,115  

Coterra Energy, Inc.

      60,319        2,119,610  

Teekay Corp. Ltd.

      67,469        823,796  
     

 

 

  
     4,950,521  
     

 

 

  

Paper & Forest Products — 1.3%

 

Louisiana-Pacific Corp.

      34,436        2,505,219  
     

 

 

  
     2,505,219  
     

 

 

  

Passenger Airlines — 1.2%

 

Alaska Air Group, Inc.(1)

      61,916        2,277,270  
     

 

 

  
     2,277,270  
     

 

 

  

Pharmaceuticals — 0.3%

 

Amneal Pharmaceuticals, Inc.(1)

      45,539        566,050  
     

 

 

  
     566,050  
     

 

 

  

Residential REITs — 1.5%

 

Sun Communities, Inc.

      22,167        2,792,155  
     

 

 

  
     2,792,155  
     

 

 

  

Semiconductors & Semiconductor Equipment — 5.6%

 

Allegro MicroSystems, Inc.(1)

      74,291        2,342,395  

Credo Technology Group Holding Ltd.(1)

      6,537        613,628  

Marvell Technology, Inc.

      34,561        3,423,267  

ON Semiconductor Corp.(1)

      67,517        4,180,653  
     

 

 

  
     10,559,943  
     

 

 

  

Software — 3.0%

 

CCC Intelligent Solutions Holdings, Inc.(1)

      314,461        1,886,766  

Cipher Digital, Inc.(1)

      27,067        348,352  

D-Wave Quantum, Inc.(1)

      17,652        254,719  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SMALL-MID CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — (continued)

 

Software — (continued)

 

Dynatrace, Inc.(1)

      82,899      $ 3,065,605  
     

 

 

  
     5,555,442  
     

 

 

  

Specialized REITs — 0.9%

 

SBA Communications Corp.

      10,032        1,726,608  
     

 

 

  
     1,726,608  
     

 

 

  

Specialty Retail — 4.7%

 

Burlington Stores, Inc.(1)

      7,907        2,572,780  

Chewy, Inc., Class A(1)

      57,882        1,562,814  

National Vision Holdings, Inc.(1)

      90,553        2,345,323  

Revolve Group, Inc.(1)

      103,602        2,342,441  
     

 

 

  
     8,823,358  
     

 

 

  

Technology Hardware, Storage & Peripherals — 0.6%

 

Sandisk Corp.(1)

      1,725        1,095,962  
     

 

 

  
     1,095,962  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.5%

 

Tapestry, Inc.

      7,097        1,001,458  
     

 

 

  
     1,001,458  
     

 

 

  

Trading Companies & Distributors — 6.2%

 

Applied Industrial Technologies, Inc.

      10,926        2,898,886  

Herc Holdings, Inc.

      23,441        2,333,552  

QXO, Inc.(1)

      169,956        3,300,545  

WESCO International, Inc.

      11,284        3,087,528  
     

 

 

  
     11,620,511  
     

 

 

  

Total Common Stocks
(Cost $175,463,156)

 

      184,814,227  
     

 

 

  
     Principal
Amount		      Value  

Repurchase Agreements — 0.2%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $409,920, due 4/1/2026(2)

    $ 409,908        409,908  
     

 

 

  

Total Repurchase Agreements
(Cost $409,908)

 

      409,908  
     

 

 

  

Total Investments — 98.9%
(Cost $175,873,064)

 

      185,224,135  
     

 

 

  

Assets in excess of other liabilities — 1.1%

 

      2,154,050  
     

 

 

  

Total Net Assets — 100.0%

 

    $  187,378,185  
     

 

 

  

 

(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

      3.625 %      8/31/2029      $  420,500      $  418,136  

Legend:

REITs – Real Estate Investment Trusts

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN SMALL-MID CAP CORE VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2     Level 3      Total  

Common Stocks

    $ 182,664,624      $ 2,149,603 *    $ —       $ 184,814,227  

Repurchase Agreements

      —         409,908       —         409,908  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $  182,664,624      $  2,559,511     $ —       $  185,224,135  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* 

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

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares        Value  

Common Stocks — 98.8%

 

Aerospace & Defense — 3.5%

 

BAE Systems PLC, ADR

      24,280        $  2,828,620  

L3Harris Technologies, Inc.

      9,710          3,351,406  
       

 

 

  
       6,180,026  
       

 

 

  

Banks — 3.9%

 

Bank of America Corp.

      60,428          2,945,865  

JPMorgan Chase & Co.

      10,256          3,016,905  

M&T Bank Corp.

      4,723          976,338  
       

 

 

  
       6,939,108  
       

 

 

  

Beverages — 1.5%

 

Coca-Cola Co.

      14,917          1,134,438  

Monster Beverage Corp.(1)

      20,545          1,488,691  
       

 

 

  
       2,623,129  
       

 

 

  

Biotechnology — 3.8%

 

AbbVie, Inc.

      13,450          2,925,240  

Gilead Sciences, Inc.

      27,902          3,888,702  
       

 

 

  
       6,813,942  
       

 

 

  

Broadline Retail — 3.2%

 

Amazon.com, Inc.(1)

      27,318          5,689,520  
       

 

 

  
       5,689,520  
       

 

 

  

Building Products — 0.5%

 

Trane Technologies PLC

      2,171          904,743  
       

 

 

  
       904,743  
       

 

 

  

Capital Markets — 2.9%

 

Cboe Global Markets, Inc.

      8,067          2,267,392  

CME Group, Inc.

      2,475          730,991  

S&P Global, Inc.

      5,059          2,151,795  
       

 

 

  
       5,150,178  
       

 

 

  

Communications Equipment — 3.2%

 

Cisco Systems, Inc.

      43,479          3,373,536  

Motorola Solutions, Inc.

      5,091          2,209,341  
       

 

 

  
       5,582,877  
       

 

 

  

Construction & Engineering — 0.8%

 

Stantec, Inc.

      16,434          1,419,898  
       

 

 

  
       1,419,898  
       

 

 

  

Consumer Staples Distribution & Retail — 0.5%

 

U.S. Foods Holding Corp.(1)

      9,550          880,605  
       

 

 

  
       880,605  
       

 

 

  

Diversified Consumer Services — 0.3%

 

ADT, Inc.

      80,559          529,273  
       

 

 

  
       529,273  
       

 

 

  

Electric Utilities — 3.4%

 

American Electric Power Co., Inc.

      25,738          3,373,737  

NextEra Energy, Inc.

      28,626          2,658,783  
       

 

 

  
       6,032,520  
       

 

 

  

Electrical Equipment — 0.7%

 

Eaton Corp. PLC

      3,627          1,297,269  
       

 

 

  
       1,297,269  
       

 

 

  

Entertainment — 1.2%

 

Netflix, Inc.(1)

      22,660          2,178,759  
       

 

 

  
       2,178,759  
       

 

 

  

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — (continued)

 

Financial Services — 4.2%

 

Mastercard, Inc., Class A

      7,302      $ 3,648,517  

Visa, Inc., Class A

      12,556        3,794,926  
     

 

 

  
     7,443,443  
     

 

 

  

Health Care Equipment & Supplies — 1.1%

 

Medtronic PLC

      21,804        1,889,317  
     

 

 

  
     1,889,317  
     

 

 

  

Health Care Providers & Services — 2.7%

 

McKesson Corp.

      4,095        3,543,649  

UnitedHealth Group, Inc.

      4,266        1,154,337  
     

 

 

  
     4,697,986  
     

 

 

  

Hotels, Restaurants & Leisure — 2.5%

 

Booking Holdings, Inc.

      164        690,493  

Compass Group PLC, ADR

      67,484        1,876,055  

Yum! Brands, Inc.

      11,956        1,858,919  
     

 

 

  
     4,425,467  
     

 

 

  

Household Products — 2.2%

 

Colgate-Palmolive Co.

      28,249        2,407,662  

Procter & Gamble Co.

      10,652        1,538,575  
     

 

 

  
     3,946,237  
     

 

 

  

Insurance — 4.4%

 

American Financial Group, Inc.

      6,094        778,265  

Everest Group Ltd.

      1,380        451,053  

Hanover Insurance Group, Inc.

      5,170        896,219  

Marsh & McLennan Cos., Inc.

      9,084        1,575,620  

Reinsurance Group of America, Inc.

      3,077        628,200  

Travelers Cos., Inc.

      8,043        2,345,982  

Willis Towers Watson PLC

      4,011        1,165,998  
     

 

 

  
     7,841,337  
     

 

 

  

Interactive Media & Services — 7.1%

 

Alphabet, Inc., Class C

      37,113        10,646,235  

Meta Platforms, Inc., Class A

      3,248        1,858,278  
     

 

 

  
      12,504,513  
     

 

 

  

Life Sciences Tools & Services — 0.7%

 

Thermo Fisher Scientific, Inc.

      2,687        1,320,741  
     

 

 

  
     1,320,741  
     

 

 

  

Multi-Utilities — 1.5%

 

Ameren Corp.

      24,360        2,677,651  
     

 

 

  
     2,677,651  
     

 

 

  

Office REITs — 0.4%

 

COPT Defense Properties

      24,525        750,465  
     

 

 

  
     750,465  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.8%

 

Exxon Mobil Corp.

      12,663        2,148,405  

Shell PLC, ADR

      29,979        2,788,047  
     

 

 

  
     4,936,452  
     

 

 

  

Pharmaceuticals — 4.4%

 

Eli Lilly & Co.

      3,209        2,951,542  

Merck & Co., Inc.

      33,643        4,046,917  

Zoetis, Inc.

      6,720        794,371  
     

 

 

  
     7,792,830  
     

 

 

  

 

See accompanying Notes to Schedule of Investments.

     

 

SCHEDULE OF INVESTMENTS

GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

 

March 31, 2026 (unaudited)

    Shares      Value  

Common Stocks — (continued)

 

Professional Services — 3.7%

 

Automatic Data Processing, Inc.

      4,683      $ 951,492  

Experian PLC, ADR

      41,459        1,448,577  

Jacobs Solutions, Inc.

      6,428        818,156  

Leidos Holdings, Inc.

      13,615        2,117,405  

RELX PLC, ADR

      38,210        1,266,662  
     

 

 

  
     6,602,292  
     

 

 

  

Semiconductors & Semiconductor Equipment — 12.6%

 

Analog Devices, Inc.

      8,501        2,704,508  

Broadcom, Inc.

      20,308        6,285,529  

KLA Corp.

      513        755,346  

NVIDIA Corp.

      50,422        8,793,597  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

      11,361        3,839,450  
     

 

 

  
     22,378,430  
     

 

 

  

Software — 8.1%

 

Intuit, Inc.

      3,438        1,486,522  

Microsoft Corp.

      27,590        10,212,990  

Nice Ltd., ADR(1)

      8,799        970,178  

ServiceNow, Inc.(1)

      16,776        1,753,931  
     

 

 

  
     14,423,621  
     

 

 

  

Specialized REITs — 1.3%

 

Digital Realty Trust, Inc.

      8,433        1,519,711  

Extra Space Storage, Inc.

      6,394        838,445  
     

 

 

  
     2,358,156  
     

 

 

  

Specialty Retail — 2.7%

 

AutoZone, Inc.(1)

      751        2,536,713  

O’Reilly Automotive, Inc.(1)

      8,725        805,405  

Ulta Beauty, Inc.(1)

      2,843        1,486,064  
     

 

 

  
     4,828,182  
     

 

 

  

Technology Hardware, Storage & Peripherals — 5.5%

 

Apple, Inc.

      38,355        9,734,115  
     

 

 

  
     9,734,115  
     

 

 

  

Tobacco — 1.5%

 

Philip Morris International, Inc.

      16,169        2,673,382  
     

 

 

  
     2,673,382  
     

 

 

  

Total Common Stocks
(Cost $137,482,762)

 

       175,446,464  
     

 

 

  
     Principal
Amount		      Value  

Repurchase Agreements — 1.4%

 

Fixed Income Clearing Corp., 1.06%, dated 3/31/2026, proceeds at maturity value of $2,458,430, due 4/1/2026(2)

    $ 2,458,358        2,458,358  
     

 

 

  

Total Repurchase Agreements
(Cost $2,458,358)

 

      2,458,358  
     

 

 

  

Total Investments — 100.2%
(Cost $139,941,120)

 

      177,904,822  
     

 

 

  

Liabilities in excess of other assets — (0.2)%

 

      (420,584 ) 
     

 

 

  

Total Net Assets — 100.0%

 

    $  177,484,238  
     

 

 

  

 

(1)

Non–income–producing security.

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

 

(2)

The table below presents collateral for repurchase agreements.

 

Security

    Coupon     Maturity
Date		      Principal
Amount		      Value  

U.S. Treasury Note

      3.625 %      8/31/2029      $  2,521,800      $  2,507,542  

Legend:

ADR – American Depositary Receipt

REITs – Real Estate Investment Trusts

 

See accompanying Notes to Schedule of Investments.

SCHEDULE OF INVESTMENTS

GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

 

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to the Fair Value Measurements section of the accompanying Notes to Schedule of Investments.

 

     — Valuation Inputs —  

Investments in Securities (unaudited)

    Level 1      Level 2      Level 3      Total  

Common Stocks

    $ 175,446,464      $ —       $ —       $ 175,446,464  

Repurchase Agreements

      —         2,458,358        —         2,458,358  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $  175,446,464      $  2,458,358      $ —       $  177,904,822  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

See accompanying Notes to Schedule of Investments.

Notes to Schedule of Investments (unaudited)

Investment Valuations

The Board of Trustees has designated Park Avenue Institutional Advisers LLC (“Park Avenue”) as the valuation designee for the Funds pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”). Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Funds.

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

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

Exchange-traded financial futures and swap contracts are valued at the last settlement price on the market where they are primarily traded. Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue.

Restricted and Illiquid Securities

A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to a Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust’s Board of Trustees and are noted, if any, in the Funds’ Schedule of Investments. As of March 31, 2026, Guardian Multi-Sector Bond VIP Fund held two illiquid securities, Guardian Large Cap Fundamental Growth VIP Fund held three illiquid securities, and Guardian Mid Cap Relative Value VIP Fund held three illiquid securities.

Fair Value Measurements

In accordance with Financial Accounting Standards Board (“FASB”) Codification Topic 820 (“ASC Topic 820”), fair value is defined as the price that the Fund would receive upon selling an investment in an “arm’s length” transaction to a willing buyer in the principal or most advantageous market for the investment. ASC Topic 820 established a hierarchy for classification of fair value measurements for disclosure purposes. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The hierarchy of inputs is summarized in the three broad levels listed below.

 

•  

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

 

•  

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

 

•  

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

Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input; both individually and in aggregate,

that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Trust. The Trust considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of a financial instrument’s assigned level within the hierarchy.

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. As of March 31, 2026, except for Guardian Multi-Sector Bond VIP Fund, there were no transfers into or out of Level 3 of the fair value hierarchy. Guardian Multi-Sector Bond VIP had transfers into Level 3 of the fair value hierarchy as of March 31, 2026.

The Funds’ policy is to recognize transfers between Level 1, Level 2 and Level 3 at the end of the reporting period. Transfers between Levels 1 and 2 related to certain exchange-traded foreign securities whose prices may have been affected by events occurring after the close of trading on the exchange and, as a result, whose value were determined by a pricing service using pricing models in accordance with methods approved by the Funds’ Board of Trustees. Transfers between Levels 2 and 3 relate to securities which have significant unobservable inputs, as they trade infrequently or not at all.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Funds’ investment portfolios into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Funds’ assets and liabilities carried at fair value as of March 31, 2026 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Funds’ Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations. As of March 31, 2026, Guardian Large Cap Fundamental Growth VIP Fund has two securities and Guardian Multi-Sector Bond VIP Fund has two securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps, swaptions and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the period ended March 31, 2026, Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund, Guardian Balanced Allocation VIP Fund and Guardian Core Plus Fixed Income VIP Fund entered into U.S. Treasury futures contracts to manage portfolio duration and Guardian Select Mid Cap Core VIP Fund entered into equity futures contracts to equitize cash and keep the Fund fully invested. During the period ended March 31, 2026 Guardian Multi-Sector Bond VIP Fund and Guardian Total Return Bond VIP Fund entered into forward foreign currency contracts. During the period ended March 31, 2026, Guardian Multi-Sector Bond VIP Fund entered into swaps and swaptions.