UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23148

Guardian Variable Products Trust

(Exact name of registrant as specified in charter)

10 Hudson Yards New York, N.Y. 10001

(Address of principal executive offices) (Zip code)

Keith A. Namiot

President

Guardian Variable Products Trust

10 Hudson Yards

New York, N.Y. 10001

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

Item 1. Reports to Stockholders.

(a)

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

Semi-Annual Shareholder Report

June 30, 2026

Guardian Core Fixed Income VIP Fund

This semi-annual shareholder report contains important information about Guardian Core Fixed Income VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Core Fixed Income VIP Fund	$27	0.54%^{Footnote Reference*}

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

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$317,768,174
Total # of Portfolio Holdings	416
Portfolio Turnover Rate	15%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Bond Sector Allocation

(% of Total Net Assets)

Table Summary
U.S. Government Securities	41.3
Corporate Bonds & Notes	26.4
Agency Mortgage-Backed Securities	17.2
Asset-Backed Securities	10.6
Non-Agency Mortgage-Backed Securities	5.0
Cash/Other Assets and Liabilities	(0.5)
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
U.S. Treasury Notes, 4.125%, due 2/29/2032	12.8
U.S. Treasury Bonds, 4.625%, due 11/15/2044	9.1
U.S. Treasury Notes, 4.625%, due 2/15/2035	5.1
U.S. Treasury Bonds, 4.750%, due 2/15/2045	2.3
U.S. Treasury Notes, 4.000%, due 1/31/2033	1.8
U.S. Treasury Bonds, 4.625%, due 2/15/2055	1.7
U.S. Treasury Notes, 4.000%, due 6/30/2032	1.6
U.S. Treasury Bonds, 5.000%, due 5/15/2056	1.5
U.S. Treasury Notes, 4.250%, due 8/15/2035	1.4
U.S. Treasury Bonds, 4.500%, due 11/15/2054	1.1
Total	38.4

Guardian Core Fixed Income VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin Core Fixed Income Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin Core Fixed Income Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

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

Householding

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

Scan for additional information.

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

Guardian Core Fixed Income VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Core Plus Fixed Income VIP Fund

This semi-annual shareholder report contains important information about Guardian Core Plus Fixed Income VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Core Plus Fixed Income VIP Fund	$41	0.82%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$129,477,044
Total # of Portfolio Holdings	472
Portfolio Turnover Rate	73%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Bond Sector Allocation

(% of Total Net Assets)

Table Summary
Corporate Bonds & Notes	37.5
Agency Mortgage-Backed Securities	29.1
U.S. Government Securities	18.6
Asset-Backed Securities	15.0
Non-Agency Mortgage-Backed Securities	10.7
Foreign Government	2.0
Senior Secured Loans	1.7
U.S. Treasury Bills	0.1
Cash/Other Assets and Liabilities	(14.7)
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
U.S. Treasury Bonds, 4.750%, due 5/15/2055	2.9
Uniform Mortgage-Backed Security, 5.500%, due 8/1/2056	2.7
U.S. Treasury Bonds, 4.750%, due 2/15/2045	2.6
U.S. Treasury Bonds, 4.875%, due 8/15/2045	2.4
U.S. Treasury Bonds, 4.750%, due 11/15/2053	2.1
Uniform Mortgage-Backed Security, 4.500%, due 8/1/2039	1.7
U.S. Treasury Notes, 3.625%, due 12/31/2030	1.7
U.S. Treasury Bonds, 4.625%, due 11/15/2044	1.6
U.S. Treasury Bonds, 4.000%, due 11/15/2042	1.6
U.S. Treasury Notes, 4.125%, due 6/30/2028	1.5
Total	20.8

Guardian Core Plus Fixed Income VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA JPMorgan MFS Core Bond Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA JPMorgan MFS Core Bond Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Core Plus Fixed Income VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Diversified Research VIP Fund

This semi-annual shareholder report contains important information about Guardian Diversified Research VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Diversified Research VIP Fund	$49	0.94%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$97,147,453
Total # of Portfolio Holdings	139
Portfolio Turnover Rate	34%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Information Technology	37.5
Financials	12.8
Communication Services	9.3
Consumer Discretionary	9.0
Health Care	9.0
Industrials	8.1
Consumer Staples	4.6
Energy	3.4
Utilities	2.3
Materials	1.8
Real Estate	1.8
Cash/Other Assets and Liabilities	0.4
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
Apple, Inc.	6.8
NVIDIA Corp.	5.9
Microsoft Corp.	5.6
Alphabet, Inc., Class A	5.4
Amazon.com, Inc.	4.1
Lam Research Corp.	3.5
Broadcom, Inc.	2.6
Advanced Micro Devices, Inc.	2.5
Cisco Systems, Inc.	2.3
Micron Technology, Inc.	2.0
Total	40.7

Guardian Diversified Research VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin Systematic U.S. Large Cap Core Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Diversified Research VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Global Utilities VIP Fund

This semi-annual shareholder report contains important information about Guardian Global Utilities VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Global Utilities VIP Fund	$57	1.11%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$38,833,874
Total # of Portfolio Holdings	28
Portfolio Turnover Rate	21%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Geographic Region/Country Allocation

(% of Total Net Assets)

Table Summary
North America	63.3
Europe	20.6
United Kingdom	7.1
South America	4.2
Asia-Pacific	3.7
Cash/Other Assets and Liabilities	1.1
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
Dominion Energy, Inc.	9.4
Engie SA	5.7
American Electric Power Co., Inc.	5.3
E.ON SE	5.2
Sempra	4.9
Enel SpA	4.8
CMS Energy Corp.	4.8
Atmos Energy Corp.	4.2
Cia de Saneamento Basico do Estado de Sao Paulo	4.2
NextEra Energy, Inc.	4.1
Total	52.6

Guardian Global Utilities VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Large Cap Value Index Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Large Cap Value Index Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Global Utilities VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Growth & Income VIP Fund

This semi-annual shareholder report contains important information about Guardian Growth & Income VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Growth & Income VIP Fund	$51	0.97%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$93,565,662
Total # of Portfolio Holdings	80
Portfolio Turnover Rate	31%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Industrials	18.2
Financials	16.7
Information Technology	15.7
Health Care	13.8
Consumer Discretionary	8.8
Consumer Staples	8.4
Energy	6.9
Communication Services	6.9
Materials	1.8
Real Estate	1.2
Utilities	0.9
Cash/Other Assets and Liabilities	0.7
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
Berkshire Hathaway, Inc., Class B	4.1
RTX Corp.	3.9
Johnson & Johnson	3.6
JPMorgan Chase & Co.	3.5
Philip Morris International, Inc.	3.3
Alphabet, Inc., Class C	3.1
Cisco Systems, Inc.	3.0
UnitedHealth Group, Inc.	2.7
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	2.3
Amazon.com, Inc.	2.1
Total	31.6

Guardian Growth & Income VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin BW U.S. Large Cap Value Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin BW U.S. Large Cap Value Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Growth & Income VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian All Cap Core VIP Fund

This semi-annual shareholder report contains important information about Guardian All Cap Core VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian All Cap Core VIP Fund	$43	0.83%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$221,066,699
Total # of Portfolio Holdings	176
Portfolio Turnover Rate	31%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Information Technology	33.3
Industrials	12.8
Financials	12.3
Communication Services	10.1
Health Care	9.4
Consumer Discretionary	9.1
Consumer Staples	3.7
Energy	3.2
Utilities	2.2
Materials	1.7
Real Estate	1.6
Cash/Other Assets and Liabilities	0.6
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
NVIDIA Corp.	7.4
Apple, Inc.	5.4
Alphabet, Inc., Class A	5.1
Amazon.com, Inc.	4.5
Microsoft Corp.	4.2
Broadcom, Inc.	3.4
Meta Platforms, Inc., Class A	2.2
JPMorgan Chase & Co.	1.9
Arista Networks, Inc.	1.8
Johnson & Johnson	1.5
Total	37.4

Guardian All Cap Core VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin Systematic U.S. Large Cap Core Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian All Cap Core VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Balanced Allocation VIP Fund

This semi-annual shareholder report contains important information about Guardian Balanced Allocation VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Balanced Allocation VIP Fund	$46	0.90%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$201,377,200
Total # of Portfolio Holdings	367
Portfolio Turnover Rate	55%

What were the Fund’s portfolio holdings? (as of June 30, 2026)

Fund Allocation

(% of Total Net Assets)

Table Summary
Common Stocks	66.1
U.S. Government Securities	17.1
Agency Mortgage-Backed Securities	7.4
Corporate Bonds & Notes	5.7
Non-Agency Mortgage-Backed Securities	1.4
U.S. Treasury Bills	0.9
Exchange-Traded Funds	0.6
Municipals	0.4
Asset-Backed Securities	0.3
TBA Sale Commitments	(0.4)
Cash/Other Assets and Liabilities	0.5
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
NVIDIA Corp.	6.1
Alphabet, Inc., Class A	4.6
Amazon.com, Inc.	3.2
Microsoft Corp.	2.5
Broadcom, Inc.	2.2
Apple, Inc.	2.2
KLA Corp.	2.1
Micron Technology, Inc.	2.0
Advanced Micro Devices, Inc.	1.9
Goldman Sachs Group, Inc.	1.8
Total	28.6

Guardian Balanced Allocation VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Index Allocation 60/40 Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Index Allocation 60/40 Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Balanced Allocation VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Equity Income VIP Fund

This semi-annual shareholder report contains important information about Guardian Equity Income VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Equity Income VIP Fund	$28	0.55%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$880,350,692
Total # of Portfolio Holdings	76
Portfolio Turnover Rate	35%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Financials	19.7
Health Care	17.1
Information Technology	14.6
Industrials	10.3
Consumer Staples	8.2
Utilities	7.5
Real Estate	6.6
Energy	5.7
Materials	3.4
Communication Services	2.7
Consumer Discretionary	2.6
Cash/Other Assets and Liabilities	1.6
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
Microsoft Corp.	5.3
Merck & Co., Inc.	2.8
Diamondback Energy, Inc.	2.1
Huntington Bancshares, Inc.	2.1
Johnson & Johnson	2.1
Unilever PLC, ADR	2.0
TE Connectivity PLC	1.9
Gaming & Leisure Properties, Inc.	1.8
Keurig Dr Pepper, Inc.	1.8
M&T Bank Corp.	1.7
Total	23.6

Guardian Equity Income VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin Systematic U.S. Large Cap Value Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Equity Income VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Select Mid Cap Core VIP Fund

This semi-annual shareholder report contains important information about Guardian Select Mid Cap Core VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Select Mid Cap Core VIP Fund	$53	0.95%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$174,707,601
Total # of Portfolio Holdings	202
Portfolio Turnover Rate	35%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Industrials	26.5
Information Technology	14.9
Financials	14.6
Consumer Discretionary	11.0
Health Care	8.5
Real Estate	6.7
Materials	4.7
Energy	4.3
Consumer Staples	3.1
Utilities	3.0
Communication Services	1.5
Cash/Other Assets and Liabilities	1.2
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
Carpenter Technology Corp.	1.9
XPO, Inc.	1.9
MACOM Technology Solutions Holdings, Inc.	1.8
WESCO International, Inc.	1.6
Twilio, Inc., Class A	1.6
Kirby Corp.	1.3
TD SYNNEX Corp.	1.3
ITT, Inc.	1.2
Entegris, Inc.	1.2
Comfort Systems USA, Inc.	1.2
Total	15.0

Guardian Select Mid Cap Core VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin Mid Cap Core Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin Mid Cap Core Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Select Mid Cap Core VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Small-Mid Cap Core VIP Fund

This semi-annual shareholder report contains important information about Guardian Small-Mid Cap Core VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Small-Mid Cap Core VIP Fund	$56	1.03%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$214,582,609
Total # of Portfolio Holdings	149
Portfolio Turnover Rate	149%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Information Technology	25.5
Industrials	20.7
Health Care	13.0
Consumer Discretionary	10.9
Financials	8.8
Materials	8.3
Energy	5.2
Consumer Staples	2.3
Utilities	2.0
Real Estate	0.3
Cash/Other Assets and Liabilities	3.0
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
IES Holdings, Inc.	3.5
Ovintiv, Inc.	3.1
Penguin Solutions, Inc.	2.9
ICON PLC	2.7
Axcelis Technologies, Inc.	2.7
TD SYNNEX Corp.	2.7
Sanmina Corp.	2.5
Fabrinet	2.4
Laureate Education, Inc.	2.4
EZCORP, Inc., Class A	2.2
Total	27.1

Guardian Small-Mid Cap Core VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin Mid Cap Core Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin Mid Cap Core Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Small-Mid Cap Core VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Strategic Large Cap Core VIP Fund

This semi-annual shareholder report contains important information about Guardian Strategic Large Cap Core VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Strategic Large Cap Core VIP Fund	$47	0.93%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$180,258,451
Total # of Portfolio Holdings	69
Portfolio Turnover Rate	17%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Information Technology	34.3
Financials	14.0
Health Care	11.6
Communication Services	8.7
Consumer Discretionary	8.5
Industrials	7.3
Consumer Staples	5.8
Utilities	4.6
Energy	2.3
Real Estate	1.6
Cash/Other Assets and Liabilities	1.3
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
Alphabet, Inc., Class C	6.6
Apple, Inc.	6.2
NVIDIA Corp.	5.9
Microsoft Corp.	5.0
Broadcom, Inc.	4.6
Amazon.com, Inc.	3.4
Cisco Systems, Inc.	2.7
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	2.3
Visa, Inc., Class A	2.2
Merck & Co., Inc.	2.2
Total	41.1

Guardian Strategic Large Cap Core VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin Systematic U.S. Large Cap Core Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Strategic Large Cap Core VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Integrated Research VIP Fund

This semi-annual shareholder report contains important information about Guardian Integrated Research VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Integrated Research VIP Fund	$44	0.84%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$234,694,714
Total # of Portfolio Holdings	79
Portfolio Turnover Rate	20%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Information Technology	38.5
Communication Services	11.8
Financials	10.7
Industrials	9.8
Consumer Discretionary	9.3
Health Care	7.3
Consumer Staples	4.4
Energy	3.0
Materials	2.0
Utilities	1.8
Real Estate	1.2
Cash/Other Assets and Liabilities	0.2
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
NVIDIA Corp.	8.4
Alphabet, Inc., Class A	6.7
Apple, Inc.	6.2
Microsoft Corp.	5.1
Amazon.com, Inc.	4.5
Broadcom, Inc.	3.5
Advanced Micro Devices, Inc.	2.9
Micron Technology, Inc.	2.7
Meta Platforms, Inc., Class A	2.5
Eli Lilly & Co.	2.3
Total	44.8

Guardian Integrated Research VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin Systematic U.S. Large Cap Core Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Integrated Research VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian International Equity VIP Fund

This semi-annual shareholder report contains important information about Guardian International Equity VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian International Equity VIP Fund	$59	1.14%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$192,099,294
Total # of Portfolio Holdings	98
Portfolio Turnover Rate	17%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Financials	23.3
Industrials	19.9
Information Technology	14.3
Health Care	13.6
Consumer Discretionary	10.7
Consumer Staples	5.6
Communication Services	3.7
Energy	3.0
Utilities	2.5
Materials	2.1
Real Estate	0.7
Cash/Other Assets and Liabilities	0.6
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
ASML Holding NV (Netherlands)	4.5
Mitsubishi UFJ Financial Group, Inc. (Japan)	2.5
AstraZeneca PLC (United Kingdom)	2.4
Roche Holding AG (Switzerland)	2.1
Shell PLC (United Kingdom)	2.0
HSBC Holdings PLC (United Kingdom)	1.8
Recruit Holdings Co. Ltd. (Japan)	1.8
Cie Financiere Richemont SA, Class A (Switzerland)	1.8
LVMH Moet Hennessy Louis Vuitton SE (France)	1.7
Schneider Electric SE (France)	1.7
Total	22.3

Guardian International Equity VIP Fund

Geographic Region/Country Allocation

(% of Total Net Assets)

Table Summary
Europe	46.8
Asia-Pacific	31.9
United Kingdom	18.7
North America	2.0
Cash/Other Assets and Liabilities	0.6
Total	100.0

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio). Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian International Equity VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian International Growth VIP Fund

This semi-annual shareholder report contains important information about Guardian International Growth VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian International Growth VIP Fund	$60	1.14%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$70,355,386
Total # of Portfolio Holdings	67
Portfolio Turnover Rate	29%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Industrials	25.8
Information Technology	24.4
Consumer Discretionary	14.4
Financials	10.9
Health Care	6.7
Materials	6.3
Communication Services	4.0
Consumer Staples	3.2
Utilities	2.0
Energy	0.6
Cash/Other Assets and Liabilities	1.7
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
ASML Holding NV (Netherlands)	7.8
AstraZeneca PLC (United Kingdom)	3.7
Safran SA (France)	3.4
Rolls-Royce Holdings PLC (United Kingdom)	3.1
Tokyo Electron Ltd. (Japan)	3.1
Air Liquide SA (France)	3.1
Schneider Electric SE (France)	2.4
Compass Group PLC (United Kingdom)	2.4
Infineon Technologies AG (Germany)	2.4
UBS Group AG (Switzerland)	2.1
Total	33.5

Guardian International Growth VIP Fund

Geographic Region/Country Allocation

(% of Total Net Assets)

Table Summary
Europe	48.3
Asia-Pacific	32.6
United Kingdom	15.5
North America	1.9
Cash/Other Assets and Liabilities	1.7
Total	100.0

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Fidelity Institutional AM International Growth Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Fidelity Institutional AM International Growth Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian International Growth VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Large Cap Disciplined Growth VIP Fund

This semi-annual shareholder report contains important information about Guardian Large Cap Disciplined Growth VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

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

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$324,925,116
Total # of Portfolio Holdings	66
Portfolio Turnover Rate	31%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Information Technology	55.0
Communication Services	16.7
Consumer Discretionary	9.2
Industrials	7.4
Health Care	5.3
Financials	3.7
Consumer Staples	1.2
Materials	1.0
Energy	0.2
Cash/Other Assets and Liabilities	0.3
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
NVIDIA Corp.	13.2
Alphabet, Inc., Class A	9.5
Apple, Inc.	7.6
Broadcom, Inc.	5.8
Microsoft Corp.	5.1
Eli Lilly & Co.	3.8
Meta Platforms, Inc., Class A	3.3
Micron Technology, Inc.	3.1
KLA Corp.	3.1
Advanced Micro Devices, Inc.	2.8
Total	57.3

Guardian Large Cap Disciplined Growth VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin Large Cap Disciplined Growth Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin Large Cap Disciplined Growth Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Large Cap Disciplined Growth VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Large Cap Disciplined Value VIP Fund

This semi-annual shareholder report contains important information about Guardian Large Cap Disciplined Value VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Large Cap Disciplined Value VIP Fund	$52	0.97%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$72,858,481
Total # of Portfolio Holdings	79
Portfolio Turnover Rate	18%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Financials	20.2
Information Technology	16.7
Industrials	15.6
Health Care	10.5
Consumer Discretionary	7.0
Consumer Staples	6.9
Materials	6.7
Energy	5.9
Utilities	4.7
Communication Services	3.4
Cash/Other Assets and Liabilities	2.4
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
Amazon.com, Inc.	4.9
JPMorgan Chase & Co.	4.0
Applied Materials, Inc.	3.6
Micron Technology, Inc.	2.7
Dell Technologies, Inc., Class C	2.4
Philip Morris International, Inc.	2.2
U.S. Foods Holding Corp.	2.1
Flex Ltd.	2.1
ConocoPhillips	2.0
CRH PLC	2.0
Total	28.0

Guardian Large Cap Disciplined Value VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin BW U.S. Large Cap Value Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin BW U.S. Large Cap Value Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Large Cap Disciplined Value VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Large Cap Fundamental Growth VIP Fund

This semi-annual shareholder report contains important information about Guardian Large Cap Fundamental Growth VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Large Cap Fundamental Growth VIP Fund	$51	0.98%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$160,681,332
Total # of Portfolio Holdings	117
Portfolio Turnover Rate	27%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Information Technology	41.9
Communication Services	19.5
Health Care	12.7
Consumer Discretionary	11.4
Industrials	8.1
Financials	3.7
Consumer Staples	1.5
Materials	0.9
Real Estate	0.1
Cash/Other Assets and Liabilities	0.2
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
NVIDIA Corp.	12.3
Alphabet, Inc., Class A	12.2
Amazon.com, Inc.	5.9
Meta Platforms, Inc., Class A	5.0
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	4.8
Apple, Inc.	4.2
Micron Technology, Inc.	4.2
Eli Lilly & Co.	3.7
Royalty Pharma PLC, Class A	2.9
Broadcom, Inc.	2.8
Total	58.0

Guardian Large Cap Fundamental Growth VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA MFS Large Cap Growth Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA MFS Large Cap Growth Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Large Cap Fundamental Growth VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Mid Cap Relative Value VIP Fund

This semi-annual shareholder report contains important information about Guardian Mid Cap Relative Value VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Mid Cap Relative Value VIP Fund	$58	1.09%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$91,593,861
Total # of Portfolio Holdings	68
Portfolio Turnover Rate	21%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Industrials	20.7
Information Technology	13.6
Financials	12.3
Health Care	11.8
Utilities	8.4
Materials	8.0
Energy	8.0
Consumer Staples	6.4
Consumer Discretionary	5.4
Real Estate	3.2
Communication Services	0.8
Cash/Other Assets and Liabilities	1.4
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
American Electric Power Co., Inc.	3.4
Qnity Electronics, Inc., Class W/I	3.3
Labcorp Holdings, Inc.	3.2
Keysight Technologies, Inc.	3.2
FirstEnergy Corp.	3.1
Republic Services, Inc.	3.0
Church & Dwight Co., Inc.	3.0
RPM International, Inc.	2.7
Fifth Third Bancorp	2.6
CDW Corp.	2.5
Total	30.0

Guardian Mid Cap Relative Value VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin Mid Cap Core Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin Mid Cap Core Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Mid Cap Relative Value VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Mid Cap Traditional Growth VIP Fund

This semi-annual shareholder report contains important information about Guardian Mid Cap Traditional Growth VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Mid Cap Traditional Growth VIP Fund	$56	1.08%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$39,402,795
Total # of Portfolio Holdings	80
Portfolio Turnover Rate	9%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Industrials	28.1
Information Technology	22.8
Health Care	18.5
Consumer Discretionary	10.2
Financials	6.4
Utilities	5.7
Communication Services	2.7
Real Estate	1.9
Materials	1.5
Consumer Staples	0.5
Energy	0.5
Cash/Other Assets and Liabilities	1.2
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
Flex Ltd.	5.4
Ferguson Enterprises, Inc.	3.4
ON Semiconductor Corp.	3.2
JB Hunt Transport Services, Inc.	2.9
Revvity, Inc.	2.9
Teledyne Technologies, Inc.	2.7
LPL Financial Holdings, Inc.	2.7
DoorDash, Inc., Class A	2.6
Aramark	2.5
API Group Corp.	2.5
Total	30.8

Guardian Mid Cap Traditional Growth VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin Mid Cap Core Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin Mid Cap Core Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Mid Cap Traditional Growth VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Multi-Sector Bond VIP Fund

This semi-annual shareholder report contains important information about Guardian Multi-Sector Bond VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Multi-Sector Bond VIP Fund	$48	0.97%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$151,152,025
Total # of Portfolio Holdings	407
Portfolio Turnover Rate	52%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Bond Sector Allocation

(% of Total Net Assets)

Table Summary
Corporate Bonds & Notes	32.2
Non-Agency Mortgage-Backed Securities	26.1
Agency Mortgage-Backed Securities	25.4
Asset-Backed Securities	23.3
Senior Secured Loans	13.6
Exchange-Traded Funds	2.9
Common Stocks	0.6
Preferred Stocks	0.3
Cash/Other Assets and Liabilities	(24.4)
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
Uniform Mortgage-Backed Security, 5.500%, due 7/1/2056	5.8
Uniform Mortgage-Backed Security, 5.000%, due 7/1/2056	3.6
Uniform Mortgage-Backed Security, 4.500%, due 7/1/2056	3.3
Uniform Mortgage-Backed Security, 3.500%, due 7/1/2056	3.1
Uniform Mortgage-Backed Security, 3.000%, due 7/1/2056	2.9
Uniform Mortgage-Backed Security, 6.000%, due 8/1/2056	2.0
Janus Henderson Emerging Markets Debt Hard Currency ETF	1.9
Government National Mortgage Association, 3.500%, due 7/20/2056	1.7
Uniform Mortgage-Backed Security, 4.000%, due 7/1/2056	1.5
Connecticut Avenue Securities Trust, Class 1B1, 5.578%, due 2/25/2045	1.3
Total	27.1

Guardian Multi-Sector Bond VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Multi-Managed Diversified Fixed Income Portfolio, a series of Seasons Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Multi-Managed Diversified Fixed Income Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Multi-Sector Bond VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Short Duration Bond VIP Fund

This semi-annual shareholder report contains important information about Guardian Short Duration Bond VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Short Duration Bond VIP Fund	$23	0.46%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$124,361,028
Total # of Portfolio Holdings	62
Portfolio Turnover Rate	90%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Bond Sector Allocation

(% of Total Net Assets)

Table Summary
Corporate Bonds & Notes	32.2
Asset-Backed Securities	25.2
Agency Mortgage-Backed Securities	21.4
U.S. Government Securities	16.8
Non-Agency Mortgage-Backed Securities	1.4
Cash/Other Assets and Liabilities	3.0
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
U.S. Treasury Notes, 1.750%, due 11/15/2029	16.8
Freddie Mac Multifamily Structured Pass-Through Certificates, Class A2, 3.244%, due 8/25/2027	5.6
Federal National Mortgage Association, 3.000%, due 9/1/2034	4.0
Federal Home Loan Mortgage Corp., 3.000%, due 5/1/2033	3.8
Federal National Mortgage Association, 3.000%, due 5/1/2037	3.7
NextGear Floorplan Master Owner Trust, Class B, 4.890%, due 2/15/2030	2.4
CARDS II Trust, Class A, 4.630%, due 3/15/2031	2.4
GMF Floorplan Owner Revolving Trust, Class C, 4.880%, due 3/15/2029	2.3
Verizon Master Trust, Class C, 4.900%, due 3/20/2030	2.3
Hertz Vehicle Financing III LLC, Class A, 4.910%, due 9/25/2029	2.3
Total	45.6

Guardian Short Duration Bond VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA JPMorgan Ultra-Short Bond Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA JPMorgan Ultra-Short Bond Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Short Duration Bond VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Small Cap Value Diversified VIP Fund

This semi-annual shareholder report contains important information about Guardian Small Cap Value Diversified VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Small Cap Value Diversified VIP Fund	$58	1.05%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$161,045,344
Total # of Portfolio Holdings	101
Portfolio Turnover Rate	50%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Sector Allocation

(% of Total Net Assets)

Table Summary
Industrials	21.2
Financials	17.9
Information Technology	15.7
Health Care	11.4
Materials	10.8
Energy	7.2
Consumer Discretionary	4.2
Real Estate	3.9
Utilities	3.2
Communication Services	2.5
Consumer Staples	1.3
Cash/Other Assets and Liabilities	0.7
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
Ultra Clean Holdings, Inc.	3.4
ICON PLC	2.6
Teradata Corp.	2.6
Silicon Motion Technology Corp., ADR	2.5
Regal Rexnord Corp.	2.5
PTC Therapeutics, Inc.	2.3
Onto Innovation, Inc.	2.2
Enterprise Financial Services Corp.	2.1
WesBanco, Inc.	2.1
RXO, Inc.	2.1
Total	24.4

Guardian Small Cap Value Diversified VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA Franklin Small Company Value Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA Franklin Small Company Value Portfolio. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Small Cap Value Diversified VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian Total Return Bond VIP Fund

This semi-annual shareholder report contains important information about Guardian Total Return Bond VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Guardian Total Return Bond VIP Fund	$41	0.82%^{Footnote Reference*}

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$187,467,265
Total # of Portfolio Holdings	230
Portfolio Turnover Rate	21%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Bond Sector Allocation

(% of Total Net Assets)

Table Summary
Corporate Bonds & Notes	41.1
Asset-Backed Securities	23.8
U.S. Government Securities	19.7
Non-Agency Mortgage-Backed Securities	10.0
Foreign Government	2.5
Municipals	0.9
Cash/Other Assets and Liabilities	2.0
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
U.S. Treasury Bonds, 4.625%, due 11/15/2044	11.6
U.S. Treasury Bonds, 4.500%, due 11/15/2054	6.0
Carlyle U.S. CLO Ltd., Class CR2, 5.672%, due 10/21/2037	1.6
OHA Credit Funding 3 Ltd., Class CR2, 5.425%, due 1/20/2038	1.1
U.S. Treasury Bonds, 4.250%, due 2/15/2054	1.0
TCW CLO Ltd., Class A1R1, 5.035%, due 1/20/2038	0.9
CNH Equipment Trust, Class A4, 3.910%, due 3/15/2028	0.9
Regal Rexnord Corp., 6.400%, due 4/15/2033	0.8
Sammons Financial Group, Inc., 6.875%, due 4/15/2034	0.8
Morgan Stanley Capital I Trust, Class AS, 2.749%, due 6/15/2054	0.8
Total	25.5

Guardian Total Return Bond VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

On July 9, 2026, the Board of Trustees of Guardian Variable Products Trust approved an Agreement and Plan of Reorganization which provides for the reorganization of the Fund into SA JPMorgan MFS Core Bond Portfolio, a series of SunAmerica Series Trust. Pursuant to the reorganization, the shareholders of the Fund will become shareholders of SA JPMorgan MFS Core Bond Portfolio. SAST or SST fund. Shareholders of record as of August 17, 2026 will be asked to approve the proposed reorganization at a special meeting of shareholders expected to be held on or about November 13, 2026. If the proposal is approved and all conditions to closing are satisfied or waived, the transaction is expected to be completed during the fourth quarter of 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian Total Return Bond VIP Fund

Semi-Annual Shareholder Report

June 30, 2026

Guardian U.S. Government/Credit VIP Fund

This semi-annual shareholder report contains important information about Guardian U.S. Government/Credit VIP Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at: https://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses. You can also request this information by calling us toll-free at 1-888-GUARDIAN (1-888-482-7342) (variable life policy owners) or 1-800-830-4147 (variable annuity contract owners). This report describes Fund changes that occurred during the reporting period.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

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

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

Fund Statistics

(as of June 30, 2026)

Table Summary
FUND STATISTICS	fund
Total Net Assets	$128,013,088
Total # of Portfolio Holdings	192
Portfolio Turnover Rate	56%

What were the Fund’s portfolio holdings?

(as of June 30, 2026)

Bond Sector Allocation

(% of Total Net Assets)

Table Summary
U.S. Government Securities	51.1
Corporate Bonds & Notes	41.2
Asset-Backed Securities	3.8
Agency Mortgage-Backed Securities	3.1
Non-Agency Mortgage-Backed Securities	1.1
Foreign Government	0.5
Cash/Other Assets and Liabilities	(0.8)
Total	100.0

Top Ten Holdings

(% of Total Net Assets)

Table Summary
U.S. Treasury Notes, 3.625%, due 8/31/2029	5.4
U.S. Treasury Notes, 4.125%, due 10/31/2029	4.8
U.S. Treasury Notes, 4.250%, due 1/31/2030	4.7
U.S. Treasury Notes, 4.500%, due 5/31/2029	3.7
U.S. Treasury Notes, 4.250%, due 6/30/2029	3.6
U.S. Treasury Notes, 4.375%, due 8/31/2028	3.5
U.S. Treasury Notes, 4.250%, due 2/28/2029	3.2
U.S. Treasury Notes, 4.250%, due 8/15/2035	2.9
U.S. Treasury Notes, 3.625%, due 8/31/2030	2.7
U.S. Treasury Notes, 3.500%, due 4/30/2030	2.5
Total	37.0

Guardian U.S. Government/Credit VIP Fund

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

This is a summary of certain changes of the Fund since January 1, 2026.

Availability of Additional Information

Householding

Scan for additional information.

Guardian U.S. Government/Credit VIP Fund

Item 1. (continued)

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

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

(b)

None.

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

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Core Fixed Income VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Core Fixed Income VIP Fund



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

Schedule of Investments			1

Statement of Assets and Liabilities			11

Statement of Operations			11

Statements of Changes in Net Assets			12

Financial Highlights			14

Notes to Financial Statements			16

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			25

Item 9. Proxy Disclosures for Open-End Management Investment Companies			25

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			25

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			25

Except as otherwise specifically stated, all information, including portfolio security positions, is as of June 30, 2026. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 17.2%

Federal Home Loan Mortgage Corp. 1.50% due 4/1/2036	$	177,098	$	158,176
2.00% due 11/1/2035		3,071,590		2,806,678
2.00% due 8/1/2050		952,232		767,691
2.00% due 9/1/2050		14,066		11,353
2.00% due 1/1/2051		16,879		13,699
2.00% due 2/1/2051		381,938		308,086
2.00% due 3/1/2051		398,931		321,495
2.00% due 7/1/2051		66,612		53,608
2.00% due 1/1/2052		472,508		385,191
2.00% due 3/1/2052		2,198,063		1,766,707
2.50% due 2/1/2050		335,511		284,294
2.50% due 10/1/2050		13,469		11,532
2.50% due 1/1/2051		32,157		27,222
2.50% due 5/1/2051		604,897		516,299
3.00% due 11/1/2050		283,556		253,040
4.00% due 10/1/2037		269,592		262,286
4.00% due 6/1/2052		1,478,943		1,385,825
4.50% due 12/1/2052		147,866		143,689
5.00% due 9/1/2040		103,962		104,855
5.00% due 11/1/2053		432,826		432,438
5.00% due 4/1/2054		51,412		51,076
5.00% due 3/1/2056		99,874		98,192
5.00% due 5/1/2056		541,249		532,079
5.00% due 7/1/2056		33,694		33,123
5.50% due 9/1/2053		3,081,148		3,108,989
6.00% due 10/1/2053		2,409,584		2,465,283
6.00% due 8/1/2055		739,432		770,946
6.00% due 6/1/2056		199,752		207,186

Federal National Mortgage Association 1.50% due 4/1/2036		140,589		125,374
1.50% due 6/1/2036		425,005		378,794
2.00% due 8/1/2050		23,817		19,183
2.00% due 9/1/2050		24,983		20,153
2.00% due 10/1/2050		58,526		47,049
2.00% due 11/1/2050		55,918		45,087
2.00% due 12/1/2050		50,242		40,624
2.00% due 1/1/2051		105,661		85,268
2.00% due 2/1/2051		16,117		13,131
2.00% due 4/1/2051		832,227		671,427
2.00% due 7/1/2051		77,492		62,269
2.00% due 8/1/2051		17,258		14,107
2.00% due 11/1/2051		48,550		39,507
2.50% due 2/1/2037		1,084,512		1,015,218
2.50% due 12/1/2049		743,966		629,481
2.50% due 4/1/2051		153,131		129,146
2.50% due 5/1/2051		1,429,503		1,221,839
2.50% due 3/1/2052		114,242		97,027
2.50% due 4/1/2052		1,434,199		1,223,760
2.50% due 1/1/2054		198,857		167,850
3.00% due 7/1/2050		1,092,235		967,230
3.00% due 6/1/2051		229,695		204,026
3.00% due 3/1/2052		111,628		98,954
3.00% due 4/1/2052		94,512		83,632
3.00% due 5/1/2052		77,733		69,218
3.00% due 6/1/2052		276,762		244,639
3.00% due 8/1/2052		418,634		370,549


June 30, 2026 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities (continued)
3.50% due 10/1/2052	$	2,738,261	$	2,486,012
4.50% due 10/1/2053		293,421		283,569
4.50% due 6/1/2056		1,175,000		1,126,070
5.00% due 3/1/2039		95,525		95,974
5.00% due 7/1/2040		122,172		122,823
5.00% due 9/1/2040		49,575		49,845
5.00% due 8/1/2052		443,294		442,003
5.00% due 3/1/2054		49,500		49,197
5.00% due 3/1/2056		298,343		293,289
5.00% due 4/1/2056		349,966		344,036
5.50% due 1/1/2054		820,725		827,741
6.00% due 9/1/2053		199,416		204,979
6.00% due 5/1/2055		179,818		187,251
6.00% due 7/1/2055		278,610		285,582
6.00% due 8/1/2055		315,885		328,351
6.00% due 4/1/2056		223,371		232,246
6.00% due 5/1/2056		299,360		311,719
6.50% due 12/1/2053		266,847		281,156
6.50% due 8/1/2055		567,205		598,628

Government National Mortgage Association 2.00% due 10/20/2050		3,753,544		3,085,620
2.50% due 4/20/2050		1,557,950		1,334,589
2.50% due 12/20/2051		231,992		198,401
2.50% due 6/20/2052		137,073		117,197
3.00% due 5/20/2052		1,627,425		1,446,084
3.50% due 8/20/2047		500,350		459,998
3.50% due 7/20/2052		494,655		451,391
3.50% due 8/20/2052		315,158		285,644
3.50% due 10/20/2052		88,837		80,489
4.00% due 10/20/2055		392,556		365,118
4.50% due 11/20/2054		1,047,344		1,009,018
5.00% due 7/20/2056⁽¹⁾		850,000		837,932
5.50% due 2/20/2055		600,494		603,963
5.50% due 3/20/2055		397,565		399,887
5.50% due 7/20/2056⁽¹⁾		175,000		175,860
5.50% due 8/20/2056⁽¹⁾		150,000		150,538
6.00% due 7/20/2056⁽¹⁾		1,925,000		1,965,293

Uniform Mortgage-Backed Security 2.00% due 6/1/2056⁽¹⁾		2,300,000		1,837,518
2.00% due 7/1/2056⁽¹⁾		575,000		459,009
2.00% due 8/1/2056⁽¹⁾		4,175,000		3,332,152
3.00% due 7/1/2056⁽¹⁾		25,000		21,793
4.50% due 7/1/2039⁽¹⁾		100,000		98,808
5.00% due 6/1/2039⁽¹⁾		875,000		879,107
5.00% due 7/1/2041⁽¹⁾		275,000		276,104
5.50% due 7/1/2056⁽¹⁾		275,000		275,879
6.00% due 7/1/2056⁽¹⁾		225,000		230,006
6.00% due 8/1/2056⁽¹⁾		175,000		178,326
6.50% due 7/1/2056⁽¹⁾		175,000		181,014


Total Agency Mortgage-Backed Securities (Cost $54,439,331)				54,652,789
Asset-Backed Securities – 10.6%

AASET LLC Series 2022-1A, Class A 6.00% due 5/16/2047⁽²⁾		1,044,264		1,049,588


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

AIMCO CLO 20 Ltd. Series 2023-20A, Class A1R 4.89% (3 mo. USD Term SOFR + 1.21%) due 10/16/2038⁽²⁾⁽³⁾	$	1,250,000	$	1,250,275

AIMCO CLO 21 Ltd. Series 2024-21A, Class A1R 4.925% (3 mo. USD Term SOFR + 1.25%) due 4/18/2039⁽²⁾⁽³⁾		273,000		273,271

Aligned Data Centers Issuer LLC Series 2026-1A, Class A2I 5.909% due 6/15/2056⁽²⁾		145,000		145,372

Allegro CLO XIII Ltd. Series 2021-1A, Class A1R 5.015% (3 mo. USD Term SOFR + 1.34%) due 7/20/2038⁽²⁾⁽³⁾		250,000		250,549

ALTDE Trust Series 2025-1A, Class A 5.90% due 8/15/2050⁽²⁾		661,301		663,348

Ares LIV CLO Ltd. Series 2019-54A, Class AR2 4.983% (3 mo. USD Term SOFR + 1.31%) due 7/15/2038⁽²⁾⁽³⁾		250,000		250,467

Ares LVIII CLO Ltd. Series 2020-58A, Class A1R2 4.913% (3 mo. USD Term SOFR + 1.24%) due 4/15/2038⁽²⁾⁽³⁾		263,000		263,414

Ares LXX CLO Ltd. Series 2023-70A, Class A1R 4.917% (3 mo. USD Term SOFR + 1.25%) due 1/25/2039⁽²⁾⁽³⁾		250,000		250,442

Ares LXXVI CLO Ltd. Series 2025-76A, Class A1 5.073% (3 mo. USD Term SOFR + 1.40%) due 5/27/2038⁽²⁾⁽³⁾		563,000		564,566

Ares XXXIV CLO Ltd. Series 2015-2A, Class A1R4 4.97% (3 mo. USD Term SOFR + 1.29%) due 7/17/2038⁽²⁾⁽³⁾		343,000		343,401

Bain Capital Credit CLO Ltd. Series 2023-2A, Class A1R 4.995% (3 mo. USD Term SOFR + 1.32%) due 7/18/2038⁽²⁾⁽³⁾		261,000		261,489
Series 2023-4A, Class A1R 4.902% (3 mo. USD Term SOFR + 1.23%) due 1/21/2039⁽²⁾⁽³⁾		256,000		256,191


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

BCRED BSL Static CLO Ltd. Series 2025-1A, Class AR 4.917% (3 mo. USD Term SOFR + 1.25%) due 7/24/2035⁽²⁾⁽³⁾	$	135,609	$	135,630

Benefit Street Partners CLO 43 Ltd. Series 2025-43A, Class A 4.945% (3 mo. USD Term SOFR + 1.27%) due 10/20/2038⁽²⁾⁽³⁾		250,000		250,665

Benefit Street Partners CLO 44 Ltd. Series 2025-44A, Class A1 4.893% (3 mo. USD Term SOFR + 1.22%) due 1/15/2039⁽²⁾⁽³⁾		250,000		250,310

Benefit Street Partners CLO XXIII Ltd. Series 2021-23A, Class A1RR 4.903% (3 mo. USD Term SOFR + 1.26%) due 4/25/2039⁽²⁾⁽³⁾		250,000		250,195

Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class AR 4.857% (3 mo. USD Term SOFR + 1.19%) due 1/25/2039⁽²⁾⁽³⁾		275,000		275,342

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		250,174

Cedar Funding XII CLO Ltd. Series 2020-12A, Class ARR 4.867% (3 mo. USD Term SOFR + 1.20%) due 1/25/2038⁽²⁾⁽³⁾		100,000		100,016

CIFC Funding Ltd. Series 2019-5A, Class A1R2 4.943% (3 mo. USD Term SOFR + 1.27%) due 10/15/2038⁽²⁾⁽³⁾		2,250,000		2,254,869
Series 2025-6A, Class A1 4.916% (3 mo. USD Term SOFR + 1.25%) due 10/23/2038⁽²⁾⁽³⁾		152,000		152,256

DB Master Finance LLC Series 2021-1A, Class A2II 2.493% due 11/20/2051⁽²⁾		926,350		873,416
Series 2025-1A, Class A2I 4.891% due 8/20/2055⁽²⁾		184,075		181,944
Series 2025-1A, Class A2II 5.165% due 8/20/2055⁽²⁾		149,250		147,470


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)
Series 2026-1A, Class A2I 5.20% due 5/20/2056⁽²⁾	$	145,000	$	144,909
Series 2026-1A, Class A2II 5.432% due 5/20/2056⁽²⁾		121,000		121,064

Domino’s Pizza Master Issuer LLC Series 2017-1A, Class A23 4.118% due 7/25/2047⁽²⁾		1,085,700		1,078,615
Series 2018-1A, Class A2II 4.328% due 7/25/2048⁽²⁾		506,913		504,609

Flatiron CLO 31 Ltd. Series 2025-31A, Class A1 4.875% (3 mo. USD Term SOFR + 1.20%) due 1/18/2039⁽²⁾⁽³⁾		250,000		250,565

Flatiron CLO 32 Ltd. Series 2025-32A, Class A1 4.954% (3 mo. USD Term SOFR + 1.29%) due 10/22/2038⁽²⁾⁽³⁾		250,000		250,300

Flatiron RR CLO 30 Ltd. Series 2025-30A, Class A1 4.833% (3 mo. USD Term SOFR + 1.16%) due 4/15/2038⁽²⁾⁽³⁾		262,000		262,291

FTAI MRE Cayman Ltd. Series 2026-1A, Class A 5.632% due 6/15/2051⁽²⁾		250,000		249,788

GGAM Master Trust International Ltd. Series 2025-1A, Class A 5.923% due 9/30/2060⁽²⁾		466,099		462,593
Series 2026-1A, Class A 5.861% due 9/30/2060⁽²⁾		250,000		249,679

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 4.847% (3 mo. USD Term SOFR + 1.18%) due 1/25/2038⁽²⁾⁽³⁾		2,000,000		2,002,122

Horizon Aircraft Finance II Ltd. Series 2019-1, Class A 3.721% due 7/15/2039⁽²⁾		767,584		759,904

Jersey Mike’s Funding LLC Series 2024-1A, Class A2 5.636% due 2/15/2055⁽²⁾		345,625		348,867
Series 2025-1A, Class A2 5.61% due 8/16/2055⁽²⁾		143,913		145,266

Lakeside Park CLO Ltd. Series 2025-1A, Class A 4.823% (3 mo. USD Term SOFR + 1.15%) due 4/15/2038⁽²⁾⁽³⁾		250,000		249,703


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Magnetite XLV Ltd. Series 2025-45A, Class A1 4.823% (3 mo. USD Term SOFR + 1.15%) due 4/15/2038⁽²⁾⁽³⁾	$	184,000	$	184,119

Magnetite XXVI Ltd. Series 2020-26A, Class AR2 4.817% (3 mo. USD Term SOFR + 1.15%) due 1/25/2038⁽²⁾⁽³⁾		1,500,000		1,499,581

Magnetite XXXVI Ltd. Series 2023-36A, Class AR 4.987% (3 mo. USD Term SOFR + 1.32%) due 7/25/2038⁽²⁾⁽³⁾		250,000		250,505

Magnetite XXXVIII Ltd. Series 2024-38AR, Class A1R 4.882% (3 mo. USD Term SOFR + 1.19%) due 7/15/2039⁽²⁾⁽³⁾		250,000		249,987

Morgan Stanley Eaton Vance CLO Ltd. Series 2023-20A, Class A1R 4.995% (3 mo. USD Term SOFR + 1.32%) due 1/20/2037⁽²⁾⁽³⁾		250,000		250,564
Series 2025-21A, Class A1 4.843% (3 mo. USD Term SOFR + 1.17%) due 4/15/2038⁽²⁾⁽³⁾		316,000		316,493

Navigator Aviation Ltd. Series 2025-1, Class A 5.107% due 10/15/2050⁽²⁾		334,869		327,326

OCP Aegis CLO Ltd. Series 2024-39A, Class AR 4.77% (3 mo. USD Term SOFR + 1.09%) due 4/16/2038⁽²⁾⁽³⁾		166,000		166,088
Series 2025-47A, Class A1 4.782% (3 mo. USD Term SOFR + 1.11%) due 1/21/2038⁽²⁾⁽³⁾		250,000		250,315

OCP CLO Ltd. Series 2018-15A, Class AR 4.925% (3 mo. USD Term SOFR + 1.25%) due 1/20/2038⁽²⁾⁽³⁾		250,000		250,265
Series 2020-8RA, Class AR2 4.90% (3 mo. USD Term SOFR + 1.22%) due 10/17/2038⁽²⁾⁽³⁾		250,000		250,298
Series 2025-44A, Class A 4.967% (3 mo. USD Term SOFR + 1.30%) due 10/24/2038⁽²⁾⁽³⁾		250,000		250,752
Series 2025-46A, Class A 5.047% (3 mo. USD Term SOFR + 1.20%) due 10/15/2038⁽²⁾⁽³⁾		250,000		250,031


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

OHA Credit Funding Ltd. Series 2023-14RA, Class A 4.905% (3 mo. USD Term SOFR + 1.23%) due 4/20/2038⁽²⁾⁽³⁾	$	250,000	$	250,271

OHA Credit Partners VII Ltd. Series 2012-7A, Class AR4 4.782% (3 mo. USD Term SOFR + 1.14%) due 2/20/2038⁽²⁾⁽³⁾		2,000,000		2,000,314

OneMain Financial Issuance Trust Series 2021-1A, Class A1 1.55% due 6/16/2036⁽²⁾		666,562		653,992

Palmer Square CLO Ltd. Series 2025-5A, Class A 4.885% (3 mo. USD Term SOFR + 1.21%) due 10/20/2038⁽²⁾⁽³⁾		250,000		250,177
Series 2026-1A, Class A 4.864% (3 mo. USD Term SOFR + 1.19%) due 4/20/2039⁽²⁾⁽³⁾		250,000		250,135

Palmer Square Loan Funding Ltd. Series 2025-2A, Class A1 4.613% (3 mo. USD Term SOFR + .94%) due 7/15/2033⁽²⁾⁽³⁾		211,644		211,650

Phantom Aviation Series 2026-1A, Class A 5.24% due 1/15/2051⁽²⁾		246,104		241,135

Planet Fitness Master Issuer LLC Series 2019-1A, Class A2 3.858% due 12/5/2049⁽²⁾		1,715,725		1,644,967
Series 2022-1A, Class A2II 4.008% due 12/5/2051⁽²⁾		957,500		894,288

RR 25 Ltd. Series 2023-25A, Class A1A2 4.853% (3 mo. USD Term SOFR + 1.18%) due 4/15/2041⁽²⁾⁽³⁾		250,000		250,590

RR 36 Ltd. Series 2024-36RA, Class A1R 4.963% (3 mo. USD Term SOFR + 1.29%) due 1/15/2040⁽²⁾⁽³⁾		1,900,000		1,902,808

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		235,811

Sixth Street CLO XIX Ltd. Series 2021-19A, Class A1R 4.96% (3 mo. USD Term SOFR + 1.28%) due 7/17/2038⁽²⁾⁽³⁾		250,000		250,166


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Sixth Street CLO XVIII Ltd. Series 2021-18A, Class A1R 4.93% (3 mo. USD Term SOFR + 1.25%) due 10/17/2038⁽²⁾⁽³⁾	$	250,000	$	250,780

Sixth Street CLO XX Ltd. Series 2021-20A, Class A1R 5.00% (3 mo. USD Term SOFR + 1.32%) due 7/17/2038⁽²⁾⁽³⁾		250,000		250,523

Slam Ltd. Series 2025-1A, Class A 5.807% due 5/15/2050⁽²⁾		233,586		234,699

Subway Funding LLC Series 2024-1A, Class A2I 6.028% due 7/30/2054⁽²⁾		49,250		49,450
Series 2024-3A, Class A2I 5.246% due 7/30/2054⁽²⁾		137,900		135,350

Taco Bell Funding LLC Series 2025-1A, Class A2I 4.821% due 8/25/2055⁽²⁾		330,000		325,997

Wheels Fleet Lease Funding 1 LLC Series 2024-3A, Class A1 4.80% due 9/19/2039⁽²⁾		488,700		490,823

Willis Engine Structured Trust VIII Series 2025-A, Class A 5.582% due 6/15/2050⁽²⁾		241,212		241,611


Total Asset-Backed Securities (Cost $33,663,010)				33,667,796
Corporate Bonds & Notes – 26.4%
Aerospace & Defense – 0.3%

Boeing Co. 5.15% due 5/1/2030		1,000,000		1,012,191


				1,012,191
Agriculture – 0.3%

BAT Capital Corp. 6.421% due 8/2/2033		1,000,000		1,080,961


				1,080,961
Apparel – 0.0%

Gildan Activewear, Inc. 4.70% due 10/7/2030⁽²⁾		95,000		93,232


				93,232
Auto Manufacturers – 0.4%

General Motors Financial Co., Inc. 5.55% due 7/15/2029		1,200,000		1,224,480

Stellantis Financial Services U.S. Corp. 5.40% due 6/15/2029⁽²⁾		200,000		199,293


				1,423,773


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Banks – 8.3%

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	$	2,051,373
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		1,488,169
4.623% (4.623% fixed rate until 5/9/2028; 1 day USD SOFR + 1.11% thereafter) due 5/9/2029⁽³⁾		693,000		692,666

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		261,491
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		1,521,084

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		1,032,141

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		985,628
4.91% (4.91% fixed rate until 5/24/2032; 1 day USD SOFR + 2.09% thereafter) due 5/24/2033⁽³⁾		1,600,000		1,591,833

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		1,026,385

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		793,316

Goldman Sachs Group, Inc. 3.80% due 3/15/2030		2,000,000		1,935,482

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		2,577,133
5.103% (5.103% fixed rate until 4/22/2030; 1 day USD SOFR + 1.44% thereafter) due 4/22/2031⁽³⁾		270,000		273,049


June 30, 2026 (unaudited)	Principal Amount		Value
Banks (continued)
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	$	1,021,980
5.572% (5.572% fixed rate until 4/22/2035; 1 day USD SOFR + 1.68% thereafter) due 4/22/2036⁽³⁾		320,000		328,972

Mitsubishi UFJ Financial Group, Inc. 4.592% (4.592% fixed rate until 4/18/2029; 1 yr. CMT + 0.78% thereafter) due 4/18/2030⁽³⁾		200,000		199,011
4.847% (4.847% fixed rate until 4/21/2031; 1 yr. CMT + 0.92% thereafter) due 4/21/2032⁽³⁾		200,000		199,054

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		696,227
5.192% (5.192% fixed rate until 4/17/2030; 1 day USD SOFR + 1.51% thereafter) due 4/17/2031⁽³⁾		494,000		499,204
5.587% (5.587% fixed rate until 1/18/2035; 1 day USD SOFR + 1.42% thereafter) due 1/18/2036⁽³⁾		700,000		714,756
5.664% (5.664% fixed rate until 4/17/2035; 1 day USD SOFR + 1.76% thereafter) due 4/17/2036⁽³⁾		194,000		199,159

Morgan Stanley Bank NA 4.788% (4.788% fixed rate until 5/10/2029; 1 day USD SOFR Index + 0.97% thereafter) due 5/10/2030⁽³⁾		250,000		250,247

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		398,196

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		995,595

Sumitomo Mitsui Financial Group, Inc. 4.934% (4.934% fixed rate until 7/7/2031; 1 day USD SOFR + 1.05% thereafter) due 7/7/2032⁽³⁾		200,000		199,217

UBS Group AG 5.428% (5.428% fixed rate until 2/8/2029; 1 yr. CMT + 1.52% thereafter) due 2/8/2030⁽²⁾⁽³⁾		1,500,000		1,521,285


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Banks (continued)

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	$	2,070,920
5.15% (5.15% fixed rate until 4/23/2030; 1 day USD SOFR + 1.50% thereafter) due 4/23/2031⁽³⁾		365,000		368,831
5.605% (5.605% fixed rate until 4/23/2035; 1 day USD SOFR + 1.74% thereafter) due 4/23/2036⁽³⁾		322,000		330,057


				26,222,461
Commercial Services – 0.0%

Verisk Analytics, Inc. 4.45% due 3/15/2031		44,000		43,084


				43,084
Computers – 0.7%

Dell International LLC/EMC Corp. 4.50% due 2/15/2031		300,000		295,835
4.75% due 10/6/2032		216,000		213,449
5.00% due 2/15/2034		199,000		196,426
5.10% due 2/15/2036		340,000		335,130
5.25% due 2/15/2037		255,000		251,032
5.30% due 10/1/2029		1,000,000		1,016,723


				2,308,595
Diversified Financial Services – 2.4%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust 5.375% due 12/15/2031		1,800,000		1,831,865

American Express Co. 5.085% (5.085% fixed rate until 1/30/2030; 1 day USD SOFR Index + 1.02% thereafter) due 1/30/2031⁽³⁾		1,000,000		1,011,989
5.282% (5.282% fixed rate until 7/27/2028; 1 day USD SOFR Index + 1.28% thereafter) due 7/27/2029⁽³⁾		300,000		303,972

Avilease Capital Ltd. 5.50% due 6/30/2031⁽²⁾		200,000		201,362

Avolon Holdings Funding Ltd. 5.375% due 5/30/2030⁽²⁾		146,000		147,450
5.75% due 3/1/2029⁽²⁾		1,000,000		1,019,998
6.375% due 5/4/2028⁽²⁾		40,000		41,028

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		1,531,125


June 30, 2026 (unaudited)	Principal Amount		Value
Diversified Financial Services (continued)

Equitable America Global Funding 5.125% due 6/15/2031⁽²⁾	$	604,000	$	606,128

Stellantis Financial Services U.S. Corp. 4.95% due 9/15/2028⁽²⁾		482,000		478,404

Sumisho Air Lease Corp. 4.40% due 3/24/2028⁽²⁾		123,000		122,336
4.50% due 3/24/2029⁽²⁾		122,000		120,965
4.85% due 3/24/2031⁽²⁾		152,000		150,414


				7,567,036
Electric – 0.9%

AEP Texas, Inc. Series Q 5.20% due 4/15/2036		65,000		64,112

AES Corp. 5.20% due 7/15/2029		44,000		44,250

Duke Energy Corp. 5.45% due 6/15/2034		1,000,000		1,021,351

Southern Co. 5.70% due 3/15/2034		1,000,000		1,035,940

Southwestern Electric Power Co. 5.20% due 4/1/2036		105,000		103,614
5.30% due 4/1/2033		127,000		128,680

Vistra Operations Co. LLC 4.55% due 10/30/2028⁽²⁾		47,000		46,697
5.00% due 4/30/2031⁽²⁾		115,000		114,131
5.25% due 4/30/2033⁽²⁾		122,000		121,097
5.55% due 4/30/2036⁽²⁾		220,000		218,876


				2,898,748
Food – 0.2%

Mars, Inc. 4.80% due 3/1/2030⁽²⁾		262,000		262,781
5.00% due 3/1/2032⁽²⁾		197,000		198,386
5.20% due 3/1/2035⁽²⁾		164,000		164,652


				625,819
Gas – 0.3%

NiSource, Inc. 3.60% due 5/1/2030		1,000,000		959,849


				959,849
Healthcare Products – 0.1%

VSP Optical Group, Inc. 5.40% due 6/1/2033⁽²⁾		89,000		89,224
5.65% due 6/1/2036⁽²⁾		91,000		91,430


				180,654
Healthcare Services – 0.4%

Centene Corp. 4.625% due 12/15/2029		1,000,000		970,046

Cigna Group 5.40% due 3/15/2033		400,000		410,115


				1,380,161
Insurance – 2.1%

Aon North America, Inc. 5.45% due 3/1/2034		800,000		816,148


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Insurance (continued)

Athene Global Funding 4.587% (4.587% fixed rate until 0; 1 day USD SOFR + 0.95% thereafter) due 4/19/2027⁽²⁾⁽³⁾	$	320,000	$	320,532
4.721% due 10/8/2029⁽²⁾		1,000,000		988,155

Corebridge Financial, Inc. 3.90% due 4/5/2032		1,000,000		938,370

Grand River Funding Trust I 6.311% due 2/15/2036⁽²⁾		253,000		253,769

Jackson National Life Global Funding 5.25% due 6/16/2031⁽²⁾		377,000		376,455

Liberty Mutual Group, Inc. 5.25% due 5/1/2036⁽²⁾		146,000		144,301

MetLife, Inc. 5.375% due 7/15/2033		600,000		618,935

Reinsurance Group of America, Inc. 5.75% due 9/15/2034		1,000,000		1,023,308

Sammons Financial Group, Inc. 5.95% due 6/15/2036⁽²⁾		161,000		161,255

Unum Group 5.75% due 8/15/2042		1,000,000		991,569


				6,632,797
Internet – 0.2%

Meta Platforms, Inc. 4.875% due 5/15/2033		240,000		237,832
5.25% due 5/15/2036		183,000		181,708

Uber Technologies, Inc. 4.15% due 1/15/2031		163,000		159,167
4.80% due 9/15/2035		129,000		125,459


				704,166
Investment Companies – 0.7%

Ares Capital Corp. 7.00% due 1/15/2027		500,000		505,068

Ares Strategic Income Fund 5.45% due 9/9/2028		206,000		203,986
5.55% due 4/15/2031		700,000		679,239
5.80% due 9/9/2030		167,000		164,518

HPS Corporate Lending Fund 5.45% due 11/15/2030		670,000		647,694


				2,200,505
Media – 1.2%

Charter Communications Operating LLC/Charter Communications Operating Capital 5.25% due 4/1/2053		200,000		155,948
6.10% due 6/1/2029		1,000,000		1,024,423
6.484% due 10/23/2045		1,000,000		916,735
6.70% due 12/1/2055		500,000		476,471

Space Exploration Technologies Corp. 5.35% due 7/15/2031⁽²⁾		490,000		488,724
5.65% due 7/15/2033⁽²⁾		640,000		636,187


				3,698,488


June 30, 2026 (unaudited)	Principal Amount		Value
Oil & Gas – 1.5%

Cenovus Energy, Inc. 2.65% due 1/15/2032	$	800,000	$	714,199
4.65% due 3/20/2031		67,000		66,142
5.40% due 3/20/2036		52,000		51,514

Occidental Petroleum Corp. 7.50% due 5/1/2031		1,000,000		1,106,599

Petroleos Mexicanos 5.95% due 1/28/2031		1,500,000		1,482,566
7.69% due 1/23/2050		1,500,000		1,399,063


				4,820,083
Pharmaceuticals – 0.3%

CVS Health Corp. 3.75% due 4/1/2030		1,000,000		966,913


				966,913
Pipelines – 1.7%

Cheniere Energy Partners LP 5.35% due 11/30/2036⁽²⁾		133,000		132,319

Columbia Pipelines Operating Co. LLC 5.439% due 2/15/2035⁽²⁾		1,000,000		1,012,423

Energy Transfer LP 5.70% due 4/1/2035		800,000		821,067
6.20% due 4/1/2055		400,000		395,521

MPLX LP 5.50% due 6/1/2034		100,000		101,100

ONEOK, Inc. 5.05% due 11/1/2034		600,000		586,857

Rio Grande LNG LLC 5.25% due 6/30/2031⁽²⁾		56,000		55,991
5.50% due 1/30/2034⁽²⁾		72,000		71,623
5.75% due 6/30/2036⁽²⁾		164,000		163,424

Targa Resources Corp. 4.35% due 1/15/2029		85,000		84,355
4.35% due 4/15/2031		97,000		94,760
4.90% due 9/15/2030		126,000		126,277
5.65% due 2/15/2036		303,000		308,005

Western Midstream Operating LP 5.45% due 11/15/2034		300,000		298,396
5.70% due 7/1/2036		229,000		229,412

Williams Cos., Inc. 4.65% due 8/15/2032		1,000,000		985,072


				5,466,602
Real Estate Investment Trusts – 2.4%

American Homes 4 Rent LP 4.95% due 6/15/2030		293,000		293,792
5.50% due 7/15/2034		200,000		202,408

Brixmor Operating Partnership LP 4.125% due 5/15/2029		900,000		886,677

COPT Defense Properties LP 4.50% due 10/15/2030		33,000		32,516


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Real Estate Investment Trusts (continued)

Extra Space Storage LP 4.90% due 2/1/2032	$	607,000	$	604,719
4.95% due 1/15/2033		472,000		467,185

Healthpeak OP LLC 5.375% due 2/15/2035		1,000,000		1,006,545

Invitation Homes Operating Partnership LP 4.95% due 2/1/2032		358,000		355,545

Kite Realty Group Trust 4.75% due 9/15/2030		1,000,000		995,592

Omega Healthcare Investors, Inc. 3.25% due 4/15/2033		937,000		832,548

Phillips Edison Grocery Center Operating Partnership I LP 2.625% due 11/15/2031		740,000		658,972
4.75% due 3/15/2033		91,000		89,220

VICI Properties LP 4.75% due 4/1/2028		61,000		60,942
5.125% due 5/15/2032		1,000,000		991,778


				7,478,439
Retail – 0.2%

O’Reilly Automotive, Inc. 5.00% due 8/19/2034		700,000		692,639


				692,639
Semiconductors – 0.4%

Broadcom, Inc. 3.419% due 4/15/2033		112,000		102,098
3.50% due 2/15/2041		888,000		709,513

NXP BV/NXP Funding LLC/NXP USA, Inc. 4.85% due 8/19/2032		103,000		101,598
5.25% due 8/19/2035		297,000		297,094


				1,210,303
Software – 0.4%

MSCI, Inc. 5.15% due 3/15/2036		70,000		67,759
5.25% due 9/1/2035		267,000		261,350

Oracle Corp. 4.45% due 9/26/2030		123,000		118,740
4.80% due 9/26/2032		205,000		195,060
5.20% due 9/26/2035		187,000		175,071
5.875% due 9/26/2045		115,000		100,668
5.95% due 9/26/2055		144,000		122,374
6.10% due 9/26/2065		149,000		124,660

Paychex, Inc. 5.10% due 4/15/2030		32,000		32,275
5.35% due 4/15/2032		46,000		46,548
5.60% due 4/15/2035		36,000		36,376


				1,280,881
Telecommunications – 1.0%

AT&T, Inc. 2.55% due 12/1/2033		1,000,000		839,903
5.40% due 2/15/2034		700,000		709,618


June 30, 2026 (unaudited)	Principal Amount		Value
Telecommunications (continued)

HUT 8 DC LLC 6.192% due 11/15/2042⁽²⁾	$	225,000	$	227,899

NTT Finance Corp. 4.567% due 7/16/2027⁽²⁾		200,000		200,167
4.62% due 7/16/2028⁽²⁾		200,000		199,519
4.876% due 7/16/2030⁽²⁾		200,000		199,556
5.012% due 11/1/2031⁽²⁾		200,000		199,733
5.259% due 11/1/2033⁽²⁾		229,000		228,294

T-Mobile USA, Inc. 2.70% due 3/15/2032		300,000		266,627


				3,071,316

Total Corporate Bonds & Notes (Cost $83,286,045)				84,019,696
Non-Agency Mortgage-Backed Securities – 5.0%

BLP Commercial Mortgage Trust Series 2024-IND2, Class A 4.968% due 3/15/2041^(2)(3)(4)		94,366		94,455

BMP Commercial Mortgage Trust Series 2024-MF23, Class B 5.267% due 6/15/2041^(2)(3)(4)		213,000		213,200

BPR Commercial Mortgage Trust Series 2024-PARK, Class A 5.392% due 11/5/2039^(2)(3)(4)		774,000		778,035

BX Commercial Mortgage Trust Series 2020-VIV2, Class C 3.66% due 3/9/2044^(2)(3)(4)		696,000		647,701
Series 2020-VIV3, Class B 3.662% due 3/9/2044^(2)(3)(4)		1,000,000		938,508
Series 2021-ACNT, Class B 4.989% due 11/15/2038^(2)(3)(4)		73,097		73,097
Series 2024-GPA3, Class A 4.918% due 12/15/2039^(2)(3)(4)		305,022		305,594
Series 2024-XL4, Class A 5.067% due 2/15/2039^(2)(3)(4)		542,629		543,646
Series 2024-XL5, Class A 5.017% due 3/15/2041^(2)(3)(4)		877,870		878,967
Series 2025-SPOT, Class A 5.069% due 4/15/2040^(2)(3)(4)		521,319		521,645
Series 2026-ALOHA, Class A 4.975% due 4/15/2043^(2)(3)(4)		274,000		274,171
Series 2026-LP3, Class A 5.005% due 4/15/2043^(2)(3)(4)		343,742		344,816
Series 2026-XL6, Class A 4.825% due 3/15/2043^(2)(3)(4)		305,617		305,617
Series 2026-XL6, Class B 5.075% due 3/15/2043^(2)(3)(4)		90,419		90,617

BX Trust Series 2019-OC11, Class A 3.202% due 12/9/2041⁽²⁾		2,000,000		1,888,929
Series 2024-CNYN, Class A 5.067% due 4/15/2041^(2)(3)(4)		198,657		198,906


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
Series 2025-DIME, Class A 4.775% due 2/15/2035^(2)(3)(4)	$	100,000	$	99,765
Series 2025-ROIC, Class A 4.769% due 3/15/2030^(2)(3)(4)		422,212		421,420
Series 2025-ROIC, Class B 5.019% due 3/15/2030^(2)(3)(4)		1,445,932		1,442,317
Series 2025-TAIL, Class A 5.025% due 6/15/2035^(2)(3)(4)		100,000		100,253
Series 2026-CIP, Class A 4.825% due 5/15/2038^(2)(3)(4)		236,328		236,919
Series 2026-ORBT, Class A 5.03% due 7/15/2043^(2)(3)(4)		290,000		290,000

CENT Trust Series 2025-CITY, Class A 5.091% due 7/10/2040^(2)(3)(4)		198,000		197,652

ELP Commercial Mortgage Trust Series 2025-ELP, Class A 4.757% due 11/13/2042^(2)(3)(4)		149,000		146,999

Extended Stay America Trust Series 2025-ESH, Class A 4.925% due 10/15/2042^(2)(3)(4)		443,041		444,011
Series 2025-ESH, Class B 5.225% due 10/15/2042^(2)(3)(4)		77,051		77,291
Series 2025-ESH, Class C 5.475% due 10/15/2042^(2)(3)(4)		38,525		38,718
Series 2026-ESH2, Class A 4.825% due 2/15/2043^(2)(3)(4)		367,273		367,732
Series 2026-ESH2, Class B 5.025% due 2/15/2043^(2)(3)(4)		37,477		37,594
Series 2026-ESH2, Class C 5.225% due 2/15/2043^(2)(3)(4)		25,297		25,439

HAVN Trust Series 2025-MOB, Class A 5.325% due 10/15/2035^(2)(3)(4)		105,000		105,000

Hilton USA Trust Series 2016-HHV, Class A 3.719% due 11/5/2038⁽²⁾		1,875,000		1,868,549
Series 2016-HHV, Class B 4.333% due 11/5/2038^(2)(3)(4)		250,000		249,487

INT Commercial Mortgage Trust Series 2025-PLAZA, Class A 5.041% due 11/5/2037^(2)(3)(4)		134,000		133,499

MHP Commercial Mortgage Trust Series 2025-MHIL2, Class A 5.125% due 9/15/2040^(2)(3)(4)		212,000		212,132

PLYM Commercial Mortgage Trust
Series 2026-IND, Class A 4.875% due 3/15/2043^(2)(3)(4)		339,000		339,211
Series 2026-IND, Class B 5.075% due 3/15/2043^(2)(3)(4)		100,000		100,031
Series 2026-IND, Class C 5.275% due 3/15/2043^(2)(3)(4)		100,000		100,000

SHOPS Commercial Mortgage Trust Series 2026-CSTL, Class A 4.971% due 5/5/2039^(2)(3)(4)		223,000		221,377


June 30, 2026 (unaudited)	Principal Amount			Value
Non-Agency Mortgage-Backed Securities (continued)

TCO Commercial Mortgage Trust Series 2024-DPM, Class A 4.868% due 12/15/2039^(2)(3)(4)	$	600,000		$	600,188

Total Non-Agency Mortgage-Backed Securities (Cost $15,908,740)					15,953,488
U.S. Government Securities – 41.3%

U.S. Treasury Bonds 4.50% due 11/15/2054		3,825,000			3,560,687
4.625% due 11/15/2044		30,000,000			28,911,328
4.625% due 2/15/2055		5,800,000			5,511,586
4.625% due 11/15/2055		1,300,000			1,236,828
4.75% due 2/15/2045		7,500,000			7,336,231
4.75% due 8/15/2055		3,380,000			3,279,524
4.75% due 2/15/2056		660,000			641,128
5.00% due 5/15/2056		4,826,000			4,877,276

U.S. Treasury Notes 3.75% due 10/31/2032		400,000			388,172
4.00% due 6/30/2032		5,200,000			5,127,484
4.00% due 7/31/2032		2,574,000			2,536,798
4.00% due 1/31/2033		5,700,000			5,602,699
4.125% due 2/29/2032		40,900,000			40,650,766
4.125% due 5/31/2032		150,000			148,928
4.125% due 2/15/2036		900,000			878,062
4.25% due 8/15/2035		4,500,000			4,442,695
4.625% due 2/15/2035		15,890,200			16,142,209



Total U.S. Government Securities (Cost $133,492,248)					131,272,401
Repurchase Agreements – 1.9%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $5,885,308, due 7/1/2026⁽⁵⁾		5,885,135			5,885,135

Total Repurchase Agreements (Cost $5,885,135)					5,885,135

Total Investments before TBA Sale Commitments – 102.4% (Cost $326,674,509)					325,451,305
TBA Sale Commitments Agency Mortgage-Backed Securities – (1.0)%

Uniform Mortgage-Backed Security 2.00% due 6/1/2056⁽¹⁾		(2,300,000	)		(1,837,518	)
2.50% due 7/1/2056⁽¹⁾		(200,000	)		(167,078	)
4.50% due 7/1/2056⁽¹⁾		(150,000	)		(143,684	)
5.00% due 6/1/2039⁽¹⁾		(875,000	)		(879,107	)


					(3,027,387	)

Total TBA Sale Commitments (Proceeds $3,017,419)					(3,027,387	)

Liabilities in excess of other assets – (1.4)%					(4,655,744	)

Total Net Assets – 100.0%				$	317,768,174


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

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 June 30, 2026, the aggregate market value of these securities amounted to $62,722,920, representing 19.7% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽³⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 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		4.00%		12/15/2027	$	6,002,900	$	6,002,947

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

The following is a summary of the inputs used as of June 30, 2026 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.


Assets (unaudited)	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—	$	54,652,789	$	—	$	54,652,789
Asset-Backed Securities		—		33,667,796		—		33,667,796
Corporate Bonds & Notes		—		84,019,696		—		84,019,696
Non-Agency Mortgage-Backed Securities		—		15,953,488		—		15,953,488
U.S. Government Securities		—		131,272,401		—		131,272,401
Repurchase Agreements		—		5,885,135		—		5,885,135
Total Assets	$	—	$	325,451,305	$	—	$	325,451,305
Liabilities
TBA Sale Commitments Securities	$	—	$	(3,027,387)	$	—	$	(3,027,387)
Total Liabilities	$	—	$	(3,027,387)	$	—	$	(3,027,387)


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

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	325,451,305

Foreign currency, at value		27

Receivable for investments sold		9,894,250

Interest receivable		3,188,057

Receivable for fund shares subscribed		112,039

Reimbursement receivable from adviser		350

Prepaid expenses		5,679


Total Assets		338,651,707


Liabilities

TBA sale commitments, at value		3,027,387

Payable for investments purchased		17,404,813

Payable for fund shares redeemed		235,722

Investment advisory fees payable		117,116

Accrued administrative fees		30,503

Accrued custodian and accounting fees		24,554

Accrued audit fees		19,501

Accrued legal fees		12,927

Accrued transfer agent fees		8,326

Accrued trustees’ and officers’ fees		1,083

Accrued expenses and other liabilities		1,601


Total Liabilities		20,883,533


Total Net Assets	$	317,768,174


Net Assets Consist of:

Paid-in capital	$	283,628,558

Distributable earnings		34,139,616


Total Net Assets	$	317,768,174

Investments, at Cost	$	326,674,509

Foreign Currency, at Cost	$	27

TBA Sale Commitments, Proceeds	$	3,017,419


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		28,788,609

Net Asset Value Per Share		$11.04


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Interest	$	7,565,845


Total Investment Income		7,565,845


Expenses

Investment advisory fees		722,090

Trustees’ and officers’ fees		55,142

Professional fees		55,031

Administrative fees		37,612

Custodian and accounting fees		36,642

Transfer agent fees		11,193

Shareholder reports		5,568

Other expenses		11,041


Total Expenses		934,319

Less: Fees waived		(60,326	)


Total Expenses, Net		873,993


Net Investment Income/(Loss)		6,691,852


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

Net realized gain/(loss) from investments		(8,707	)

Net change in unrealized appreciation/(depreciation) on investments		(4,624,319	)


Net Loss on Investments		(4,633,026	)


Net Increase in Net Assets Resulting From Operations	$	2,058,826


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

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND


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

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	6,691,852		$	14,419,196

Net realized gain/(loss) from investments		(8,707	)		20,707

Net change in unrealized appreciation/(depreciation) on investments		(4,624,320	)		8,028,984


Net Increase in Net Assets Resulting from Operations		2,058,825			22,468,887


Capital Share Transactions

Proceeds from sales of shares		14,907,247			29,756,997

Cost of shares redeemed		(34,530,942	)		(88,165,486	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(19,623,695	)		(58,408,489	)


Net Decrease in Net Assets		(17,564,870	)		(35,939,602	)


Net Assets

Beginning of period		335,333,044			371,272,646


End of period	$	317,768,174		$	335,333,044


Other Information:

Shares

Sold		1,355,205			2,780,766

Redeemed		(3,137,033	)		(8,305,356	)


Net Decrease		(1,781,828	)		(5,524,590	)


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

This Page Intentionally Left Blank


				13

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND

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


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

Six Months Ended 6/30/26	$	10.97	$	0.23	$	(0.16)	$	0.07	$	11.04		0.64%	⁽⁴⁾

Year Ended 12/31/25		10.29		0.44		0.24		0.68		10.97		6.61%

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

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

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


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

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND



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

$	317,768		0.54%	⁽⁴⁾		0.58%	⁽⁴⁾		4.13%	⁽⁴⁾		4.10%	⁽⁴⁾		15%	⁽⁴⁾

	335,333		0.52%			0.57%			4.13%			4.08%			116%

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

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

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

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

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

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

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

⁽⁵⁾	Commenced operations on May 2, 2022.


The accompanying notes are an integral part of these financial statements.				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

June 30, 2026 (unaudited)

1. Organization

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

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

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

2. Significant Accounting Policies

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

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

policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

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

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

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

•

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

•

Level 2 – other significant observable inputs, including, but not limited to, quoted prices for similar


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

•

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2026, there were no transfers into or out of Level 3 of the fair value hierarchy.

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 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 Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of June 30, 2026, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps, options and swaptions, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.

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

c. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. There were no futures contracts held as of June 30, 2026.

d. Total Return Swaps Total return swaps are contracts that obligate a party to pay or receive interest in exchange for the payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. To the extent that the total return of the security, basket of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

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

The Fund may enter into credit default swap agreements either as a buyer or seller. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities. The Fund may buy protection under a credit default swap to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer’s credit quality characteristics without investing directly in that issuer.

Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.

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

A swaption is an option to enter into a swap agreement. Like other types of options, the buyer of a swaption pays a premium for the option and obtains the right, but not the obligation, to enter into or modify an underlying swap or to modify the terms of an existing swap on agreed-upon terms. The seller of a swaption, in exchange for the premium, becomes obligated (if the option is exercised) to enter into or modify an underlying swap on agreed-upon terms, which generally entails a greater risk of loss than incurred in buying a swaption.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps or swaptions held during the six months ended June 30, 2026.

f. Options Transactions The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund’s Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction,


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of June 30, 2026.

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

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

h. Foreign Tax The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. During the six months ended June 30, 2026, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

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

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

k. Segment Reporting Certain officers of the Fund, including the Fund’s Principal Executive and Principal Financial officers, serve as the Fund’s chief operating decision maker (“CODM”) for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund’s long-term strategic asset allocation is determined in accordance with Fund’s investment objective and principal investment strategies as disclosed in the Fund’s prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

3. Transactions with Affiliates


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.45% of the first $300 million, and 0.40% in excess of $300 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2027 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.58% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 0.52%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $60,326.

Park Avenue has entered into a Sub-Advisory Agreement with FIAM LLC (“FIAM”), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. FIAM is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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

4. Federal Income Taxes

a.Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not

required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (“TBA”) securities) for the six months ended June 30, 2026, were as follows:



	Other Investments		U.S. Government and Agency Obligations
Purchases		$ 19,019,980		$ 27,356,216
Sales		13,654,046		39,370,029

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

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


20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

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

initially sold by the Fund to the counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund’s forward sale commitment may increase above the exercise price of the forward commitment. Dollar rolls (and when-issued, delayed delivery and to-be-announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund’s portfolio turnover rate.

f. Restricted and Illiquid Securities A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust’s Board of Trustees and are noted, if any, in the Fund’s Schedule of Investments. As of June 30, 2026, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

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


				21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as “Ginnie Mae”), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as “Fannie Mae” and “Freddie Mac”), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as “prepayment risk”) or later (known as “extension risk”) than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

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

supply chain disruptions, tariffs and other restrictions on trade) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

k. Loans Investments in loans are particularly subject to, among other risks, credit risk, interest rate risk, and counterparty risk. The Fund’s investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed income (or debt) investments of similar credit quality and/or maturity. Investments or transactions in loans are often subject to long settlement periods (potentially longer than seven days), which could limit the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. As a result, the Fund may be forced to sell other, more desirable, liquid investments, sell illiquid investments at a loss or take other measures to raise cash. Loans often are rated below investment-grade and may be unrated and subject the Fund to the risk that the value of the collateral for the loan may be insufficient to cover the borrower’s obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants (if any) more difficult for the Fund as legal action may have to go through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

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

6. Temporary Borrowings


22

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

Agreement”) for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

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

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:

assets and liabilities to a corresponding Acquiring Portfolio in exchange for shares of the Acquiring Portfolio. Shares of the Acquiring Portfolio which would be distributed to shareholders of the applicable Target Portfolio, who will own Class 1 or Class 3 shares, as applicable, of the Acquiring Portfolio. Following completion of the Reorganizations, each Target Portfolio will be terminated.

Shareholders of record as of August 17, 2026 will be asked to approve the proposed Reorganizations at a special meeting of shareholders expected to be held on or about November 13, 2026. If approved and all conditions to closing are satisfied or waived, the Reorganizations are expected to be completed during the fourth quarter of 2026.

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST


				23

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND



Target Portfolio		Acquiring Portfolio
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


24

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Not applicable.

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

Not applicable.

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

Included in Item 7.

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

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 18-19, 2026 (the “Meeting”), the Board, including the trustees who are not parties to the agreement or “interested persons” as defined in the 1940 Act, of a party to the agreement (the “Independent Trustees”), considered and voted unanimously to renew the existing investment management agreement between the Trust, on behalf of Guardian All Cap Core VIP Fund; Guardian Balanced Allocation VIP Fund; Guardian Core Fixed Income VIP Fund; Guardian Core Plus Fixed Income VIP Fund; Guardian Diversified Research VIP Fund; Guardian Equity Income VIP Fund; Guardian Global Utilities VIP Fund; Guardian Growth & Income VIP Fund; Guardian Integrated Research VIP Fund; Guardian International Growth VIP Fund; Guardian International Equity VIP Fund; Guardian Large Cap Disciplined Growth VIP Fund; Guardian Large Cap Disciplined Value VIP Fund; Guardian Large Cap Fundamental Growth VIP Fund; Guardian Mid Cap Relative Value VIP Fund;

Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Value Diversified VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government/Credit VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at the Meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing subadvisory agreements (the “Subadvisory Agreements”) between the Manager and the following investment advisory firms engaged to serve as subadvisers to certain of the Funds: (i) AllianceBernstein L.P. with respect to Guardian Growth & Income VIP Fund and Guardian Strategic Large Cap Core VIP Fund; (ii) J.P. Morgan Investment Management Inc. with respect to Guardian International Growth VIP Fund; (iii) Schroder Investment Management North America Inc. with respect to Guardian International Equity VIP Fund; (iv) Wellington Management Company LLP with respect to Guardian Balanced Allocation VIP Fund, Guardian Equity Income VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund and Guardian Global Utilities VIP Fund; (v) Boston Partners Global Investors, Inc. with respect to Guardian Large Cap Disciplined Value VIP Fund and Guardian Small Cap Value Diversified VIP Fund; (vi) Janus Henderson Investors US LLC with respect to Guardian Mid Cap Traditional Growth VIP Fund and Guardian Multi-Sector Bond VIP Fund; (vii) Allspring Global Investments, LLC with respect to Guardian Mid Cap Relative Value VIP Fund and Guardian Short Duration Bond VIP Fund; (viii) Lord, Abbett & Co. LLC with respect to Guardian Core Plus Fixed Income VIP Fund and Guardian U.S. Government/Credit VIP Fund; (ix) FIAM LLC with respect to Guardian Large Cap Fundamental Growth VIP Fund, Guardian Select Mid Cap Core VIP Fund and Guardian Core Fixed Income VIP Fund; (x) Massachusetts Financial Services Company with respect to Guardian All Cap Core VIP Fund and Guardian Total Return Bond VIP Fund; and (xi) Putnam Investment Management, LLC with respect to Guardian Diversified Research VIP Fund, each in substantially the form presented at the Meeting, (each, a “Subadviser” and collectively, the “Subadvisers”) for a one-year term.


				25

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

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

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

factors included: (i) the nature, extent and quality of the services provided to the Funds by the Manager and the Subadvisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to which the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Subadvisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services

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

The Trustees considered that the Funds operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager has under this structure, including monitoring and evaluating the performance of the Subadvisers, monitoring the Subadvisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Subadvisers with respect to the services that the Subadvisers provide under the Subadvisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend subadvisers, and the Manager’s ability to monitor and oversee subadvisers and recommend replacement subadvisers, when necessary, and provide other services under the Management Agreement. The Board noted that investment management staff of the Manager and the Trust’s Chief Compliance Officer conduct oversight


26

SUPPLEMENTAL INFORMATION (UNAUDITED)

meetings with the Subadvisers on a periodic basis, follow through with additional inquiries on questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

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

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

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

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an

independent provider of mutual fund industry data, which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

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

Profitability

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

The Board received and considered profitability information from some Subadvisers, but noted that the Manager had negotiated the fees with the Subadvisers at arm’s-length. Accordingly, the Board concluded that the profitability of the Subadvisers was a less relevant factor than Manager profitability because of the arm’s length negotiation.

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

Fees and Expenses

The Trustees considered the management fees paid by the Funds to the Manager under the Management Agreement and evaluated the reasonableness of these fees. The Trustees received and reviewed comparative information with respect to the management fee and total expenses for each Fund and the management fees and total expenses for a peer group of other funds selected by Broadridge. The Trustees considered the Manager’s commitment to limit the total expenses of each Fund through an expense limitation agreement with the Trust, including the expense limitation arrangements for May 1, 2026, through April 30, 2027. Although the Board recognized that the comparisons between the management fees and expenses of the Funds and those of the identified peer group are imprecise, given different terms of agreements and


				27

SUPPLEMENTAL INFORMATION (UNAUDITED)

variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

The Trustees considered the subadvisory fees paid under the Subadvisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees paid to the Subadvisers would be paid by the Manager and not the Funds and that the Manager had negotiated the fees with the Subadvisers at arm’s-length.

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

Economies of Scale

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

Ancillary Benefits

distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

The Broadridge report groups fees, expenses and performance into five quintiles, with the top quintile having the highest performance or lowest fees/expenses, and the bottom quintile having the lowest performance or highest fees/expenses. For purposes of the descriptions below, a Fund’s performance is for the periods ended December 31, 2025, and is considered “in line with” the benchmark index used for performance reporting to the Board if it is within 0.20%. In evaluating total expenses, the Board gave the most weight to the quintile ranking based on the expense limitation for May 1, 2026, through April 30, 2027 (which is reflected in the descriptions below).

Guardian All Cap Core VIP Fund

•

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

•

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

•

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

Guardian Balanced Allocation VIP Fund

•

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


28

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

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

Guardian Core Fixed Income VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

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

•

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

•

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

Guardian Diversified Research VIP Fund

•

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

•

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

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the

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

Guardian Equity Income VIP Fund

•

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

•

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

•

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

Guardian Global Utilities VIP Fund

•

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

•

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

•

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

Guardian Growth & Income VIP Fund

•

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

•

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

•

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

Guardian Integrated Research VIP Fund

•

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

•

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


				29

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

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

Guardian International Equity VIP Fund

•

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

•

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

•

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

Guardian International Growth VIP Fund

•

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

•

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

•

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

Guardian Large Cap Disciplined Growth VIP Fund

•

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

•

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

•

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

Guardian Large Cap Disciplined Value VIP Fund

•

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

•

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

•

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

Guardian Large Cap Fundamental Growth VIP Fund

•

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

•

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

•

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

Guardian Mid Cap Relative Value VIP Fund

•

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

•

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

•

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

Guardian Mid Cap Traditional Growth VIP Fund

•

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

•

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

•

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

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


30

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group, the actual management fee was in the 2^nd quintile of the expense group and the total expenses were in the 4^th quintile of the expense group (but still within one basis point of median for total expenses).

Guardian Select Mid Cap Core VIP Fund

•

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

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

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

Guardian Short Duration Bond VIP Fund

•

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

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Small Cap Value Diversified VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Small-Mid Cap Core VIP Fund

•

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

•

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

•

The Board approved a new Subadviser effective during 2026.

•

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

Guardian Strategic Large Cap Core VIP Fund

•

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

•

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

•

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

Guardian Total Return Bond VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and


				31

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Guardian U.S. Government/Credit VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 4^th quintile of the expense group (but still within one basis point of median for total expenses).

Conclusion

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


32

This Page Intentionally Left Blank


				33

This Page Intentionally Left Blank


34

This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund’s current prospectus.

LOGO

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

PUB11740

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Core Plus Fixed Income VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Core Plus Fixed Income VIP Fund



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

Schedule of Investments			1

Statement of Assets and Liabilities			14

Statement of Operations			14

Statements of Changes in Net Assets			15

Financial Highlights			16

Notes to Financial Statements			18

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			28

Item 9. Proxy Disclosures for Open-End Management Investment Companies			28

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			28

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			28

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 29.1%

Fannie Mae ACES Series 2025-M4, Class A2 4.389% due 8/25/2035	$	500,000	$	489,117

Federal Home Loan Mortgage Corp. 3.50% due 1/1/2035		68,991		64,012
3.50% due 9/1/2051		437,753		401,176
5.00% due 7/1/2052		412,010		411,681
5.00% due 8/1/2052		640,849		638,763
5.00% due 4/1/2054		142,133		140,796
5.427% due 9/1/2055⁽¹⁾⁽²⁾		248,729		251,342
5.50% due 7/1/2054		142,230		144,810
5.50% due 11/1/2054		903,514		920,256
6.00% due 2/1/2055		120,563		126,100
6.00% due 3/1/2056		620,578		638,057
6.50% due 11/1/2053		460,439		479,979

Federal National Mortgage Association 2.50% due 8/1/2050		1,688,469		1,450,858
2.50% due 3/1/2052		783,683		658,577
3.00% due 4/1/2051		284,758		251,118
3.50% due 9/1/2051		173,505		159,997
3.50% due 4/1/2052		763,434		699,466
3.50% due 6/1/2052		38,826		35,497
4.00% due 5/1/2053		801,801		750,219
5.00% due 7/1/2052		547,508		547,875
5.00% due 8/1/2052		852,229		848,665
5.00% due 1/1/2053		84,285		83,602
5.462% due 10/1/2055⁽¹⁾⁽²⁾		888,645		900,884
5.50% due 10/1/2054		470,676		480,577
6.00% due 10/1/2053		587,242		601,104
6.00% due 10/1/2054		102,154		106,846
6.00% due 1/1/2055		234,980		245,239
6.239% due 11/1/2054⁽¹⁾⁽²⁾		533,097		548,793

Freddie Mac Multifamily Structured Pass-Through Certificates
Series K146, Class A2 2.92% due 6/25/2032		460,000		421,583
Series K-153, Class A2 3.82% due 12/25/2032⁽¹⁾⁽²⁾		440,000		421,853
Series K-161, Class A2 4.90% due 10/25/2033⁽¹⁾⁽²⁾		230,000		233,759
Series K-169, Class A2 4.66% due 12/25/2034⁽¹⁾⁽²⁾		250,000		249,772
Series KG07, Class A2 3.123% due 8/25/2032⁽¹⁾⁽²⁾		1,146,000		1,059,405
Series KG08, Class A2 4.134% due 5/25/2033⁽¹⁾⁽²⁾		550,000		534,598

Government National Mortgage Association 2.00% due 7/20/2056⁽³⁾		401,000		328,380
2.50% due 7/20/2056⁽³⁾		1,319,000		1,125,993
3.00% due 7/20/2056⁽³⁾		1,682,000		1,492,512
3.00% due 8/20/2056⁽³⁾		675,000		598,588
4.50% due 7/20/2056⁽³⁾		1,788,000		1,717,105
5.00% due 7/20/2056⁽³⁾		901,000		888,208
5.00% due 8/20/2056⁽³⁾		292,000		287,558
6.00% due 10/20/2053		646,175		664,256
6.00% due 7/20/2056⁽³⁾		279,000		284,840
6.00% due 8/20/2056⁽³⁾		106,000		108,024


June 30, 2026 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities (continued)

Uniform Mortgage-Backed Security 2.00% due 7/1/2056⁽³⁾	$	1,369,000	$	1,092,840
2.50% due 7/1/2056⁽³⁾		595,000		497,057
2.50% due 8/1/2056⁽³⁾		1,783,000		1,489,084
3.00% due 7/1/2056⁽³⁾		45,000		39,227
4.50% due 7/1/2039⁽³⁾		770,000		760,817
4.50% due 8/1/2039⁽³⁾		2,238,000		2,209,650
5.00% due 8/1/2039⁽³⁾		843,000		845,299
5.00% due 9/1/2039⁽³⁾		57,000		57,120
5.00% due 7/1/2041⁽³⁾		462,000		463,855
5.00% due 7/1/2056⁽³⁾		94,000		92,355
5.00% due 8/1/2056⁽³⁾		119,000		116,797
5.50% due 8/1/2039⁽³⁾		286,000		290,164
5.50% due 7/1/2041⁽³⁾		166,000		168,612
5.50% due 7/1/2056⁽³⁾		659,000		661,106
5.50% due 8/1/2056⁽³⁾		3,457,000		3,463,185
6.00% due 7/1/2039⁽³⁾		62,000		63,624
6.00% due 8/1/2039⁽³⁾		283,000		290,161
6.00% due 7/1/2056⁽³⁾		172,000		175,827
6.00% due 8/1/2056⁽³⁾		1,054,000		1,074,033
7.00% due 7/1/2054⁽³⁾		72,000		75,996
7.00% due 8/1/2054⁽³⁾		224,000		235,407


Total Agency Mortgage-Backed Securities (Cost $37,836,640)				37,654,056
Asset-Backed Securities – 15.0%

AB BSL CLO 3 Ltd. Series 2021-3A, Class BR 5.225% (3 mo. USD Term SOFR + 1.55%) due 4/20/2038⁽²⁾⁽⁴⁾		500,000		500,906

Affirm Master Trust Series 2025-3A, Class A 4.45% due 10/16/2034⁽⁴⁾		220,000		218,255
Series 2026-1A, Class A 4.37% due 2/15/2034⁽⁴⁾		205,000		203,863

AmeriCredit Automobile Receivables Trust Series 2022-2, Class C 5.32% due 4/18/2028		115,588		115,921

Ares Loan Funding V Ltd. Series 2024-ALF5AR, Class A1R 4.851% (3 mo. USD Term SOFR + 1.22%) due 7/25/2037⁽²⁾⁽⁴⁾		330,000		330,051

Avant Loans Funding Trust Series 2024-REV1, Class A 5.92% due 10/15/2033⁽⁴⁾		295,000		295,380

Ballyrock CLO 22 Ltd. Series 2024-22AR, Class A2R 5.125% (3 mo. USD Term SOFR + 1.50%) due 7/15/2039⁽²⁾⁽⁴⁾		250,000		250,305


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Barrow Hanley CLO III Ltd. Series 2024-3A, Class AR 4.891% (3 mo. USD Term SOFR + 1.27%) due 4/20/2038⁽²⁾⁽⁴⁾	$	250,000	$	250,188

BlueMountain CLO XXIX Ltd. Series 2020-29AR, Class BR2 5.185% (3 mo. USD Term SOFR + 1.55%) due 7/25/2034⁽²⁾⁽⁴⁾		320,000		320,000

BofA Auto Trust Series 2026-1A, Class A3 4.18% due 10/15/2030⁽⁴⁾		355,000		352,650

Bridgecrest Lending Auto Securitization Trust Series 2025-2, Class A3 4.78% due 12/15/2028		115,375		115,560

BSPDF Issuer LLC Series 2026-FL3, Class A 5.087% (1 mo. USD Term SOFR + 1.45%) due 9/18/2043(2)⁽⁴⁾		200,000		200,265
Series 2026-FL4, Class A 5.087% (1 mo. USD Term SOFR + 1.45%) due 11/18/2043⁽²⁾⁽⁴⁾		210,000		210,256

BSPRT Issuer LLC Series 2025-FL12, Class A 5.022% (1 mo. USD Term SOFR + 1.39%) due 1/17/2043⁽²⁾⁽⁴⁾		150,000		150,003

Cajun Global LLC Series 2025-2A, Class A2 5.912% due 11/20/2055⁽⁴⁾		120,000		119,600

CarMax Select Receivables Trust Series 2024-A, Class A3 5.40% due 11/15/2028		303,702		305,109

Cherry Securitization Trust Series 2025-1A, Class A 6.13% due 11/15/2032⁽⁴⁾		225,000		227,145

Citizens Auto Receivables Trust Series 2023-1, Class A3 5.84% due 1/18/2028⁽⁴⁾		89,419		89,577
Series 2024-2, Class A4 5.26% due 4/15/2031⁽⁴⁾		574,000		579,033

CPS Auto Receivables Trust Series 2026-B, Class C 4.93% due 7/15/2032⁽⁴⁾		160,000		159,471

DLLAD LLC Series 2023-1A, Class A4 4.80% due 6/20/2030⁽⁴⁾		510,000		511,779

Drive Auto Receivables Trust Series 2025-2, Class A3 4.14% due 9/15/2032		250,000		249,580

Driven Brands Funding LLC Series 2025-1A, Class A2 5.296% due 10/20/2055⁽⁴⁾		119,400		115,525


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Enterprise Fleet Financing LLC Series 2023-1, Class A3 5.42% due 10/22/2029⁽⁴⁾	$	177,959	$	178,490
Series 2024-1, Class A3 5.16% due 9/20/2030⁽⁴⁾		130,000		131,086

Exeter Automobile Receivables Trust Series 2023-4A, Class D 6.95% due 12/17/2029		155,000		157,371
Series 2024-4A, Class C 5.48% due 8/15/2030		760,000		765,037
Series 2024-5A, Class C 4.64% due 1/15/2030		210,000		210,260
Series 2025-3A, Class B 4.86% due 2/15/2030		180,000		180,508

First National Master Note Trust Series 2024-1, Class A 5.34% due 5/15/2030		240,000		241,966

Ford Credit Auto Owner Trust Series 2023-2, Class A 5.28% due 2/15/2036⁽⁴⁾		245,000		249,016

Ford Credit Floorplan Master Owner Trust A Series 2024-1, Class A1 5.29% due 4/15/2029⁽⁴⁾		645,000		650,159

GM Financial Automobile Leasing Trust Series 2024-3, Class A3 4.21% due 10/20/2027		232,413		232,465

GM Financial Revolving Receivables Trust Series 2022-1, Class A 5.91% due 10/11/2035⁽⁴⁾		280,000		285,536

GreatAmerica Leasing Receivables Funding LLC Series 2026-1, Class A3 4.76% due 9/16/2030⁽⁴⁾		200,000		200,936

GreenSky Home Improvement Issuer Trust Series 2026-REV1, Class A 4.93% due 5/15/2041⁽⁴⁾		290,000		289,836

Harley-Davidson Motorcycle Trust Series 2023-B, Class A4 5.78% due 4/15/2031		160,000		162,031

Huntington Auto Trust Series 2024-1A, Class A3 5.23% due 1/16/2029⁽⁴⁾		211,714		212,646

Hyundai Auto Lease Securitization Trust Series 2025-B, Class B 4.94% due 8/15/2029⁽⁴⁾		175,000		175,496

KKR CLO 35 Ltd. Series 35A, Class BR 5.275% (3 mo. USD Term SOFR + 1.60%) due 1/20/2038(2)⁽⁴⁾		340,000		340,595


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Lending Funding Trust Series 2020-2A, Class A 2.32% due 4/21/2031⁽⁴⁾	$	226,229	$	224,215

Lendmark Funding Trust Series 2021-1A, Class A 1.90% due 11/20/2031⁽⁴⁾		627,350		615,992

LoanCore Issuer LLC Series 2025-CRE8, Class A 5.021% (1 mo. USD Term SOFR + 1.39%) due 8/17/2042(2)⁽⁴⁾		280,000		280,031

Mariner Finance Issuance Trust Series 2021-AA, Class A 1.86% due 3/20/2036⁽⁴⁾		174,581		172,630

MF1 LLC Series 2026-FL22, Class A 5.037% (1 mo. USD Term SOFR + 1.40%) due 11/18/2043⁽²⁾⁽⁴⁾		330,000		330,275

Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54AR, Class AR 4.823% (3 mo. USD Term SOFR + 1.20%) due 4/23/2038(2)⁽⁴⁾		330,000		329,998

Nissan Auto Receivables Owner Trust Series 2023-B, Class A3 5.93% due 3/15/2028		55,144		55,373

OneMain Direct Auto Receivables Trust Series 2023-1A, Class A 5.41% due 11/14/2029⁽⁴⁾		148,354		148,988

PEAC Solutions Receivables LLC Series 2024-1A, Class A3 5.64% due 11/20/2030⁽⁴⁾		340,000		344,058
Series 2024-2A, Class A2 4.74% due 4/20/2027⁽⁴⁾		55,143		55,193

PFP Ltd. Series 2026-13, Class A 5.137% (1 mo. USD Term SOFR + 1.50%) due 8/18/2043⁽²⁾⁽⁴⁾		300,000		300,226
Series 2026-14, Class A 4.97% (1 mo. USD Term SOFR + 1.32%) due 12/18/2043(2)⁽⁴⁾		200,000		199,999

Post Road Equipment Finance LLC Series 2026-1A, Class A2 4.47% due 1/18/2033⁽⁴⁾		455,000		453,529

Rad CLO 27 Ltd. Series 2024-27A, Class A1 4.993% (3 mo. USD Term SOFR + 1.32%) due 1/15/2038(2)⁽⁴⁾		330,000		330,479


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Regatta XXVIII Funding Ltd. Series 2024-2AR, Class A2R 5.128% (3 mo. USD Term SOFR + 1.40%) due 7/25/2039⁽²⁾⁽⁴⁾	$	250,000	$	250,000

Santander Drive Auto Receivables Trust Series 2024-1, Class C 5.45% due 3/15/2030		120,000		120,690
Series 2024-2, Class C 5.84% due 6/17/2030		274,000		277,344
Series 2025-2, Class B 4.87% due 5/15/2031		260,000		261,294
Series 2025-4, Class C 4.52% due 1/15/2032		440,000		437,067

SBNA Auto Receivables Trust Series 2024-A, Class A3 5.32% due 12/15/2028⁽⁴⁾		64,570		64,629
Series 2024-A, Class B 5.29% due 9/17/2029⁽⁴⁾		210,000		211,320

SEB Funding LLC Series 2026-1A, Class A2 6.665% due 1/30/2056⁽⁴⁾		275,000		272,553

T-Mobile U.S. Trust Series 2024-2A, Class A 4.25% due 5/21/2029⁽⁴⁾		255,000		254,928

Toyota Lease Owner Trust Series 2025-A, Class A3 4.75% due 2/22/2028⁽⁴⁾		180,000		180,358

U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class B1 4.818% due 9/25/2032⁽⁴⁾		171,555		169,789

Verizon Master Trust Series 2024-3, Class A1A 5.34% due 4/22/2030		350,000		352,964
Series 2024-6, Class A1A 4.17% due 8/20/2030		230,000		229,705
Series 2025-3, Class A1A 4.51% due 3/20/2030		125,000		125,212

Westlake Automobile Receivables Trust Series 2023-1A, Class C 5.74% due 8/15/2028⁽⁴⁾		190,921		191,154
Series 2024-2A, Class C 5.68% due 3/15/2030⁽⁴⁾		400,000		403,212

WF Card Issuance Trust Series 2024-A1, Class A 4.94% due 2/15/2029		171,000		171,796

World Financial Network Credit Card Master Note Trust Series 2024-B, Class A 4.62% due 5/15/2031		285,000		285,644

World Omni Auto Receivables Trust Series 2024-B, Class A3 5.27% due 9/17/2029		296,192		297,852


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

World Omni Automobile Lease Securitization Trust Series 2025-A, Class B 4.68% due 5/15/2030	$	380,000	$	380,189

World Omni Select Auto Trust Series 2025-A, Class A2A 4.14% due 5/15/2030		136,306		136,126


Total Asset-Backed Securities (Cost $19,465,679)				19,448,668
Corporate Bonds & Notes – 37.5%
Aerospace & Defense – 0.8%

ATI, Inc. 5.875% due 6/15/2033		48,000		48,667
7.25% due 8/15/2030		197,000		204,540

Hexcel Corp. 5.875% due 2/26/2035		227,000		234,905

Howmet Aerospace, Inc. 3.75% due 3/3/2028		151,000		149,155

Northrop Grumman Corp. 3.25% due 1/15/2028		284,000		279,073

TransDigm, Inc. 6.75% due 1/31/2034⁽⁴⁾		158,000		162,062


				1,078,402
Agriculture – 0.6%

Altria Group, Inc. 4.875% due 2/4/2028		378,000		379,861

Imperial Brands Finance PLC 5.875% due 7/1/2034⁽⁴⁾		315,000		323,962


				703,823
Airlines – 0.2%

JetBlue Airways Corp./ JetBlue Loyalty LP 9.875% due 9/20/2031⁽⁴⁾		144,000		130,423

United Airlines Holdings, Inc. 4.875% due 3/1/2029		140,000		138,360


				268,783
Auto Manufacturers – 1.0%

Ford Motor Credit Co. LLC 5.303% due 9/6/2029		200,000		199,259
7.20% due 6/10/2030		272,000		286,668

JB Poindexter & Co., Inc. 8.75% due 12/15/2031⁽⁴⁾		177,000		181,978

Nissan Motor Acceptance Co. LLC 7.05% due 9/15/2028⁽⁴⁾		303,000		310,438

Stellantis Financial Services U.S. Corp. 5.40% due 6/15/2029⁽⁴⁾		200,000		199,293

Toyota Motor Credit Corp. 4.55% due 9/20/2027		122,000		122,368


				1,300,004
Auto Parts & Equipment – 0.2%

Clarios Global LP/Clarios U.S. Finance Co. 6.75% due 9/15/2032⁽⁴⁾		142,000		145,023


June 30, 2026 (unaudited)	Principal Amount		Value
Auto Parts & Equipment (continued)

ZF North America Capital, Inc. 6.75% due 4/23/2030(4)	$	170,000	$	168,576


				313,599
Banks – 3.5%
ABN AMRO Bank NV 3.324% (3.324% fixed rate until 12/13/2031; 5 yr. CMT + 1.90% thereafter) due 3/13/2037⁽²⁾⁽⁴⁾		200,000		179,929
Banco de Credito del Peru SA 5.65% (5.65% fixed rate until 10/15/2031; 5 yr. CMT + 1.96% thereafter) due 1/15/2037⁽²⁾⁽⁴⁾		204,000		204,887

BankUnited, Inc. 5.125% due 6/11/2030		126,000		125,102

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⁽²⁾		350,000		359,235

First Citizens BancShares, Inc. 5.60% (5.60% fixed rate until 9/5/2030; 5 yr. CMT + 1.85% thereafter) due 9/5/2035⁽²⁾		296,000		290,636

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⁽²⁾		605,000		534,707
5.094% (5.094% fixed rate until 4/20/2033; 1 day USD SOFR + 1.34% thereafter) due 4/20/2034⁽²⁾		153,000		152,386

JPMorgan Chase & Co. 2.069% (2.069% fixed rate until 6/1/2028; 1 day USD SOFR + 1.02% thereafter) due 6/1/2029⁽²⁾		191,000		182,085
5.193% (5.193% fixed rate until 2/5/2036; 1 day USD SOFR + 1.30% thereafter) due 2/5/2037⁽²⁾		346,000		340,293
5.294% (5.294% fixed rate until 7/22/2034; 1 day USD SOFR + 1.46% thereafter) due 7/22/2035⁽²⁾		134,000		135,391
5.576% (5.576% fixed rate until 7/23/2035; 1 day USD SOFR + 1.64% thereafter) due 7/23/2036⁽²⁾		174,000		176,644

Morgan Stanley 5.25% (5.25% fixed rate until 4/21/2033; 1 day USD SOFR + 1.87% thereafter) due 4/21/2034⁽²⁾		91,000		91,573


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Banks (continued)
5.297% (5.297% fixed rate until 4/20/2032; 1 day USD SOFR + 2.62% thereafter) due 4/20/2037⁽²⁾	$	259,000	$	257,938
5.424% (5.424% fixed rate until 7/21/2033; 1 day USD SOFR + 1.88% thereafter) due 7/21/2034⁽²⁾		188,000		190,916

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⁽²⁾		264,000		272,054

Truist Financial Corp. 5.711% (5.711% fixed rate until 1/24/2034; 1 day USD SOFR + 1.92% thereafter) due 1/24/2035⁽²⁾		273,000		281,102

Wells Fargo & Co. 2.393% (2.393% fixed rate until 6/2/2027; 1 day USD SOFR + 2.10% thereafter) due 6/2/2028⁽²⁾		365,000		357,756

Westpac Banking Corp., Reg S 3.371% due 6/7/2027		337,000		334,308


				4,466,942
Beverages – 0.3%

Bacardi Ltd./Bacardi-Martini BV 5.40% due 6/15/2033⁽⁴⁾		440,000		440,710


				440,710
Biotechnology – 0.5%

Amgen, Inc. 5.15% due 3/2/2028		455,000		459,336

Regeneron Pharmaceuticals, Inc. 2.80% due 9/15/2050		291,000		177,189

Royalty Pharma PLC 3.35% due 9/2/2051		84,000		56,191


				692,716
Building Materials – 0.2%

EMRLD Borrower LP/Emerald Co-Issuer, Inc. 6.75% due 7/15/2031⁽⁴⁾		130,000		134,556

Smyrna Ready Mix Concrete LLC 6.00% due 11/1/2028⁽⁴⁾		159,000		159,327


				293,883
Chemicals – 0.3%

Celanese U.S. Holdings LLC 7.00% due 2/15/2031		242,000		249,080

Rain Carbon, Inc. 12.25% due 9/1/2029⁽⁴⁾		132,000		140,789


				389,869
Coal – 0.2%

SunCoke Energy, Inc. 4.875% due 6/30/2029⁽⁴⁾		209,000		197,764


				197,764


June 30, 2026 (unaudited)	Principal Amount		Value
Commercial Services – 0.7%

Allied Universal Holdco LLC 7.875% due 2/15/2031⁽⁴⁾	$	127,000	$	132,764

CompoSecure Holdings LLC 5.625% due 2/1/2033⁽⁴⁾		139,000		135,686

EquipmentShare.com, Inc. 9.00% due 5/15/2028⁽⁴⁾		131,000		133,635

Global Payments, Inc. 2.90% due 11/15/2031		242,000		213,161

Herc Holdings, Inc. 7.25% due 6/15/2033⁽⁴⁾		209,000		217,894


				833,140
Computers – 0.2%

Gartner, Inc. 4.50% due 7/1/2028⁽⁴⁾		309,000		303,545


				303,545
Diversified Financial Services – 2.5%

Aircastle Ltd. 2.85% due 1/26/2028⁽⁴⁾		600,000		581,771

Aviation Capital Group LLC 4.875% due 1/28/2033⁽⁴⁾		89,000		86,580
6.375% due 7/15/2030⁽⁴⁾		280,000		293,428

Avilease Capital Ltd. 5.50% due 6/30/2031⁽⁴⁾		200,000		201,362

Avolon Holdings Funding Ltd. 2.528% due 11/18/2027⁽⁴⁾		35,000		33,962
5.375% due 5/30/2030⁽⁴⁾		245,000		247,434

Citadel Securities Global Holdings LLC 6.20% due 6/18/2035⁽⁴⁾		500,000		510,953

Jane Street Group/JSG Finance, Inc. 6.75% due 5/1/2033⁽⁴⁾		202,000		207,730

LPL Holdings, Inc. 4.00% due 3/15/2029⁽⁴⁾		425,000		413,150

Muthoot Finance Ltd., Reg S 6.375% due 4/23/2029		225,000		225,279

Neuberger Berman Group LLC/Neuberger Berman Finance Corp. 4.50% due 3/15/2027⁽⁴⁾		365,000		364,375

OneMain Finance Corp. 7.50% due 5/15/2031		71,000		73,351


				3,239,375
Electric – 4.3%

AEP Texas, Inc.
Series Q 5.20% due 4/15/2036		138,000		136,114

AES Corp. 3.95% due 7/15/2030⁽⁴⁾		448,000		429,159

Appalachian Power Co. 5.65% due 4/1/2034		334,000		343,112

Capital Power U.S. Holdings, Inc. 6.189% due 6/1/2035⁽⁴⁾		264,000		273,226

Chpe LLC 5.10% due 6/30/2033⁽⁴⁾		93,000		92,755
5.35% due 6/30/2036⁽⁴⁾		157,000		156,506


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Electric (continued)

Comision Federal de Electricidad 6.045% due 1/28/2034⁽⁴⁾	$	200,000	$	195,798

COX Asset Mexico SA de CV 7.75% due 5/8/2036⁽⁴⁾		200,000		204,300

Dominion Energy, Inc. 5.45% due 3/15/2035		162,000		164,442

Electricite de France SA, Reg S 4.50% due 12/4/2069		200,000		142,366

Entergy Louisiana LLC 4.90% due 4/15/2036		72,000		70,210
5.70% due 3/15/2054		233,000		229,308

Entergy Mississippi LLC 5.05% due 4/15/2036		212,000		208,432

Florida Power & Light Co. 5.60% due 2/15/2066		143,000		137,566
5.80% due 3/15/2065		107,000		106,351

ITC Holdings Corp. 5.50% due 4/15/2036⁽⁴⁾		134,000		135,870

Louisville Gas & Electric Co. 5.85% due 8/15/2055		154,000		154,930

Narragansett Electric Co. 5.35% due 5/1/2034⁽⁴⁾		200,000		202,861

NRG Energy, Inc. 4.45% due 6/15/2029⁽⁴⁾		280,000		275,792
5.407% due 10/15/2035⁽⁴⁾		163,000		160,209
6.00% due 2/1/2033⁽⁴⁾		146,000		146,780

Pacific Gas and Electric Co. 5.20% due 5/1/2036		117,000		113,640
5.80% due 5/15/2034		339,000		346,536

PG&E Corp. 6.85% (6.85% fixed rate until 6/15/2031; 5 yr. CMT + 3.23% thereafter) due 9/15/2056⁽²⁾		75,000		74,734

PSEG Power LLC 5.75% due 5/15/2035⁽⁴⁾		100,000		102,048

Talen Energy Supply LLC 6.25% due 2/1/2034⁽⁴⁾		166,000		164,991

Virginia Electric and Power Co. 4.95% due 3/15/2036		71,000		69,494

Vistra Operations Co. LLC 5.70% due 12/30/2034⁽⁴⁾		566,000		572,124
7.75% due 10/15/2031⁽⁴⁾		138,000		144,387


				5,554,041
Electronics – 0.7%

Flex Ltd. 5.25% due 1/15/2032		82,000		82,101
5.375% due 11/13/2035		140,000		138,045

nVent Finance SARL 4.55% due 4/15/2028		403,000		401,258

Vontier Corp. 2.95% due 4/1/2031		242,000		219,327


				840,731


June 30, 2026 (unaudited)	Principal Amount		Value
Engineering & Construction – 0.3%

MasTec, Inc. 4.50% due 8/15/2028⁽⁴⁾	$	351,000	$	347,614


				347,614
Entertainment – 0.4%

Flutter Treasury DAC 5.875% due 6/4/2031⁽⁴⁾		443,000		441,481

Pioneer Opco LLC 7.00% due 5/15/2033⁽⁴⁾		126,000		128,218


				569,699
Food – 0.4%

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings 6.375% due 4/15/2066		211,000		207,098

Pilgrim’s Pride Corp. 3.50% due 3/1/2032		181,000		165,004

Smithfield Foods, Inc. 2.625% due 9/13/2031⁽⁴⁾		194,000		171,220


				543,322
Gas – 0.5%

National Fuel Gas Co. 5.50% due 5/15/2036		108,000		107,327
5.95% due 3/15/2035		288,000		296,541

NiSource, Inc. 5.30% due 5/18/2036		49,000		49,033

Piedmont Natural Gas Co., Inc. 3.50% due 6/1/2029		173,000		167,868


				620,769
Healthcare Products – 1.1%

180 Medical, Inc. 5.30% due 10/8/2035⁽⁴⁾		216,000		211,725

Augusta SpinCo Corp. 4.945% due 3/23/2033		132,000		131,190

Baxter International, Inc. 2.539% due 2/1/2032		440,000		378,751
5.65% due 12/15/2035		303,000		300,552

Medline Borrower LP/Medline Co-Issuer, Inc. 6.25% due 4/1/2029⁽⁴⁾		122,000		124,513

VSP Optical Group, Inc. 5.40% due 6/1/2033⁽⁴⁾		68,000		68,171
5.45% due 12/1/2035⁽⁴⁾		229,000		227,319


				1,442,221
Healthcare Services – 1.1%

Centene Corp. 2.45% due 7/15/2028		203,000		192,905

CommonSpirit Health 5.318% due 12/1/2034		129,000		129,179

Fresenius Medical Care U.S. Finance III, Inc. 2.375% due 2/16/2031⁽⁴⁾		241,000		213,709

HCA, Inc. 5.50% due 6/1/2033		313,000		319,758


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Healthcare Services (continued)

Icon Investments Six DAC 6.00% due 5/8/2034	$	400,000	$	410,738

UnitedHealth Group, Inc. 3.45% due 1/15/2027		167,000		166,368


				1,432,657
Home Furnishings – 0.1%

Whirlpool Corp. 6.125% due 6/15/2030		138,000		127,297


				127,297
Insurance – 1.1%

Arch Capital Group Ltd. 5.95% due 6/15/2056		84,000		84,765

Brighthouse Financial Global Funding 5.65% due 6/10/2029⁽⁴⁾		408,000		409,811

Brown & Brown, Inc. 2.375% due 3/15/2031		238,000		211,197

CNO Global Funding 5.875% due 6/4/2027⁽⁴⁾		362,000		366,063

Jackson National Life Global Funding 4.60% due 10/1/2029⁽⁴⁾		302,000		297,492

Sammons Financial Group Global Funding 5.10% due 12/10/2029⁽⁴⁾		96,000		96,403


				1,465,731
Internet – 1.2%

Amazon.com, Inc. 5.80% due 3/13/2056		197,000		195,743

Beignet Investor LLC 6.581% due 5/30/2049⁽⁴⁾		385,000		392,759

Meta Platforms, Inc. 5.625% due 11/15/2055		154,000		139,548
6.30% due 5/15/2056		150,000		149,313

Prosus NV, Reg S 4.027% due 8/3/2050		247,000		173,131

Tencent Holdings Ltd. 5.00% due 6/16/2036⁽⁴⁾		200,000		199,603

Weibo Corp. 3.375% due 7/8/2030		344,000		322,503


				1,572,600
Iron & Steel – 0.4%

Carpenter Technology Corp. 5.625% due 3/1/2034⁽⁴⁾		144,000		143,891

Commercial Metals Co. 5.75% due 11/15/2033⁽⁴⁾		145,000		144,143

Vale Overseas Ltd. 6.00% (6.00% fixed rate until 11/25/2030; 5 yr. CMT + 2.43% thereafter) due 2/25/2056⁽²⁾⁽⁴⁾		200,000		200,100


				488,134
Leisure Time – 0.5%

Carnival Corp. Ltd. 6.125% due 2/15/2033⁽⁴⁾		145,000		146,761


June 30, 2026 (unaudited)	Principal Amount		Value
Leisure Time (continued)

Royal Caribbean Cruises Ltd. 5.375% due 7/15/2027⁽⁴⁾	$	227,000	$	227,497
5.375% due 1/15/2036		88,000		87,351
6.00% due 2/1/2033⁽⁴⁾		137,000		138,931


				600,540
Lodging – 0.5%

Hilton Domestic Operating Co., Inc. 5.50% due 3/31/2034⁽⁴⁾		207,000		205,225

MGM China Holdings Ltd., Reg S 4.75% due 2/1/2027		240,000		238,892

Wynn Macau Ltd. 6.75% due 2/15/2034⁽⁴⁾		200,000		198,778


				642,895
Machinery – Construction, & Mining – 0.1%

Solaris Energy Infrastructure LLC 6.375% due 5/15/2031⁽⁴⁾		133,000		134,484


				134,484
Machinery – Diversified – 0.3%

Flowserve Corp. 2.80% due 1/15/2032		182,000		161,456
5.70% due 5/15/2036		120,000		120,608

Regal Rexnord Corp. 6.40% due 4/15/2033		150,000		159,206


				441,270
Media – 1.2%

CCO Holdings LLC/CCO Holdings Capital Corp. 4.75% due 2/1/2032⁽⁴⁾		148,000		132,012

Cox Communications, Inc. 1.80% due 10/1/2030⁽⁴⁾		178,000		154,750
2.60% due 6/15/2031⁽⁴⁾		114,000		100,615

Directv Financing LLC 8.875% due 2/1/2030⁽⁴⁾		156,000		158,768

Discovery Global Holdings, Inc. 5.05% due 3/15/2042		185,000		135,525

Paramount Global 3.375% due 2/15/2028		255,000		248,215

Space Exploration Technologies Corp. 5.65% due 7/15/2033⁽⁴⁾		208,000		206,761
5.875% due 7/15/2036⁽⁴⁾		206,000		203,314

Univision Communications, Inc. 8.50% due 7/31/2031⁽⁴⁾		141,000		141,610


				1,481,570
Metal Fabricate & Hardware – 0.0%

Advanced Drainage Systems, Inc. 5.375% due 3/1/2034⁽⁴⁾		56,000		54,714


				54,714
Mining – 0.8%

Anglo American Capital PLC 5.50% due 5/2/2033⁽⁴⁾		200,000		203,621

Freeport Indonesia PT, Reg S 6.20% due 4/14/2052		200,000		195,294


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Mining (continued)

Glencore Funding LLC 6.375% due 10/6/2030⁽⁴⁾	$	216,000	$	227,694

Navoi Mining & Metallurgical Co. 6.75% due 5/14/2030⁽⁴⁾		200,000		206,826

Novelis Corp. 6.875% due 1/30/2030⁽⁴⁾		181,000		185,557


				1,018,992
Miscellaneous Manufacturing – 0.3%

LSB Industries, Inc. 6.25% due 10/15/2028⁽⁴⁾		192,000		192,064

Parker-Hannifin Corp. 4.25% due 9/15/2027		143,000		142,741


				334,805
Oil & Gas – 2.0%

Caturus Energy LLC 8.50% due 2/15/2030⁽⁴⁾		250,000		260,505

Continental Resources, Inc. 5.75% due 1/15/2031⁽⁴⁾		235,000		239,285

Crescent Energy Finance LLC 7.375% due 1/15/2033⁽⁴⁾		204,000		202,775

EQT Corp. 7.00% due 2/1/2030		148,000		157,505

Expand Energy Corp. 5.375% due 3/15/2030		80,000		80,290

Hilcorp Energy I LP/Hilcorp Finance Co. 8.375% due 11/1/2033⁽⁴⁾		263,000		273,854

Nabors Industries, Inc. 8.875% due 8/15/2031⁽⁴⁾		140,000		143,747

Petroleos Mexicanos 6.70% due 2/16/2032		352,000		355,115

Saudi Arabian Oil Co. 4.375% due 2/2/2031⁽⁴⁾		200,000		195,477

SM Energy Co. 6.75% due 8/1/2029⁽⁴⁾		158,000		160,879

Transocean International Ltd. 7.875% due 10/15/2032⁽⁴⁾		146,000		152,415

Viper Energy Partners LLC 5.70% due 8/1/2035		145,000		147,310

Wildfire Intermediate Holdings LLC 7.50% due 10/15/2029⁽⁴⁾		203,000		208,189


				2,577,346
Oil & Gas Services – 0.2%

Kodiak Gas Services LLC 6.50% due 10/1/2033⁽⁴⁾		147,000		149,007

WBI Operating LLC 6.25% due 10/15/2030⁽⁴⁾		150,000		150,834


				299,841
Packaging & Containers – 0.1%

Clydesdale Acquisition Holdings, Inc. 6.75% due 4/15/2032⁽⁴⁾		144,000		139,767


				139,767


June 30, 2026 (unaudited)	Principal Amount		Value
Pharmaceuticals – 1.1%

AbbVie, Inc. 4.80% due 3/15/2027	$	249,000	$	249,842

Bayer Corp. 6.65% due 2/15/2028⁽⁴⁾		343,000		353,082

Bayer U.S. Finance LLC 6.375% due 11/21/2030⁽⁴⁾		400,000		420,970

EMD Finance LLC 4.125% due 8/15/2028⁽⁴⁾		150,000		148,476

Pfizer Investment Enterprises Pte Ltd. 4.45% due 5/19/2028		250,000		250,181

Teva Pharmaceutical Finance Netherlands III BV 3.15% due 10/1/2026		25,000		24,877


				1,447,428
Pipelines – 2.8%

Colonial Enterprises, Inc. 5.627% due 11/15/2035⁽⁴⁾		228,000		227,903

Columbia Pipelines Holding Co. LLC 4.999% due 11/17/2032⁽⁴⁾		334,000		330,301
5.097% due 10/1/2031⁽⁴⁾		101,000		101,097

DT Midstream, Inc. 4.125% due 6/15/2029⁽⁴⁾		286,000		280,285

Eastern Energy Gas Holdings LLC 5.65% due 10/15/2054		116,000		110,999
5.80% due 1/15/2035		207,000		214,072

Enbridge, Inc. 8.50% (8.50% fixed rate until 10/15/2033; 5 yr. CMT + 4.43% thereafter) due 1/15/2084⁽²⁾		300,000		342,959

Esentia Energy Development SAB de CV 6.50% due 7/30/2038⁽⁴⁾		200,000		196,160

Florida Gas Transmission Co. LLC 5.75% due 7/15/2035⁽⁴⁾		282,000		290,431

Gulfstream Natural Gas System LLC 5.60% due 7/23/2035⁽⁴⁾		272,000		276,106

NGPL PipeCo LLC 3.25% due 7/15/2031⁽⁴⁾		443,000		407,527

QazaqGaz NC JSC 5.625% due 5/8/2036⁽⁴⁾		200,000		196,714

Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.50% due 3/1/2030		310,000		312,512

Venture Global Plaquemines LNG LLC 7.50% due 5/1/2033⁽⁴⁾		241,000		264,501


				3,551,567
Real Estate – 0.1%

Kennedy-Wilson, Inc. 7.00% due 6/1/2031⁽⁴⁾		172,000		175,824


				175,824


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Real Estate Investment Trusts – 1.1%

Brandywine Operating Partnership LP 4.55% due 10/1/2029	$	144,000	$	135,383

Brixmor Operating Partnership LP 5.375% due 6/15/2036		134,000		133,727

Crown Castle, Inc. 3.30% due 7/1/2030		308,000		290,221

EPR Properties 4.50% due 6/1/2027		180,000		179,637

Goodman U.S. Finance Seven LLC 5.25% due 4/28/2036⁽⁴⁾		217,000		213,202

Iron Mountain Information Management Services, Inc. 5.00% due 7/15/2032⁽⁴⁾		161,000		154,694

Millrose Properties, Inc. 6.375% due 8/1/2030⁽⁴⁾		151,000		153,046

VICI Properties LP/VICI Note Co., Inc. 4.625% due 12/1/2029⁽⁴⁾		177,000		173,731


				1,433,641
Retail – 0.2%

Advance Auto Parts, Inc. 7.00% due 8/1/2030⁽⁴⁾		126,000		129,192

QXO Building Products, Inc. 6.75% due 4/30/2032⁽⁴⁾		131,000		135,268


				264,460
Semiconductors – 1.1%

Foundry JV Holdco LLC 5.50% due 1/25/2031⁽⁴⁾		200,000		204,464
5.90% due 1/25/2033⁽⁴⁾		225,000		234,506
6.15% due 1/25/2032⁽⁴⁾		200,000		209,780

Intel Corp. 4.10% due 5/19/2046		147,000		113,855
5.00% due 8/15/2033		96,000		95,265
5.30% due 5/15/2036		100,000		99,500

Kioxia Holdings Corp. 6.625% due 7/24/2033⁽⁴⁾		234,000		244,740

Marvell Technology, Inc. 5.30% due 4/15/2036		194,000		193,016


				1,395,126
Software – 0.6%

Fiserv, Inc. 5.15% due 8/12/2034		85,000		82,546
5.45% due 3/15/2034		101,000		100,204

Oracle Corp. 5.95% due 9/26/2055		479,000		407,063
6.55% due 2/4/2046		201,000		189,480


				779,293
Telecommunications – 1.1%

Cipher Compute LLC 7.125% due 11/15/2030⁽⁴⁾		140,000		145,533

Core Scientific Finance I LLC 7.75% due 5/15/2031⁽⁴⁾		257,000		260,612


June 30, 2026 (unaudited)	Principal Amount		Value
Telecommunications (continued)

Level 3 Financing, Inc. 8.50% due 1/15/2036⁽⁴⁾	$	265,801	$	285,426

NTT Finance Corp. 5.11% due 7/2/2029⁽⁴⁾		200,000		201,647

QTS Fayetteville I Dc1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC 5.70% due 4/15/2036⁽⁴⁾		342,000		325,172

SV RNO Property Owner 1 LLC 5.875% due 3/1/2031⁽⁴⁾		143,000		140,938


				1,359,328
Transportation – 0.4%

GXO Logistics, Inc. 6.50% due 5/6/2034		193,000		202,409

Rand Parent LLC 8.50% due 2/15/2030⁽⁴⁾		131,000		135,696

Watco Cos. LLC/Watco Finance Corp. 7.125% due 8/1/2032⁽⁴⁾		209,000		214,599


				552,704
Water – 0.2%

Nova Securitisation SARL 5.75% due 2/3/2031⁽⁴⁾		280,000		269,885


				269,885

Total Corporate Bonds & Notes (Cost $48,503,999)				48,482,851
Non-Agency Mortgage-Backed Securities – 10.7%

BANK Series 2019-BN21, Class A5 2.851% due 10/17/2052		200,000		188,491

BBCMS Mortgage Trust Series 2023-C21, Class A5 6.00% due 9/15/2056⁽¹⁾⁽²⁾		370,000		389,942
Series 2025-5C33, Class A4 5.839% due 3/15/2058		170,000		174,974
Series 2025-5C34, Class A3 5.659% due 5/15/2058		210,000		215,194

Benchmark Mortgage Trust Series 2018-B2, Class A5 3.882% due 2/15/2051⁽¹⁾⁽²⁾		290,000		285,663
Series 2024-V11, Class A3 5.909% due 11/15/2057⁽¹⁾⁽²⁾		70,000		72,099
Series 2024-V6, Class A3 5.926% due 3/15/2057		160,000		163,870
Series 2024-V9, Class A3 5.602% due 8/15/2057		410,000		417,399

BMO Mortgage Trust Series 2023-C5, Class A4 5.494% due 6/15/2056		220,000		224,401
Series 2024-5C5, Class A3 5.857% due 2/15/2057		250,000		256,457
Series 2024-5C8, Class A3 5.625% due 12/15/2057⁽¹⁾⁽²⁾		270,000		275,654

BX Commercial Mortgage Trust Series 2026-CSMO, Class B 5.325% due 2/15/2043^(1)(2)(4)		200,000		201,375


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

BX Trust Series 2025-ROIC, Class B 5.019% due 3/15/2030^(1)(2)(4)	$	298,826	$	298,079
Series 2025-VOLT, Class D 6.375% due 12/15/2044^(1)(2)(4)		220,000		219,588

CIM Trust Series 2021-INV1, Class A2 2.50% due 7/1/2051^(1)(2)(4)		314,510		259,577
Series 2021-J3, Class A1 2.50% due 6/25/2051^(1)(2)(4)		759,529		624,438

Citigroup Mortgage Loan Trust, Inc. Series 2022-INV1, Class A3B 3.00% due 11/27/2051^(1)(2)(4)		72,091		61,882

CONE Trust Series 2024-DFW1, Class A 5.267% due 8/15/2041^(1)(2)(4)		210,000		209,147

Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 7.528% due 4/25/2043^(1)(2)(4)		85,000		88,697
Series 2023-R04, Class 1M1 5.928% due 5/25/2043^(1)(2)(4)		159,360		161,625

DBC Mortgage Trust Series 2025-DBC, Class A 4.976% due 11/15/2042^(1)(2)(4)		190,000		190,178

EFMT Series 2025-INV4, Class A1 5.10% due 10/25/2070		6,210		6,161

ESTN Trust Series 2026-TOWN, Class A 5.538% due 5/12/2046^(1)(2)(4)		200,000		202,132

Flagstar Mortgage Trust Series 2021-3INV, Class A2 2.50% due 6/25/2051^(1)(2)(4)		507,460		419,423

Freddie Mac STACR REMIC Trust Series 2022-DNA1, Class M2 6.128% due 1/25/2042^(1)(2)(4)		225,000		226,899
Series 2022-DNA3, Class M2 7.978% due 4/25/2042^(1)(2)(4)		150,000		153,984

GS Mortgage-Backed Securities Trust Series 2021-MM1, Class A2 2.50% due 4/25/2052^(1)(2)(4)		287,826		237,353
Series 2021-PJ2, Class A2 2.50% due 7/25/2051^(1)(2)(4)		393,278		325,295
Series 2021-PJ8, Class A2 2.50% due 1/25/2052^(1)(2)(4)		525,030		432,962

JP Morgan Mortgage Trust Series 2021-13, Class A3 2.50% due 4/25/2052^(1)(2)(4)		410,459		338,234
Series 2021-INV6, Class A2 3.00% due 4/25/2052^(1)(2)(4)		162,335		140,060
Series 2021-INV8, Class A2 3.00% due 5/25/2052^(1)(2)(4)		547,284		471,533
Series 2022-4, Class A3 3.00% due 10/25/2052^(1)(2)(4)		297,657		255,520
Series 2022-INV1, Class A3 3.00% due 3/25/2052^(1)(2)(4)		78,846		67,681


June 30, 2026 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
Series 2022-INV3, Class A3B 3.00% due 9/25/2052^(1)(2)(4)	$	214,592	$	184,890
Series 2025-DSC1, Class A1 5.577% due 9/25/2065^(1)(2)(4)		327,419		326,991
Series 2025-VIS3, Class A1 5.062% due 2/25/2066^(1)(2)(4)		187,937		186,141
Series 2026-NQM1, Class A1FC 4.601% due 6/25/2066^(1)(2)(4)		148,019		146,456
Series 2026-NQM2, Class A1FC 5.05% due 9/25/2066^(1)(2)(4)		200,031		198,856

KIND Commercial Mortgage Trust Series 2024-1, Class A 5.515% due 8/15/2041^(1)(2)(4)		170,000		170,106

Morgan Stanley Bank of America Merrill Lynch Trust Series 2025-5C1, Class A3 5.635% due 3/15/2058		150,000		153,422

Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC2, Class A1 5.443% due 7/25/2070^(1)(2)(4)		266,410		265,925
Series 2026-DSC1, Class A1FC 4.617% due 1/25/2071^(1)(2)(4)		125,943		124,810

NYC Commercial Mortgage Trust Series 2026-1PARK, Class C 5.483% due 2/15/2043^(1)(2)(4)		200,000		200,404

NYMT Loan Trust Series 2025-INV2, Class A1 5.00% due 10/25/2060^(1)(2)(4)		242,358		240,397

OBX Trust Series 2025-NQM17, Class A1FC 4.848% due 8/25/2065^(1)(2)(4)		166,662		165,574
Series 2025-NQM20, Class A1 5.021% due 10/25/2065^(1)(2)(4)		84,501		83,816
Series 2026-NQM6, Class A1FC 5.063% due 4/26/2066^(1)(2)(4)		255,844		254,606
Series 2026-NQM7, Class A1FC 5.22% due 4/25/2066^(1)(2)(4)		161,993		161,554

Rate Mortgage Trust Series 2021-HB1, Class A1 2.50% due 12/25/2051^(1)(2)(4)		204,377		168,537

RCKT Mortgage Trust Series 2021-4, Class A1 2.50% due 9/25/2051^(1)(2)(4)		82,908		68,369
Series 2021-5, Class A1 2.50% due 11/25/2051^(1)(2)(4)		557,454		460,757

ROCK Trust Series 2024-CNTR, Class A 5.388% due 11/13/2041⁽⁴⁾		140,000		141,498

Sequoia Mortgage Trust Series 2026-INV1, Class A2 4.50% due 1/25/2056⁽¹⁾⁽²⁾		4,255		4,016

SWCH Commercial Mortgage Trust Series 2025-DATA, Class A 5.068% due 2/15/2042^(1)(2)(4)		370,000		367,687

TEXAS Commercial Mortgage Trust Series 2025-TWR, Class B 5.218% due 4/15/2042^(1)(2)(4)		200,000		199,875


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

Verus Securitization Trust Series 2025-9, Class A1 4.935% due 10/27/2070^(1)(2)(4)	$	268,335	$	266,257
Series 2026-2, Class A1FC 4.507% due 2/25/2071^(1)(2)(4)		109,165		107,790
Series 2026-R3, Class A1FC 5.19% due 2/27/2068^(1)(2)(4)		93,231		92,884

Wells Fargo Commercial Mortgage Trust Series 2019-C51, Class A3 3.055% due 6/15/2052		264,019		251,979
Series 2021-C61, Class A4 2.658% due 11/15/2054		250,000		222,651
Series 2025-C65, Class A5 5.292% due 10/15/2058		320,000		324,265


Total Non-Agency Mortgage-Backed Securities (Cost $13,886,644)				13,796,480
Senior Secured Loans – 1.7%
Aerospace & Defense – 0.1%

TransDigm, Inc. 2026 Term Loan N 6.144% (1 mo. USD Term SOFR + 2.50%) due 2/13/2033⁽²⁾		114,713		114,694


				114,694
Airlines – 0.1%

American Airlines, Inc. 2025 Term Loan 5.925% (3 mo. USD Term SOFR + 2.25%) due 4/20/2028⁽²⁾		134,584		134,353


				134,353
Diversified Financial Services – 0.6%

Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 5.389% (1 mo. USD Term SOFR + 1.75%) due 6/24/2030⁽²⁾		416,655		416,480

Hudson River Trading LLC 2026 Repriced Term Loan B 6.139% (1 mo. USD Term SOFR + 2.50%) due 3/18/2030⁽²⁾		335,066		332,496


				748,976
Electric – 0.0%

NRG Energy, Inc. 2024 Term Loan 5.419% (3 mo. USD Term SOFR + 1.75%) due 4/16/2031⁽²⁾		76,762		76,644


				76,644


June 30, 2026 (unaudited)	Principal Amount		Value
Entertainment – 0.3%

Flutter Financing BV 2024 Term Loan B 5.482% (3 mo. USD Term SOFR + 1.75%) due 11/30/2030⁽²⁾	$	363,402	$	359,677


				359,677
Environmental Control – 0.2%

Clean Harbors, Inc. 2025 Term Loan 5.144% (1 mo. USD Term SOFR + 1.50%) due 10/8/2032⁽²⁾		205,965		206,480


				206,480
Healthcare Products – 0.0%

McKesson Medical-Surgical Top Holdings, Inc. Term Loan B 5.982% (3 mo. USD Term SOFR + 2.25%) due 6/9/2032⁽²⁾		75,000		74,938


				74,938
Media – 0.1%

Charter Communications Operating LLC 2024 Term Loan B5 5.942% (3 mo. USD Term SOFR + 2.25%) due 12/15/2031⁽²⁾		199,494		196,302


				196,302
Pipelines – 0.2%

Colossus Acquireco LLC Term Loan B 5.37% (3 mo. USD Term SOFR + 1.75%) due 7/30/2032⁽²⁾		234,820		233,157


				233,157
Retail – 0.1%

Raising Cane’s Restaurants LLC 2026 Term Loan B 5.621% (1 mo. USD Term SOFR + 2.00%) due 6/6/2033⁽²⁾		113,000		112,294


				112,294

Total Senior Secured Loans (Cost $2,269,065)				2,257,515
Foreign Government – 2.0%

Asian Development Bank 1.50% due 1/20/2027	USD	106,000		104,550

Caisse d’Amortissement de la Dette Sociale 4.00% due 2/12/2031	USD	340,000		333,698

Cassa Depositi e Prestiti SpA 4.375% due 10/1/2030	USD	334,000		329,336


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Foreign Government (continued)

Hungary Government International Bonds 5.25% due 6/16/2029	USD	323,000	$	326,787

Japan Finance Organization for Municipalities 4.125% due 4/2/2031	USD	338,000		332,988

Panama Government International Bonds 5.227% due 2/23/2034	USD	200,000		196,560

Province of Ontario Canada 4.85% due 5/29/2036	USD	178,000		180,306

Province of Quebec Canada 4.625% due 6/3/2036	USD	215,000		213,531

Republic of Uzbekistan International Bonds 7.85% due 10/12/2028	USD	253,000		267,273

Romania Government International Bonds 5.75% due 7/4/2036⁽⁴⁾	USD	58,000		55,463
6.625% due 5/16/2036⁽⁴⁾	USD	266,000		271,477


Total Foreign Government (Cost $2,613,242)				2,611,969
U.S. Government Securities – 18.6%

U.S. Treasury Bonds 4.00% due 11/15/2042	$	2,326,000		2,098,942
4.625% due 11/15/2044		2,212,000		2,131,729
4.75% due 2/15/2045		3,493,000		3,416,727
4.75% due 11/15/2053		2,792,000		2,701,042
4.75% due 5/15/2055		3,914,000		3,796,733
4.75% due 2/15/2056		1,740,000		1,690,247
4.875% due 8/15/2045		3,143,000		3,119,059

U.S. Treasury Notes 3.625% due 12/31/2030		2,260,000		2,206,766
3.75% due 4/30/2028		52,000		51,624
3.875% due 3/31/2031		920,000		906,919
4.125% due 6/30/2028		1,915,000		1,914,028


Total U.S. Government Securities (Cost $24,212,898)				24,033,816


June 30, 2026 (unaudited)	Principal Amount		Value
U.S. Treasury Bills – 0.1%

U.S. Treasury Bills 3.589% due 4/15/2027⁽⁵⁾	$	188,000	$	182,316


Total U.S. Treasury Bills (Cost $182,439)				182,316
Repurchase Agreements – 1.5%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $2,004,614, due 7/1/2026⁽⁶⁾		2,004,555		2,004,555

Total Repurchase Agreements (Cost $2,004,555)				2,004,555

Total Investments – 116.2% (Cost $150,975,161)				150,472,226

Liabilities in excess of other assets – (16.2)%				(20,995,182	)

Total Net Assets – 100.0%				$ 129,477,044

⁽¹⁾	Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽²⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2026.

⁽³⁾	TBA — To be announced.

⁽⁴⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2026, the aggregate market value of these securities amounted to $51,461,637, representing 39.7% 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.

⁽⁵⁾	Interest rate shown reflects the discount rate at time of purchase.

⁽⁶⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	2,044,700	$	2,044,748

Open futures contracts at June 30, 2026:

Type

Expiration

Contracts

Position

Notional
Amount

Notional

Value

Unrealized
Depreciation

U.S. 2-Year Treasury Note

September 2026

Long

4,626,156

4,534,922

(91,234

)

Type

Expiration

Contracts

Position

Notional
Amount

Notional

Value

Unrealized
Depreciation

U.S. Ultra 10-Year Treasury Note

September 2026

Short

(781,996

)

(787,281

)

(5,285

)

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


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


Assets (unaudited)	Valuation Inputs
Investments in Securities	Level 1			Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—		$	37,654,056	$	—	$	37,654,056
Asset-Backed Securities		—			19,448,668		—		19,448,668
Corporate Bonds & Notes		—			48,482,851		—		48,482,851
Non-Agency Mortgage-Backed Securities		—			13,796,480		—		13,796,480
Senior Secured Loans		—			2,257,515		—		2,257,515
Foreign Government		—			2,611,969		—		2,611,969
U.S. Government Securities		—			24,033,816		—		24,033,816
U.S. Treasury Bills		—			182,316		—		182,316
Repurchase Agreements		—			2,004,555		—		2,004,555
Total Assets	$	—		$	150,472,226	$	—	$	150,472,226
Liabilities
Other Financial Instruments
Futures		(96,519	)		—		—		(96,519	)
Total Liabilities	$	(96,519	)	$	—	$	—	$	(96,519	)


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

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	150,472,226

Cash		518

Receivable for investments sold		21,924,318

Interest receivable		1,141,294

Cash deposits with brokers for futures contracts		97,875

Receivable for fund shares subscribed		18,509

Reimbursement receivable from adviser		15,624

Prepaid expenses		2,582


Total Assets		173,672,946


Liabilities

Payable for investments purchased		43,902,648

Accrued custodian and accounting fees		65,014

Payable for variation margin on futures contracts		53,931

Investment advisory fees payable		48,346

Payable for fund shares redeemed		46,473

Distribution fees payable		26,859

Accrued audit fees		20,946

Accrued administrative fees		19,197

Accrued transfer agent fees		5,998

Accrued legal fees		5,378

Accrued trustees’ and officers’ fees		469

Accrued expenses and other liabilities		643


Total Liabilities		44,195,902


Total Net Assets	$	129,477,044


Net Assets Consist of:

Paid-in capital	$	94,485,671

Distributable earnings		34,991,373


Total Net Assets	$	129,477,044


Investments, at Cost	$	150,975,161


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		11,188,740

Net Asset Value Per Share		$11.57


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Interest	$	3,368,787


Total Investment Income		3,368,787


Expenses

Investment advisory fees		304,110

Distribution fees		168,950

Custodian and accounting fees		79,112

Professional fees		35,793

Administrative fees		23,445

Trustees’ and officers’ fees		23,128

Transfer agent fees		8,093

Shareholder reports		4,094

Other expenses		4,865


Total Expenses		651,590

Less: Fees waived		(95,228	)


Total Expenses, Net		556,362


Net Investment Income/(Loss)		2,812,425


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

Net realized gain/(loss) from investments		(408,204	)

Net realized gain/(loss) from futures contracts		(115,742	)

Net change in unrealized appreciation/(depreciation) on investments		(1,524,968	)

Net change in unrealized appreciation/(depreciation) on futures contracts		(6,498	)


Net Loss on Investments and Derivative Contracts		(2,055,412	)


Net Increase in Net Assets Resulting From Operations	$	757,013


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

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


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

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	2,812,425		$	6,625,179

Net realized gain/(loss) from investments and derivative contracts		(523,946	)		(1,280,629	)

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(1,531,466	)		5,092,968


Net Increase in Net Assets Resulting from Operations		757,013			10,437,518


Capital Share Transactions

Proceeds from sales of shares		7,122,954			10,211,036

Cost of shares redeemed		(18,478,738	)		(50,004,378	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(11,355,784	)		(39,793,342	)


Net Decrease in Net Assets		(10,598,771	)		(29,355,824	)


Net Assets

Beginning of period		140,075,815			169,431,639


End of period	$	129,477,044		$	140,075,815


Other Information:

Shares

Sold		616,320			914,341

Redeemed		(1,601,385	)		(4,504,310	)


Net Decrease		(985,065	)		(3,589,969	)


The accompanying notes are an integral part of these financial statements.				15

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

The Financial Highlights table is intended to help you understand the Fund’s financial performance for the past six reporting periods. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund.


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

Six Months Ended 6/30/26	$	11.51	$	0.24	$	(0.18)	$	0.06		$	11.57		0.52%⁽⁴⁾

Year Ended 12/31/25		10.75		0.48		0.28		0.76			11.51		7.07%

Year Ended 12/31/24		10.50		0.47		(0.22)		0.25			10.75		2.38%

Year Ended 12/31/23		9.93		0.41		0.16		0.57			10.50		5.74%

Year Ended 12/31/22		11.58		0.26		(1.91)		(1.65	)		9.93		(14.25)%

Year Ended 12/31/21		11.58		0.16		(0.16)		0.00			11.58		0.00%


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

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND



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

$	129,477		0.82%	⁽⁴⁾		0.96%	⁽⁴⁾		4.16%	⁽⁴⁾		4.02%	⁽⁴⁾		73%	⁽⁴⁾

	140,076		0.82%			0.95%			4.31%			4.18%			116%

	169,432		0.81%			0.88%			4.45%			4.38%			123%

	224,645		0.81%			0.84%			4.02%			3.99%			137%

	253,133		0.81%			0.81%			2.46%			2.46%			198%

	345,332		0.80%			0.80%			1.42%			1.42%			181%

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

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

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

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


The accompanying notes are an integral part of these financial statements.				17

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

June 30, 2026 (unaudited)

1. Organization

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

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

2. Significant Accounting Policies

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


18

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

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

•

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

•

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

•

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

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


				19

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

e. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps and swaptions on individual obligations or credit indices. The Fund may use these investments for hedging and non-hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

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

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps or swaptions held during the six months ended June 30, 2026.


20

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

the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund’s Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of June 30, 2026.

Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.


				21

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

based on the operating results of the Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

3. Transactions with Affiliates

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

Park Avenue has contractually agreed through April 30, 2027 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.83% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 0.82%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $95,228.

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

c. Distribution Fees Park Avenue Securities LLC (“PAS”), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has entered into a distribution and service agreement with PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust (“12b-1 plan”), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund’s average daily net assets. For the six months ended June 30, 2026, the Fund incurred distribution fees in the amount of $168,950 to PAS.

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

4. Federal Income Taxes

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

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	39,671,203	$	57,110,298
Sales		43,164,080		57,011,794

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


22

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

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

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

e. Mortgage Dollar Rolls The Fund may engage from time to time in mortgage dollar roll transactions, which involve a sale by the Fund of a mortgage-backed security concurrently with an agreement by the Fund to repurchase a similar security at a later date at an agreed-upon price. These transactions are typically used for short term financing. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, the Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for the Fund. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll transaction, while substantially similar, may be inferior to the securities initially sold by the Fund to the counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund’s forward sale commitment may increase above the exercise price of the forward commitment. Dollar rolls (and when-issued, delayed delivery and to-be-announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund’s portfolio turnover rate.


				23

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

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

h. Mortgage- and Asset-Backed Securities The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market’s perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as “Ginnie Mae”), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as “Fannie Mae” and “Freddie Mac”), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as “prepayment risk”) or later (known as “extension risk”) than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

i. Treasury Inflation Protected Securities Treasury inflation protected securities (“TIPS”) are debt securities issued by the U.S. Treasury whose principal and/or

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

j. Derivative Instruments Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2026 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange traded futures, the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

Under certain market conditions, the Fund may use credit default swaps, swaps or swaptions to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve exposure, (iii) manage risk, (iv) enhance returns, or (v) as substitutes for permitted Fund investments. Credit default swaps involve the exchange of a floating or fixed rate payment in return for assuming potential credit losses of an underlying security or pool of securities. Total return swaps are contracts that obligate a party to pay or receive interest in exchange for the payment by the other party of the total return generated by a security, a basket of securities, an index or an index component.


24

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

currency or security, or in a “basket” of securities representing a particular index. Cleared swaps are transacted through futures commission merchants (“FCM”s) that are members of central clearinghouses with the clearinghouse serving as a central counterparty similar to transactions in futures contracts. Funds post initial and variation margin by making payments to their clearing member FCMs.

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

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

As of June 30, 2026, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts

Liability Derivatives
Futures Contracts¹	$	(96,519	)

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

Transactions in derivative investments for the six months June 30, 2026 were as follows:



	Interest Rate Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(115,742	)


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	(6,498	)


Average Number of Notional Amounts
Futures Contracts³		46

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

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

³	Amount represents number of contracts.

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

l. Loans Investments in loans are particularly subject to, among other risks, credit risk, interest rate risk, and counterparty risk. The Fund’s investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed income (or debt) investments of similar credit quality and/or maturity. Investments or transactions in loans are often subject to long settlement periods (potentially longer than seven days), which could limit the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. As a result, the Fund may be forced to sell other, more desirable, liquid investments, sell illiquid investments at a loss or take other measures to raise cash. Loans often are rated below investment-grade and may be unrated and subject the Fund to the risk that the value of the collateral for the loan may be insufficient to cover the borrower’s obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants (if any) more difficult for the Fund as legal action may have to go through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.


				25

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

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

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:

“Target Portfolio” and, collectively, the “Target Portfolios”) into corresponding series of SunAmerica Series Trust (“SAST”) or Seasons Series Trust (“SST”), as applicable, identified (each, an (“Acquiring Portfolio” and, collectively the “Acquiring Portfolios”) (each, a “Reorganization” and, collectively, the “Reorganizations”), subject to shareholder approval. Under the terms of the proposed Reorganizations, each Target Portfolio would transfer substantially all of its assets and liabilities to a corresponding Acquiring Portfolio in exchange for shares of the Acquiring Portfolio. Shares of the Acquiring Portfolio which would be distributed to shareholders of the applicable Target Portfolio, who will own Class 1 or Class 3 shares, as applicable, of the Acquiring Portfolio. Following completion of the Reorganizations, each Target Portfolio will be terminated.

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST


26

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



Target Portfolio		Acquiring Portfolio
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				27

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

Not applicable.

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

Not applicable.

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

Included in Item 7.

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

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


28

Agreement and Subadvisory Agreements, the “Agreements”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Subadviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the Meeting, for a one-year term.

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

and expenses; (v) the extent to which economies of scale may exist, and the extent to which the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Subadvisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services


				29

the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

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

Fees and Expenses


30

the comparative information supported their consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

Economies of Scale

Ancillary Benefits

1940 Act. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

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

•

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

•

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

Guardian Balanced Allocation VIP Fund

•

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


				31

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

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

Guardian Core Fixed Income VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

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

Guardian Diversified Research VIP Fund

•

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

•

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

•

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

Guardian Equity Income VIP Fund

•

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

•

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

•

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

Guardian Global Utilities VIP Fund

•

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

•

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

Guardian Growth & Income VIP Fund

•

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

•

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

Guardian Integrated Research VIP Fund

•


32

•

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

•

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

Guardian International Equity VIP Fund

•

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

•

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

•

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

Guardian International Growth VIP Fund

•

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

•

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

•

Guardian Large Cap Disciplined Growth VIP Fund

•

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

•

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

•

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

Guardian Large Cap Disciplined Value VIP Fund

•

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

•

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

Guardian Large Cap Fundamental Growth VIP Fund

•

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

•

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

•

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

Guardian Mid Cap Relative Value VIP Fund

•

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

•

Guardian Mid Cap Traditional Growth VIP Fund

•

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

•


				33

Guardian Multi-Sector Bond VIP Fund

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

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

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

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

Guardian Short Duration Bond VIP Fund

•

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

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Small-Mid Cap Core VIP Fund

•

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

•

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

•

The Board approved a new Subadviser effective during 2026.

•

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

Guardian Strategic Large Cap Core VIP Fund

•

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

•

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

•

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

Guardian Total Return Bond VIP Fund

•

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


34

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian U.S. Government/Credit VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				35

This Page Intentionally Left Blank


36

This Page Intentionally Left Blank


				37

LOGO

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

PUB8167

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Diversified Research VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Diversified Research VIP Fund



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

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 99.1%

Aerospace & Defense – 2.9%

Airbus SE (Netherlands)		2,067	$	460,067

Boeing Co.⁽¹⁾		3,973		860,035

Honeywell Aerospace, Inc.⁽¹⁾		2,047		452,551

Northrop Grumman Corp.		806		410,504

RTX Corp.⁽²⁾		3,491		662,347


				2,845,504
Air Freight & Logistics – 0.5%

FedEx Corp.		1,636		512,281


				512,281
Automobiles – 1.0%

General Motors Co.		3,108		239,565

Tesla, Inc.⁽¹⁾		1,632		686,419


				925,984
Banks – 2.4%

Bank of America Corp.		12,032		685,584

Citigroup, Inc.		6,721		940,671

JPMorgan Chase & Co.		2,103		688,375


				2,314,630
Beverages – 1.8%

Coca-Cola Co.		11,537		937,612

Keurig Dr Pepper, Inc.		18,572		607,861

PepsiCo, Inc.		1,857		251,438


				1,796,911
Biotechnology – 1.3%

AbbVie, Inc.		3,135		788,891

Gilead Sciences, Inc.		2,116		267,335

Vertex Pharmaceuticals, Inc.⁽¹⁾		465		230,980


				1,287,206
Broadline Retail – 4.1%

Amazon.com, Inc.⁽¹⁾		16,654		3,969,314


				3,969,314
Building Products – 0.6%

Trane Technologies PLC		1,092		536,347


				536,347
Capital Markets – 2.8%

Blackrock, Inc.		317		304,814

Charles Schwab Corp.		7,037		649,304

CME Group, Inc.		1,323		292,158

KKR & Co., Inc.		1,772		162,634

Morgan Stanley		1,589		332,165

Nasdaq, Inc.		3,640		286,905

Robinhood Markets, Inc., Class A⁽¹⁾		1,209		121,238

State Street Corp.		1,068		181,133

TPG, Inc.		9,003		365,072


				2,695,423
Chemicals – 0.7%

Corteva, Inc.		3,123		264,487

Linde PLC		253		131,292

PPG Industries, Inc.		2,532		307,106


				702,885


June 30, 2026 (unaudited)	Shares		Value
Commercial Services & Supplies – 0.2%

Cintas Corp.		970	$	164,978


				164,978
Communications Equipment – 2.3%

Cisco Systems, Inc.		18,757		2,203,197


				2,203,197
Construction Materials – 0.6%

CRH PLC		5,476		585,932


				585,932
Consumer Finance – 1.0%

Capital One Financial Corp.		4,823		967,590


				967,590
Consumer Staples Distribution & Retail – 1.7%

Costco Wholesale Corp.		810		757,731

U.S. Foods Holding Corp.⁽¹⁾		1,675		171,269

Walmart, Inc.		6,385		723,165


				1,652,165
Electric Utilities – 1.7%

American Electric Power Co., Inc.		2,083		284,975

Constellation Energy Corp.		352		87,426

NextEra Energy, Inc.		4,890		429,195

NRG Energy, Inc.		4,031		588,768

Xcel Energy, Inc.		3,089		248,047


				1,638,411
Electrical Equipment – 1.3%

GE Vernova, Inc.		1,098		1,289,996


				1,289,996
Electronic Equipment, Instruments & Components – 0.6%

Coherent Corp.⁽¹⁾		1,578		622,474


				622,474
Energy Equipment & Services – 0.1%

SLB Ltd.		1,621		75,360


				75,360
Entertainment – 2.1%

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		2,827		268,961

Live Nation Entertainment, Inc.⁽¹⁾		2,690		492,566

Netflix, Inc.⁽¹⁾		5,023		358,642

Spotify Technology SA⁽¹⁾		719		330,114

Walt Disney Co.		5,967		574,324


				2,024,607
Financial Services – 3.6%

Apollo Global Management, Inc.		3,028		358,243

Berkshire Hathaway, Inc., Class B⁽¹⁾		2,050		1,025,799

Mastercard, Inc., Class A		2,386		1,225,450

Visa, Inc., Class A		2,490		854,294


				3,463,786
Ground Transportation – 0.5%

Fedex Freight Holding Co., Inc.⁽¹⁾		1,029		155,379

Union Pacific Corp.		1,043		283,696


				439,075


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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Health Care Equipment & Supplies – 1.5%

Abbott Laboratories		1,573	$	142,734

Becton Dickinson & Co.		1,069		161,772

Boston Scientific Corp.⁽¹⁾		10,032		428,166

Dexcom, Inc.⁽¹⁾		2,409		162,246

Edwards Lifesciences Corp.⁽¹⁾		1,305		118,050

Intuitive Surgical, Inc.⁽¹⁾		796		316,553

Stryker Corp.		458		144,197


				1,473,718
Health Care Providers & Services – 1.7%

Cardinal Health, Inc.		713		169,380

CVS Health Corp.		2,109		218,176

McKesson Corp.		640		483,584

UnitedHealth Group, Inc.		1,899		789,282


				1,660,422
Health Care REITs – 0.5%

Welltower, Inc.		2,290		519,761


				519,761
Hotels, Restaurants & Leisure – 2.0%

Airbnb, Inc., Class A⁽¹⁾		1,221		174,725

Booking Holdings, Inc.		470		83,773

Hilton Worldwide Holdings, Inc.		860		284,196

McDonald’s Corp.		1,634		441,686

Royal Caribbean Cruises Ltd.		817		259,422

Starbucks Corp.		1,533		156,657

Viking Holdings Ltd.⁽¹⁾		5,467		572,231


				1,972,690
Household Durables – 0.2%

PulteGroup, Inc.		1,516		208,010


				208,010
Household Products – 0.5%

Procter & Gamble Co.		3,150		461,916


				461,916
Industrial Conglomerates – 0.5%

Honeywell International, Inc.		2,048		458,435


				458,435
Industrial REITs – 0.5%

Prologis, Inc.		3,381		458,024


				458,024
Insurance – 2.5%

Allstate Corp.		3,345		795,909

American International Group, Inc.		5,134		382,637

Aon PLC, Class A		1,087		360,547

Arch Capital Group Ltd.⁽¹⁾		2,703		262,353

Arthur J Gallagher & Co.		752		172,637

AXA SA (France)		1,708		85,600

Prudential PLC (United Kingdom)		12,428		165,499

Unum Group		2,705		241,827


				2,467,009
Interactive Media & Services – 7.3%

Alphabet, Inc., Class A		14,566		5,205,451

Meta Platforms, Inc., Class A		3,274		1,844,212


				7,049,663


June 30, 2026 (unaudited)	Shares		Value
IT Services – 0.9%

Snowflake, Inc., Class A⁽¹⁾		3,261	$	829,924


				829,924
Life Sciences Tools & Services – 1.2%

Bio-Rad Laboratories, Inc., Class A⁽¹⁾		908		266,598

IQVIA Holdings, Inc.⁽¹⁾		583		112,647

Thermo Fisher Scientific, Inc.		1,434		718,950

Waters Corp.⁽¹⁾		284		106,512


				1,204,707
Machinery – 0.8%

Ingersoll Rand, Inc.		3,735		306,233

Otis Worldwide Corp.		6,420		459,672


				765,905
Metals & Mining – 0.5%

Barrick Mining Corp.		6,348		233,162

Glencore PLC (United Kingdom)⁽¹⁾		38,530		262,801


				495,963
Multi-Utilities – 0.6%

Ameren Corp.		3,400		384,336

CenterPoint Energy, Inc.		4,431		195,141


				579,477
Oil, Gas & Consumable Fuels – 3.3%

BP PLC (United Kingdom)		26,741		164,575

Cenovus Energy, Inc. (Canada)		12,133		301,047

ConocoPhillips		7,511		780,844

Devon Energy Corp.		3,258		134,621

Exxon Mobil Corp.		10,880		1,487,514

Shell PLC (United Kingdom)		6,189		239,726

WhiteHawk Minerals Corp., Class A⁽¹⁾		4,752		132,201


				3,240,528
Passenger Airlines – 0.3%

Southwest Airlines Co.		5,910		303,892


				303,892
Pharmaceuticals – 3.3%

Bristol-Myers Squibb Co.		3,433		197,809

Eli Lilly & Co.		1,236		1,482,495

Johnson & Johnson		3,510		891,435

Merck & Co., Inc.		4,557		585,575


				3,157,314
Real Estate Management & Development – 0.1%

CBRE Group, Inc., Class A⁽¹⁾		803		108,156


				108,156
Semiconductors & Semiconductor Equipment – 19.6%

Advanced Micro Devices, Inc.⁽¹⁾		4,136		2,402,644

Analog Devices, Inc.		3,964		1,574,382

ARM Holdings PLC, ADR⁽¹⁾		1,141		404,564

Broadcom, Inc.		6,627		2,503,349

Lam Research Corp.		7,889		3,418,540

Marvell Technology, Inc.		3,579		1,066,148

Micron Technology, Inc.		1,651		1,905,733

NVIDIA Corp.		28,883		5,779,200


				19,054,560


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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Software – 7.3%

Microsoft Corp.		14,576	$	5,437,140

Oracle Corp.		7,253		1,062,927

Palantir Technologies, Inc., Class A⁽¹⁾		4,999		583,233


				7,083,300
Specialized REITs – 0.6%

American Tower Corp.		3,829		626,310


				626,310
Specialty Retail – 1.4%

Home Depot, Inc.		1,128		397,823

Lowe’s Cos., Inc.		1,071		236,145

O’Reilly Automotive, Inc.⁽¹⁾		1,777		163,644

TJX Cos., Inc.		2,868		434,502

Ulta Beauty, Inc.⁽¹⁾		303		136,647


				1,368,761
Technology Hardware, Storage & Peripherals – 6.8%

Apple, Inc.		22,791		6,594,804


				6,594,804
Textiles, Apparel & Luxury Goods – 0.4%

Amer Sports, Inc.⁽¹⁾		2,812		95,158

On Holding AG, Class A⁽¹⁾		2,931		103,816

Ralph Lauren Corp.		353		141,698


				340,672
Tobacco – 0.5%

Philip Morris International, Inc.		2,880		521,021


				521,021
Trading Companies & Distributors – 0.5%

United Rentals, Inc.		455		515,465


				515,465

Total Common Stocks (Cost $61,921,680)				96,234,463


June 30, 2026 (unaudited)	Shares		Value
Exchange-Traded Funds – 0.5%

State Street SPDR S&P 500 ETF Trust		659	$	492,121

Total Exchange-Traded Funds (Cost $488,721)				492,121


	Principal Amount		Value
Repurchase Agreements – 1.3%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $1,276,023, due 7/1/2026⁽³⁾	$	1,275,986		1,275,986

Total Repurchase Agreements (Cost $1,275,986)				1,275,986

Total Investments – 100.9% (Cost $63,686,387)				98,002,570

Liabilities in excess of other assets – (0.9)%				(855,117	)

Total Net Assets – 100.0%			$	97,147,453

⁽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
RTX Corp.		3,491	$	348,423	$	662,347		9/1/2016		0.68%

⁽³⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		3.875%		11/30/2027	$	1,301,700	$	1,301,519

Legend:

ADR—American Depositary Receipt

REITs—Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	94,856,195	$	1,378,268	*	$	—	$	96,234,463
Exchange-Traded Funds		492,121		—			—		492,121
Repurchase Agreements		—		1,275,986			—		1,275,986
Total	$	95,348,316	$	2,654,254		$	—	$	98,002,570

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


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

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	98,002,570

Foreign currency, at value		10

Receivable for investments sold		32,941

Dividends/interest receivable		51,092

Reimbursement receivable from adviser		9,429

Foreign tax reclaims receivable		7,380

Prepaid expenses		1,503


Total Assets		98,104,925


Liabilities

Payable for investments purchased		696,913

Payable for fund shares redeemed		132,152

Investment advisory fees payable		48,247

Accrued custodian and accounting fees		20,260

Distribution fees payable		20,103

Accrued administrative fees		14,664

Accrued audit fees		14,300

Accrued transfer agent fees		5,801

Accrued legal fees		3,939

Accrued trustees’ and officers’ fees		502

Accrued shareholder reports fees		87

Due to custodian		27

Accrued expenses and other liabilities		477


Total Liabilities		957,472


Total Net Assets	$	97,147,453


Net Assets Consist of:

Paid-in capital	$	(87,776,505	)

Distributable earnings		184,923,958


Total Net Assets	$	97,147,453


Investments, at Cost	$	63,686,387

Foreign Currency, at Cost	$	10


Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		2,333,579

Net Asset Value Per Share		$41.63


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income
Dividends	$	551,778
Interest		9,364
Withholding taxes on foreign dividends		(3,397	)


Total Investment Income		557,745


Expenses
Investment advisory fees		292,183
Distribution fees		121,743
Professional fees		25,935
Custodian and accounting fees		22,006
Administrative fees		17,555

Trustees’ and officers’ fees		16,359

Transfer agent fees		7,910

Shareholder reports		2,543

Other expenses		3,392


Total Expenses		509,626

Less: Fees waived		(50,302	)


Total Expenses, Net		459,324


Net Investment Income/(Loss)		98,421


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

Net realized gain/(loss) from investments		9,542,024

Net realized gain/(loss) from foreign currency transactions		20

Net change in unrealized appreciation/(depreciation) on investments		1,242,451

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(276	)


Net Gain on Investments and Foreign Currency Transactions		10,784,219


Net Increase in Net Assets Resulting From Operations	$	10,882,640


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

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


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

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	98,421		$	233,912

Net realized gain/(loss) from investments and foreign currency transactions		9,542,044			28,916,359

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		1,242,175			(11,737,839	)


Net Increase in Net Assets Resulting from Operations		10,882,640			17,412,432


Capital Share Transactions

Proceeds from sales of shares		2,578,113			3,526,651

Cost of shares redeemed		(15,258,717	)		(36,164,926	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(12,680,604	)		(32,638,275	)


Net Decrease in Net Assets		(1,797,964	)		(15,225,843	)


Net Assets

Beginning of period		98,945,417			114,171,260


End of period	$	97,147,453		$	98,945,417


Other Information:

Shares

Sold		67,880			114,655

Redeemed		(389,861	)		(1,076,994	)


Net Decrease		(321,981	)		(962,339	)


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

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


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

Six Months Ended 6/30/26	$	37.26	$	0.04	$	4.33		$	4.37		$	41.63		11.73%	⁽⁴⁾

Year Ended 12/31/25		31.56		0.07		5.63			5.70			37.26		18.06%

Year Ended 12/31/24		25.07		0.09		6.40			6.49			31.56		25.89%

Year Ended 12/31/23		19.44		0.11		5.52			5.63			25.07		28.96%

Year Ended 12/31/22		23.63		0.11		(4.30	)		(4.19	)		19.44		(17.73)%

Year Ended 12/31/21		19.05		0.08		4.50			4.58			23.63		24.04%


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

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND



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

$	97,147		0.94	%⁽⁴⁾		1.05	%⁽⁴⁾		0.20	%⁽⁴⁾		0.10	%⁽⁴⁾		34	%⁽⁴⁾

	98,945		0.95	%		1.04	%		0.23	%		0.14	%		75	%

	114,171		0.96	%		1.02	%		0.32	%		0.26	%		52	%

	137,748		0.96	%		1.00	%		0.51	%		0.47	%		39	%

	141,042		0.96	%		0.99	%		0.53	%		0.50	%		45	%

	192,042		0.95	%		0.95	%		0.36	%		0.36	%		44	%

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

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

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

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

June 30, 2026 (unaudited)

1. Organization

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

The Fund seeks capital appreciation.

2. Significant Accounting Policies

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

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

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


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

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

•

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

•

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

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

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

d. Foreign Tax The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. During the six months ended June 30, 2026, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

income, which includes amortization/ accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

g. Segment Reporting Certain officers of the Fund, including the Fund’s Principal Executive and Principal Financial officers, serve as the Fund’s chief operating decision maker (“CODM”) for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund’s long-term strategic asset allocation is determined in accordance with Fund’s investment objective and principal investment strategies as disclosed in the Fund’s prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

3. Transactions with Affiliates

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


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $50,302.

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

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

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable

income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $33,333,397 and $45,377,148, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.

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

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

e. Restricted and Illiquid Securities A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

(except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust’s Board of Trustees and are noted, if any, in the Fund’s Schedule of Investments. As of June 30, 2026, the Fund held one illiquid security.

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

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

6. Temporary Borrowings

each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:

On July 9, 2026, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Plan of Reorganization”), which provides for the reorganization of each series (fund) of the Trust (each, a “Target Portfolio” and, collectively, the “Target Portfolios”) into corresponding series of SunAmerica Series Trust (“SAST”) or Seasons Series Trust (“SST”), as applicable, identified (each, an (“Acquiring Portfolio” and, collectively the “Acquiring Portfolios”) (each, a “Reorganization” and, collectively, the “Reorganizations”), subject to shareholder approval. Under the terms of the proposed Reorganizations, each Target Portfolio would transfer substantially all of its assets and liabilities to a corresponding Acquiring Portfolio in exchange for shares of the Acquiring Portfolio. Shares of the Acquiring Portfolio which would be distributed to shareholders of the applicable Target Portfolio, who will own Class 1 or Class 3 shares, as applicable, of the Acquiring Portfolio. Following completion of the Reorganizations, each Target Portfolio will be terminated.

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST



Target Portfolio		Acquiring Portfolio
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Not applicable.

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

Not applicable.

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

Included in Item 7.

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

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


14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

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

Profitability

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

Fees and Expenses


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

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

Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

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

•

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

•

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

Guardian Balanced Allocation VIP Fund

•

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

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

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


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Core Fixed Income VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

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

Guardian Diversified Research VIP Fund

•

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

•

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

•

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

Guardian Equity Income VIP Fund

•

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

•

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

•

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

Guardian Global Utilities VIP Fund

•

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

•

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

Guardian Growth & Income VIP Fund

•

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

•

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

Guardian Integrated Research VIP Fund

•

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

•

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

Guardian International Equity VIP Fund

•

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


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

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

•

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

Guardian International Growth VIP Fund

•

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

•

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

•

Guardian Large Cap Disciplined Growth VIP Fund

•

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

•

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

•

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

Guardian Large Cap Disciplined Value VIP Fund

•

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

•

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

Guardian Large Cap Fundamental Growth VIP Fund

•

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

•

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

•

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

Guardian Mid Cap Relative Value VIP Fund

•

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

•

Guardian Mid Cap Traditional Growth VIP Fund

•

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

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that a new Subadviser was retained in 2025.


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

Guardian Select Mid Cap Core VIP Fund

•

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

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

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

Guardian Short Duration Bond VIP Fund

•

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

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Small-Mid Cap Core VIP Fund

•

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

•

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

•

The Board approved a new Subadviser effective during 2026.

•

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

Guardian Strategic Large Cap Core VIP Fund

•

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

•

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

•

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

Guardian Total Return Bond VIP Fund

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian U.S. Government/Credit VIP Fund

•

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


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				21

LOGO

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

PUB8168

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Global Utilities VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Global Utilities VIP Fund



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

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

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

SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 98.9%

Belgium – 2.6%

Elia Group SA		6,282	$	999,173


				999,173
Bermuda – 1.7%

CK Infrastructure Holdings Ltd.		83,999		641,052


				641,052
Brazil – 4.2%

Cia de Saneamento Basico do Estado de Sao Paulo		286,195		1,643,225


				1,643,225
China – 2.6%

ENN Energy Holdings Ltd.		192,494		994,400


				994,400
France – 5.7%

Engie SA		70,571		2,225,211


				2,225,211
Germany – 5.2%

E.ON SE		97,925		2,020,399


				2,020,399
Italy – 4.8%

Enel SpA		163,711		1,880,964


				1,880,964
Japan – 3.7%

Chubu Electric Power Co., Inc.		3,521		66,212

Kansai Electric Power Co., Inc.		61,700		867,153

Tokyo Gas Co. Ltd.		13,800		518,910


				1,452,275
Spain – 2.3%

Iberdrola SA		35,178		877,983


				877,983
United Kingdom – 7.1%

National Grid PLC		86,010		1,424,051

SSE PLC		40,966		1,323,990


				2,748,041


June 30, 2026 (unaudited)	Shares		Value
United States – 59.0%

American Electric Power Co., Inc.		15,149	$	2,072,535

American Water Works Co., Inc.		9,474		1,246,589

Atmos Energy Corp.		9,548		1,644,834

CMS Energy Corp.		24,540		1,877,310

Constellation Energy Corp.		3,658		908,538

Dominion Energy, Inc.		53,484		3,652,422

Duke Energy Corp.		11,880		1,503,770

Essential Utilities, Inc.		13,964		534,961

IDACORP, Inc.		9,838		1,488,489

NextEra Energy, Inc.		18,217		1,598,906

Sempra		20,701		1,919,190

Southern Co.		15,992		1,530,594

Vistra Corp.		8,905		1,412,600

WEC Energy Group, Inc.		13,027		1,521,163


				22,911,901

Total Common Stocks (Cost $26,765,678)				38,394,624


	Principal Amount		Value
Repurchase Agreements – 0.8%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $306,532, due 7/1/2026⁽¹⁾	$	306,523		306,523

Total Repurchase Agreements (Cost $306,523)				306,523

Total Investments – 99.7% (Cost $27,072,201)				38,701,147

Assets in excess of other liabilities – 0.3%				132,727

Total Net Assets – 100.0%			$	38,833,874

⁽¹⁾	The table below presents collateral for repurchase agreements.

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

4.00%

12/15/2027

312,700

312,745


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

SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks
Belgium	$	—	$	999,173	*	$	—	$	999,173
Bermuda		—		641,052	*		—		641,052
Brazil		1,643,225		—			—		1,643,225
China		—		994,400	*		—		994,400
France		—		2,225,211	*		—		2,225,211
Germany		—		2,020,399	*		—		2,020,399
Italy		—		1,880,964	*		—		1,880,964
Japan		—		1,452,275	*		—		1,452,275
Spain		—		877,983	*		—		877,983
United Kingdom		—		2,748,041	*		—		2,748,041
United States		22,911,901		—			—		22,911,901
Repurchase Agreements		—		306,523			—		306,523
Total	$	24,555,126	$	14,146,021		$	—	$	38,701,147

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


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

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	38,701,147

Foreign currency, at value		93

Foreign tax reclaims receivable		120,156

Dividends/interest receivable		103,497

Reimbursement receivable from adviser		7,876

Receivable for fund shares subscribed		997

Prepaid expenses		1,111


Total Assets		38,934,877


Liabilities

Investment advisory fees payable		23,176

Payable for fund shares redeemed		18,237

Accrued custodian and accounting fees		16,763

Accrued audit fees		15,956

Accrued administrative fees		11,110

Distribution fees payable		7,937

Accrued transfer agent fees		5,150

Accrued legal fees		1,493

Accrued shareholder reports fees		398

Accrued trustees’ and officers’ fees		354

Due to custodian		58

Accrued expenses and other liabilities		371


Total Liabilities		101,003


Total Net Assets	$	38,833,874


Net Assets Consist of:

Paid-in capital	$	(4,215,480	)

Distributable earnings		43,049,354


Total Net Assets	$	38,833,874


Investments, at Cost	$	27,072,201


Foreign Currency, at Cost	$	93


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		1,929,900

Net Asset Value Per Share		$20.12


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	758,176

Interest		1,590

Withholding taxes on foreign dividends		(45,116	)


Total Investment Income		714,650


Expenses

Investment advisory fees		153,778

Distribution fees		52,664

Custodian and accounting fees		22,918

Professional fees		20,438

Administrative fees		13,378

Trustees’ and officers’ fees		6,983

Transfer agent fees		6,880

Shareholder reports		2,053

Other expenses		1,683


Total Expenses		280,775

Less: Fees waived		(46,287	)


Total Expenses, Net		234,488


Net Investment Income/(Loss)		480,162


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

Net realized gain/(loss) from investments		4,217,795

Net realized gain/(loss) from foreign currency transactions		1,437

Net change in unrealized appreciation/(depreciation) on investments		(1,206,661	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(5,440	)


Net Gain on Investments and Foreign Currency Transactions		3,007,131


Net Increase in Net Assets Resulting From Operations	$	3,487,293


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

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND


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

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	480,162		$	1,209,113

Net realized gain/(loss) from investments and foreign currency transactions		4,219,232			7,645,868

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(1,212,101	)		2,422,049


Net Increase in Net Assets Resulting from Operations		3,487,293			11,277,030


Capital Share Transactions

Proceeds from sales of shares		30,271			1,961,751

Cost of shares redeemed		(6,931,656	)		(18,948,710	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(6,901,385	)		(16,986,959	)


Net Decrease in Net Assets		(3,414,092	)		(5,709,929	)


Net Assets

Beginning of period		42,247,966			47,957,895


End of period	$	38,833,874		$	42,247,966


Other Information:

Shares

Sold		1,538			131,505

Redeemed		(341,161	)		(1,130,260	)


Net Decrease		(339,623	)		(998,755	)


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

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND


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

Six Months Ended 6/30/26	$	18.62	$	0.23	$	1.27		$	1.50		$	20.12		8.06%	⁽⁴⁾

Year Ended 12/31/25		14.67		0.44		3.51			3.95			18.62		26.93%

Year Ended 12/31/24		12.46		0.36		1.85			2.21			14.67		17.74%

Year Ended 12/31/23		12.33		0.33		(0.20	)		0.13			12.46		1.05%

Year Ended 12/31/22		12.45		0.28		(0.40	)		(0.12	)		12.33		(0.96)%

Year Ended 12/31/21		10.70		0.28		1.47			1.75			12.45		16.36%


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

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND



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

$	38,834		1.11%	⁽⁴⁾		1.33%	⁽⁴⁾		2.28%	⁽⁴⁾		2.06%	⁽⁴⁾		21%	⁽⁴⁾

	42,248		1.09%			1.30%			2.61%			2.40%			28%

	47,958		1.04%			1.30%			2.62%			2.36%			29%

	58,290		1.03%			1.23%			2.77%			2.57%			34%

	64,331		1.03%			1.21%			2.29%			2.11%			14%

	88,121		1.03%			1.16%			2.38%			2.25%			22%

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

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

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

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

June 30, 2026 (unaudited)

1. Organization

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

The Fund seeks total return.

2. Significant Accounting Policies

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

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


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

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

•

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

•

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

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

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

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

e. Foreign Tax The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. During the six months ended June 30, 2026, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

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

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

h. Segment Reporting Certain officers of the Fund, including the Fund’s Principal Executive and Principal Financial officers, serve as the Fund’s chief operating decision maker (“CODM”) for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund’s long-term strategic asset allocation is determined in accordance with Fund’s investment objective and principal investment strategies as disclosed in the Fund’s prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.73% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2027 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 1.12% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 1.11%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $46,287.

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

Fund’s average daily net assets. For the six months ended June 30, 2026, the Fund incurred distribution fees in the amount of $52,664 to PAS.

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

4. Federal Income Taxes

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $8,960,970 and $15,485,458, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

e. Restricted and Illiquid Securities A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust’s Board of Trustees and are noted, if any, in the Fund’s Schedule of Investments. As of June 30, 2026, the Fund did not hold any restricted or illiquid securities.

negative impact on the performance of the Fund’s investments.

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

6. Temporary Borrowings

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:

On July 9, 2026, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

“Plan of Reorganization”), which provides for the reorganization of each series (fund) of the Trust (each, a “Target Portfolio” and, collectively, the “Target Portfolios”) into corresponding series of SunAmerica Series Trust (“SAST”) or Seasons Series Trust (“SST”), as applicable, identified (each, an (“Acquiring Portfolio” and, collectively the “Acquiring Portfolios”) (each, a “Reorganization” and, collectively, the “Reorganizations”), subject to shareholder approval. Under the terms of the proposed Reorganizations, each Target Portfolio would transfer substantially all of its assets and liabilities to a corresponding Acquiring Portfolio in exchange for shares of the Acquiring Portfolio. Shares of the Acquiring Portfolio which would be distributed to shareholders of the applicable Target Portfolio, who will own Class 1 or Class 3 shares, as applicable, of the Acquiring Portfolio. Following completion of the Reorganizations, each Target Portfolio will be terminated.

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Not applicable.

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

Not applicable.

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

Included in Item 7.

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

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory


14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Agreement,” collectively with the Management Agreement and Subadvisory Agreements, the “Agreements”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Subadviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the Meeting, for a one-year term.

Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to which the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Subadvisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

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

Fees and Expenses


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

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

•

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

•

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

Guardian Balanced Allocation VIP Fund

•

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

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

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

Guardian Core Fixed Income VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

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

Guardian Diversified Research VIP Fund

•

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

•

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

•

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

Guardian Equity Income VIP Fund

•

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

•

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

•

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

Guardian Global Utilities VIP Fund

•

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

•

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

Guardian Growth & Income VIP Fund

•

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

•

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

Guardian Integrated Research VIP Fund

•

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

•

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


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian International Equity VIP Fund

•

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

•

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

•

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

Guardian International Growth VIP Fund

•

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

•

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

•

Guardian Large Cap Disciplined Growth VIP Fund

•

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

•

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

•

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

Guardian Large Cap Disciplined Value VIP Fund

•

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

•

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

Guardian Large Cap Fundamental Growth VIP Fund

•

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

•

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

•

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

Guardian Mid Cap Relative Value VIP Fund

•

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

•

Guardian Mid Cap Traditional Growth VIP Fund

•

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

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index for


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

the 1-year and 3-year periods and lower than the Bloomberg US Aggregate Bond Index for the 5-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

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

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

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

Guardian Short Duration Bond VIP Fund

•

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

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Small-Mid Cap Core VIP Fund

•

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

•

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

•

The Board approved a new Subadviser effective during 2026.

•

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

Guardian Strategic Large Cap Core VIP Fund

•

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

•

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

•

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

Guardian Total Return Bond VIP Fund

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian U.S. Government/Credit VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				21

LOGO

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

PUB10537

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Growth & Income VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Growth & Income VIP Fund



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

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

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

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 99.4%

Aerospace & Defense – 4.5%

Curtiss-Wright Corp.		834	$	631,972

RTX Corp.		19,077		3,619,480


				4,251,452
Automobile Components – 0.4%

BorgWarner, Inc.		5,474		363,474


				363,474
Banks – 7.2%

Citigroup, Inc.		10,312		1,443,268

East West Bancorp, Inc.		7,264		937,710

JPMorgan Chase & Co.		9,976		3,265,444

Wells Fargo & Co.		12,883		1,064,651


				6,711,073
Beverages – 0.6%

Constellation Brands, Inc., Class A		4,108		571,382


				571,382
Biotechnology – 1.4%

Regeneron Pharmaceuticals, Inc.		722		450,196

United Therapeutics Corp.⁽¹⁾		1,593		863,135


				1,313,331
Broadline Retail – 2.1%

Amazon.com, Inc.⁽¹⁾		8,145		1,941,279


				1,941,279
Building Products – 2.2%

Allegion PLC		5,051		709,615

Owens Corning		8,351		1,327,475


				2,037,090
Capital Markets – 0.9%

Raymond James Financial, Inc.		5,737		872,196


				872,196
Commercial Services & Supplies – 1.4%

Veralto Corp.		14,410		1,277,879


				1,277,879
Communications Equipment – 3.0%

Cisco Systems, Inc.		23,994		2,818,335


				2,818,335
Consumer Staples Distribution & Retail – 4.4%

Casey’s General Stores, Inc.		599		476,079

Target Corp.		8,855		1,156,552

U.S. Foods Holding Corp.⁽¹⁾		7,909		808,695

Walmart, Inc.		15,103		1,710,566


				4,151,892
Diversified Telecommunication Services – 0.9%

AT&T, Inc.		38,693		800,945


				800,945
Electric Utilities – 0.9%

American Electric Power Co., Inc.		6,225		851,642


				851,642


June 30, 2026 (unaudited)	Shares		Value
Electrical Equipment – 1.3%

Generac Holdings, Inc.⁽¹⁾		2,258	$	661,165

nVent Electric PLC		3,015		511,374


				1,172,539

Electronic Equipment, Instruments & Components – 1.5%

Flex Ltd.⁽¹⁾		3,514		569,514

Zebra Technologies Corp., Class A⁽¹⁾		3,003		790,570


				1,360,084
Energy Equipment & Services – 1.5%

Cactus, Inc., Class A		11,467		587,454

SLB Ltd.		16,706		776,662


				1,364,116
Entertainment – 1.1%

Walt Disney Co.		8,669		834,391

Warner Music Group Corp., Class A		6,924		187,433


				1,021,824
Financial Services – 6.3%

Berkshire Hathaway, Inc., Class B⁽¹⁾		7,630		3,817,976

Jack Henry & Associates, Inc.		4,161		573,136

Mastercard, Inc., Class A		2,847		1,462,219


				5,853,331
Ground Transportation – 2.8%

CSX Corp.		7,445		353,861

JB Hunt Transport Services, Inc.		2,874		831,822

Landstar System, Inc.		3,930		812,763

Union Pacific Corp.		2,297		624,784


				2,623,230
Health Care Equipment & Supplies – 0.9%

Align Technology, Inc.⁽¹⁾		3,373		568,890

ResMed, Inc.		1,494		291,151


				860,041
Health Care Providers & Services – 5.0%

HCA Healthcare, Inc.		2,543		991,490

Quest Diagnostics, Inc.		5,823		1,234,185

UnitedHealth Group, Inc.		5,966		2,479,649


				4,705,324
Hotels, Restaurants & Leisure – 1.4%

Yum! Brands, Inc.		7,936		1,268,649


				1,268,649
Household Durables – 0.7%

D.R. Horton, Inc.		3,956		644,353


				644,353
Insurance – 2.4%

Axis Capital Holdings Ltd.		7,631		819,875

Progressive Corp.		6,338		1,384,536


				2,204,411
Interactive Media & Services – 4.9%

Alphabet, Inc., Class C		8,282		2,926,279

Meta Platforms, Inc., Class A		2,955		1,664,522


				4,590,801


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

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Life Sciences Tools & Services – 2.9%

Agilent Technologies, Inc.		10,081	$	1,339,059

Charles River Laboratories International, Inc.⁽¹⁾		6,095		1,382,285


				2,721,344
Machinery – 4.8%

Allison Transmission Holdings, Inc.		7,108		801,356

ITT, Inc.		5,513		1,090,251

PACCAR, Inc.		12,714		1,527,205

Westinghouse Air Brake Technologies Corp.		4,020		1,083,792


				4,502,604
Metals & Mining – 1.8%

Freeport-McMoRan, Inc.		14,612		918,948

Steel Dynamics, Inc.		3,458		793,473


				1,712,421
Oil, Gas & Consumable Fuels – 5.4%

APA Corp.		15,659		510,013

Chevron Corp.		9,926		1,645,334

ConocoPhillips		9,733		1,011,843

EOG Resources, Inc.		11,423		1,481,906

Phillips 66		2,678		452,716


				5,101,812
Pharmaceuticals – 3.6%

Johnson & Johnson		13,110		3,329,547


				3,329,547
Professional Services – 0.5%

Paycom Software, Inc.		4,019		505,108


				505,108
Real Estate Management & Development – 0.6%

Jones Lang LaSalle, Inc.⁽¹⁾		1,875		581,156


				581,156
Semiconductors & Semiconductor Equipment – 8.9%

Intel Corp.⁽¹⁾		11,754		1,641,211

Micron Technology, Inc.		1,049		1,210,850

NVIDIA Corp.		2,971		594,467

QUALCOMM, Inc.		5,068		936,516

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4,551		2,173,421

Texas Instruments, Inc.		5,849		1,743,412


				8,299,877
Software – 1.2%

Microsoft Corp.		3,091		1,153,005


				1,153,005
Specialized REITs – 0.6%

Public Storage		1,655		526,803


				526,803


June 30, 2026 (unaudited)	Shares		Value
Specialty Retail – 4.3%

Dick’s Sporting Goods, Inc.		5,639	$	1,278,982

Lowe’s Cos., Inc.		7,959		1,754,880

Ross Stores, Inc.		3,917		833,733

Ulta Beauty, Inc.⁽¹⁾		386		174,078


				4,041,673
Technology Hardware, Storage & Peripherals – 1.1%

NetApp, Inc.		6,936		1,073,415


				1,073,415
Tobacco – 3.3%

Philip Morris International, Inc.		17,117		3,096,636


				3,096,636
Trading Companies & Distributors – 0.7%

MSC Industrial Direct Co., Inc., Class A		5,529		657,675


				657,675

Total Common Stocks (Cost $66,189,817)				92,933,749

	Principal Amount		Value
Repurchase Agreements – 0.7%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $696,059, due 7/1/2026⁽²⁾	$	696,038		696,038

Total Repurchase Agreements (Cost $696,038)				696,038

Total Investments – 100.1% (Cost $66,885,855)				93,629,787

Liabilities in excess of other assets – (0.1)%				(64,125	)

Total Net Assets – 100.0%			$	93,565,662

⁽¹⁾	Non–income–producing security.

⁽²⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	710,000	$	710,039

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


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

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	92,933,749	$	—	$	—	$	92,933,749
Repurchase Agreements		—		696,038		—		696,038
Total	$	92,933,749	$	696,038	$	—	$	93,629,787


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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	93,629,787

Cash		2,468

Foreign tax reclaims receivable		98,477

Dividends/interest receivable		54,009

Reimbursement receivable from adviser		9,354

Prepaid expenses		1,420


Total Assets		93,795,515


Liabilities

Payable for fund shares redeemed		104,341

Investment advisory fees payable		49,786

Distribution fees payable		19,148

Accrued custodian and accounting fees		15,955

Accrued audit fees		14,834

Accrued administrative fees		14,473

Accrued transfer agent fees		5,832

Accrued legal fees		3,862

Accrued trustees’ and officers’ fees		618

Accrued shareholder reports fees		553

Accrued expenses and other liabilities		451


Total Liabilities		229,853


Total Net Assets	$	93,565,662


Net Assets Consist of:

Paid-in capital	$	(36,272,375	)

Distributable earnings		129,838,037


Total Net Assets	$	93,565,662

Investments, at Cost	$	66,885,855


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		3,323,192

Net Asset Value Per Share		$28.16


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	731,375

Interest		7,492

Withholding taxes on foreign dividends		(2,094	)


Total Investment Income		736,773


Expenses

Investment advisory fees		304,258

Distribution fees		117,026

Professional fees		25,173

Custodian and accounting fees		21,063

Administrative fees		17,390

Trustees’ and officers’ fees		15,979

Transfer agent fees		7,901

Shareholder reports		2,644

Other expenses		3,251


Total Expenses		514,685

Less: Fees waived		(59,068	)


Total Expenses, Net		455,617


Net Investment Income/(Loss)		281,156


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

Net realized gain/(loss) from investments		8,061,373

Net change in unrealized appreciation/(depreciation) on investments		3,844,695


Net Gain on Investments		11,906,068


Net Increase in Net Assets Resulting From Operations	$	12,187,224


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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND


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

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	281,156		$	790,925

Net realized gain/(loss) from investments		8,061,373			10,005,700

Net change in unrealized appreciation/(depreciation) on investments		3,844,695			(1,015,038	)


Net Increase in Net Assets Resulting from Operations		12,187,224			9,781,587


Capital Share Transactions

Proceeds from sales of shares		278,573			4,052,524

Cost of shares redeemed		(15,502,227	)		(25,193,775	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(15,223,654	)		(21,141,251	)


Net Decrease in Net Assets		(3,036,430	)		(11,359,664	)


Net Assets

Beginning of period		96,602,092			107,961,756


End of period	$	93,565,662		$	96,602,092


Other Information:

Shares

Sold		10,429			177,217

Redeemed		(586,158	)		(1,076,466	)


Net Decrease		(575,729	)		(899,249	)


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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND


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

Six Months Ended 6/30/26	$	24.78	$	0.08	$	3.30	$	3.38	$	28.16		13.64%	⁽⁴⁾

Year Ended 12/31/25		22.50		0.18		2.10		2.28		24.78		10.13%

Year Ended 12/31/24		20.27		0.20		2.03		2.23		22.50		11.00%

Year Ended 12/31/23		18.17		0.22		1.88		2.10		20.27		11.56%

Year Ended 12/31/22		19.17		0.23		(1.23)		(1.00)		18.17		(5.22)%

Year Ended 12/31/21		14.95		0.14		4.08		4.22		19.17		28.23%


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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND



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

$	93,566		0.97%	⁽⁴⁾		1.10%	⁽⁴⁾		0.60%	⁽⁴⁾		0.47%	⁽⁴⁾		31%	⁽⁴⁾

	96,602		0.97%			1.09%			0.78%			0.66%			59%

	107,962		0.97%			1.05%			0.90%			0.82%			45%

	136,191		0.96%			1.03%			1.17%			1.10%			41%

	143,039		0.96%			0.99%			1.25%			1.22%			39%

	193,598		0.97%			0.98%			0.82%			0.81%			26%

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

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

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

June 30, 2026 (unaudited)

1. Organization

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

The Fund seeks long-term growth of capital.

2. Significant Accounting Policies

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


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

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

•

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

•

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

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real

estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/ accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.65% up to $100 million, 0.60% from $100 to $300 million, 0.55% from $300 to $500 million, and 0.53% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2027 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.98% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 0.97%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $59,068.

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

2026, the Fund incurred distribution fees in the amount of $117,026 to PAS.

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

4. Federal Income Taxes

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $28,552,606 and $43,391,338, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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

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

6. Temporary Borrowings

Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Not applicable.

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

Not applicable.

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

Included in Item 7.

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

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory


14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

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

Fees and Expenses


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

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

•

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

•

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

Guardian Balanced Allocation VIP Fund

•

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


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

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

Guardian Core Fixed Income VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

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

Guardian Diversified Research VIP Fund

•

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

•

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

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the

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

Guardian Equity Income VIP Fund

•

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

•

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

•

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

Guardian Global Utilities VIP Fund

•

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

•

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

Guardian Growth & Income VIP Fund

•

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

•

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

Guardian Integrated Research VIP Fund

•

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


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

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

Guardian International Equity VIP Fund

•

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

•

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

•

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

Guardian International Growth VIP Fund

•

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

•

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

•

Guardian Large Cap Disciplined Growth VIP Fund

•

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

•

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

•

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

Guardian Large Cap Disciplined Value VIP Fund

•

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

•

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

Guardian Large Cap Fundamental Growth VIP Fund

•

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

•

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

•

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

Guardian Mid Cap Relative Value VIP Fund

•

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

•

Guardian Mid Cap Traditional Growth VIP Fund

•

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

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

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

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

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

Guardian Short Duration Bond VIP Fund

•

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

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Small-Mid Cap Core VIP Fund

•

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

•

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

•

The Board approved a new Subadviser effective during 2026.

•

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

Guardian Strategic Large Cap Core VIP Fund

•

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

•

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

•

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

Guardian Total Return Bond VIP Fund

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Guardian U.S. Government/Credit VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				21

LOGO

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

PUB8169

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian All Cap Core VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian All Cap Core VIP Fund



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

Schedule of Investments			1

Statement of Assets and Liabilities			5

Statement of Operations			5

Statements of Changes in Net Assets			6

Financial Highlights			8

Notes to Financial Statements			10

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			16

Item 9. Proxy Disclosures for Open-End Management Investment Companies			16

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			16

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			16

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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 99.4%
Aerospace & Defense – 2.5%

Arxis, Inc., Class A⁽¹⁾		6,113	$	282,054

BWX Technologies, Inc.		2,411		469,301

Curtiss-Wright Corp.		1,131		857,027

General Dynamics Corp.		1,952		691,477

General Electric Co.		1,396		521,727

Honeywell Aerospace, Inc.⁽¹⁾		2,863		632,952

Howmet Aerospace, Inc.		3,312		890,464

RTX Corp.		6,699		1,271,001


				5,616,003
Air Freight & Logistics – 0.2%

FedEx Corp.		1,505		471,261


				471,261
Automobile Components – 0.2%

Aptiv PLC⁽¹⁾		3,789		232,569

Visteon Corp.		2,698		267,668


				500,237
Banks – 4.5%

Bank of America Corp.		55,707		3,174,185

Columbia Banking System, Inc.		11,192		358,704

JPMorgan Chase & Co.		12,511		4,095,226

PNC Financial Services Group, Inc.		3,841		945,731

Prosperity Bancshares, Inc.		5,342		390,126

Wells Fargo & Co.		10,821		894,247


				9,858,219
Beverages – 0.8%

Celsius Holdings, Inc.⁽¹⁾		4,210		123,269

Coca-Cola Europacific Partners PLC		4,346		434,904

PepsiCo, Inc.		8,935		1,209,799


				1,767,972
Biotechnology – 1.9%

Gilead Sciences, Inc.		20,652		2,609,174

Vertex Pharmaceuticals, Inc.⁽¹⁾		3,389		1,683,418


				4,292,592
Broadline Retail – 4.5%

Amazon.com, Inc.⁽¹⁾		41,576		9,909,224


				9,909,224
Building Products – 1.0%

Simpson Manufacturing Co., Inc.		4,601		963,219

Trane Technologies PLC		2,678		1,315,327


				2,278,546
Capital Markets – 2.3%

Bullish⁽¹⁾		1,404		32,896

Charles Schwab Corp.		10,661		983,690

CME Group, Inc.		3,096		683,689

KKR & Co., Inc.		9,365		859,520

Moody’s Corp.		1,977		895,423

Morgan Stanley		3,027		632,764

Northern Trust Corp.		2,060		358,110

Raymond James Financial, Inc.		2,790		424,164


June 30, 2026 (unaudited)	Shares		Value
Capital Markets (continued)

TPG, Inc.		7,596	$	308,018


				5,178,274
Chemicals – 0.9%

Albemarle Corp.		2,152		290,584

International Flavors & Fragrances, Inc.		2,321		183,870

Linde PLC		1,665		864,035

Sherwin-Williams Co.		1,705		587,066


				1,925,555
Commercial Services & Supplies – 0.7%

Cintas Corp.		1,984		337,438

GFL Environmental, Inc.		31,077		1,143,323


				1,480,761
Communications Equipment – 1.7%

Arista Networks, Inc.⁽¹⁾		22,818		3,876,322


				3,876,322
Construction & Engineering – 1.5%

Legence Corp., Class A⁽¹⁾		17,115		1,458,712

MYR Group, Inc.⁽¹⁾		3,145		1,573,758

Primoris Services Corp.		3,143		311,534


				3,344,004
Construction Materials – 0.6%

CRH PLC		11,556		1,236,492


				1,236,492
Consumer Staples Distribution & Retail – 1.1%

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		17,523		1,528,356

Performance Food Group Co.⁽¹⁾		7,948		888,507


				2,416,863
Containers & Packaging – 0.3%

Avery Dennison Corp.		2,076		337,039

International Paper Co.		9,465		360,616


				697,655
Distributors – 0.2%

LKQ Corp.		13,432		353,664


				353,664
Diversified Consumer Services – 0.3%

Bright Horizons Family Solutions, Inc.⁽¹⁾		3,901		276,503

Grand Canyon Education, Inc.⁽¹⁾		1,527		218,529

Phoenix Education Partners, Inc.		3,492		114,712


				609,744
Diversified Telecommunication Services – 0.6%

Space Exploration Technologies Corp., Class A⁽¹⁾		8,366		1,429,415


				1,429,415
Electric Utilities – 1.5%

Duke Energy Corp.		5,851		740,619

Evergy, Inc.		4,844		418,667

NextEra Energy, Inc.		7,634		670,036

PG&E Corp.		58,857		989,975

Xcel Energy, Inc.		5,912		474,734


				3,294,031


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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Electrical Equipment – 1.9%

AMETEK, Inc.		3,850	$	931,469

Eaton Corp. PLC		1,960		835,195

Emerson Electric Co.		5,826		833,992

GE Vernova, Inc.		1,353		1,589,586


				4,190,242
Electronic Equipment, Instruments & Components – 1.6%

Advanced Energy Industries, Inc.		1,936		721,876

Amphenol Corp., Class A		9,400		1,657,408

Coherent Corp.⁽¹⁾		1,384		545,947

Zebra Technologies Corp., Class A⁽¹⁾		2,344		617,081


				3,542,312
Energy Equipment & Services – 0.4%

SLB Ltd.		10,214		474,849

TechnipFMC PLC		5,423		359,545


				834,394
Entertainment – 1.8%

Live Nation Entertainment, Inc.⁽¹⁾		2,485		455,028

Netflix, Inc.⁽¹⁾		19,882		1,419,575

Spotify Technology SA⁽¹⁾		3,153		1,447,637

Take-Two Interactive Software, Inc.⁽¹⁾		2,610		652,448


				3,974,688
Financial Services – 2.3%

Block, Inc.⁽¹⁾		6,583		500,308

Fidelity National Information Services, Inc.		7,293		283,552

Mastercard, Inc., Class A		6,017		3,090,331

Visa, Inc., Class A		3,311		1,135,971


				5,010,162
Food Products – 0.5%

Mondelez International, Inc., Class A		13,064		755,622

Tyson Foods, Inc., Class A		4,829		276,460


				1,032,082
Ground Transportation – 1.3%

Uber Technologies, Inc.⁽¹⁾		18,297		1,320,312

Union Pacific Corp.		3,223		876,656

XPO, Inc.⁽¹⁾		3,145		645,637


				2,842,605
Health Care Equipment & Supplies – 1.9%

Becton Dickinson & Co.		6,937		1,049,776

Boston Scientific Corp.⁽¹⁾		21,492		917,279

IDEXX Laboratories, Inc.⁽¹⁾		475		250,059

Medtronic PLC		21,799		1,705,336

STERIS PLC		1,792		377,341


				4,299,791
Health Care Providers & Services – 1.2%

Cigna Group		5,227		1,440,979

Humana, Inc.		2,468		980,339

Lumexa Imaging Holdings, Inc.⁽¹⁾		24,125		272,130


				2,693,448


June 30, 2026 (unaudited)	Shares		Value
Health Care Technology – 0.0%

Waystar Holding Corp.⁽¹⁾		4,309	$	88,464


				88,464
Hotels, Restaurants & Leisure – 1.6%

Aramark		16,214		922,577

DraftKings, Inc., Class A⁽¹⁾		6,266		158,279

Hilton Worldwide Holdings, Inc.		2,973		982,457

Starbucks Corp.		7,053		720,746

Viking Holdings Ltd.⁽¹⁾		6,231		652,199


				3,436,258
Household Products – 0.4%

Colgate-Palmolive Co.		10,044		920,834


				920,834
Independent Power and Renewable Electricity Producers – 0.3%

Vistra Corp.		4,086		648,162


				648,162
Industrial REITs – 0.1%

Rexford Industrial Realty, Inc.		6,376		213,596


				213,596
Insurance – 3.2%

Aon PLC, Class A		3,749		1,243,506

Arthur J Gallagher & Co.		3,481		799,133

Assurant, Inc.		1,549		415,953

Chubb Ltd.		4,439		1,512,545

Everest Group Ltd.		961		343,298

Lincoln National Corp.		7,651		270,463

Principal Financial Group, Inc.		5,474		589,988

Progressive Corp.		4,286		936,277

Selective Insurance Group, Inc.		3,812		369,802

Willis Towers Watson PLC		2,323		607,162


				7,088,127
Interactive Media & Services – 7.3%

Alphabet, Inc., Class A		31,349		11,203,192

Meta Platforms, Inc., Class A		8,776		4,943,433


				16,146,625
IT Services – 1.8%

Accenture PLC, Class A		3,849		478,970

DigitalOcean Holdings, Inc.⁽¹⁾		4,693		736,942

MongoDB, Inc.⁽¹⁾		2,456		824,970

Okta, Inc.⁽¹⁾		8,701		1,187,251

Quantinuum, Inc., Class A⁽¹⁾		3,467		283,393

Snowflake, Inc., Class A⁽¹⁾		1,811		460,899


				3,972,425
Life Sciences Tools & Services – 1.4%

ICON PLC⁽¹⁾		1,887		327,791

Illumina, Inc.⁽¹⁾		2,603		457,685

Repligen Corp.⁽¹⁾		6,384		871,033

Waters Corp.⁽¹⁾		3,804		1,426,652


				3,083,161


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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Machinery – 2.0%

Caterpillar, Inc.		1,951	$	2,077,620

Donaldson Co., Inc.		2,358		211,678

Nordson Corp.		2,059		621,180

Pentair PLC		11,460		878,523

RBC Bearings, Inc.⁽¹⁾		898		578,366


				4,367,367
Multi-Utilities – 0.4%

Sempra		8,842		819,742


				819,742
Office REITs – 0.2%

Highwoods Properties, Inc.		12,287		370,576


				370,576
Oil, Gas & Consumable Fuels – 2.8%

Cheniere Energy, Inc.		3,859		922,339

ConocoPhillips		16,006		1,663,984

EQT Corp.		7,590		403,560

Exxon Mobil Corp.		15,970		2,183,418

Permian Resources Corp., Class A		16,707		307,576

Valero Energy Corp.		3,081		802,416


				6,283,293
Personal Care Products – 0.4%

e.l.f. Beauty, Inc.⁽¹⁾		1,103		81,622

Kenvue, Inc.		36,889		704,949


				786,571
Pharmaceuticals – 2.9%

Johnson & Johnson		13,069		3,319,134

Pfizer, Inc.		124,899		3,007,568


				6,326,702
Professional Services – 0.8%

Jacobs Solutions, Inc.		5,126		645,876

Leidos Holdings, Inc.		5,778		594,961

TransUnion		8,365		603,451


				1,844,288
Real Estate Management & Development – 0.2%

CoStar Group, Inc.⁽¹⁾		13,290		376,373


				376,373
Retail REITs – 0.6%

Federal Realty Investment Trust		6,635		819,025

NNN REIT, Inc.		13,257		616,848


				1,435,873
Semiconductors & Semiconductor Equipment – 15.3%

Advanced Micro Devices, Inc.⁽¹⁾		4,166		2,420,071

Analog Devices, Inc.		2,717		1,079,111

Broadcom, Inc.		19,877		7,508,537

KLA Corp.		8,593		2,592,594

MACOM Technology Solutions Holdings, Inc.⁽¹⁾		1,944		739,439


June 30, 2026 (unaudited)	Shares		Value
Semiconductors & Semiconductor Equipment (continued)

Micron Technology, Inc.		2,787	$	3,217,006

NVIDIA Corp.		81,261		16,259,514


				33,816,272
Software – 6.5%

Bentley Systems, Inc., Class B		17,296		516,977

Cadence Design Systems, Inc.⁽¹⁾		6,161		2,312,347

Guidewire Software, Inc.⁽¹⁾		5,141		632,600

Intuit, Inc.		2,001		522,261

JFrog Ltd.⁽¹⁾		11,626		1,056,571

Microsoft Corp.		25,090		9,359,072


				14,399,828
Specialized REITs – 0.5%

Blackstone Digital Infrastructure Trust, Inc.⁽¹⁾		42,471		918,648

Smartstop Self Storage REIT, Inc.		6,893		224,022


				1,142,670
Specialty Retail – 2.0%

Carvana Co.⁽¹⁾		18,829		1,239,325

Floor & Decor Holdings, Inc., Class A⁽¹⁾		20,616		1,223,765

TJX Cos., Inc.		8,430		1,277,145

Tractor Supply Co.		19,231		607,892


				4,348,127
Technology Hardware, Storage & Peripherals – 6.3%

Apple, Inc.		41,379		11,973,427

Sandisk Corp.⁽¹⁾		612		1,391,523

Seagate Technology Holdings PLC		604		582,860


				13,947,810
Textiles, Apparel & Luxury Goods – 0.4%

Amer Sports, Inc.⁽¹⁾		7,282		246,423

Birkenstock Holding PLC⁽¹⁾		11,137		479,225

Columbia Sportswear Co.		2,245		138,786

Wolverine World Wide, Inc.		6,639		109,742


				974,176
Tobacco – 0.6%

Philip Morris International, Inc.		7,216		1,305,446


				1,305,446
Trading Companies & Distributors – 0.8%

Ferguson Enterprises, Inc.		1,848		438,586

SiteOne Landscape Supply, Inc.⁽¹⁾		4,316		493,793

WW Grainger, Inc.		680		925,072


				1,857,451
Wireless Telecommunication Services – 0.4%

T-Mobile U.S., Inc.		4,733		793,866


				793,866

Total Common Stocks (Cost $170,922,745)				219,750,641


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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Repurchase Agreements – 1.2%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $2,605,853, due 7/1/2026⁽²⁾	$	2,605,777	$	2,605,777

Total Repurchase Agreements (Cost $2,605,777)				2,605,777

Total Investments – 100.6% (Cost $173,528,522)				222,356,418

Liabilities in excess of other assets – (0.6)%				(1,289,719	)

Total Net Assets – 100.0%			$	221,066,699

⁽¹⁾	Non–income–producing security.

⁽²⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	2,657,900	$	2,657,901

Legend:

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	219,750,641	$	—	$	—	$	219,750,641
Repurchase Agreements		—		2,605,777		—		2,605,777
Total	$	219,750,641	$	2,605,777	$	—	$	222,356,418


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

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND


Statement of Assets and Liabilities
As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	222,356,418

Receivable for investments sold		241,774

Dividends/interest receivable		77,162

Receivable for fund shares subscribed		790

Prepaid expenses		3,817


Total Assets		222,679,961


Liabilities

Payable for investments purchased		1,120,727

Payable for fund shares redeemed		288,428

Investment advisory fees payable		79,770

Distribution fees payable		45,324

Accrued custodian and accounting fees		23,940

Accrued administrative fees		22,034

Accrued audit fees		14,832

Accrued legal fees		8,987

Accrued transfer agent fees		6,803

Accrued trustees’ and officers’ fees		1,287

Accrued expenses and other liabilities		1,130


Total Liabilities		1,613,262


Total Net Assets	$	221,066,699


Net Assets Consist of:

Paid-in capital	$	120,040,625

Distributable earnings		101,026,074


Total Net Assets	$	221,066,699

Investments, at Cost	$	173,528,522


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		14,751,697

Net Asset Value Per Share		$14.99


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	1,296,921

Interest		7,304

Withholding taxes on foreign dividends		(145	)


Total Investment Income		1,304,080


Expenses

Investment advisory fees		477,928

Distribution fees		271,550

Professional fees		38,605

Trustees’ and officers’ fees		36,667

Custodian and accounting fees		30,564

Administrative fees		26,589

Transfer agent fees		9,358

Shareholder reports		3,439

Other expenses		6,702


Total Expenses		901,402


Net Investment Income/(Loss)		402,678


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

Net realized gain/(loss) from investments		14,688,209

Net change in unrealized appreciation/(depreciation) on investments		(489,960	)


Net Gain on Investments		14,198,249


Net Increase in Net Assets Resulting From Operations	$	14,600,927


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

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND


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

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	402,678		$	883,692

Net realized gain/(loss) from investments		14,688,209			25,748,694

Net change in unrealized appreciation/(depreciation) on investments		(489,960	)		4,333,199


Net Increase in Net Assets Resulting from Operations		14,600,927			30,965,585


Capital Share Transactions

Proceeds from sales of shares		1,440,499			59,607,458

Cost of shares redeemed		(16,792,300	)		(49,387,963	)


Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(15,351,801	)		10,219,495


Net Increase/(Decrease) in Net Assets		(750,874	)		41,185,080


Net Assets

Beginning of period		221,817,573			180,632,493


End of period	$	221,066,699		$	221,817,573


Other Information:

Shares

Sold		103,771			5,068,940

Redeemed		(1,173,626	)		(3,708,905	)


Net Decrease		(1,069,855	)		1,360,035


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

This Page Intentionally Left Blank


				7

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND


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

Six Months Ended 6/30/26	$	14.02	$	0.03	$	0.94	$	0.97	$	14.99		6.92%	⁽⁴⁾

Year Ended 12/31/25		12.49		0.05		1.48		1.53		14.02		12.25%

Year Ended 12/31/24		10.40		0.05		2.04		2.09		12.49		20.10%

Year Ended 12/31/23		8.46		0.07		1.87		1.94		10.40		22.93%

Year Ended 12/31/22		10.26		0.07		(1.87)		(1.80)		8.46		(17.54)%

Period Ended 12/31/21⁽⁵⁾		10.00		0.01		0.25		0.26		10.26		2.60%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND



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

$	221,067		0.83%	⁽⁴⁾		0.83%	⁽⁴⁾		0.37%	⁽⁴⁾		0.37%⁽⁴⁾			31%	⁽⁴⁾

	221,818		0.83%			0.83%			0.42%			0.42%			69%

	180,632		0.82%			0.83%			0.46%			0.45%			33%

	174,465		0.78%			0.83%			0.72%			0.67%			32%

	159,185		0.78%			0.85%			0.78%			0.71%			37%

	31,370		0.38%	⁽⁴⁾		1.14%	⁽⁴⁾		1.06%	⁽⁴⁾		0.30%	⁽⁴⁾		7%	⁽⁴⁾

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

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

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

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾	Commenced operations on October 25, 2021.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian All Cap Core VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks capital appreciation.

2. Significant Accounting Policies

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


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

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

•

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

•

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

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.44% of the first $500 million, and 0.40% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 0.91%.The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue did not waive any fees or pay any Fund expenses.

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

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

4. Federal Income Taxes

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $68,307,073 and $83,719,372, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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

6. Temporary Borrowings

the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

conditions to closing are satisfied or waived, the Reorganizations are expected to be completed during the fourth quarter of 2026.

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Not applicable.

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

Not applicable.

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

Included in Item 7.

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

Relative Value VIP Fund; Guardian Mid Cap Traditional Growth VIP Fund; Guardian Multi-Sector Bond VIP Fund; Guardian Select Mid Cap Core VIP Fund; Guardian Short Duration Bond VIP Fund; Guardian Small Cap Value Diversified VIP Fund; Guardian Small- Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government/Credit VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at the Meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

follow through with additional inquiries on questions or concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an

Profitability

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

Fees and Expenses


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

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

•

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

•

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

Guardian Balanced Allocation VIP Fund

•

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


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

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

Guardian Core Fixed Income VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

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

Guardian Diversified Research VIP Fund

•

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

•

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

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the

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

Guardian Equity Income VIP Fund

•

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

•

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

•

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

Guardian Global Utilities VIP Fund

•

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

•

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

Guardian Growth & Income VIP Fund

•

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

•

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

Guardian Integrated Research VIP Fund

•

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


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

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

Guardian International Equity VIP Fund

•

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

•

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

•

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

Guardian International Growth VIP Fund

•

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

•

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

•

Guardian Large Cap Disciplined Growth VIP Fund

•

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

•

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

•

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

Guardian Large Cap Disciplined Value VIP Fund

•

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

•

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

Guardian Large Cap Fundamental Growth VIP Fund

•

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

•

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

•

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

Guardian Mid Cap Relative Value VIP Fund

•

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

•

Guardian Mid Cap Traditional Growth VIP Fund

•

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

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


				21

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

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

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

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

Guardian Short Duration Bond VIP Fund

•

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

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Small-Mid Cap Core VIP Fund

•

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

•

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

•

The Board approved a new Subadviser effective during 2026.

•

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

Guardian Strategic Large Cap Core VIP Fund

•

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

•

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

•

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

Guardian Total Return Bond VIP Fund

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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


22

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian U.S. Government/Credit VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				23

This Page Intentionally Left Blank


24

LOGO

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

PUB11407

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Balanced Allocation VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Balanced Allocation VIP Fund



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

Schedule of Investments			1

Statement of Assets and Liabilities			9

Statement of Operations			9

Statements of Changes in Net Assets			10

Financial Highlights			12

Notes to Financial Statements			14

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

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

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

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

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 66.1%

Aerospace & Defense – 1.0%

Axon Enterprise, Inc.⁽¹⁾		1,472	$	825,218

Northrop Grumman Corp.		2,142		1,090,942


				1,916,160

Automobiles – 0.8%

Tesla, Inc.⁽¹⁾		3,962		1,666,417


				1,666,417

Biotechnology – 1.1%

AbbVie, Inc.		3,289		827,644

Vertex Pharmaceuticals, Inc.⁽¹⁾		2,594		1,288,518


				2,116,162

Broadline Retail – 3.2%

Amazon.com, Inc.⁽¹⁾		27,410		6,532,899


				6,532,899

Capital Markets – 5.0%

Bank of New York Mellon Corp.		19,456		2,813,532

Blackrock, Inc.		1,871		1,799,079

Goldman Sachs Group, Inc.		3,635		3,676,330

KKR & Co., Inc.		19,068		1,750,061


				10,039,002

Chemicals – 1.2%

Corteva, Inc.		10,900		923,121

Linde PLC		1,978		1,026,463

PPG Industries, Inc.		3,355		406,928


				2,356,512

Commercial Services & Supplies – 1.0%

Clean Harbors, Inc.⁽¹⁾		4,584		1,369,470

Waste Connections, Inc.		4,280		713,433


				2,082,903

Construction Materials – 0.5%

James Hardie Industries PLC⁽¹⁾		40,948		1,072,019


				1,072,019

Consumer Staples Distribution & Retail – 1.6%

U.S. Foods Holding Corp.⁽¹⁾		30,871		3,156,560


				3,156,560

Distributors – 0.4%

Pool Corp.		3,464		744,414


				744,414

Diversified Telecommunication Services – 0.7%

Space Exploration Technologies Corp., Class A⁽¹⁾		8,020		1,370,297


				1,370,297

Electrical Equipment – 1.3%

Eaton Corp. PLC		2,724		1,160,751

Regal Rexnord Corp.		3,112		741,247

Vertiv Holdings Co., Class A		2,396		802,229


				2,704,227


June 30, 2026 (unaudited)	Shares		Value

Electronic Equipment, Instruments & Components – 1.9%

Coherent Corp.⁽¹⁾		1,984	$	782,629

Flex Ltd.⁽¹⁾		14,001		2,269,142

TTM Technologies, Inc.⁽¹⁾		3,902		729,752


				3,781,523

Entertainment – 1.0%

Netflix, Inc.⁽¹⁾		5,066		361,712

Spotify Technology SA⁽¹⁾		1,465		672,626

Walt Disney Co.		11,099		1,068,279


				2,102,617
Financial Services – 1.1%

Mastercard, Inc., Class A		4,416		2,268,058


				2,268,058
Health Care Equipment & Supplies – 1.1%

Boston Scientific Corp.⁽¹⁾		23,202		990,262

Edwards Lifesciences Corp.⁽¹⁾		14,592		1,319,992


				2,310,254
Health Care Providers & Services – 0.8%

UnitedHealth Group, Inc.		3,750		1,558,612


				1,558,612
Health Care REITs – 1.0%

Welltower, Inc.		9,037		2,051,128


				2,051,128
Hotels, Restaurants & Leisure – 1.3%

Marriott International, Inc., Class A		4,197		1,555,366

Starbucks Corp.		10,188		1,041,112


				2,596,478
Insurance – 1.2%

American International Group, Inc.		31,425		2,342,105


				2,342,105
Interactive Media & Services – 5.1%

Alphabet, Inc., Class A		25,649		9,166,183

Meta Platforms, Inc., Class A		1,834		1,033,074


				10,199,257
IT Services – 1.0%

Shopify, Inc., Class A⁽¹⁾		7,278		831,002

Snowflake, Inc., Class A⁽¹⁾		4,577		1,164,846


				1,995,848
Life Sciences Tools & Services – 1.1%

Danaher Corp.		5,539		1,055,069

ICON PLC⁽¹⁾		6,289		1,092,462


				2,147,531
Machinery – 0.6%

IDEX Corp.		4,941		1,121,360


				1,121,360
Metals & Mining – 0.2%

Teck Resources Ltd., Class B		7,678		456,534


				456,534


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Multi-Utilities – 1.8%

Sempra		38,654	$	3,583,612


				3,583,612
Oil, Gas & Consumable Fuels – 2.0%

Cheniere Energy, Inc.		4,163		994,999

Devon Energy Corp.		46,310		1,913,529

Shell PLC, ADR		13,689		1,061,445


				3,969,973
Pharmaceuticals – 2.3%

Eli Lilly & Co.		2,122		2,545,190

Merck & Co., Inc.		16,283		2,092,366


				4,637,556

Semiconductors & Semiconductor Equipment – 15.8%

Advanced Micro Devices, Inc.⁽¹⁾		6,731		3,910,105

Broadcom, Inc.		11,952		4,514,868

Cerebras Systems, Inc., Class A⁽¹⁾		600		132,600

Intel Corp.⁽¹⁾		5,237		731,242

KLA Corp.		14,050		4,239,026

Micron Technology, Inc.		3,470		4,005,386

NVIDIA Corp.		61,150		12,235,503

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		4,375		2,089,369


				31,858,099
Software – 2.9%

Microsoft Corp.		13,236		4,937,293

Palantir Technologies, Inc., Class A⁽¹⁾		4,449		519,065

Samsara, Inc., Class A⁽¹⁾		13,373		433,686


				5,890,044
Specialty Retail – 1.4%

Ross Stores, Inc.		13,161		2,801,319


				2,801,319
Technology Hardware, Storage & Peripherals – 3.8%

Apple, Inc.		15,465		4,474,952

Sandisk Corp.⁽¹⁾		671		1,525,673

Seagate Technology Holdings PLC		1,728		1,667,520


				7,668,145
Trading Companies & Distributors – 0.8%

Ferguson Enterprises, Inc.		2,739		650,047

WESCO International, Inc.		3,031		1,046,998


				1,697,045
Wireless Telecommunication Services – 0.1%

T-Mobile U.S., Inc.		1,778		298,224


				298,224

Total Common Stocks (Cost $99,794,176)				133,092,894


June 30, 2026 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 7.4%

Federal Home Loan Mortgage Corp.
2.00% due 5/1/2051	$	726,050	$	587,014
2.00% due 4/1/2052		959,339		781,308
2.50% due 7/1/2041		294,646		262,517
2.50% due 2/1/2042		426,952		380,232
2.50% due 7/1/2051		791,347		672,926
2.50% due 10/1/2051		51,459		43,275
2.50% due 11/1/2051		316,642		269,195
4.00% due 4/1/2047		7,091		6,813
4.00% due 11/1/2048		93,655		89,006
4.00% due 5/1/2049		12,328		11,777
4.00% due 7/1/2049		14,933		14,374
4.00% due 4/1/2052		264,608		248,547
4.50% due 1/1/2038		73,707		72,958
4.50% due 5/1/2038		16,275		16,130
4.50% due 11/1/2048		18,833		18,341
4.50% due 8/1/2049		43,034		42,027
5.00% due 1/1/2053		102,663		101,651
5.50% due 6/1/2040		315,893		323,717
5.50% due 9/1/2052		193,837		196,023
5.50% due 2/1/2053		18,027		18,219
5.50% due 3/1/2053		27,345		27,676
5.50% due 5/1/2053		41,097		41,439
5.50% due 6/1/2053		55,597		56,167
5.50% due 7/1/2053		345,005		348,538
5.50% due 8/1/2053		95,954		96,937
5.50% due 9/1/2053		26,484		26,802
6.00% due 11/1/2053		125,974		128,899
6.50% due 11/1/2053		219,302		227,966

Federal National Mortgage Association
2.00% due 12/1/2050		175,158		141,169
2.50% due 2/1/2041		49,744		44,489
2.50% due 5/1/2051		468,777		397,345
3.00% due 6/1/2043		182,049		166,100
3.00% due 10/1/2051		593,761		519,326
3.50% due 8/1/2043		180,330		169,554
3.50% due 4/1/2052		96,797		88,342
4.00% due 3/1/2046		7,433		7,117
4.00% due 1/1/2049		9,466		9,079
4.00% due 8/1/2049		6,233		5,971
4.00% due 8/1/2051		8,261		7,946
4.00% due 10/1/2052		105,935		99,370
4.20% due 10/1/2030		530,000		524,494
4.22% due 9/1/2030		520,419		515,208
4.34% due 8/1/2030		284,000		282,452
4.40% due 9/1/2030		330,000		329,553
4.47% due 5/1/2030		289,000		288,235
4.50% due 4/1/2038		273,582		271,139
4.50% due 11/1/2048		27,010		26,405
4.50% due 10/1/2050		13,783		13,447
4.50% due 8/1/2052		12,954		12,508
4.50% due 9/1/2052		27,758		26,932
4.83% due 10/1/2030		275,000		277,919
5.00% due 8/1/2052		524,541		519,427
5.00% due 9/1/2052		29,955		29,747
5.00% due 10/1/2052		19,171		18,990
5.50% due 7/1/2040		243,608		249,641


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities (continued)
5.50% due 1/1/2053	$	110,638	$	111,842
5.50% due 8/1/2053		28,551		28,836
6.00% due 9/1/2053		315,869		323,569

Freddie Mac Multifamily Structured Pass-Through Certificates
Series K-150, Class A2 3.71% due 9/25/2032⁽²⁾⁽³⁾		78,000		74,409
Series K157, Class A2 3.99% due 5/25/2033⁽²⁾⁽³⁾		125,000		122,564
Series K758, Class A2 4.68% due 10/25/2031⁽²⁾⁽³⁾		100,000		100,691

Government National Mortgage Association
2.00% due 12/20/2050		341,312		280,044
2.00% due 1/20/2051		93,158		76,435
2.00% due 2/20/2051		310,110		254,441
2.50% due 5/20/2051		420,984		360,037
2.50% due 7/20/2051		430,507		368,178
2.50% due 8/20/2051		421,753		360,690
3.00% due 1/20/2051		385,207		343,930
3.00% due 5/20/2051		203,040		180,291
3.50% due 1/20/2052		351,328		318,701
3.50% due 2/20/2052		349,471		317,122
4.00% due 4/20/2052		66,152		62,133
4.00% due 8/20/2052		282,112		264,621
4.50% due 8/20/2048		136,126		132,995
5.50% due 7/20/2056⁽⁴⁾		300,000		301,474

Uniform Mortgage-Backed Security 4.00% due 7/1/2041⁽⁴⁾		461,000		447,665


Total Agency Mortgage-Backed Securities (Cost $15,305,625)				14,983,047
Asset-Backed Securities – 0.3%

Chesapeake Funding II LLC
Series 2024-1A, Class A1 5.52% due 5/15/2036⁽⁵⁾		64,740		65,136

Enterprise Fleet Financing LLC
Series 2023-3, Class A2 6.40% due 3/20/2030⁽⁵⁾		58,992		59,378
Series 2024-3, Class A3 4.98% due 8/21/2028⁽⁵⁾		300,000		301,781

Kubota Credit Owner Trust
Series 2023-2A, Class A3 5.28% due 1/18/2028⁽⁵⁾		63,209		63,436

Navient Private Education Refi Loan Trust
Series 2023-A, Class A 5.51% due 10/15/2071⁽⁵⁾		120,459		122,092


Total Asset-Backed Securities (Cost $609,014)				611,823

Corporate Bonds & Notes – 5.7%
Agriculture – 0.8%

BAT Capital Corp. 4.54% due 8/15/2047		10,000		8,244
5.35% due 8/15/2032		75,000		76,758
5.625% due 8/15/2035		313,000		322,553
7.079% due 8/2/2043		15,000		16,708

Imperial Brands Finance PLC 4.875% due 2/7/2032⁽⁵⁾		200,000		198,730
5.50% due 7/7/2036⁽⁵⁾		200,000		198,757


June 30, 2026 (unaudited)	Principal Amount		Value
Agriculture (continued)

Philip Morris International, Inc.
4.25% due 10/29/2032	$	153,000	$	148,371
4.625% due 10/29/2035		135,000		129,972
4.875% due 4/29/2036		85,000		83,213
5.25% due 2/13/2034		230,000		233,771
5.375% due 2/15/2033		50,000		51,322

Reynolds American, Inc. 5.85% due 8/15/2045		48,000		47,278


				1,515,677
Airlines – 0.0%
United Airlines Pass-Through Trust

Series 2016-1, Class AA 3.10% due 7/7/2028		33,089		32,407


				32,407
Auto Manufacturers – 0.0%

Hyundai Capital America 4.75% due 6/18/2029⁽⁵⁾		60,000		59,795


				59,795
Banks – 1.2%

Bank of Montreal
Series J 4.879% (4.879% fixed rate until 6/2/2031; 1 day USD SOFR + 0.96% thereafter) due 6/2/2032⁽³⁾		100,000		99,968

Commonwealth Bank of Australia 5.071% due 9/14/2028⁽⁵⁾		250,000		253,593

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		245,865
4.516% (4.516% fixed rate until 1/21/2031; 1 day USD SOFR + 0.96% thereafter) due 1/21/2032⁽³⁾		312,000		306,112
5.065% (5.065% fixed rate until 1/21/2036; 1 day USD SOFR + 1.19% thereafter) due 1/21/2037⁽³⁾		130,000		126,926

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		414,505
5.103% (5.103% fixed rate until 4/22/2030; 1 day USD SOFR + 1.44% thereafter) due 4/22/2031⁽³⁾		84,000		84,948
5.14% (5.14% fixed rate until 1/24/2030; 1 day USD SOFR + 1.01% thereafter) due 1/24/2031⁽³⁾		125,000		126,406
5.572% (5.572% fixed rate until 4/22/2035; 1 day USD SOFR + 1.68% thereafter) due 4/22/2036⁽³⁾		409,000		420,468


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Banks (continued)

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	$	128,302
4.654% (4.654% fixed rate until 10/18/2029; 1 day USD SOFR + 1.10% thereafter) due 10/18/2030⁽³⁾		161,000		160,132


				2,367,225
Beverages – 0.1%

Keurig Dr Pepper, Inc. 5.15% due 5/15/2035		142,000		140,337


				140,337
Commercial Services – 0.1%

ERAC USA Finance LLC 4.70% due 4/30/2031⁽⁵⁾		55,000		54,831
5.25% due 4/30/2036⁽⁵⁾		150,000		149,654


				204,485
Electric – 1.0%

AEP Texas, Inc. 5.85% due 10/15/2055		24,000		23,538
Series Q 5.20% due 4/15/2036		260,000		256,447

CenterPoint Energy Houston Electric LLC
Series AR 4.85% due 4/1/2036		165,000		161,600

Chpe LLC 5.10% due 6/30/2033⁽⁵⁾		96,000		95,747
5.35% due 6/30/2036⁽⁵⁾		146,000		145,541

Duke Energy Carolinas LLC 5.15% due 6/15/2036		200,000		200,202

Duke Energy Corp. 4.95% due 9/15/2035		45,000		44,038

Duke Energy Florida LLC 4.85% due 12/1/2035		55,000		53,918

Duke Energy Indiana LLC
Series DDDD 4.95% due 3/15/2036		10,000		9,829

FirstEnergy Pennsylvania Electric Co. 3.60% due 6/1/2029⁽⁵⁾		34,000		32,934

Ohio Edison Co. 4.95% due 12/15/2029⁽⁵⁾		20,000		20,145

Pacific Gas and Electric Co. 4.75% due 2/15/2044		60,000		50,806
4.95% due 7/1/2050		421,867		352,218
5.20% due 5/1/2036		10,000		9,713
6.00% due 5/1/2056		10,000		9,567

Public Service Co. of Oklahoma 5.45% due 1/15/2036		175,000		176,756

Southern California Edison Co. 4.00% due 4/1/2047		128,000		95,424

Southwestern Electric Power Co. 5.20% due 4/1/2036		143,000		141,112

Southwestern Public Service Co. 5.30% due 8/15/2036		140,000		139,626


				2,019,161


June 30, 2026 (unaudited)	Principal Amount		Value
Food – 0.4%

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings 5.50% due 1/15/2036	$	107,000	$	106,844
5.625% due 3/10/2037⁽⁵⁾		125,000		124,479
6.375% due 4/15/2066		155,000		152,133

Mars, Inc. 5.20% due 3/1/2035⁽⁵⁾		187,000		187,744
5.65% due 5/1/2045⁽⁵⁾		117,000		116,255
5.70% due 5/1/2055⁽⁵⁾		104,000		102,457


				789,912
Healthcare Services – 0.3%

HCA, Inc. 5.50% due 6/15/2047		10,000		9,317
5.60% due 4/1/2034		249,000		254,251
5.70% due 11/15/2055		78,000		74,317
5.95% due 9/15/2054		30,000		29,434
6.00% due 4/1/2054		25,000		24,696
6.20% due 3/1/2055		10,000		10,181

Providence St. Joseph Health Obligated Group 5.403% due 10/1/2033		110,000		112,419

Sutter Health
Series 20A 2.294% due 8/15/2030		25,000		22,751


				537,366
Insurance – 0.1%

American National Global Funding 5.00% due 6/22/2029⁽⁵⁾		50,000		49,843

Athene Global Funding 5.583% due 1/9/2029⁽⁵⁾		175,000		177,517

Sammons Financial Group Global Funding 5.10% due 6/22/2031⁽⁵⁾		35,000		34,855


				262,215

Oil & Gas – 0.1%

Diamondback Energy, Inc.
3.50% due 12/1/2029		76,000		73,296
5.75% due 4/18/2054		200,000		194,438


				267,734
Pipelines – 0.5%

Columbia Pipelines Holding Co. LLC
4.999% due 11/17/2032⁽⁵⁾		45,000		44,501
5.097% due 10/1/2031⁽⁵⁾		75,000		75,072

Columbia Pipelines Operating Co. LLC
5.927% due 8/15/2030⁽⁵⁾		120,000		124,627

Gray Oak Pipeline LLC
3.45% due 10/15/2027⁽⁵⁾		15,000		14,730

ONEOK, Inc.
5.05% due 11/1/2034		241,000		235,721
5.05% due 4/1/2045		202,000		178,041

Whistler Pipeline LLC
5.40% due 9/30/2029⁽⁵⁾		193,000		195,751
5.70% due 9/30/2031⁽⁵⁾		130,000		133,325


				1,001,768


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Real Estate Investment Trusts – 0.5%

American Tower Trust I
5.49% due 3/15/2028⁽⁵⁾	$	315,000	$	317,591

Kilroy Realty LP
2.65% due 11/15/2033		95,000		77,289
5.875% due 10/15/2035		199,000		196,688

VICI Properties LP
5.125% due 11/15/2031		412,000		410,199

WEA Finance LLC
2.875% due 1/15/2027⁽⁵⁾		20,000		19,807
3.50% due 6/15/2029⁽⁵⁾		45,000		43,261


				1,064,835
Semiconductors – 0.2%

Foundry JV Holdco LLC
5.90% due 1/25/2033⁽⁵⁾		200,000		208,450

Intel Corp. 4.60% due 3/25/2040		307,000		276,461


				484,911
Software – 0.2%

Oracle Corp.
3.60% due 4/1/2050		175,000		106,420
3.95% due 3/25/2051		35,000		22,392
4.00% due 7/15/2046		5,000		3,373
4.00% due 11/15/2047		10,000		6,663
4.125% due 5/15/2045		13,000		9,059
4.55% due 2/4/2029		70,000		69,007
5.875% due 9/26/2045		22,000		19,258
6.55% due 2/4/2046		90,000		84,842


				321,014
Telecommunications – 0.2%

AT&T, Inc.
4.75% due 5/15/2046		95,000		79,868
5.55% due 11/1/2045		165,000		155,041
5.85% due 4/30/2046		81,000		78,046
6.30% due 10/30/2066		50,000		49,554


				362,509

Total Corporate Bonds & Notes (Cost $11,490,767)				11,431,351
Municipals – 0.4%

Chicago Transit Authority Sales & Transfer Tax Receipts Revenue
Series A
6.899%due 12/1/2040		45,231		49,883

Dallas Fort Worth International Airport
Series A
4.087% due 11/1/2051		100,000		83,053

Metropolitan Transportation Authority
Series C2
5.175% due 11/15/2049		10,000		9,250

Municipal Electric Authority of Georgia
Series A
6.637% due 4/1/2057		142,000		151,606


June 30, 2026 (unaudited)	Principal Amount		Value
Municipals (continued)

Regents of the University of California Medical Center Pooled Revenue
Series N
3.006% due 5/15/2050	$	125,000	$	81,989

State of Illinois
5.10% due 6/1/2033		498,366		503,469

Texas Natural Gas Securitization Finance Corp.
5.169% due 4/1/2041		35,000		35,275


Total Municipals (Cost $972,663)				914,525
Non-Agency Mortgage-Backed Securities – 1.4%

BRAVO Residential Funding Trust
Series 2026-NQMR1, Class A1
5.395% due 8/25/2062(2)(3)(5)		209,969		209,297

BX Trust
Series 2025-ARIA, Class A
5.199% due 12/13/2042^(2)(3)(5)		50,000		50,091

Fannie Mae REMIC
Series 2019-42, Class LA
3.00% due 8/25/2049		202,409		184,872
Series 2020-27, Class HC
1.50% due 10/25/2049		307,714		241,637

Ginnie Mae REMIC
Series 2021-215, Class KA
2.50% due 10/20/2049		218,617		193,900

GS Mortgage-Backed Securities Trust
Series 2026-DSC1, Class A1
4.725% due 5/25/2066^(2)(3)(5)		254,901		250,284

Pretium Mortgage Credit Partners LLC
Series 2025-RPL2, Class A1
4.00% due 8/25/2064^(2)(3)(5)		225,106		217,692
Series 2025-RPL6, Class A1
3.85% due 9/25/2069^(2)(3)(5)		344,429		339,542
Series 2026-RPL1, Class A1
4.15% due 1/25/2070^(2)(3)(5)		179,628		173,481

PRPM Trust
Series 2026-RCF1, Class A1
4.845% due 1/25/2056^(2)(3)(5)		90,075		89,098

RFR Trust
Series 2025-SGRM, Class A
5.562% due 3/11/2041^(2)(3)(5)		174,333		175,291

Verus Securitization Trust
Series 2025-R2, Class A1
5.086% due 7/25/2067^(2)(3)(5)		281,784		279,671
Series 2026-R1, Class A1
4.832% due 10/25/2067^(2)(3)(5)		186,148		183,750
Series 2026-R2, Class A1
5.389% due 10/25/2067^(2)(3)(5)		142,532		142,282


Total Non-Agency Mortgage-Backed Securities (Cost $2,767,051)				2,730,888


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
U.S. Government Securities – 17.1%

U.S. Treasury Bonds
2.25% due 2/15/2052	$	566,900	$	341,314
2.375% due 5/15/2051		358,700		224,328
2.50% due 2/15/2045		133,100		93,347
2.50% due 2/15/2046		493,500		340,264
3.00% due 11/15/2044		70,500		53,924
3.25% due 5/15/2042		25,000		20,584
3.375% due 8/15/2042		29,600		24,699
3.625% due 2/15/2053		385,000		307,880
3.625% due 5/15/2053		232,300		185,649
3.875% due 2/15/2043		544,700		482,634
3.875% due 5/15/2043		536,200		473,930
4.00% due 11/15/2042		871,900		786,787
4.00% due 11/15/2052		389,300		333,095
4.125% due 8/15/2044		334,800		302,785
4.125% due 8/15/2053		148,300		129,542
4.25% due 2/15/2054		38,700		34,531
4.375% due 8/15/2043		478,600		450,033
4.50% due 2/15/2044		392,900		374,176
4.50% due 11/15/2054		211,400		196,792
4.625% due 5/15/2044		250,200		241,707
4.625% due 11/15/2044		382,000		368,138
4.625% due 11/15/2045		70,900		68,097
4.625% due 2/15/2046		350,900		336,809
4.625% due 5/15/2054		312,700		296,979
4.625% due 11/15/2055		368,300		350,403
4.75% due 11/15/2043		435,700		428,552
4.75% due 11/15/2053		377,800		365,492
4.75% due 5/15/2055		364,700		353,773
4.75% due 8/15/2055		156,900		152,236
4.75% due 2/15/2056		347,400		337,466
5.00% due 5/15/2045		108,600		109,525
5.00% due 5/15/2046		80,700		81,305
5.00% due 5/15/2056		332,300		335,831

U.S. Treasury Inflation-Indexed Notes
1.25% due 4/15/2031		344,399		333,660

U.S. Treasury Notes
3.375% due 11/30/2027		352,800		349,010
3.375% due 12/31/2027		1,011,600		1,000,022
3.375% due 2/29/2028		1,494,400		1,475,778
3.375% due 9/15/2028		610,700		600,538
3.50% due 10/31/2027		463,200		459,219
3.50% due 1/31/2028		1,290,500		1,277,192
3.50% due 1/15/2029		266,900		262,615
3.50% due 9/30/2029		379,300		371,595
3.50% due 11/30/2030		160,300		155,804
3.50% due 2/28/2031		625,800		607,442
3.625% due 8/31/2027		670,000		666,127
3.625% due 8/31/2030		693,700		678,661
3.625% due 10/31/2030		602,000		588,408
3.625% due 12/31/2030		415,800		406,006
3.75% due 8/15/2027		282,900		281,684
3.75% due 4/30/2028		893,500		887,043
3.75% due 1/31/2031		607,000		595,548
3.75% due 8/31/2031		378,700		370,416
3.75% due 10/31/2032		28,600		27,754
3.75% due 11/30/2032		78,800		76,436


June 30, 2026 (unaudited)	Principal Amount		Value
U.S. Government Securities (continued)
3.875% due 7/31/2027	$	109,800	$	109,487
3.875% due 10/15/2027		141,500		140,992
3.875% due 5/15/2029		230,900		229,114
3.875% due 12/31/2029		147,100		145,652
3.875% due 4/30/2030		449,200		444,340
3.875% due 6/30/2030		448,600		443,413
3.875% due 7/31/2030		351,300		347,156
3.875% due 3/31/2031		455,600		449,122
3.875% due 4/30/2031		1,585,400		1,562,610
3.875% due 8/31/2032		227,100		222,203
3.875% due 12/31/2032		389,300		380,145
4.00% due 12/15/2027		491,300		490,168
4.00% due 5/31/2028		226,700		226,036
4.00% due 1/31/2029		123,000		122,472
4.00% due 7/31/2029		310,500		309,020
4.00% due 10/31/2029		441,900		439,466
4.00% due 2/28/2030		306,500		304,644
4.00% due 3/31/2030		407,700		405,104
4.00% due 5/31/2030		793,600		788,237
4.00% due 7/31/2032		228,200		224,902
4.00% due 1/31/2033		563,400		553,783
4.125% due 9/30/2027		373,400		373,298
4.125% due 6/30/2028		618,100		617,786
4.125% due 10/31/2029		24,400		24,361
4.125% due 11/30/2029		429,200		428,529
4.125% due 5/31/2031		497,900		496,072
4.125% due 6/30/2031		100,000		99,648
4.125% due 3/31/2032		76,100		75,610
4.125% due 5/31/2032		77,300		76,747
4.125% due 4/30/2033		190,600		188,515
4.125% due 2/15/2036		723,100		705,474
4.25% due 1/15/2028		279,800		280,106
4.25% due 6/30/2029		509,000		510,153
4.25% due 3/31/2033		118,300		117,930
4.25% due 5/31/2033		321,500		320,294
4.375% due 12/31/2029		340,200		342,393
4.375% due 5/15/2036		565,800		562,794
4.50% due 5/31/2029		378,600		382,031
4.625% due 4/30/2031		12,600		12,825


Total U.S. Government Securities (Cost $35,241,443)				34,406,197
	Shares		Value
Exchange-Traded Funds – 0.6%

State Street SPDR S&P 500 ETF Trust		1,680		1,254,573


Total Exchange-Traded Funds (Cost $1,244,408)				1,254,573
	Principal Amount		Value
U.S. Treasury Bills – 0.9%

U.S. Treasury Bills 3.228% due 9/8/2026⁽⁶⁾	$	1,775,000		1,762,509


Total U.S. Treasury Bills (Cost $1,762,681)				1,762,509


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


June 30, 2026 (unaudited)	Principal Amount			Value
Repurchase Agreements – 0.7%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $1,365,093, due 7/1/2026⁽⁷⁾	$	1,365,053		$	1,365,053

Total Repurchase Agreements (Cost $1,365,053)					1,365,053

Total Investments before TBA Sale Commitments – 100.6% (Cost $170,552,881)					202,552,860

TBA Sale Commitments
Agency Mortgage-Backed Securities – (0.4)%

Government National Mortgage Association 3.00% due 7/20/2056⁽⁴⁾		(128,000	)		(113,580	)
4.00% due 7/20/2056⁽⁴⁾		(403,000	)		(374,555	)

Uniform Mortgage-Backed Security 4.50% due 7/1/2039⁽⁴⁾		(359,000	)		(354,719	)

Total TBA Sale Commitments (Proceeds $842,380)					(842,854	)

Liabilities in excess of other assets – (0.2)%					(332,806	)

Total Net Assets – 100.0%				$	201,377,200

⁽¹⁾	Non–income–producing security.

⁽²⁾	Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽³⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 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 June 30, 2026, the aggregate market value of these securities amounted to $5,902,294, representing 2.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽⁶⁾	Interest rate shown reflects the discount rate at time of purchase.

⁽⁷⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	1,392,400	$	1,392,443

Open futures contracts at June 30, 2026:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. 2-Year Treasury Note		September 2026		1		Long	$	208,622	$	206,133	$	(2,489)
U.S. 10-Year Treasury Note		September 2026		2		Long		217,955		219,781		1,826
Total							$	426,577	$	425,914	$	(663)

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


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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND


Assets (unaudited)	–––––––––––––––– Valuation Inputs ––––––––––––––––
Investments in Securities	Level 1			Level 2			Level 3		Total
Common Stocks	$	133,092,894		$	—		$	—	$	133,092,894
Agency Mortgage-Backed Securities		—			14,983,047			—		14,983,047
Asset-Backed Securities		—			611,823			—		611,823
Corporate Bonds & Notes		—			11,431,351			—		11,431,351
Municipals		—			914,525			—		914,525
Non-Agency Mortgage-Backed Securities		—			2,730,888			—		2,730,888
U.S. Government Securities		—			34,406,197			—		34,406,197
Exchange-Traded Funds		1,254,573			—			—		1,254,573
U.S. Treasury Bills		—			1,762,509			—		1,762,509
Repurchase Agreements		—			1,365,053			—		1,365,053
Total Investments in Securities	$	134,347,467		$	68,205,393		$	—	$	202,552,860
Other Financial Instruments
Futures		1,826			—			—		1,826
Total Assets	$	134,349,293		$	68,205,393		$	—	$	202,554,686
Liabilities
Futures		(2,489	)		—			—		(2,489	)
TBA Sale Commitments	$	—		$	(842,854	) $		—	$	(842,854	)
Total Liabilities	$	(2,489	)	$	(842,854	)	$	—	$	(845,343	)


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

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	202,552,860

Receivable for investments sold		2,647,003

Dividends/interest receivable		577,333

Cash deposits with brokers for futures contracts		5,445

Receivable for fund shares subscribed		629

Prepaid expenses		3,361


Total Assets		205,786,631


Liabilities

TBA sale commitments, at value		842,854

Payable for investments purchased		3,035,665

Payable for fund shares redeemed		290,154

Investment advisory fees payable		78,889

Accrued custodian and accounting fees		56,261

Distribution fees payable		41,088

Accrued administrative fees		20,716

Accrued audit fees		18,979

Accrued legal fees		8,385

Accrued transfer agent fees		7,963

Payable for variation margin on futures contracts		6,167

Accrued trustees’ and officers’ fees		1,333

Accrued expenses and other liabilities		977


Total Liabilities		4,409,431


Total Net Assets	$	201,377,200


Net Assets Consist of:

Paid-in capital	$	112,633,737

Distributable earnings		88,743,463


Total Net Assets	$	201,377,200

Investments, at Cost	$	170,552,881

TBA Sale Commitments, Proceeds	$	842,380


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		13,256,080

Net Asset Value Per Share		$15.19


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Interest	$	1,514,189

Dividends		593,803

Withholding taxes on foreign dividends		(2,386	)


Total Investment Income		2,105,606


Expenses

Investment advisory fees		469,623

Distribution fees		244,595

Custodian and accounting fees		50,385

Professional fees		40,702

Trustees’ and officers’ fees		33,311

Administrative fees		25,184

Transfer agent fees		10,911

Shareholder reports		3,649

Other expenses		6,635


Total Expenses		884,995


Net Investment Income/(Loss)		1,220,611


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

Net realized gain/(loss) from investments		6,315,296

Net realized gain/(loss) from futures contracts		6,638

Net realized gain/(loss) from foreign currency transactions		1

Net change in unrealized appreciation/(depreciation) on investments		3,961,898

Net change in unrealized appreciation/(depreciation) on futures contracts		(663	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(8	)


Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions		10,283,162


Net Increase in Net Assets Resulting From Operations	$	11,503,773


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

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND


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

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	1,220,611		$	2,767,358

Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		6,321,935			19,626,982

Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies		3,961,227			2,876,618


Net Increase in Net Assets Resulting from Operations		11,503,773			25,270,958


Capital Share Transactions

Proceeds from sales of shares		1,725,529			2,601,421

Cost of shares redeemed		(15,393,455	)		(43,508,454	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(13,667,926	)		(40,907,033	)


Net Decrease in Net Assets		(2,164,153	)		(15,636,075	)


Net Assets

Beginning of period		203,541,353			219,177,428


End of period	$	201,377,200		$	203,541,353


Other Information:

Shares

Sold		120,020			191,258

Redeemed		(1,072,472	)		(3,253,840	)


Net Decrease		(952,452	)		(3,062,582	)


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

This Page Intentionally Left Blank


				11

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND


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

Six Months Ended 6/30/26	$	14.33	$	0.09	$	0.77	$	0.86	$	15.19		6.00%	⁽⁴⁾

Year Ended 12/31/25		12.69		0.18		1.46		1.64		14.33		12.92%

Year Ended 12/31/24		11.15		0.17		1.37		1.54		12.69		13.81%

Year Ended 12/31/23		9.46		0.14		1.55		1.69		11.15		17.86%

Period Ended 12/31/22⁽⁵⁾		10.00		0.07		(0.61)		(0.54)		9.46		(5.40)%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND



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

$	201,377		0.90%	⁽⁴⁾		0.90%	⁽⁴⁾		1.25%	⁽⁴⁾		1.25%	⁽⁴⁾		55%	⁽⁴⁾

	203,541		0.91%			0.91%			1.33%			1.33%			137%

	219,177		0.89%			0.89%			1.39%			1.39%			82%

	221,902		0.88%			0.88%			1.41%			1.41%			93%

	214,197		0.86%	⁽⁴⁾		0.86%	⁽⁴⁾		1.17%	⁽⁴⁾		1.17%	⁽⁴⁾		59%	⁽⁴⁾

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

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

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

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

⁽⁵⁾	Commenced operations on May 2, 2022.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

June 30, 2026 (unaudited)

1. Organization

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

The Fund seeks to provide capital appreciation and moderate current income while seeking to manage volatility.

2. Significant Accounting Policies

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


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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

•

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

•

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

In determining a financial instrument’s placement within the hierarchy, the Trust separates the Fund’s investment

portfolio into two categories: investments and derivatives (e.g., futures). A summary of inputs used to value the Fund’s assets and liabilities carried at fair value as of June 30, 2026 is included in the Schedule of Investments.


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

Certain non-exchange-traded derivatives, such as generic forwards, certain swaps, options and swaptions, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.

e. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps and swaptions on individual obligations or credit indices. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer’s credit quality characteristics without investing directly in that issuer.

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

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps or swaptions held during the six months ended June 30, 2026.


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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

g. Foreign Tax The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. During the six months ended June 30, 2026, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

h. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as

dividends, capital gains and/or return of capital. Interest income, which includes amortization/ accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

j. Segment Reporting Certain officers of the Fund, including the Fund’s Principal Executive and Principal Financial officers, serve as the Fund’s chief operating decision maker (“CODM”) for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund’s long-term strategic asset allocation is determined in accordance with Fund’s investment objective and principal investment strategies as disclosed in the Fund’s prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.48% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

litigation and extraordinary expenses).The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue did not waive any fees or pay any Fund expenses.

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

4. Federal Income Taxes

addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	80,209,860	$	27,923,931
Sales		94,734,732		26,056,824


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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

income from these investments, together with any additional fee income received on a sale, is intended to generate income for the Fund. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll transaction, while substantially similar, may be inferior to the securities initially sold by the Fund to the counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund’s forward sale commitment may increase above the exercise price of the forward commitment. Dollar rolls (and when-issued, delayed delivery and to-be-announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund’s portfolio turnover rate.

g. Restricted and Illiquid Securities A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust’s Board of Trustees and are noted, if any, in the Fund’s Schedule of Investments. As of June 30, 2026, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

h. Below Investment Grade Securities The Fund may invest in below investment grade securities (i.e. lower-quality, “junk” debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline .

i. Mortgage- and Asset-Backed Securities The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market’s perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as “Ginnie Mae”), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as “Fannie Mae” and “Freddie Mac”), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as “prepayment risk”) or later (known as “extension risk”) than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

j. Treasury Inflation Protected Securities Treasury inflation protected securities (“TIPS”) are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index (“CPI”). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face

amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

k. Derivative Instruments Investments in derivatives (including short exposures through derivatives) pose risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2026 to manage portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange traded futures, the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

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

Generally, the Fund will enter into credit default swaps on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two


20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

payments. Swaps, including credit default swaps do not normally involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to credit default swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a credit default swap defaults, a Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

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

As of June 30, 2026, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts

Asset Derivatives
Futures Contracts¹	$	1,826

Liability Derivatives
Futures Contracts¹	$	(2,489	)

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

Transactions in derivative investments for the six months June 30, 2026 were as follows:



	Interest Rate Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	6,638


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	(663	)


Average Number of Notional Amounts
Futures Contracts³		3

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

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

³	Amount represents number of contracts.

l. Market Risk An investment in the Fund is based on the values of the Fund’s investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The

risks associated with these developments, or the threat or potential of one or more such events and developments, may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

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

6. Temporary Borrowings

7. Indemnifications


				21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


22

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Not applicable.

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

Not applicable.

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

Included in Item 7.

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

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory


				23

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services


24

SUPPLEMENTAL INFORMATION (UNAUDITED)

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

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

Fees and Expenses


				25

SUPPLEMENTAL INFORMATION (UNAUDITED)

consideration and approval of the management fees and their evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

Economies of Scale

Ancillary Benefits

cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

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

•

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

•

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

Guardian Balanced Allocation VIP Fund

•

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

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.


26

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

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

Guardian Core Fixed Income VIP Fund

•

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Core Plus Fixed Income VIP Fund

•

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

Guardian Diversified Research VIP Fund

•

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

•

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

•

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

Guardian Equity Income VIP Fund

•

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

•

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

•

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

Guardian Global Utilities VIP Fund

•

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

•

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

Guardian Growth & Income VIP Fund

•

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

•

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

Guardian Integrated Research VIP Fund

•

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

•

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


				27

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian International Equity VIP Fund

•

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

•

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

•

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

Guardian International Growth VIP Fund

•

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

•

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

•

Guardian Large Cap Disciplined Growth VIP Fund

•

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

•

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

•

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

Guardian Large Cap Disciplined Value VIP Fund

•

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

•

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

Guardian Large Cap Fundamental Growth VIP Fund

•

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

•

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

•

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

Guardian Mid Cap Relative Value VIP Fund

•

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

•

Guardian Mid Cap Traditional Growth VIP Fund

•

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

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index


28

SUPPLEMENTAL INFORMATION (UNAUDITED)

for the 1-year and 3-year periods and lower than the Bloomberg US Aggregate Bond Index for the 5-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

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

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

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

Guardian Short Duration Bond VIP Fund

•

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

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian Small-Mid Cap Core VIP Fund

•

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

•

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

•

The Board approved a new Subadviser effective during 2026.

•

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

Guardian Strategic Large Cap Core VIP Fund

•

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

•

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

•

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

Guardian Total Return Bond VIP Fund

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

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

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the


				29

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

•

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

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


30

LOGO

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

PUB11738

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Equity Income VIP Fund

LOGO


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

TABLE OF CONTENTS

Guardian Equity Income VIP Fund



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

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

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

SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 98.4%

Aerospace & Defense – 2.0%

Honeywell Aerospace, Inc.⁽¹⁾		29,098	$	6,432,986

L3Harris Technologies, Inc.		38,466		11,177,835


				17,610,821
Banks – 5.3%

Bank of America Corp.		233,226		13,289,218

Huntington Bancshares, Inc.		1,039,970		18,438,668

M&T Bank Corp.		64,408		15,329,748


				47,057,634
Beverages – 3.1%

Constellation Brands, Inc., Class A		29,935		4,163,659

Keurig Dr Pepper, Inc.		472,749		15,473,075

Pernod Ricard SA (France)		99,324		7,252,630


				26,889,364
Biotechnology – 1.3%

Gilead Sciences, Inc.		88,646		11,199,536


				11,199,536
Building Products – 0.9%

Johnson Controls International PLC		52,231		7,631,471


				7,631,471
Capital Markets – 6.9%

Ares Management Corp., Class A		83,653		9,311,416

Charles Schwab Corp.		76,486		7,057,363

Intercontinental Exchange, Inc.		78,946		9,719,042

Nasdaq, Inc.		144,171		11,363,558

Raymond James Financial, Inc.		74,471		11,321,826

S&P Global, Inc.		29,153		11,872,851


				60,646,056
Chemicals – 0.9%

PPG Industries, Inc.		66,082		8,015,086


				8,015,086
Communications Equipment – 1.3%

Cisco Systems, Inc.		97,569		11,460,455


				11,460,455
Consumer Finance – 1.2%

Capital One Financial Corp.		54,710		10,975,920


				10,975,920
Containers & Packaging – 1.0%

Avery Dennison Corp.		56,219		9,127,155


				9,127,155
Electric Utilities – 2.7%

American Electric Power Co., Inc.		105,542		14,439,201

PPL Corp.		265,594		9,654,342


				24,093,543


June 30, 2026 (unaudited)	Shares		Value
Electrical Equipment – 2.3%

Eaton Corp. PLC		24,354	$	10,377,726

Emerson Electric Co.		68,884		9,860,745


				20,238,471
Electronic Equipment, Instruments & Components – 1.9%

TE Connectivity PLC		81,015		16,333,434


				16,333,434

Entertainment – 1.4%

Walt Disney Co.		127,273		12,250,026


				12,250,026
Financial Services – 2.0%

Equitable Holdings, Inc.		140,177		6,150,967

Visa, Inc., Class A		34,300		11,767,987


				17,918,954
Food Products – 1.1%

Archer-Daniels-Midland Co.		124,728		9,529,219


				9,529,219
Gas Utilities – 1.1%

Atmos Energy Corp.		57,959		9,984,597


				9,984,597
Health Care Equipment & Supplies – 1.1%

Becton Dickinson & Co.		64,207		9,716,445


				9,716,445
Health Care Providers & Services – 4.3%

Cardinal Health, Inc.		38,733		9,201,412

CVS Health Corp.		130,476		13,497,742

Elevance Health, Inc.		38,621		14,935,899


				37,635,053
Household Products – 0.8%

Kimberly-Clark Corp.		67,932		7,456,896


				7,456,896
Industrial Conglomerates – 0.2%

Honeywell International, Inc.		6,199		1,387,844


				1,387,844
Insurance – 4.2%

American International Group, Inc.		163,936		12,218,150

Marsh & McLennan Cos., Inc.		79,413		13,235,765

Progressive Corp.		51,945		11,347,385


				36,801,300
Life Sciences Tools & Services – 0.8%

Danaher Corp.		34,910		6,649,657


				6,649,657
Machinery – 1.1%

PACCAR, Inc.		79,929		9,601,071


				9,601,071
Metals & Mining – 1.5%

Anglo American PLC (United Kingdom)		261,608		12,812,882


				12,812,882


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

SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Multi-Utilities – 2.3%

Dominion Energy, Inc.		139,763	$	9,544,415

Sempra		114,005		10,569,404


				20,113,819
Oil, Gas & Consumable Fuels – 5.7%

Diamondback Energy, Inc.		105,017		18,459,888

EQT Corp.		183,481		9,755,685

Targa Resources Corp.		33,933		9,098,794

Williams Cos., Inc.		168,123		12,498,264


				49,812,631

Personal Care Products – 2.0%

Unilever PLC, ADR		289,235		17,388,808


				17,388,808
Pharmaceuticals – 9.7%

AstraZeneca PLC		57,724		10,945,625

Eli Lilly & Co.		7,975		9,565,454

Johnson & Johnson		71,802		18,235,554

Merck & Co., Inc.		189,512		24,352,292

Pfizer, Inc.		254,887		6,137,679

Roche Holding AG		23,930		9,850,127

Zoetis, Inc.		89,951		6,463,879


				85,550,610
Professional Services – 1.4%

Automatic Data Processing, Inc.		53,400		11,958,930


				11,958,930
Residential REITs – 1.1%

Sun Communities, Inc.		81,691		9,795,568


				9,795,568
Semiconductors & Semiconductor Equipment – 4.0%

Broadcom, Inc.		39,881		15,065,048

NVIDIA Corp.		45,598		9,123,704

NXP Semiconductors NV		40,306		11,327,195


				35,515,947
Software – 6.2%

Microsoft Corp.		124,393		46,401,077

Roper Technologies, Inc.		24,230		8,199,189


				54,600,266
Specialized REITs – 5.5%

Crown Castle, Inc.		189,684		14,364,769

Gaming & Leisure Properties, Inc.		348,466		15,517,191

Lamar Advertising Co., Class A		58,487		9,122,802

Weyerhaeuser Co.		406,817		9,739,199


				48,743,961
Specialty Retail – 2.6%

Dick’s Sporting Goods, Inc.		53,783		12,198,522

Industria de Diseno Textil SA (Spain)		165,588		10,436,060


				22,634,582


June 30, 2026 (unaudited)	Shares		Value
Technology Hardware, Storage & Peripherals – 1.2%

NetApp, Inc.		69,382	$	10,737,558


				10,737,558
Tobacco – 1.2%

Philip Morris International, Inc.		59,993		10,853,334


				10,853,334
Trading Companies & Distributors – 2.5%

Ferguson Enterprises, Inc.		53,550		12,709,021

Sunbelt Rentals Holdings, Inc.		130,888		9,552,586


				22,261,607
Water Utilities – 1.3%

American Water Works Co., Inc.		87,702		11,539,829


				11,539,829
Wireless Telecommunication Services – 1.3%

T-Mobile U.S., Inc.		70,820		11,878,639


				11,878,639

Total Common Stocks (Cost $796,144,744)				866,408,979

	Principal Amount		Value
Repurchase Agreements – 1.7%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $14,549,963, due 7/1/2026⁽²⁾	$	14,549,535		14,549,535

Total Repurchase Agreements (Cost $14,549,535)				14,549,535

Total Investments – 100.1% (Cost $810,694,279)				880,958,514

Liabilities in excess of other assets – (0.1)%				(607,822	)

Total Net Assets – 100.0%			$	880,350,692

⁽¹⁾	Non–income–producing security.

⁽²⁾	The table below presents collateral for repurchase agreements.

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

4.00%

12/15/2027

14,840,600

14,840,637

Legend:

ADR—American Depositary Receipt

REITs—Real Estate Investment Trusts


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

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	816,504,694	$	49,904,285	*	$	—	$	866,408,979
Repurchase Agreements		—		14,549,535			—		14,549,535
Total	$	816,504,694	$	64,453,820		$	—	$	880,958,514

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


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

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	880,958,514

Foreign currency, at value		11

Receivable for investments sold		1,387,145

Dividends/interest receivable		1,275,338

Foreign tax reclaims receivable		100,005

Reimbursement receivable from adviser		32,328

Prepaid expenses		15,923


Total Assets		883,769,264


Liabilities

Payable for investments purchased		2,248,057

Payable for fund shares redeemed		647,108

Investment advisory fees payable		364,071

Accrued administrative fees		62,333

Accrued legal fees		34,358

Accrued custodian and accounting fees		31,979

Accrued audit fees		15,957

Accrued transfer agent fees		7,556

Accrued trustees’ and officers’ fees		2,979

Accrued expenses and other liabilities		4,174


Total Liabilities		3,418,572


Total Net Assets	$	880,350,692


Net Assets Consist of:

Paid-in capital	$	669,154,827

Distributable earnings		211,195,865


Total Net Assets	$	880,350,692


Investments, at Cost	$	810,694,279


Foreign Currency, at Cost	$	11


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		59,124,630

Net Asset Value Per Share		$14.89


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	11,938,851

Interest		69,214

Withholding taxes on foreign dividends		(94,288	)


Total Investment Income		11,913,777


Expenses

Investment advisory fees		2,213,682

Trustees’ and officers’ fees		148,051

Professional fees		111,842

Administrative fees		75,975

Custodian and accounting fees		39,711

Transfer agent fees		10,737

Shareholder reports		7,776

Other expenses		20,610


Total Expenses		2,628,384

Less: Fees waived		(193,334	)


Total Expenses, Net		2,435,050


Net Investment Income/(Loss)		9,478,727


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

Net realized gain/(loss) from investments		45,629,686

Net realized gain/(loss) from foreign currency transactions		168

Net change in unrealized appreciation/(depreciation) on investments		5,473,298

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(2,630	)


Net Gain on Investments and Foreign Currency Transactions		51,100,522


Net Increase in Net Assets Resulting From Operations	$	60,579,249


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

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND


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

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	9,478,727		$	15,122,305

Net realized gain/(loss) from investments and foreign currency transactions		45,629,854			51,978,848

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		5,470,668			57,114,132


Net Increase in Net Assets Resulting from Operations		60,579,249			124,215,285


Capital Share Transactions

Proceeds from sales of shares		5,135,593			790,873,244	⁽¹⁾

Cost of shares redeemed		(84,671,568	)		(140,053,534	)


Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(79,535,975	)		650,819,710


Net Increase/(Decrease) in Net Assets		(18,956,726	)		775,034,995


Net Assets

Beginning of period		899,307,418			124,272,423


End of period	$	880,350,692		$	899,307,418


Other Information:

Shares

Sold		350,683			64,985,263

Redeemed		(5,825,226	)		(10,633,775	)


Net Decrease		(5,474,543	)		54,351,488

⁽¹⁾	Includes in-kind subscriptions of $738,248,836. The cost basis of the contributed securities is equal to the market value of the securities on the date of the subscription.


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

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND


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

Six Months Ended 6/30/26	$	13.92	$	0.15	$	0.82	$	0.97	$	14.89		6.97%	⁽⁴⁾

Year Ended 12/31/25		12.13		0.30		1.49		1.79		13.92		14.76%

Year Ended 12/31/24		11.02		0.28		0.83		1.11		12.13		10.07%

Year Ended 12/31/23		10.26		0.27		0.49		0.76		11.02		7.41%

Period Ended 12/31/22⁽⁵⁾		10.00		0.18		0.08		0.26		10.26		2.60%	⁽⁴⁾


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

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND



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

$	880,351		0.55	%⁽⁴⁾		0.59	%⁽⁴⁾		2.14	%⁽⁴⁾		2.10	%⁽⁴⁾		35	%⁽⁴⁾

	899,307		0.56	%		0.59	%		2.29	%		2.26	%		152	%

	124,272		0.63	%		0.67	%		2.38	%		2.34	%		37	%

	138,875		0.55	%		0.65	%		2.60	%		2.50	%		37	%

	143,109		0.54	%⁽⁴⁾		0.64	%⁽⁴⁾		2.68	%⁽⁴⁾		2.58	%⁽⁴⁾		36	%⁽⁴⁾

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

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

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

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

⁽⁵⁾	Commenced operations on May 2, 2022.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

June 30, 2026 (unaudited)

1. Organization

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

The Fund seeks a high level of current income consistent with growth of capital.

2. Significant Accounting Policies

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


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

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

•

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

•

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

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate

investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/ accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

3. Transactions with Affiliates

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


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $193,334.

4. Federal Income Taxes

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $312,878,958 and $393,141,113, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but

are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

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

6. Temporary Borrowings

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial

statements were issued and has determined that there was the following subsequent event:

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND



Target Portfolio		Acquiring Portfolio
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

SUPPLEMENTAL INFORMATION (UNAUDITED)

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

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

VIP Fund; Guardian Small Cap Value Diversified VIP Fund; Guardian Small-Mid Cap Core VIP Fund; Guardian Strategic Large Cap Core VIP Fund; Guardian Total Return Bond VIP Fund and Guardian U.S. Government/Credit VIP Fund (each, a “Fund,” and together, the “Funds”), in substantially the form presented at the Meeting (the “Management Agreement”); and Park Avenue Institutional Advisers LLC (the “Manager”) for a one-year term.


14

SUPPLEMENTAL INFORMATION (UNAUDITED)

“Agreements”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Subadviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the Meeting, for a one-year term.

scale may exist, and the extent to which the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Subadvisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group, the


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

actual management fee was in the 2^nd quintile of the expense group and the total expenses were in the 4^th quintile of the expense group (but still within one basis point of median for total expenses).

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile

of the expense group and the total expenses were in the 4^th quintile of the expense group (but still within one basis point of median for total expenses).

Conclusion


				21

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB11739

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Select Mid Cap Core VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian Select Mid Cap Core VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			6

Statement of Operations			6

Statements of Changes in Net Assets			7

Financial Highlights			8

Notes to Financial Statements			10

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			16

Item 9. Proxy Disclosures for Open-End Management Investment Companies			16

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			16

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			16

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 98.8%

Aerospace & Defense – 5.3%

Arxis, Inc., Class A⁽¹⁾		390	$	17,995

Carpenter Technology Corp.		5,500		3,392,620

Curtiss-Wright Corp.		660		500,122

HEICO Corp., Class A		5,886		1,518,058

Howmet Aerospace, Inc.		6,540		1,758,344

StandardAero, Inc.⁽¹⁾		1,010		30,209

Woodward, Inc.		4,730		2,012,331


				9,229,679
Automobile Components – 0.5%

Aptiv PLC⁽¹⁾		11,399		699,671

LCI Industries		1,231		130,338


				830,009
Banks – 6.0%

East West Bancorp, Inc.		11,311		1,460,137

Eastern Bankshares, Inc.		35,669		793,279

First Horizon Corp.		29,710		761,764

FNB Corp.		53,338		1,017,689

Hancock Whitney Corp.		15,359		1,147,624

Pinnacle Financial Partners, Inc.		11,915		1,201,985

Popular, Inc.		5,788		950,274

UMB Financial Corp.		6,835		975,765

Western Alliance Bancorp		10,325		848,715

Wintrust Financial Corp.		8,290		1,332,369


				10,489,601
Beverages – 0.4%

Celsius Holdings, Inc.⁽¹⁾		7,251		212,310

Coca-Cola Consolidated, Inc.		2,472		471,954


				684,264
Biotechnology – 2.3%

Caris Life Sciences, Inc.⁽¹⁾		26,800		477,576

Legend Biotech Corp., ADR⁽¹⁾		19,230		555,362

Moderna, Inc.⁽¹⁾		7,500		525,225

Neurocrine Biosciences, Inc.⁽¹⁾		680		114,604

Roivant Sciences Ltd.⁽¹⁾		37,000		1,309,430

United Therapeutics Corp.⁽¹⁾		870		471,392

Veracyte, Inc.⁽¹⁾		11,100		651,903


				4,105,492
Broadline Retail – 0.5%

Etsy, Inc.⁽¹⁾		5,638		424,711

Ollie’s Bargain Outlet Holdings, Inc.⁽¹⁾		5,806		446,365


				871,076
Building Products – 2.4%

Armstrong World Industries, Inc.		1,200		192,504

Carlisle Cos., Inc.		3,066		1,112,192

Louisiana-Pacific Corp.		8,093		636,595

Madison Air Solutions Corp., Class A⁽¹⁾		1,500		58,500

Owens Corning		2,280		362,429

Simpson Manufacturing Co., Inc.		6,880		1,440,328

Trex Co., Inc.⁽¹⁾		6,480		324,259


				4,126,807


June 30, 2026 (unaudited)	Shares		Value
Capital Markets – 2.5%

Amundi SA (France)⁽²⁾		4,690	$	450,106

Blue Owl Capital, Inc.		46,336		405,440

Carlyle Group, Inc.		14,663		617,459

Evercore, Inc., Class A		2,636		900,036

Marex Group PLC		13,013		793,142

Patria Investments Ltd., Class A		42,474		466,364

Raymond James Financial, Inc.		4,496		683,527


				4,316,074
Chemicals – 1.3%

Avient Corp.		15,732		581,455

RPM International, Inc.		10,426		1,158,850

Westlake Corp.		6,259		456,907


				2,197,212
Commercial Services & Supplies – 0.6%

Brink’s Co.		10,376		980,428


				980,428
Communications Equipment – 0.2%

Ciena Corp.⁽¹⁾		673		330,147


				330,147
Construction & Engineering – 2.3%

Comfort Systems USA, Inc.		1,050		2,081,048

EMCOR Group, Inc.		1,330		1,103,740

WillScot Holdings Corp.		30,105		868,830


				4,053,618
Construction Materials – 0.6%

Eagle Materials, Inc.		4,714		1,060,650


				1,060,650
Consumer Finance – 1.0%

FirstCash Holdings, Inc.		2,138		462,492

SLM Corp.		52,627		1,365,145


				1,827,637
Consumer Staples Distribution & Retail – 2.2%

Albertsons Cos., Inc., Class A		17,363		234,921

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		7,741		675,170

Maplebear, Inc.⁽¹⁾		6,251		295,985

Performance Food Group Co.⁽¹⁾		8,245		921,709

Sprouts Farmers Market, Inc.⁽¹⁾		5,226		442,015

U.S. Foods Holding Corp.⁽¹⁾		11,718		1,198,165


				3,767,965
Containers & Packaging – 0.6%

Crown Holdings, Inc.		10,098		1,129,158


				1,129,158
Diversified Consumer Services – 0.7%

Service Corp. International		16,643		1,264,202


				1,264,202
Electric Utilities – 1.0%

IDACORP, Inc.		1,333		201,683

OGE Energy Corp.		14,535		707,273

Pinnacle West Capital Corp.		3,300		353,100

Portland General Electric Co.		8,854		458,903


				1,720,959


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Electrical Equipment – 2.1%

Acuity, Inc.		2,150	$	809,819

Dpc Holdings Ltd.⁽¹⁾		300		14,718

Forgent Power Solutions, Inc.⁽¹⁾		1,460		81,556

Nextpower, Inc., Class A⁽¹⁾		7,910		942,397

nVent Electric PLC		11,020		1,869,102


				3,717,592
Electronic Equipment, Instruments & Components – 3.4%

Cognex Corp.		4,400		318,648

Coherent Corp.⁽¹⁾		1,891		745,943

Flex Ltd.⁽¹⁾		9,094		1,473,865

TD SYNNEX Corp.		8,541		2,283,351

TTM Technologies, Inc.⁽¹⁾		5,810		1,086,586


				5,908,393
Energy Equipment & Services – 1.0%

Liberty Energy, Inc.		22,885		599,358

Noble Corp. PLC		9,152		341,370

Weatherford International PLC		9,393		765,529


				1,706,257
Entertainment – 0.6%

Roku, Inc.⁽¹⁾		5,509		761,013

Warner Music Group Corp., Class A		9,787		264,934


				1,025,947
Financial Services – 1.4%

Corebridge Financial, Inc.		25,497		729,979

NMI Holdings, Inc.⁽¹⁾		14,759		606,448

Voya Financial, Inc.		12,506		1,132,168


				2,468,595
Food Products – 0.5%

Darling Ingredients, Inc.⁽¹⁾		8,955		489,122

Ingredion, Inc.		2,641		250,129

Pilgrim’s Pride Corp.		1,036		29,122

Post Holdings, Inc.⁽¹⁾		941		83,053


				851,426
Gas Utilities – 1.0%

National Fuel Gas Co.		6,653		513,678

Southwest Gas Holdings, Inc.		5,514		488,981

UGI Corp.		20,929		722,888


				1,725,547
Ground Transportation – 3.2%

Knight-Swift Transportation Holdings, Inc.		6,720		523,287

Landstar System, Inc.		8,388		1,734,722

XPO, Inc.⁽¹⁾		15,811		3,245,840


				5,503,849
Health Care Providers & Services – 1.1%

Alignment Healthcare, Inc.⁽¹⁾		20,000		476,200

BrightSpring Health Services, Inc.⁽¹⁾		5,680		396,123

Privia Health Group, Inc.⁽¹⁾		24,930		641,449

Tenet Healthcare Corp.⁽¹⁾		2,600		486,408


				2,000,180


June 30, 2026 (unaudited)	Shares		Value
Health Care REITs – 1.2%

CareTrust REIT, Inc.		18,600	$	750,510

National Healthcare Properties, Inc.⁽¹⁾		14,600		213,890

Ventas, Inc.		12,333		1,095,170


				2,059,570
Hotels, Restaurants & Leisure – 3.0%

Aramark		21,392		1,217,205

Brinker International, Inc.⁽¹⁾		4,966		834,288

Dutch Bros, Inc., Class A⁽¹⁾		13,467		967,065

Lindblad Expeditions Holdings, Inc.⁽¹⁾		20,754		586,093

Planet Fitness, Inc., Class A⁽¹⁾		7,552		393,988

Wingstop, Inc.		4,614		800,114

Wynn Resorts Ltd.		4,763		462,439


				5,261,192

Household Durables – 2.1%

Meritage Homes Corp.		7,255		608,332

Somnigroup International, Inc.		19,239		1,508,338

Toll Brothers, Inc.		9,511		1,566,937


				3,683,607
Independent Power and Renewable Electricity Producers – 1.0%

Ormat Technologies, Inc.		4,734		515,533

Talen Energy Corp.⁽¹⁾		3,274		1,258,067


				1,773,600
Industrial REITs – 1.0%

EastGroup Properties, Inc.		4,610		933,663

Terreno Realty Corp.		12,670		820,636


				1,754,299
Insurance – 3.6%

American Financial Group, Inc.		8,512		1,191,169

Assurant, Inc.		3,059		821,433

Baldwin Insurance Group, Inc.⁽¹⁾		41,902		1,113,755

Reinsurance Group of America, Inc.		9,033		1,920,868

Selective Insurance Group, Inc.		4,967		481,849

Unum Group		9,391		839,555


				6,368,629
Interactive Media & Services – 0.3%

Pinterest, Inc., Class A⁽¹⁾		25,599		538,347


				538,347
IT Services – 3.0%

DigitalOcean Holdings, Inc.⁽¹⁾		6,080		954,742

Okta, Inc.⁽¹⁾		10,700		1,460,015

Twilio, Inc., Class A⁽¹⁾		13,357		2,755,950


				5,170,707
Life Sciences Tools & Services – 2.9%

10X Genomics, Inc., Class A⁽¹⁾		21,800		835,812

Bio-Techne Corp.		7,500		529,875

Illumina, Inc.⁽¹⁾		6,800		1,195,644

Repligen Corp.⁽¹⁾		7,100		968,724

Sartorius Stedim Biotech (France)		3,650		758,025

West Pharmaceutical Services, Inc.		2,000		718,000


				5,006,080


2				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Machinery – 5.8%

Allison Transmission Holdings, Inc.		7,586	$	855,246

Crane Co.		8,160		1,820,251

Dover Corp.		2,130		477,716

Esab Corp.		13,500		1,331,505

Flowserve Corp.		26,925		1,996,758

ITT, Inc.		10,711		2,118,207

RBC Bearings, Inc.⁽¹⁾		2,360		1,519,982


				10,119,665
Marine Transportation – 1.3%

Kirby Corp.⁽¹⁾		16,892		2,296,805


				2,296,805
Media – 0.6%

New York Times Co., Class A		8,973		627,931

Nexstar Media Group, Inc.		1,073		191,627

Sirius XM Holdings, Inc.		5,710		168,673


				988,231
Metals & Mining – 2.2%

Century Aluminum Co.⁽¹⁾		6,824		313,972

Coeur Mining, Inc.		38,348		625,839

Lundin Mining Corp. (Canada)		46,504		1,133,212

Reliance, Inc.		4,679		1,748,075


				3,821,098

Office REITs – 0.8%

Douglas Emmett, Inc.		20,900		246,620

Postal Realty Trust, Inc., Class A		45,588		1,123,288


				1,369,908

Oil, Gas & Consumable Fuels – 3.3%

Antero Resources Corp.⁽¹⁾		23,987		842,903

HF Sinclair Corp.		14,750		1,027,338

Northern Oil & Gas, Inc.		10,764		195,367

Ovintiv, Inc.		20,994		1,105,334

Permian Resources Corp., Class A		69,220		1,274,340

Plains All American Pipeline LP		22,963		511,156

Targa Resources Corp.		3,073		823,994


				5,780,432

Personal Care Products – 0.1%

e.l.f. Beauty, Inc.⁽¹⁾		2,031		150,294


				150,294

Pharmaceuticals – 2.2%

Elanco Animal Health, Inc.⁽¹⁾		56,000		1,378,160

Jazz Pharmaceuticals PLC⁽¹⁾		4,900		1,180,753

Royalty Pharma PLC, Class A		10,530		590,417

Viatris, Inc.		39,500		627,260


				3,776,590

Professional Services – 1.0%

CACI International, Inc., Class A⁽¹⁾		2,800		1,297,128

KBR, Inc.		13,990		483,075


				1,780,203


June 30, 2026 (unaudited)	Shares		Value

Real Estate Management & Development – 0.8%

Compass, Inc., Class A⁽¹⁾		39,480	$	486,788

Jones Lang LaSalle, Inc.⁽¹⁾		3,110		963,945


				1,450,733

Residential REITs – 0.8%

Camden Property Trust		3,060		350,340

Invitation Homes, Inc.		18,830		568,854

Sun Communities, Inc.		4,090		490,432


				1,409,626

Retail REITs – 0.8%

Macerich Co.		18,680		470,549

Urban Edge Properties		40,940		936,708


				1,407,257

Semiconductors & Semiconductor Equipment – 5.7%

Allegro MicroSystems, Inc.⁽¹⁾		12,565		874,775

Entegris, Inc.		11,621		2,090,153

MACOM Technology Solutions Holdings, Inc.⁽¹⁾		8,229		3,130,065

MKS, Inc.		4,336		1,928,653

Nova Ltd.⁽¹⁾		932		506,020

Rambus, Inc.⁽¹⁾		9,219		1,223,730

Skyworks Solutions, Inc.		3,704		251,131


				10,004,527

Software – 1.7%

Gen Digital, Inc.		27,974		696,273

Nutanix, Inc., Class A⁽¹⁾		7,982		406,763

Rubrik, Inc., Class A⁽¹⁾		15,204		1,220,577

Samsara, Inc., Class A⁽¹⁾		20,490		664,491


				2,988,104
Specialized REITs – 1.3%

CubeSmart		15,219		605,260

Four Corners Property Trust, Inc.		30,990		760,805

Outfront Media, Inc.		27,661		906,174


				2,272,239
Specialty Retail – 3.0%

Abercrombie & Fitch Co., Class A⁽¹⁾		7,468		672,195

Aritzia, Inc. (Canada)⁽¹⁾		5,592		616,628

Bath & Body Works, Inc.		24,872		575,289

Bob’s Discount Furniture, Inc.⁽¹⁾		32,785		518,659

Burlington Stores, Inc.⁽¹⁾		4,758		1,507,334

Five Below, Inc.⁽¹⁾		5,387		968,529

Gap, Inc.		21,727		405,860


				5,264,494
Technology Hardware, Storage & Peripherals – 0.9%

Everpure, Inc., Class A⁽¹⁾		524		41,286

Western Digital Corp.		2,529		1,615,323


				1,656,609
Textiles, Apparel & Luxury Goods – 1.2%

Amer Sports, Inc.⁽¹⁾		19,955		675,277

Birkenstock Holding PLC⁽¹⁾		7,710		331,762


The accompanying notes are an integral part of these financial statements.				3

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Textiles, Apparel & Luxury Goods (continued)

Ralph Lauren Corp.		1,966	$	789,172

VF Corp.		16,637		277,505


				2,073,716
Trading Companies & Distributors – 2.5%

Core & Main, Inc., Class A⁽¹⁾		12,810		618,083

Watsco, Inc.		2,380		991,817

WESCO International, Inc.		8,179		2,825,272


				4,435,172

Total Common Stocks (Cost $122,062,058)				172,554,498

	Principal Amount		Value
U.S. Treasury Bills – 0.0%

U.S. Treasury Bills 3.679% due 7/23/2026⁽³⁾	$	110,000		109,759

Total U.S. Treasury Bills (Cost $109,758)				109,759
Repurchase Agreements – 1.5%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $2,624,858, due 7/1/2026⁽⁴⁾		2,624,781		2,624,781

Total Repurchase Agreements (Cost $2,624,781)				2,624,781

Total Investments – 100.3% (Cost $124,796,597)				175,289,038

Liabilities in excess of other assets – (0.3)%				(581,437	)

Total Net Assets – 100.0%			$	174,707,601

⁽¹⁾	Non–income–producing security.

⁽²⁾

Security that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2026, the aggregate market value of this security amounted to $450,106, representing 0.3% of net assets. This security has been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽³⁾	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		4.00%		12/15/2027	$	2,677,300	$	2,677,316

Open futures contracts at June 30, 2026:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation
S&P MidCap 400 E-mini		September 2026		1		Long	$	384,750	$	388,500	$	3,750

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


4				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND


Assets (unaudited)	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks	$	171,346,367	$	1,208,131	*	$	—	$	172,554,498
U.S. Treasury Bills		—		109,759			—		109,759
Repurchase Agreements		—		2,624,781			—		2,624,781
Total Investments in Securities	$	171,346,367	$	3,942,671		$	—	$	175,289,038
Other Financial Instruments
Futures		3,750		—			—		3,750
Total Assets	$	171,350,117	$	3,942,671		$	—	$	175,292,788

*	Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	175,289,038

Receivable for investments sold		100,502

Dividends/interest receivable		109,408

Receivable for variation margin on futures contracts		6,392

Foreign tax reclaims receivable		4,524

Prepaid expenses		2,975


Total Assets		175,512,839


Liabilities

Due to custodian foreign currency		144

Payable for fund shares redeemed		474,794

Payable for investments purchased		138,031

Investment advisory fees payable		74,856

Distribution fees payable		35,309

Accrued custodian and accounting fees		28,078

Accrued administrative fees		18,980

Accrued audit fees		16,739

Accrued legal fees		6,851

Accrued transfer agent fees		6,319

Due to custodian for futures contracts		3,029

Accrued trustees’ and officers’ fees		1,117

Due to custodian		153

Accrued expenses and other liabilities		838


Total Liabilities		805,238


Total Net Assets	$	174,707,601


Net Assets Consist of:

Paid-in capital	$	97,785,932

Distributable earnings		76,921,669


Total Net Assets	$	174,707,601

Investments, at Cost	$	124,796,597

Foreign Currency, Proceeds	$	147


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		11,369,422

Net Asset Value Per Share		$15.37


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	1,008,685

Interest		12,765

Withholding taxes on foreign dividends		(5,027	)


Total Investment Income		1,016,423


Expenses

Investment advisory fees		446,560

Distribution fees		210,642

Custodian and accounting fees		40,892

Professional fees		35,154

Trustees’ and officers’ fees		28,381

Administrative fees		22,918

Transfer agent fees		8,541

Shareholder reports		3,146

Other expenses		5,645


Total Expenses		801,879


Net Investment Income/(Loss)		214,544


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions

Net realized gain/(loss) from investments		20,473,786

Net realized gain/(loss) from futures contracts		98,514

Net realized gain/(loss) from foreign currency transactions		(175	)

Net change in unrealized appreciation/(depreciation) on investments		14,950,039

Net change in unrealized appreciation/(depreciation) on futures contracts		3,750

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(112	)


Net Gain on Investments, Derivative Contracts and Foreign Currency Transactions		35,525,802


Net Increase in Net Assets Resulting From Operations	$	35,740,346


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	214,544		$	711,976

Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		20,572,125			17,114,698

Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies		14,953,677			(184,619	)


Net Increase in Net Assets Resulting from Operations		35,740,346			17,642,055


Capital Share Transactions

Proceeds from sales of shares		296,739			6,623,963

Cost of shares redeemed		(31,764,668	)		(43,566,444	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(31,467,929	)		(36,942,481	)


Net Increase/(Decrease) in Net Assets		4,272,417			(19,300,426	)


Net Assets

Beginning of period		170,435,184			189,735,610


End of period	$	174,707,601		$	170,435,184


Other Information:

Shares

Sold		21,760			605,293

Redeemed		(2,310,943	)		(3,729,133	)


Net Decrease		(2,289,183	)		(3,123,840	)


The accompanying notes are an integral part of these financial statements.				7

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	12.48	$	0.02	$	2.87		$	2.89		$	15.37		23.16%	⁽⁴⁾

Year Ended 12/31/25		11.31		0.05		1.12			1.17			12.48		10.34%

Year Ended 12/31/24		10.06		0.08		1.17			1.25			11.31		12.43%

Year Ended 12/31/23		8.65		0.06		1.35			1.41			10.06		16.30%

Year Ended 12/31/22		10.08		0.06		(1.49	)		(1.43	)		8.65		(14.19)%

Period Ended 12/31/21⁽⁵⁾		10.00		0.02		0.06			0.08			10.08		0.80%	⁽⁴⁾


8				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	174,708		0.95%	⁽⁴⁾		0.95%	⁽⁴⁾		0.25%	⁽⁴⁾		0.25%	⁽⁴⁾		35%	⁽⁴⁾

	170,435		0.96%			0.96%			0.40%			0.40%			60%

	189,736		0.92%			0.94%			0.74%			0.72%			47%

	223,923		0.87%			0.92%			0.64%			0.59%			56%

	218,099		0.87%			0.90%			0.69%			0.66%			74%

	261,849		0.82%	⁽⁴⁾		0.90%	⁽⁴⁾		0.96%	⁽⁴⁾		0.88%	⁽⁴⁾		93%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾	Commenced operations on October 25, 2021.


The accompanying notes are an integral part of these financial statements.				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Select Mid Cap Core VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks long term growth of capital.

2. Significant Accounting Policies

valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/ accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.53% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2027 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 1.08% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 1.12%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with FIAM LLC (“FIAM”). FIAM is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $58,464,950 and $90,405,411, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.

e. Derivative Instruments Investments in derivatives (including short exposures through derivatives) pose


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

risks in addition to, and potentially greater than, those associated with investing directly in other investments, including potentially heightened liquidity and valuation risk, counterparty risk, market risk, operational risk, and legal risk. In addition, certain derivatives result in leverage, which can result in losses substantially greater than the amount invested in the derivatives by the Fund. The Fund entered into equity futures contracts for the six months ended June 30, 2026 to equitize cash and keep the Fund fully invested. Using futures contracts involves various risks, including market, interest rate and equity risks. Risks of entering into futures contracts include the possibility that there may be an illiquid market or that a change in the value of the contract may not correlate with the changes in the value of the underlying securities. To the extent that market prices move in an unexpected direction, there is a risk that a Fund will not achieve the anticipated benefits of the futures contract or may realize a loss.

As of June 30, 2026, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Equity Contracts

Asset Derivatives
Futures Contracts¹	$	3,750

¹	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative investments for the six months June 30, 2026 were as follows:



	Equity Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	98,734


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	3,750


Average Number of Notional Amounts
Futures Contracts³		2

¹	Statement of Operations location: Net realized gain/(loss) from futures contracts.

²	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

³	Amount represents number of contracts.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

enters into contracts with its vendors and others that provide certain indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the

contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


				21

SUPPLEMENTAL INFORMATION (UNAUDITED)

1-year period, in the 4^th quintile of its performance universe for the 3-year period, and in the 5^th quintile of its performance universe for the 5-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and


22

SUPPLEMENTAL INFORMATION (UNAUDITED)

the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				23

This Page Intentionally Left Blank


24

This Page Intentionally Left Blank


				25

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB11408

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Small-Mid Cap Core VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian Small-Mid Cap Core VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 97.0%

Aerospace & Defense – 1.0%

ATI, Inc.⁽¹⁾		3,561	$	701,873

Carpenter Technology Corp.		1,546		953,635

V2X, Inc.⁽¹⁾		5,475		408,216


				2,063,724
Automobile Components – 0.5%

Dorman Products, Inc.⁽¹⁾		2,900		395,705

Garrett Motion, Inc.		17,020		616,635


				1,012,340
Banks – 2.3%

Axos Financial, Inc.⁽¹⁾		12,817		1,248,248

East West Bancorp, Inc.		22,611		2,918,854

FNB Corp.		11,714		223,503

Old National Bancorp		4,726		122,403

Pathward Financial, Inc.		400		34,824

UMB Financial Corp.		2,377		339,341


				4,887,173
Beverages – 0.5%

Coca-Cola Consolidated, Inc.		5,700		1,088,244


				1,088,244
Biotechnology – 3.3%

Annexon, Inc.⁽¹⁾		53,620		306,170

Celldex Therapeutics, Inc.⁽¹⁾		36,000		1,339,560

Cogent Biosciences, Inc.⁽¹⁾		41,523		1,606,940

Janux Therapeutics, Inc.⁽¹⁾		1,300		19,968

Legend Biotech Corp., ADR⁽¹⁾		29,900		863,512

Olema Pharmaceuticals, Inc.⁽¹⁾		24,000		300,240

Praxis Precision Medicines, Inc.⁽¹⁾		2,600		870,454

Relay Therapeutics, Inc.⁽¹⁾		42,800		800,788

Vaxcyte, Inc.⁽¹⁾		8,392		487,827

Viridian Therapeutics, Inc.⁽¹⁾		7,600		139,612

Zenas Biopharma, Inc.⁽¹⁾		10,200		258,876


				6,993,947
Broadline Retail – 0.1%

Etsy, Inc.⁽¹⁾		3,052		229,907


				229,907
Building Products – 1.0%

Armstrong World Industries, Inc.		2,292		367,683

Griffon Corp.		1,293		126,106

Resideo Technologies, Inc.⁽¹⁾		29,375		913,562

Simpson Manufacturing Co., Inc.		2,200		460,570

Tecnoglass, Inc.		4,333		202,828


				2,070,749
Capital Markets – 1.3%

Marex Group PLC		21,909		1,335,353

WisdomTree, Inc.		80,704		1,367,126


				2,702,479


June 30, 2026 (unaudited)	Shares		Value
Chemicals – 3.2%

Element Solutions, Inc.		28,327	$	1,352,614

HB Fuller Co.		6,349		370,083

Minerals Technologies, Inc.		56,880		4,207,414

Perimeter Solutions, Inc.⁽¹⁾		25,353		903,835


				6,833,946
Commercial Services & Supplies – 1.2%

Brink’s Co.		27,200		2,570,128


				2,570,128
Construction & Engineering – 7.7%

Cardinal Infrastructure Group, Inc., Class A⁽¹⁾		20,500		1,931,100

EMCOR Group, Inc.		3,773		3,131,137

Granite Construction, Inc.		16,461		2,602,155

IES Holdings, Inc.⁽¹⁾		10,169		7,470,757

Limbach Holdings, Inc.⁽¹⁾		3,177		244,629

Valmont Industries, Inc.		2,073		1,197,365


				16,577,143
Construction Materials – 1.3%

Eagle Materials, Inc.		12,682		2,853,450


				2,853,450
Consumer Finance – 3.0%

EZCORP, Inc., Class A⁽¹⁾		134,436		4,647,452

FirstCash Holdings, Inc.		8,028		1,736,617


				6,384,069
Consumer Staples Distribution & Retail – 1.8%

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		7,300		636,706

Performance Food Group Co.⁽¹⁾		8,700		972,573

Sprouts Farmers Market, Inc.⁽¹⁾		1,200		101,496

U.S. Foods Holding Corp.⁽¹⁾		20,200		2,065,450


				3,776,225
Containers & Packaging – 1.8%

Crown Holdings, Inc.		7,161		800,743

Smurfit Westrock PLC		65,657		3,037,293


				3,838,036
Distributors – 0.5%

GigaCloud Technology, Inc., Class A⁽¹⁾		33,371		1,054,524


				1,054,524
Diversified Consumer Services – 4.0%

Covista, Inc.⁽¹⁾		18,555		2,313,066

Grand Canyon Education, Inc.⁽¹⁾		5,650		808,571

Laureate Education, Inc.⁽¹⁾		142,930		5,191,218

Service Corp. International		4,700		357,012


				8,669,867
Electric Utilities – 1.5%

NRG Energy, Inc.		22,558		3,294,821


				3,294,821


The accompanying notes are an integral part of these financial statements.				1

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Electrical Equipment – 1.9%

Nextpower, Inc., Class A⁽¹⁾		11,621	$	1,384,526

nVent Electric PLC		5,800		983,738

Sensata Technologies Holding PLC		35,700		1,704,318


				4,072,582
Electronic Equipment, Instruments & Components – 12.1%

Belden, Inc.		13,600		1,630,776

ePlus, Inc.		8,300		690,809

Fabrinet⁽¹⁾		9,300		5,227,344

Flex Ltd.⁽¹⁾		15,800		2,560,706

Itron, Inc.⁽¹⁾		1,600		138,448

Jabil, Inc.		9,848		3,796,207

Sanmina Corp.⁽¹⁾		21,126		5,346,568

TD SYNNEX Corp.		21,442		5,732,304

TTM Technologies, Inc.⁽¹⁾		4,692		877,498


				26,000,660
Energy Equipment & Services – 0.9%

Flowco Holdings, Inc., Class A		13,846		295,474

National Energy Services Reunited Corp.⁽¹⁾		14,300		427,999

TechnipFMC PLC		18,468		1,224,428


				1,947,901
Financial Services – 1.4%

Remitly Global, Inc.⁽¹⁾		19,200		430,272

StoneCo Ltd., Class A		29,800		323,032

WEX, Inc.⁽¹⁾		15,400		2,172,786


				2,926,090
Gas Utilities – 0.5%

UGI Corp.		30,404		1,050,154


				1,050,154
Ground Transportation – 0.5%

Proficient Auto Logistics, Inc.⁽¹⁾		1,000		6,810

XPO, Inc.⁽¹⁾		4,900		1,005,921


				1,012,731
Health Care Equipment & Supplies – 2.3%

Haemonetics Corp.⁽¹⁾		3,003		225,225

Lantheus Holdings, Inc.⁽¹⁾		32,061		3,556,847

LivaNova PLC⁽¹⁾		14,064		1,156,483


				4,938,555
Health Care Providers & Services – 1.4%

BrightSpring Health Services, Inc.⁽¹⁾		4,248		296,255

Ensign Group, Inc.		5,079		814,164

PACS Group, Inc.⁽¹⁾		14,700		626,808

Tenet Healthcare Corp.⁽¹⁾		3,071		574,523

Universal Health Services, Inc., Class B		5,154		766,348


				3,078,098
Hotels, Restaurants & Leisure – 1.0%

Cheesecake Factory, Inc.		25,500		2,028,270

Super Group SGHC Ltd.		4,401		59,634


				2,087,904


June 30, 2026 (unaudited)	Shares		Value
Household Durables – 0.2%

KB Home		5,211	$	326,157


				326,157
Insurance – 0.9%

Assurant, Inc.		1,992		534,912

Baldwin Insurance Group, Inc., Class A⁽¹⁾		53,000		1,408,740

Reinsurance Group of America, Inc.		100		21,265


				1,964,917
IT Services – 0.3%

Boost Run, Inc., Class A⁽¹⁾		18,739		727,261


				727,261
Life Sciences Tools & Services – 3.5%

Charles River Laboratories International, Inc.⁽¹⁾		3,700		839,123

ICON PLC⁽¹⁾		33,664		5,847,773

Sotera Health Co.⁽¹⁾		44,200		784,550


				7,471,446
Machinery – 4.4%

Allison Transmission Holdings, Inc.		7,100		800,454

Blue Bird Corp.⁽¹⁾		3,000		236,880

Gates Industrial Corp. PLC⁽¹⁾		12,136		339,444

Hillman Solutions Corp.⁽¹⁾		24,100		203,404

ITT, Inc.		5,881		1,163,026

JBT Marel Corp.		3,900		565,500

Kennametal, Inc.		15,600		546,780

Mueller Industries, Inc.		17,390		2,137,753

Mueller Water Products, Inc., Class A		11,387		294,126

Oshkosh Corp.		7,700		1,181,796

SPX Technologies, Inc.⁽¹⁾		7,994		1,959,889


				9,429,052
Metals & Mining – 2.0%

Coeur Mining, Inc.		184,400		3,009,408

Commercial Metals Co.		8,641		542,223

Royal Gold, Inc.		3,000		598,830

SSR Mining, Inc.⁽¹⁾		7,009		198,214


				4,348,675
Oil, Gas & Consumable Fuels – 4.3%

Chord Energy Corp.		17,263		1,973,161

Gulfport Energy Corp.⁽¹⁾		600		101,820

Ovintiv, Inc.		127,891		6,733,461

Viper Energy, Inc., Class A		11,900		504,560


				9,313,002
Pharmaceuticals – 2.5%

Alumis, Inc.⁽¹⁾		10,520		296,033

Elanco Animal Health, Inc.⁽¹⁾		67,500		1,661,175

Enliven Therapeutics, Inc.⁽¹⁾		6,500		329,875

Jazz Pharmaceuticals PLC⁽¹⁾		8,000		1,927,760

MBX Biosciences, Inc.⁽¹⁾		18,500		1,021,200

Phibro Animal Health Corp., Class A		5,585		175,369


				5,411,412


2				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Real Estate Management & Development – 0.0%

Compass, Inc., Class A⁽¹⁾		1,000	$	12,330


				12,330
Semiconductors & Semiconductor Equipment – 10.8%

Axcelis Technologies, Inc.⁽¹⁾		30,300		5,740,335

Diodes, Inc.⁽¹⁾		28,895		3,162,269

MKS, Inc.		3,393		1,509,206

ON Semiconductor Corp.⁽¹⁾		47,500		4,490,650

Penguin Solutions, Inc.⁽¹⁾		80,900		6,149,209

Qorvo, Inc.⁽¹⁾		5,300		494,331

Silicon Motion Technology Corp., ADR		3,800		1,266,654

Synaptics, Inc.⁽¹⁾		2,900		360,267


				23,172,921
Software – 2.3%

ACI Worldwide, Inc.⁽¹⁾		26,577		1,336,557

Adeia, Inc.		48,593		1,600,168

Riot Platforms, Inc.⁽¹⁾		30,400		832,352

Terawulf, Inc.⁽¹⁾		45,520		1,124,344


				4,893,421
Specialized REITs – 0.2%

Lamar Advertising Co., Class A		3,365		524,873


				524,873
Specialty Retail – 4.6%

Abercrombie & Fitch Co., Class A⁽¹⁾		4,800		432,048

Academy Sports & Outdoors, Inc.		94,100		4,434,933

Bob’s Discount Furniture, Inc.⁽¹⁾		37,700		596,414

Lithia Motors, Inc.		6,395		1,857,684

National Vision Holdings, Inc.⁽¹⁾		26,900		511,369

Signet Jewelers Ltd.		8,100		698,220

Urban Outfitters, Inc.⁽¹⁾		19,000		1,346,340


				9,877,008
Textiles, Apparel & Luxury Goods – 0.0%

Steven Madden Ltd.		2,400		101,040


				101,040


June 30, 2026 (unaudited)	Shares		Value
Trading Companies & Distributors – 3.0%

Applied Industrial Technologies, Inc.		1,958	$	662,098

Core & Main, Inc., Class A⁽¹⁾		51,972		2,507,649

DXP Enterprises, Inc.⁽¹⁾		5,600		944,944

Herc Holdings, Inc.		8,200		1,175,388

WESCO International, Inc.		3,600		1,243,548


				6,533,627

Total Common Stocks (Cost $189,710,630)				208,122,589

	Principal Amount		Value
Repurchase Agreements – 6.9%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $14,858,873, due 7/1/2026⁽²⁾	$	14,858,435		14,858,435


Total Repurchase Agreements (Cost $14,858,435)				14,858,435

Total Investments – 103.9% (Cost $204,569,065)				222,981,024

Liabilities in excess of other assets – (3.9)%				(8,398,415	)

Total Net Assets – 100.0%			$	214,582,609

⁽¹⁾	Non–income–producing security.

⁽²⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	15,155,700	$	15,155,757

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	208,122,589	$	—	$	—	$	208,122,589
Repurchase Agreements		—		14,858,435		—		14,858,435
Total	$	208,122,589	$	14,858,435	$	—	$	222,981,024


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	222,981,024

Foreign currency, at value		20,582

Receivable for investments sold		2,523,620

Dividends/interest receivable		37,703

Foreign tax reclaims receivable		17,603

Prepaid expenses		4,309


Total Assets		225,584,841


Liabilities

Payable for investments purchased		10,394,185

Payable for fund shares redeemed		379,365

Investment advisory fees payable		112,608

Distribution fees payable		43,495

Accrued administrative fees		22,094

Accrued audit fees		15,957

Accrued custodian and accounting fees		14,954

Accrued legal fees		9,320

Accrued transfer agent fees		6,394

Accrued trustees’ and officers’ fees		2,534

Due to custodian		251

Accrued expenses and other liabilities		1,075


Total Liabilities		11,002,232


Total Net Assets	$	214,582,609


Net Assets Consist of:

Paid-in capital	$	176,423,602

Distributable earnings		38,159,007


Total Net Assets	$	214,582,609

Investments, at Cost	$	204,569,065

Foreign Currency, at Cost	$	21,004


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		17,424,951

Net Asset Value Per Share		$12.31


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	672,404

Interest		11,624

Withholding taxes on foreign dividends		(1,152	)


Total Investment Income		682,876


Expenses

Investment advisory fees		665,451

Distribution fees		256,841

Professional fees		39,239

Trustees’ and officers’ fees		35,981

Administrative fees		26,252

Custodian and accounting fees		18,694

Transfer agent fees		8,583

Shareholder reports		3,292

Other expenses		7,072


Total Expenses		1,061,405


Net Investment Income/(Loss)		(378,529	)


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		40,523,271

Net realized gain/(loss) from foreign currency transactions		1,630

Net change in unrealized appreciation/(depreciation) on investments		(5,311,023	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(925	)


Net Gain on Investments and Foreign Currency Transactions		35,212,953


Net Increase in Net Assets Resulting From Operations	$	34,834,424


4				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	(378,529	)	$	12,172

Net realized gain/(loss) from investments and foreign currency transactions		40,524,901			4,932,352

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(5,311,948	)		(1,337,984	)


Net Increase in Net Assets Resulting from Operations		34,834,424			3,606,540


Capital Share Transactions

Proceeds from sales of shares		246,955			23,669,695

Cost of shares redeemed		(35,829,001	)		(51,107,068	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(35,582,046	)		(27,437,373	)


Net Decrease in Net Assets		(747,622	)		(23,830,833	)


Net Assets

Beginning of period		215,330,231			239,161,064


End of period	$	214,582,609		$	215,330,231


Other Information:

Shares

Sold		22,768			2,457,795

Redeemed		(3,238,119	)		(5,094,719	)


Net Decrease		(3,215,351	)		(2,636,924	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)⁽¹⁾			Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	10.43	$	(0.02)		$	1.90	$	1.88	$	12.31		18.02%	⁽⁴⁾

Year Ended 12/31/25		10.27		0.00⁽⁵⁾			0.16		0.16		10.43		1.56%

Year Ended 12/31/24		9.66		0.01			0.60		0.61		10.27		6.31%

Year Ended 12/31/23		8.33		0.01			1.32		1.33		9.66		15.97%

Year Ended 12/31/22		10.09		(0.01)			(1.75)		(1.76)		8.33		(17.44)%

Period Ended 12/31/21⁽⁶⁾		10.00		(0.00)	⁽⁷⁾		0.09		0.09		10.09		0.90%	⁽⁴⁾


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income/ (Loss) to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate

$	214,583		1.03%	⁽⁴⁾		1.03%	⁽⁴⁾		(0.37)%	⁽⁴⁾		(0.37)%	⁽⁴⁾		149%	⁽⁴⁾

	215,330		1.02%			1.02%			0.01%			0.01%			72%

	239,161		0.99%			1.01%			0.08%			0.06%			40%

	295,409		0.93%			0.99%			0.07%			0.01%			49%

	290,578		0.93%			0.97%			(0.15)%			(0.19)%			39%

	385,128		0.90%	⁽⁴⁾		0.98%	⁽⁴⁾		(0.12)%	⁽⁴⁾		(0.20)%	⁽⁴⁾		59%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income/(Loss) to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾	Rounds to $0.00 per share

⁽⁶⁾	Commenced operations on October 25, 2021.

⁽⁷⁾	Rounds to $(0.00) per share.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Small-Mid Cap Core VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks capital appreciation.

2. Significant Accounting Policies

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.65% of the first $200 million, and 0.60% in excess of $200 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 1.08%.The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with FIAM LLC (“FIAM”), effective May 1, 2026. Prior to this date, Allspring Global Investments LLC was sub-adviser to the Fund. FIAM is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity

(“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $304,442,240 and $345,430,746, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

conditions to closing are satisfied or waived, the Reorganizations are expected to be completed during the fourth quarter of 2026.

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

SUPPLEMENTAL INFORMATION (UNAUDITED)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^stquintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^stquintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^ndquintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^stquintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^stquintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^stquintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period, in the 4^th quintile of its performance


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

universe for the 3-year period, and in the 5^th quintile of its performance universe for the 5-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 1^st quintile of the expense group, the actual management fee was in the 2^nd quintile of the expense group and the total expenses were in the 4^thquintile of the expense group (but still within one basis point of median for total expenses).

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^stquintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^stquintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^ndquintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^stquintile of the expense group and the total expenses were in the 4^th quintile of the expense group (but still within one basis point of median for total expenses).

Conclusion

Approval of Amended Fee Schedule for Guardian Small-Mid Cap Core VIP Fund

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and subadvisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement (“Independent Trustees”) at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board” or “Trustees”) of Guardian Variable Products Trust (the “Trust”) held on March 18-19, 2026, the Trustees considered a proposed subadvisory agreement (the “Agreement”) between Park Avenue Institutional Advisers LLC (the “Manager”) and FIAM LLC (“FIAM” ) pursuant to which FIAM would serve as subadviser to the Guardian Small-Mid Cap Core VIP Fund (the “Fund”). The Board, including the Independent Trustees voting separately, unanimously approved the Agreement for an initial term of two years. The Trustees also considered

and approved changes to the Fund’s principal investment strategies to reflect FIAM’s investment processes.

The Board is responsible for overseeing the management of the Fund. In determining whether to approve the Agreement, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the March 18-19, 2026 meeting and a meeting of the Board held on March 5, 2026, the Trustees received materials and information designed to assist their consideration of the Agreement. At its March 5, 2026 Board meeting, the Trustees received a presentation from the proposed FIAM portfolio manager regarding the services to be rendered to the Fund. The Manager also discussed proposed changes to the Fund’s principal investment strategies to reflect FIAM’s investment processes. The Trustees received written responses from FIAM to a series of questions and requests for information covering a wide variety of topics provided by independent legal counsel on behalf of the Independent Trustees. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreement and the process and criteria used by the Manager to identify and select FIAM.

During the course of their deliberations, the Independent Trustees met to discuss and evaluate the Agreement in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager and FIAM.

In reaching its decisions to approve the Agreement, the Trustees took into account the materials and information described above, as well as other materials and information provided to the Trustees and discussed with and among the Trustees. Individual Trustees may have given different weight to different factors and information with respect to the Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Agreement. The discussion below is intended to summarize the broad factors that figured prominently in the Trustees’ decision to approve the Agreement rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the


				21

SUPPLEMENTAL INFORMATION (UNAUDITED)

services to be provided to the Fund by FIAM; (ii) the investment performance of accounts managed by FIAM with strategies similar to the Fund; (iii) the fees to be charged and estimated profitability; (iv) the extent to which economies of scale may in the future exist for the Fund, and the extent to which the Fund may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by FIAM (or its affiliates) from its relationship with the Fund.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services to be provided to the Fund by FIAM. The Trustees also considered, among other things, the terms of the Agreement and the range of investment advisory services to be provided by FIAM under the oversight of the Manager. In evaluating these investment advisory services, the Trustees considered, among other things, FIAM’s investment philosophy, style and process and approach to managing risk. The Trustees also considered information regarding accounts managed by FIAM with similar strategies as the Fund, including performance and portfolio characteristics. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professional that would serve as portfolio manager for the Fund, and the Trustees received a presentation from that investment professional. The Trustees also received and evaluated information regarding the capabilities and resources of FIAM.

The Trustees noted that FIAM already serves as subadviser to other funds of the Trust, and they considered the experience with FIAM and the information provided by FIAM in connection with the annual review of the sub-advisory agreements for those funds at the March 18-19, 2026 meeting and throughout the year. The Trustees considered that FIAM’s compliance programs had been reviewed by the Funds’ Chief Compliance Officer and that he determined FIAM’s program to be reasonably designed to prevent violation of the federal securities laws by the funds. The Trustees also considered the information provided by management regarding the personnel, potential benefits and risks, philosophy, and investment processes of FIAM. The Trustees further considered the presentation by FIAM to the Board.

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services to be provided to the Fund by FIAM were appropriate.

Investment Performance

The Trustees considered FIAM’s performance history with respect to similarly-managed accounts. While there was no historical FIAM performance information with respect to the Fund for review, the Board noted that it would have an opportunity to review such information in connection with future annual reviews of the Agreement.

Costs and Profitability

The Trustees considered the proposed subadvisory fees to be paid under the Agreement and evaluated the reasonableness of those fees. The Trustees noted that the proposed subadvisory fee rate was the same as the effective fee rate for the previous subadvisory agreement based on asset levels during 2025. The Trustees considered information regarding the fees charged to accounts managed by FIAM with similar strategies as those to be employed by FIAM for the Fund. The Trustees also considered that the fees to be paid to FIAM would be paid by the Manager and that the profitability of the Manager was not expected to change. The Trustees considered that the Manager had negotiated the fees with FIAM at arm’s-length.

The Trustees did not request projected profitability information from FIAM because the Manager, not the Fund, would be responsible for payment of the FIAM fees and the Manager had negotiated the fees with FIAM at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Trustees concluded that the proposed subadvisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the Fund by FIAM.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to which the benefits of economies of scale are shared with the Fund. The Trustees concluded that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on current and anticipated asset levels. The Trustees noted that they would be able to revisit potential economies of scale in connection with future reviews of the Agreement or earlier, if appropriate.

Ancillary Benefits

The Trustees considered the potential benefits, other than the subadvisory fee, that FIAM and its affiliates may receive because of FIAM’s relationships with the Fund.


22

SUPPLEMENTAL INFORMATION (UNAUDITED)

The Trustees concluded that the benefits that may accrue to FIAM and its affiliates were consistent with those expected for a subadviser to a mutual fund such as the Fund.

Conclusion


				23

This Page Intentionally Left Blank


24

This Page Intentionally Left Blank


				25

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB11409

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Strategic Large Cap Core VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian Strategic Large Cap Core VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 98.7%

Aerospace & Defense – 2.8%

BAE Systems PLC, ADR		22,710	$	2,224,445

L3Harris Technologies, Inc.		9,777		2,841,098


				5,065,543
Banks – 4.2%

Bank of America Corp.		63,343		3,609,284

JPMorgan Chase & Co.		8,971		2,936,478

M&T Bank Corp.		4,325		1,029,393


				7,575,155
Beverages – 1.5%

Coca-Cola Co.		13,767		1,118,844

Monster Beverage Corp.⁽¹⁾		16,515		1,587,422


				2,706,266
Biotechnology – 3.6%

AbbVie, Inc.		12,446		3,131,912

Gilead Sciences, Inc.		25,851		3,266,015


				6,397,927
Broadline Retail – 3.4%

Amazon.com, Inc.⁽¹⁾		25,449		6,065,515


				6,065,515
Building Products – 1.0%

Trane Technologies PLC		3,763		1,848,235


				1,848,235
Capital Markets – 1.9%

Cboe Global Markets, Inc.		6,057		1,469,852

S&P Global, Inc.		4,839		1,970,731


				3,440,583
Communications Equipment – 3.8%

Cisco Systems, Inc.		41,569		4,882,695

Motorola Solutions, Inc.		4,861		2,018,724


				6,901,419
Construction & Engineering – 0.6%

Stantec, Inc.		15,414		1,062,179


				1,062,179
Consumer Staples Distribution & Retail – 0.7%

U.S. Foods Holding Corp.⁽¹⁾		11,380		1,163,605


				1,163,605
Diversified Consumer Services – 0.3%

ADT, Inc.		80,559		523,633


				523,633
Electric Utilities – 3.1%

American Electric Power Co., Inc.		24,298		3,324,210

NextEra Energy, Inc.		26,103		2,291,060


				5,615,270
Electrical Equipment – 0.9%

Eaton Corp. PLC		3,906		1,664,425


				1,664,425
Electronic Equipment, Instruments & Components – 0.5%

Keysight Technologies, Inc.⁽¹⁾		2,470		864,673


				864,673


June 30, 2026 (unaudited)	Shares		Value
Entertainment – 1.3%

Netflix, Inc.⁽¹⁾		14,210	$	1,014,594

Spotify Technology SA⁽¹⁾		2,746		1,260,771


				2,275,365
Financial Services – 4.2%

Mastercard, Inc., Class A		6,751		3,467,314

Visa, Inc., Class A		11,703		4,015,182


				7,482,496
Health Care Equipment & Supplies – 0.9%

Medtronic PLC		20,704		1,619,674


				1,619,674
Health Care Providers & Services – 2.5%

McKesson Corp.		3,861		2,917,372

UnitedHealth Group, Inc.		4,016		1,669,170


				4,586,542
Hotels, Restaurants & Leisure – 2.7%

Compass Group PLC, ADR		58,279		1,896,981

InterContinental Hotels Group PLC, ADR		6,190		1,071,613

Yum! Brands, Inc.		12,246		1,957,646


				4,926,240
Household Products – 2.1%

Colgate-Palmolive Co.		26,109		2,393,673

Procter & Gamble Co.		10,042		1,472,559


				3,866,232
Insurance – 3.7%

Everest Group Ltd.		1,946		695,170

Hanover Insurance Group, Inc.		2,390		511,747

Marsh & McLennan Cos., Inc.		7,739		1,289,859

Reinsurance Group of America, Inc.		2,637		560,758

Travelers Cos., Inc.		7,735		2,553,478

Willis Towers Watson PLC		4,011		1,048,355


				6,659,367
Interactive Media & Services – 7.5%

Alphabet, Inc., Class C		33,767		11,930,894

Meta Platforms, Inc., Class A		2,718		1,531,022


				13,461,916
Life Sciences Tools & Services – 0.6%

Thermo Fisher Scientific, Inc.		2,057		1,031,297


				1,031,297
Multi-Utilities – 1.5%

Ameren Corp.		23,480		2,654,179


				2,654,179
Office REITs – 0.5%

COPT Defense Properties		24,525		892,465


				892,465
Oil, Gas & Consumable Fuels – 2.3%

Exxon Mobil Corp.		12,845		1,756,168

Shell PLC, ADR		30,417		2,358,534


				4,114,702


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Pharmaceuticals – 4.0%

Eli Lilly & Co.		2,791	$	3,347,609

Merck & Co., Inc.		30,573		3,928,631


				7,276,240
Professional Services – 1.9%

Automatic Data Processing, Inc.		5,222		1,169,467

Experian PLC, ADR		36,166		1,211,561

RELX PLC, ADR		35,380		1,120,484


				3,501,512
Semiconductors & Semiconductor Equipment – 17.8%

Analog Devices, Inc.		7,791		3,094,352

ASML Holding NV		1,428		2,840,920

Broadcom, Inc.		21,716		8,203,219

KLA Corp.		10,210		3,080,459

NVIDIA Corp.		53,038		10,612,374

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		8,841		4,222,196


				32,053,520

Software – 6.0%

Intuit, Inc.		2,523		658,503

Microsoft Corp.		24,202		9,027,830

ServiceNow, Inc.⁽¹⁾		11,669		1,158,498


				10,844,831

Specialized REITs – 1.1%

Digital Realty Trust, Inc.		7,943		1,426,404

Extra Space Storage, Inc.		4,125		599,362


				2,025,766

Specialty Retail – 2.1%

AutoZone, Inc.⁽¹⁾		559		1,786,531

O’Reilly Automotive, Inc.⁽¹⁾		8,725		803,485


June 30, 2026 (unaudited)	Shares		Value

Specialty Retail (continued)

Ulta Beauty, Inc.⁽¹⁾		2,683	$	1,209,979


				3,799,995

Technology Hardware, Storage & Peripherals – 6.2%

Apple, Inc.		38,838		11,238,164


				11,238,164

Tobacco – 1.5%

Philip Morris International, Inc.		15,059		2,724,324


				2,724,324

Total Common Stocks (Cost $127,984,547)				177,929,255

	Principal Amount		Value
Repurchase Agreements – 0.2%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $387,380, due 7/1/2026⁽²⁾	$	387,369		387,369

Total Repurchase Agreements (Cost $387,369)				387,369

Total Investments – 98.9% (Cost $128,371,916)				178,316,624

Assets in excess of other liabilities – 1.1%				1,941,827

Total Net Assets – 100.0%			$	180,258,451

⁽¹⁾	Non–income–producing security.

⁽²⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	395,200	$	395,283

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	177,929,255	$	—	$	—	$	177,929,255
Repurchase Agreements		—		387,369		—		387,369
Total	$	177,929,255	$	387,369	$	—	$	178,316,624


2				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	178,316,624

Receivable for investments sold		2,087,853

Dividends/interest receivable		149,012

Foreign tax reclaims receivable		26,117

Receivable for fund shares subscribed		8,205

Reimbursement receivable from adviser		4,992

Prepaid expenses		3,734


Total Assets		180,596,537


Liabilities

Payable for fund shares redeemed		151,830

Investment advisory fees payable		81,999

Distribution fees payable		37,272

Accrued administrative fees		20,070

Accrued audit fees		14,834

Accrued custodian and accounting fees		14,100

Accrued legal fees		7,902

Accrued transfer agent fees		7,887

Accrued trustees’ and officers’ fees		1,157

Due to custodian		103

Accrued expenses and other liabilities		932


Total Liabilities		338,086


Total Net Assets	$	180,258,451


Net Assets Consist of:

Paid-in capital	$	88,461,446

Distributable earnings		91,797,005


Total Net Assets	$	180,258,451


Investments, at Cost	$	128,371,916


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		11,876,594

Net Asset Value Per Share		$15.18


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	1,251,712

Interest		10,791

Withholding taxes on foreign dividends		(4,840	)


Total Investment Income		1,257,663


Expenses

Investment advisory fees		507,930

Distribution fees		230,877

Professional fees		35,422

Trustees’ and officers’ fees		31,874

Administrative fees		24,408

Custodian and accounting fees		17,285

Transfer agent fees		10,552

Shareholder reports		3,139

Other expenses		6,384


Total Expenses		867,871

Less: Fees waived		(9,622	)


Total Expenses, Net		858,249


Net Investment Income/(Loss)		399,414


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		3,543,407

Net realized gain/(loss) from foreign currency transactions		6

Net change in unrealized appreciation/(depreciation) on investments		(891,698	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		6


Net Gain on Investments and Foreign Currency Transactions		2,651,721


Net Increase in Net Assets Resulting From Operations	$	3,051,135


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	399,414		$	850,559

Net realized gain/(loss) from investments and foreign currency transactions		3,543,413			22,160,535

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(891,692	)		(1,361,981	)


Net Increase in Net Assets Resulting from Operations		3,051,135			21,649,113


Capital Share Transactions

Proceeds from sales of shares		6,323,468			11,944,002

Cost of shares redeemed		(21,649,598	)		(52,901,228	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(15,326,130	)		(40,957,226	)


Net Decrease in Net Assets		(12,274,995	)		(19,308,113	)


Net Assets

Beginning of period		192,533,446			211,841,559


End of period	$	180,258,451		$	192,533,446


Other Information:

Shares

Sold		424,759			804,060

Redeemed		(1,453,670	)		(3,761,587	)


Net Decrease		(1,028,911	)		(2,957,527	)


4				The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	14.92	$	0.03	$	0.23	$	0.26	$	15.18		1.74%	⁽⁴⁾

Year Ended 12/31/25		13.35		0.06		1.51		1.57		14.92		11.76%

Year Ended 12/31/24		11.15		0.07		2.13		2.20		13.35		19.73%

Year Ended 12/31/23		9.28		0.08		1.79		1.87		11.15		20.15%

Year Ended 12/31/22		10.32		0.08		(1.12)		(1.04)		9.28		(10.08)%

Period Ended 12/31/21⁽⁵⁾		10.00		0.01		0.31		0.32		10.32		3.20%	⁽⁴⁾


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	180,258		0.93%	⁽⁴⁾		0.94%	⁽⁴⁾		0.43%	⁽⁴⁾		0.42%	⁽⁴⁾		17%	⁽⁴⁾

	192,533		0.92%			0.93%			0.43%			0.42%			43%

	211,842		0.89%			0.92%			0.60%			0.57%			33%

	251,878		0.84%			0.90%			0.78%			0.72%			38%

	270,461		0.84%			0.87%			0.80%			0.77%			45%

	372,001		0.81%	⁽⁴⁾		0.89%	⁽⁴⁾		0.82%	⁽⁴⁾		0.74%	⁽⁴⁾		80%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾	Commenced operations on October 25, 2021.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Strategic Large Cap Core VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks capital appreciation.

2. Significant Accounting Policies

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.55% of the first $200 million, and 0.50% in excess of $200 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 0.94%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $9,622.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $30,679,345 and $46,498,600, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST



Target Portfolio		Acquiring Portfolio
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory


14

Nature, Extent and Quality of Services


				15

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


16

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.


				17

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•


18

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•


				19

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.


20

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				21

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB11410

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Integrated Research VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian Integrated Research VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 99.8%

Aerospace & Defense – 4.5%

Boeing Co.⁽¹⁾		9,409	$	2,036,766

FTAI Aviation Ltd.		5,382		1,455,993

General Electric Co.		8,853		3,308,632

L3Harris Technologies, Inc.		5,390		1,566,280

RTX Corp.		12,103		2,296,302


				10,663,973
Automobiles – 0.5%

Tesla, Inc.⁽¹⁾		2,723		1,145,294


				1,145,294
Banks – 4.0%

Fifth Third Bancorp		31,909		1,798,711

JPMorgan Chase & Co.		14,601		4,779,345

Wells Fargo & Co.		34,680		2,865,955


				9,444,011
Beverages – 0.6%

Monster Beverage Corp.⁽¹⁾		15,447		1,484,766


				1,484,766
Biotechnology – 1.8%

Gilead Sciences, Inc.		16,138		2,038,875

Vertex Pharmaceuticals, Inc.⁽¹⁾		4,218		2,095,207


				4,134,082
Broadline Retail – 4.5%

Amazon.com, Inc.⁽¹⁾		44,688		10,650,938


				10,650,938
Building Products – 0.7%

Johnson Controls International PLC		10,578		1,545,552


				1,545,552
Capital Markets – 3.2%

Goldman Sachs Group, Inc.		2,462		2,489,993

Intercontinental Exchange, Inc.		14,191		1,747,054

KKR & Co., Inc.		13,988		1,283,819

Nasdaq, Inc.		24,478		1,929,356


				7,450,222
Chemicals – 2.0%

Linde PLC		4,159		2,158,272

Sherwin-Williams Co.		7,147		2,460,855


				4,619,127
Communications Equipment – 0.5%

Cisco Systems, Inc.		9,574		1,124,562


				1,124,562
Consumer Staples Distribution & Retail – 2.7%

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		21,978		1,916,921

Casey’s General Stores, Inc.		1,340		1,065,018

Walmart, Inc.		29,241		3,311,836


				6,293,775
Distributors – 0.3%

Pool Corp.		3,701		795,345


				795,345


June 30, 2026 (unaudited)	Shares		Value
Diversified Telecommunication Services – 0.5%

Space Exploration Technologies Corp., Class A⁽¹⁾		7,265	$	1,241,298


				1,241,298
Electrical Equipment – 1.3%

Eaton Corp. PLC		5,383		2,293,804

GE Vernova, Inc.		698		820,052


				3,113,856
Electronic Equipment, Instruments & Components – 2.4%

Corning, Inc.		14,805		3,781,641

Flex Ltd.⁽¹⁾		6,187		1,002,727

Keysight Technologies, Inc.⁽¹⁾		2,630		920,684


				5,705,052
Entertainment – 1.6%

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		12,572		1,196,100

Netflix, Inc.⁽¹⁾		37,066		2,646,513


				3,842,613
Financial Services – 1.6%

Mastercard, Inc., Class A		7,474		3,838,646


				3,838,646
Gas Utilities – 0.6%

Atmos Energy Corp.		8,038		1,384,706


				1,384,706
Health Care Equipment & Supplies – 0.8%

Edwards Lifesciences Corp.⁽¹⁾		21,092		1,907,982


				1,907,982
Health Care Providers & Services – 0.5%

HCA Healthcare, Inc.		3,105		1,210,608


				1,210,608
Health Care REITs – 1.2%

Welltower, Inc.		12,427		2,820,556


				2,820,556
Health Care Technology – 0.5%

Veeva Systems, Inc., Class A⁽¹⁾		6,401		1,135,986


				1,135,986
Hotels, Restaurants & Leisure – 0.8%

Marriott International, Inc., Class A		5,104		1,891,491


				1,891,491
Insurance – 1.8%

Arthur J Gallagher & Co.		9,285		2,131,557

Chubb Ltd.		6,390		2,177,329


				4,308,886
Interactive Media & Services – 9.2%

Alphabet, Inc., Class A		44,454		15,886,525

Meta Platforms, Inc., Class A		10,304		5,804,140


				21,690,665
Machinery – 2.7%

Cummins, Inc.		3,013		2,148,902

ITT, Inc.		9,557		1,889,992

Parker-Hannifin Corp.		2,228		2,179,251


				6,218,145


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Media – 0.4%

EchoStar Corp., Class A⁽¹⁾		8,951	$	908,527


				908,527
Multi-Utilities – 1.3%

Dominion Energy, Inc.		16,793		1,146,794

WEC Energy Group, Inc.		15,458		1,805,031


				2,951,825
Oil, Gas & Consumable Fuels – 3.0%

Diamondback Energy, Inc.		9,784		1,719,832

EOG Resources, Inc.		7,191		932,888

Exxon Mobil Corp.		3,356		458,832

Phillips 66		4,062		686,681

Targa Resources Corp.		5,900		1,582,026

Williams Cos., Inc.		21,037		1,563,891


				6,944,150
Pharmaceuticals – 3.7%

Eli Lilly & Co.		4,577		5,489,791

Merck & Co., Inc.		25,130		3,229,205


				8,718,996
Semiconductors & Semiconductor Equipment – 21.3%

Advanced Micro Devices, Inc.⁽¹⁾		11,613		6,746,108

Broadcom, Inc.		21,969		8,298,790

KLA Corp.		17,816		5,375,265

Micron Technology, Inc.		5,577		6,437,475

NVIDIA Corp.		98,669		19,742,680

Texas Instruments, Inc.		11,068		3,299,039


				49,899,357
Software – 6.7%

AppLovin Corp., Class A⁽¹⁾		1,176		605,911

Microsoft Corp.		32,397		12,084,729

Oracle Corp.		12,628		1,850,633

Palantir Technologies, Inc., Class A⁽¹⁾		4,708		549,282

Trimble, Inc.⁽¹⁾		9,837		503,458


				15,594,013
Specialty Retail – 3.1%

AutoZone, Inc.⁽¹⁾		584		1,866,429

Dick’s Sporting Goods, Inc.		5,379		1,220,011

Lowe’s Cos., Inc.		11,391		2,511,602

Wayfair, Inc., Class A⁽¹⁾		17,963		1,660,140


				7,258,182


June 30, 2026 (unaudited)	Shares		Value
Technology Hardware, Storage & Peripherals – 7.7%

Apple, Inc.		50,167	$	14,516,323

Sandisk Corp.⁽¹⁾		919		2,089,558

Seagate Technology Holdings PLC		1,476		1,424,340


				18,030,221
Tobacco – 1.1%

Philip Morris International, Inc.		13,948		2,523,333


				2,523,333
Trading Companies & Distributors – 0.7%

Ferguson Enterprises, Inc.		6,492		1,540,746


				1,540,746

Total Common Stocks (Cost $144,774,830)				234,031,487

	Principal Amount		Value
Repurchase Agreements – 0.6%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $1,498,448, due 7/1/2026⁽²⁾	$	1,498,404	$	1,498,404

Total Repurchase Agreements (Cost $1,498,404)				1,498,404

Total Investments – 100.4% (Cost $146,273,234)				235,529,891

Liabilities in excess of other assets – (0.4)%				(835,177	)

Total Net Assets – 100.0%			$	234,694,714

⁽¹⁾	Non–income–producing security.

⁽²⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	1,528,400	$	1,528,424

Legend:

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	234,031,487	$	—	$	—	$	234,031,487
Repurchase Agreements		—		1,498,404		—		1,498,404
Total	$	234,031,487	$	1,498,404	$	—	$	235,529,891


2				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	235,529,891

Receivable for investments sold		349,794

Dividends/interest receivable		72,769

Reimbursement receivable from adviser		5,701

Prepaid expenses		4,751


Total Assets		235,962,906


Liabilities

Payable for investments purchased		737,671

Payable for fund shares redeemed		313,997

Investment advisory fees payable		94,332

Distribution fees payable		48,154

Accrued administrative fees		23,680

Accrued audit fees		15,883

Accrued custodian and accounting fees		13,805

Accrued legal fees		10,075

Accrued transfer agent fees		7,476

Accrued trustees’ and officers’ fees		1,807

Due to custodian		61

Accrued expenses and other liabilities		1,251


Total Liabilities		1,268,192


Total Net Assets	$	234,694,714


Net Assets Consist of:

Paid-in capital	$	76,778,825

Distributable earnings		157,915,889


Total Net Assets	$	234,694,714

Investments, at Cost	$	146,273,234


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		6,970,069

Net Asset Value Per Share		$33.67


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	1,059,915

Interest		2,197

Withholding taxes on foreign dividends		(857	)


Total Investment Income		1,061,255


Expenses

Investment advisory fees		574,525

Distribution fees		293,663

Professional fees		40,968

Trustees’ and officers’ fees		40,448

Administrative fees		28,207

Custodian and accounting fees		19,391

Transfer agent fees		10,085

Shareholder reports		3,515

Other expenses		8,297


Total Expenses		1,019,099

Less: Fees waived		(32,391	)


Total Expenses, Net		986,708


Net Investment Income/(Loss)		74,547


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments

Net realized gain/(loss) from investments		14,221,672

Net change in unrealized appreciation/(depreciation) on investments		5,702,431


Net Gain on Investments		19,924,103


Net Increase in Net Assets Resulting From Operations	$	19,998,650


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	74,547		$	221,010

Net realized gain/(loss) from investments		14,221,672			35,006,654

Net change in unrealized appreciation/(depreciation) on investments		5,702,431			177,093


Net Increase in Net Assets Resulting from Operations		19,998,650			35,404,757


Capital Share Transactions

Proceeds from sales of shares		4,134,493			7,452,795

Cost of shares redeemed		(33,946,806	)		(84,273,639	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(29,812,313	)		(76,820,844	)


Net Decrease in Net Assets		(9,813,663	)		(41,416,087	)


Net Assets

Beginning of period		244,508,377			285,924,464


End of period	$	234,694,714		$	244,508,377


Other Information:

Shares

Sold		132,507			287,526

Redeemed		(1,070,485	)		(2,981,192	)


Net Decrease		(937,978	)		(2,693,666	)


4				The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	30.92	$	0.01	$	2.74	$	2.75	$	33.67		8.89%	⁽⁴⁾

Year Ended 12/31/25		26.97		0.02		3.93		3.95		30.92		14.65%

Year Ended 12/31/24		21.43		0.05		5.49		5.54		26.97		25.85%

Year Ended 12/31/23		17.24		0.11		4.08		4.19		21.43		24.30%

Year Ended 12/31/22		21.86		0.12		(4.74)		(4.62)		17.24		(21.13)%

Year Ended 12/31/21		17.06		0.11		4.69		4.80		21.86		28.14%


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	234,695		0.84%	⁽⁴⁾		0.87%	⁽⁴⁾		0.06%	⁽⁴⁾		0.04%	⁽⁴⁾		20%	⁽⁴⁾

	244,508		0.85%			0.86%			0.09%			0.08%			34%

	285,924		0.85%			0.85%			0.22%			0.22%			30%

	343,008		0.84%			0.84%			0.59%			0.59%			28%

	353,901		0.84%			0.84%			0.68%			0.68%			24%

	321,218		0.86%			0.91%			0.53%			0.48%			274%	⁽⁵⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾	The Fund’s portfolio turnover rate during the year reflects higher purchase and sale activities due to significant inflow of assets into the Fund.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Integrated Research VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks capital appreciation.

2. Significant Accounting Policies

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.50% up to $200 million, 0.43% from $200 to $300 million, and 0.40% in excess of $300 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

terminated only upon approval of the Board of Trustees. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $32,391.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $46,705,846 and $76,669,141, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST



Target Portfolio		Acquiring Portfolio
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory


14

Nature, Extent and Quality of Services


				15

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


16

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.


				17

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•


18

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•


				19

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.


20

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				21

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB8170

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian International Equity VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian International Equity VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 99.4%
Australia – 1.1%

Rio Tinto Ltd.		17,462	$	2,079,282


				2,079,282
Austria – 1.2%

Erste Group Bank AG		17,378		2,328,186


				2,328,186
Belgium – 0.8%

UCB SA		5,044		1,510,336


				1,510,336
Canada – 1.5%

Nutrien Ltd.		21,066		1,327,162

Toronto-Dominion Bank		13,454		1,635,824


				2,962,986
China – 0.8%

Contemporary Amperex Technology Co. Ltd., Class A		17,700		1,029,077

Tencent Music Entertainment Group, ADR		69,056		576,617


				1,605,694
Denmark – 1.5%

Pandora AS		8,154		940,377

Vestas Wind Systems AS		70,117		1,981,072


				2,921,449
France – 7.6%

Legrand SA		16,517		2,787,933

LVMH Moet Hennessy Louis Vuitton SE		6,044		3,346,978

Safran SA		7,862		3,108,338

Schneider Electric SE		10,141		3,327,096

TotalEnergies SE		24,932		1,936,737


				14,507,082
Germany – 8.0%

Allianz SE		6,175		2,922,275

Bayer AG		21,157		1,169,645

Bayerische Motoren Werke AG		18,739		1,226,277

Beiersdorf AG		19,975		1,719,457

Infineon Technologies AG		30,945		2,888,918

SAP SE		17,278		2,645,999

Siemens AG		8,420		2,705,601


				15,278,172
Hong Kong – 2.4%

AIA Group Ltd.		243,000		2,228,784

BOC Hong Kong Holdings Ltd.		229,000		1,242,006

Techtronic Industries Co. Ltd.		73,000		1,218,708


				4,689,498
India – 0.5%

HDFC Bank Ltd., ADR		38,563		996,082


				996,082


June 30, 2026 (unaudited)	Shares		Value
Indonesia – 0.3%

Bank Central Asia Tbk. PT		1,500,300	$	467,238


				467,238
Ireland – 1.0%

Kingspan Group PLC		20,655		1,889,267


				1,889,267
Israel – 1.1%

Teva Pharmaceutical Industries Ltd., ADR⁽¹⁾		60,552		2,051,502


				2,051,502
Italy – 2.0%

FinecoBank Banca Fineco SpA		82,965		2,081,415

Intesa Sanpaolo SpA		268,089		1,836,409


				3,917,824

Japan – 21.7%

Advantest Corp.		7,700		1,565,223

Daikin Industries Ltd.		13,900		2,111,400

Fast Retailing Co. Ltd.		3,300		1,687,709

FUJIFILM Holdings Corp.		55,600		1,195,867

Hitachi Ltd.		76,700		2,131,458

Hoya Corp.		9,700		1,564,304

ITOCHU Corp.		157,500		1,811,029

Japan Exchange Group, Inc.		139,900		1,763,166

KDDI Corp.		99,300		1,675,083

Keyence Corp.		3,600		1,813,777

Mitsubishi Electric Corp.		65,800		2,412,962

Mitsubishi Estate Co. Ltd.		53,300		1,356,589

Mitsubishi UFJ Financial Group, Inc.		246,300		4,886,123

MS&AD Insurance Group Holdings, Inc.		101,000		2,637,826

Recruit Holdings Co. Ltd.		50,300		3,501,355

Shimano, Inc.		7,500		801,016

SMC Corp.		3,800		1,690,875

SoftBank Group Corp.		44,500		1,669,534

Sony Group Corp.		99,800		2,001,253

Terumo Corp.		110,500		1,520,519

Toyota Motor Corp.		113,600		1,905,102


				41,702,170
Luxembourg – 0.8%

Spotify Technology SA⁽¹⁾		3,365		1,544,972


				1,544,972
Netherlands – 6.9%

ASM International NV		1,721		1,970,036

ASML Holding NV		4,350		8,627,102

Heineken NV		31,127		2,618,120


				13,215,258
Norway – 1.4%

DNB Bank ASA		87,368		2,598,746


				2,598,746


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Portugal – 0.7%

Jeronimo Martins SGPS SA		69,550	$	1,332,207


				1,332,207
Republic of Korea – 0.9%

Samsung Electronics Co. Ltd.		7,870		1,720,516


				1,720,516
Singapore – 1.3%

Sea Ltd., ADR⁽¹⁾		11,813		1,132,040

Singapore Telecommunications Ltd.		371,400		1,272,667


				2,404,707
Spain – 5.3%

Banco Bilbao Vizcaya Argentaria SA		125,386		3,145,438

Bankinter SA		87,750		1,472,274

Iberdrola SA		120,692		3,012,267

Industria de Diseno Textil SA		40,875		2,576,116


				10,206,095
Sweden – 1.4%

Svenska Handelsbanken AB, Class A		90,719		1,334,895

Volvo AB, Class B		40,532		1,377,971


				2,712,866
Switzerland – 8.3%

Alcon AG		24,213		1,637,245

Chocoladefabriken Lindt & Spruengli AG		179		2,082,653

Cie Financiere Richemont SA, Class A		14,530		3,371,619

Julius Baer Group Ltd.		17,507		1,513,260

Lonza Group AG		2,774		1,872,081

Roche Holding AG		10,027		4,127,339

Straumann Holding AG		10,399		1,367,652


				15,971,849
Taiwan – 1.7%

Hon Hai Precision Industry Co. Ltd.		119,000		953,957

Taiwan Semiconductor Manufacturing Co. Ltd.		31,000		2,380,448


				3,334,405
United Kingdom – 18.7%

3i Group PLC		31,305		1,033,187

Admiral Group PLC		36,254		1,712,558

Antofagasta PLC		10,931		555,200

ARM Holdings PLC, ADR⁽¹⁾		2,319		822,248

AstraZeneca PLC		24,412		4,566,959

BAE Systems PLC		100,565		2,460,234

Diageo PLC		47,106		946,821

Experian PLC		28,851		970,192

GSK PLC		84,540		2,218,241

Haleon PLC		541,836		2,500,200

HSBC Holdings PLC		185,200		3,520,476

Kingfisher PLC		259,656		976,604


June 30, 2026 (unaudited)	Shares		Value
United Kingdom (continued)

Lloyds Banking Group PLC		893,696	$	1,318,707

London Stock Exchange Group PLC		19,480		2,109,404

National Grid PLC		102,597		1,698,679

Reckitt Benckiser Group PLC		23,148		1,509,088

RELX PLC		55,867		1,759,698

Sage Group PLC		83,094		899,888

Shell PLC		98,364		3,800,487

Unilever PLC		8,355		501,492


				35,880,363
United States – 0.5%

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		4,261		405,391

MercadoLibre, Inc.⁽¹⁾		334		566,928


				972,319

Total Common Stocks (Cost $141,772,453)				190,801,071

	Principal Amounta		Value
Repurchase Agreements – 0.2%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $435,144, due 7/1/2026⁽²⁾	$	435,131		435,131

Total Repurchase Agreements (Cost $435,131)				435,131

Total Investments – 99.6% (Cost $142,207,584)				191,236,202

Assets in excess of other liabilities – 0.4%				863,092

Total Net Assets – 100.0%			$	192,099,294

⁽¹⁾	Non–income–producing security.

⁽²⁾	The table below presents collateral for repurchase agreements.

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

4.00%

12/15/2027

443,900

443,965

Legend:

ADR—American Depositary Receipt


2				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	2,079,282	*	$	—	$	2,079,282
Austria		—		2,328,186	*		—		2,328,186
Belgium		—		1,510,336	*		—		1,510,336
Canada		2,962,986		—			—		2,962,986
China		576,617		1,029,077	*		—		1,605,694
Denmark		—		2,921,449	*		—		2,921,449
France		—		14,507,082	*		—		14,507,082
Germany		—		15,278,172	*		—		15,278,172
Hong Kong		—		4,689,498	*		—		4,689,498
India		996,082		—			—		996,082
Indonesia		—		467,238	*		—		467,238
Ireland		—		1,889,267	*		—		1,889,267
Israel		2,051,502		—			—		2,051,502
Italy		—		3,917,824	*		—		3,917,824
Japan		—		41,702,170	*		—		41,702,170
Luxembourg		1,544,972		—			—		1,544,972
Netherlands		—		13,215,258	*		—		13,215,258
Norway		—		2,598,746	*		—		2,598,746
Portugal		—		1,332,207	*		—		1,332,207
Republic of Korea		—		1,720,516	*		—		1,720,516
Singapore		1,132,040		1,272,667	*		—		2,404,707
Spain		—		10,206,095	*		—		10,206,095
Sweden		—		2,712,866	*		—		2,712,866
Switzerland		—		15,971,849	*		—		15,971,849
Taiwan		—		3,334,405	*		—		3,334,405
United Kingdom		822,248		35,058,115	*		—		35,880,363
United States		972,319		—			—		972,319
Repurchase Agreements		—		435,131			—		435,131
Total	$	11,058,766	$	180,177,436		$	—	$	191,236,202

*	Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	191,236,202

Foreign currency, at value		58,568

Foreign tax reclaims receivable		999,973

Dividends/interest receivable		244,486

Reimbursement receivable from adviser		15,762

Prepaid expenses		3,977


Total Assets		192,558,968


Liabilities

Payable for fund shares redeemed		199,389

Investment advisory fees payable		122,783

Accrued custodian and accounting fees		40,608

Distribution fees payable		39,558

Accrued administrative fees		20,904

Accrued audit fees		15,957

Accrued legal fees		8,251

Accrued transfer agent fees		5,868

Accrued trustees’ and officers’ fees		1,710

Due to custodian		385

Accrued expenses and other liabilities		4,261


Total Liabilities		459,674


Total Net Assets	$	192,099,294


Net Assets Consist of:

Paid-in capital	$	100,496,621

Distributable earnings		91,602,673


Total Net Assets	$	192,099,294


Investments, at Cost	$	142,207,584


Foreign Currency, at Cost	$	58,161


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		10,257,847

Net Asset Value Per Share		$18.73


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	3,283,233

Interest		7,727

Withholding taxes on foreign dividends		(312,150	)


Total Investment Income		2,978,810


Expenses

Investment advisory fees		749,107

Distribution fees		241,438

Custodian and accounting fees		59,444

Professional fees		37,650

Trustees’ and officers’ fees		33,358

Administrative fees		25,164

Transfer agent fees		7,893

Shareholder reports		3,242

Other expenses		8,561


Total Expenses		1,165,857

Less: Fees waived		(68,117	)


Total Expenses, Net		1,097,740


Net Investment Income/(Loss)		1,881,070


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		15,507,975

Net realized gain/(loss) from foreign currency transactions		18,010

Net change in unrealized appreciation/(depreciation) on investments		(3,247,988	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(32,135	)


Net Gain on Investments and Foreign Currency Transactions		12,245,862


Net Increase in Net Assets Resulting From Operations	$	14,126,932


4				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	1,881,070		$	2,845,293

Net realized gain/(loss) from investments and foreign currency transactions		15,525,985			17,233,122

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(3,280,123	)		33,341,652


Net Increase in Net Assets Resulting from Operations		14,126,932			53,420,067


Capital Share Transactions

Proceeds from sales of shares		5,607,322			10,892,633

Cost of shares redeemed		(31,455,618	)		(86,060,670	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(25,848,296	)		(75,168,037	)


Net Decrease in Net Assets		(11,721,364	)		(21,747,970	)


Net Assets

Beginning of period		203,820,658			225,568,628


End of period	$	192,099,294		$	203,820,658


Other Information:

Shares

Sold		311,800			708,362

Redeemed		(1,741,166	)		(5,459,017	)


Net Decrease		(1,429,366	)		(4,750,655	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾			Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	17.44	$	0.17		$	1.12		$	1.29		$	18.73		7.40	%⁽⁴⁾

Year Ended 12/31/25		13.72		0.20			3.52			3.72			17.44		27.11	%

Year Ended 12/31/24		13.16		0.21			0.35			0.56			13.72		4.26	%

Year Ended 12/31/23		11.39		0.18			1.59			1.77			13.16		15.54	%

Year Ended 12/31/22		13.87		0.15			(2.63	)		(2.48	)		11.39		(17.88	)%

Year Ended 12/31/21		13.16		0.30	⁽⁵⁾		0.41			0.71			13.87		5.40	%


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	192,099		1.14	%⁽⁴⁾		1.21	%⁽⁴⁾		1.95	%⁽⁴⁾		1.88	%⁽⁴⁾		17	%⁽⁴⁾

	203,821		1.14	%		1.18	%		1.30	%		1.26	%		33	%

	225,569		1.11	%		1.18	%		1.51	%		1.44	%		32	%

	293,610		1.08	%		1.15	%		1.47	%		1.40	%		29	%

	325,012		1.08	%		1.12	%		1.30	%		1.26	%		136	%

	411,907		1.06	%		1.13	%		2.20	%⁽⁵⁾		2.13	%⁽⁵⁾		40	%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾

Reflects a special dividend paid out during the year by one of the Fund’s holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.19, the Net Ratio of Net Investment Income to Average Net Assets would have been 1.37%, and the Gross Ratio of Net Investment Income to Average Net Assets would have been 1.30%.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian International Equity VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks long-term capital appreciation.

2. Significant Accounting Policies

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

3. Transactions with Affiliates


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% of the first $100 million, and 0.75% in excess of $100 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2027 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 1.11% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 1.15%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $68,117.

Park Avenue has entered into a Sub-Advisory Agreement with Schroder Investment Management North America, Inc. (“Schroder Inc.”). Schroder Inc. is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund. Schroder Inc. also entered into a Sub-subadvisory Agreement with its affiliate, Schroder Investment Management North America Limited (‘‘Schroder Limited’’). The sub-subadvisory fees under the Sub-subadvisory Agreement are paid by Schroder Inc. to Schroder Limited and do not represent a separate or additional expense to the Fund.

c. Distribution Fees Park Avenue Securities LLC (“PAS”), a wholly-owned subsidiary of Guardian Life, is the principal underwriter of Fund shares. The Trust has

entered into a distribution and service agreement with

PAS, which governs the sale and distribution of shares of the Fund. Under a distribution and service plan adopted by the Trust (“12b-1 plan”), PAS is compensated for services in such capacity, including its expenses in connection with the promotion and distribution of shares of the Fund, at an annual rate of 0.25% of the Fund’s average daily net assets. For the six months ended June 30, 2026, the Fund incurred distribution fees in the amount of $241,438 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $33,452,285 and $57,237,475, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

statements were issued and has determined that there was the following subsequent event:

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

SUPPLEMENTAL INFORMATION (UNAUDITED)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory


14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the

1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				21

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB8172

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian International Growth VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian International Growth VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 98.3%
Australia – 1.8%

Brambles Ltd.		38,836	$	524,322

Telstra Group Ltd.		222,484		782,446


				1,306,768
Austria – 1.1%

AT&S Austria Technologie & Systemtechnik AG⁽¹⁾		3,218		777,124


				777,124
Belgium – 1.1%

UCB SA		2,542		761,156


				761,156
Denmark – 3.1%

DSV AS		4,890		1,160,819

Novonesis (Novozymes) B		15,951		1,008,003


				2,168,822
France – 13.5%

Air Liquide SA		10,980		2,174,414

Capgemini SE		3,209		322,743

EssilorLuxottica SA		4,021		754,390

Kering SA		1,181		335,809

Legrand SA		6,918		1,167,701

Safran SA		6,080		2,403,802

Schneider Electric SE		5,235		1,717,518

SPIE SA		10,307		594,461


				9,470,838
Germany – 6.7%

Infineon Technologies AG		18,100		1,689,753

Muenchener Rueckversicherungs-Gesellschaft AG		1,115		622,437

RWE AG		9,441		611,667

Scout24 SE⁽²⁾		5,393		445,906

Siemens Energy AG		6,959		1,318,920


				4,688,683
Hong Kong – 2.8%

AIA Group Ltd.		105,600		968,558

Hong Kong Exchanges & Clearing Ltd.		21,300		989,969


				1,958,527
Ireland – 1.5%

Ryanair Holdings PLC, ADR		16,291		1,054,842


				1,054,842
Israel – 0.7%

Tower Semiconductor Ltd.⁽¹⁾		1,795		467,849


				467,849
Italy – 1.3%

Prysmian SpA		5,651		949,282


				949,282
Japan – 23.5%

Advantest Corp.		6,100		1,239,982

Ajinomoto Co., Inc.		26,000		945,801

Asics Corp.		22,400		609,162


June 30, 2026 (unaudited)	Shares		Value
Japan – (continued)

Azbil Corp.		69,500	$	741,715

JX Advanced Metals Corp.		26,200		724,737

Kao Corp.		32,000		634,371

Keyence Corp.		1,700		856,506

Kinden Corp.		15,300		755,379

Kioxia Holdings Corp.⁽¹⁾		2,100		1,192,258

Lasertec Corp.		2,800		871,195

Nintendo Co. Ltd.		14,400		604,722

Penta-Ocean Construction Co. Ltd.		61,100		646,728

Recruit Holdings Co. Ltd.		19,200		1,336,502

Sanrio Co. Ltd.		77,700		525,166

Sony Group Corp.		47,600		954,505

Sumitomo Electric Industries Ltd.		62,000		1,144,433

Suzuki Motor Corp.		45,600		548,893

Tokyo Electron Ltd.		4,500		2,176,171


				16,508,226

Luxembourg – 1.4%

Spotify Technology SA⁽¹⁾		2,150		987,130


				987,130

Netherlands – 11.2%

Argenx SE⁽¹⁾		669		620,576

ASML Holding NV		2,770		5,493,580

Ferrari NV		1,925		713,411

Nebius Group NV⁽¹⁾		2,334		644,581

SBM Offshore NV		12,777		441,426


				7,913,574

Republic of Korea – 0.7%

Hanwha Aerospace Co. Ltd.		754		485,672


				485,672

Singapore – 3.1%

DBS Group Holdings Ltd.		28,540		1,442,035

Singapore Exchange Ltd.		38,500		720,219


				2,162,254

Spain – 2.3%

Indra Sistemas SA		12,946		711,551

Industria de Diseno Textil SA		14,201		895,007


				1,606,558

Switzerland – 5.1%

Cie Financiere Richemont SA, Class A		5,830		1,352,825

UBS Group AG		29,580		1,465,353

VAT Group AG⁽²⁾		878		768,122


				3,586,300

United Kingdom – 15.5%

AstraZeneca PLC		13,840		2,589,166

British American Tobacco PLC		11,114		685,491

Compass Group PLC		52,594		1,699,281

Glencore PLC⁽¹⁾		76,741		523,426


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND


June 30, 2026 (unaudited)	Shares		Value

United Kingdom – (continued)

London Stock Exchange Group PLC		5,717	$	619,069

RELX PLC		33,300		1,049,548

Rolls-Royce Holdings PLC		113,600		2,181,138

SSE PLC		23,517		760,051

Standard Chartered PLC		30,968		839,380


				10,946,550

United States – 1.9%

InterContinental Hotels Group PLC		7,870		1,357,457


				1,357,457

Total Common Stocks

(Cost $50,445,844)				69,157,612
June 30, 2026 (unaudited)	Principal Amount		Value
Repurchase Agreements – 1.4%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $987,727, due 7/1/2026⁽³⁾	$	987,698	$	987,698


June 30, 2026 (unaudited)	Principal Amount	Value

Total Repurchase Agreements (Cost $987,698)		$	987,698

Total Investments – 99.7% (Cost $51,433,542)			70,145,310

Assets in excess of other liabilities – 0.3%			210,076

Total Net Assets – 100.0%		$	70,355,386

⁽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 June 30, 2026, the aggregate market value of these securities amounted to $1,214,028, 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		4.00%		12/15/2027	$	1,007,500	$	1,007,545

Legend:

ADR—American Depositary Receipt


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	1,306,768	*	$	—	$	1,306,768
Austria		—		777,124	*		—		777,124
Belgium		—		761,156	*		—		761,156
Denmark		—		2,168,822	*		—		2,168,822
France		—		9,470,838	*		—		9,470,838
Germany		—		4,688,683	*		—		4,688,683
Hong Kong		—		1,958,527	*		—		1,958,527
Ireland		1,054,842		—			—		1,054,842
Israel		467,849		—			—		467,849
Italy		—		949,282	*		—		949,282
Japan		—		16,508,226	*		—		16,508,226
Luxembourg		987,130		—			—		987,130
Netherlands		644,581		7,268,993	*		—		7,913,574
Republic of Korea		—		485,672	*		—		485,672
Singapore		—		2,162,254	*		—		2,162,254
Spain		—		1,606,558	*		—		1,606,558
Switzerland		—		3,586,300	*		—		3,586,300
United Kingdom		—		10,946,550	*		—		10,946,550
United States		—		1,357,457	*		—		1,357,457
Repurchase Agreements		—		987,698			—		987,698
Total	$	3,154,402	$	66,990,908		$	—	$	70,145,310

*	Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.


2				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	70,145,310

Foreign currency, at value		5,801

Foreign tax reclaims receivable		401,763

Dividends/interest receivable		29,025

Reimbursement receivable from adviser		14,310

Prepaid expenses		1,083


Total Assets		70,597,292


Liabilities

Payable for fund shares redeemed		114,898

Investment advisory fees payable		45,386

Accrued custodian and accounting fees		29,325

Accrued audit fees		15,957

Distribution fees payable		14,183

Accrued administrative fees		12,848

Accrued transfer agent fees		5,773

Accrued legal fees		2,606

Accrued shareholder reports fees		360

Accrued trustees’ and officers’ fees		256

Accrued expenses and other liabilities		314


Total Liabilities		241,906


Total Net Assets	$	70,355,386


Net Assets Consist of:

Paid-in capital	$	2,848,126

Distributable earnings		67,507,260


Total Net Assets	$	70,355,386


Investments, at Cost	$	51,433,542


Foreign Currency, at Cost	$	5,823


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		3,123,935

Net Asset Value Per Share		$22.52


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	709,888

Interest		3,996

Withholding taxes on foreign dividends		(60,173	)


Total Investment Income		653,711


Expenses

Investment advisory fees		272,026

Distribution fees		85,008

Custodian and accounting fees		44,647

Professional fees		23,262

Administrative fees		15,311

Trustees’ and officers’ fees		11,300

Transfer agent fees		7,709

Shareholder reports		2,226

Other expenses		2,421


Total Expenses		463,910

Less: Fees waived		(77,452	)


Total Expenses, Net		386,458


Net Investment Income/(Loss)		267,253


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		7,294,479

Net realized gain/(loss) from foreign currency transactions		(474	)

Net change in unrealized appreciation/(depreciation) on investments		984,389

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(10,774	)


Net Gain on Investments and Foreign Currency Transactions		8,267,620


Net Increase in Net Assets Resulting From Operations	$	8,534,873


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	267,253		$	410,194

Net realized gain/(loss) from investments and foreign currency transactions		7,294,005			15,793,812

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		973,615			(3,345,376	)


Net Increase in Net Assets Resulting from Operations		8,534,873			12,858,630


Capital Share Transactions

Proceeds from sales of shares		1,539,121			2,387,570

Cost of shares redeemed		(8,130,651	)		(25,815,772	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(6,591,530	)		(23,428,202	)


Net Increase/(Decrease) in Net Assets		1,943,343			(10,569,572	)


Net Assets

Beginning of period		68,412,043			78,981,615


End of period	$	70,355,386		$	68,412,043


Other Information:

Shares

Sold		74,044			126,870

Redeemed		(389,834	)		(1,372,751	)


Net Decrease		(315,790	)		(1,245,881	)


4				The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)⁽¹⁾			Net Realized and Unrealized Gain/(Loss)		Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	19.89	$	0.08		$	2.55	$	2.63		$	22.52		13.22	%⁽⁴⁾

Year Ended 12/31/25		16.86		0.10			2.93		3.03			19.89		17.97	%

Year Ended 12/31/24		16.01		0.06			0.79		0.85			16.86		5.31	%

Year Ended 12/31/23		13.78		0.10			2.13		2.23			16.01		16.18	%

Year Ended 12/31/22		19.21		0.05			(5.48)		(5.43	)		13.78		(28.27	)%

Year Ended 12/31/21		17.34		(0.01	)		1.88		1.87			19.21		10.78	%


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income / (Loss) to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income / (Loss) to Average Net Assets			Portfolio Turnover Rate

$	70,355		1.14	%⁽⁴⁾		1.36	%⁽⁴⁾		0.79	%⁽⁴⁾		0.56	%⁽⁴⁾		29	%⁽⁴⁾

	68,412		1.16	%		1.32	%		0.54	%		0.38	%		57	%

	78,982		1.17	%		1.32	%		0.38	%		0.23	%		27	%

	103,863		1.18	%		1.26	%		0.68	%		0.60	%		50	%

	114,662		1.18	%		1.21	%		0.35	%		0.32	%		40	%

	148,827		1.17	%		1.17	%		(0.05	)%		(0.05	)%		31	%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income/(Loss) to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian International Growth VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks total return consisting of long-term capital growth and current income.

2. Significant Accounting Policies

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

3. Transactions with Affiliates


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

Park Avenue has contractually agreed through April 30, 2027 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 1.11% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 1.15%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $77,452.

Park Avenue has entered into a Sub-Advisory Agreement with J.P. Morgan Investment Management Inc. (“J.P. Morgan”). J.P. Morgan is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

ended June 30, 2026, the Fund incurred distribution fees in the amount of $85,008 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $19,543,626 and $26,205,672, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.

d. Repurchase Agreements The Fund may invest in repurchase agreements to maintain liquidity and earn


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

income over periods of time as short as overnight. The collateral for repurchase agreements is either cash or fully negotiable U.S. government securities (including U.S. government agency securities). Repurchase agreements are fully collateralized (including the interest accrued thereon) and such collateral is marked to market daily while the agreements remain in force. If the value of the collateral falls below the repurchase price plus accrued interest, the Fund will typically require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

SUPPLEMENTAL INFORMATION (UNAUDITED)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory


14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data,

which included comparisons of the performance of each Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the

1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				21

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB8171

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Large Cap Disciplined Growth VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian Large Cap Disciplined Growth VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 99.7%

Aerospace & Defense – 3.8%

Axon Enterprise, Inc.⁽¹⁾		4,024	$	2,255,895

FTAI Aviation Ltd.		9,461		2,559,484

General Electric Co.		15,928		5,952,771

L3Harris Technologies, Inc.		5,627		1,635,150


				12,403,300
Automobiles – 2.1%

Tesla, Inc.⁽¹⁾		16,602		6,982,801


				6,982,801
Biotechnology – 0.5%

Natera, Inc.⁽¹⁾		5,715		1,551,337


				1,551,337
Broadline Retail – 2.6%

Amazon.com, Inc.⁽¹⁾		34,863		8,309,247


				8,309,247
Building Products – 0.3%

Johnson Controls International PLC		6,629		968,563


				968,563
Capital Markets – 0.8%

Interactive Brokers Group, Inc., Class A		13,788		1,200,108

KKR & Co., Inc.		16,281		1,494,270


				2,694,378
Chemicals – 1.1%

Sherwin-Williams Co.		9,936		3,421,163


				3,421,163
Communications Equipment – 1.2%

Arista Networks, Inc.⁽¹⁾		22,559		3,832,323


				3,832,323
Consumer Staples Distribution & Retail – 1.2%

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		21,847		1,905,495

Walmart, Inc.		16,980		1,923,155


				3,828,650
Diversified Telecommunication Services – 0.6%

Space Exploration Technologies Corp., Class A⁽¹⁾		11,900		2,033,234


				2,033,234
Electrical Equipment – 1.9%

Eaton Corp. PLC		4,275		1,821,663

GE Vernova, Inc.		2,437		2,863,134

Vertiv Holdings Co., Class A		4,712		1,577,672


				6,262,469
Electronic Equipment, Instruments & Components – 2.2%

Advanced Energy Industries, Inc.		2,617		975,801

Corning, Inc.		9,519		2,431,438

Fabrinet⁽¹⁾		553		310,830

Flex Ltd.⁽¹⁾		9,480		1,536,424

Keysight Technologies, Inc.⁽¹⁾		5,341		1,869,724


				7,124,217


June 30, 2026 (unaudited)	Shares		Value
Entertainment – 2.0%

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		13,390	$	1,273,925

Netflix, Inc.⁽¹⁾		74,139		5,293,524


				6,567,449
Financial Services – 2.9%

Mastercard, Inc., Class A		14,949		7,677,806

Rocket Cos., Inc., Class A⁽¹⁾		110,342		1,737,887


				9,415,693
Health Care Equipment & Supplies – 0.6%

Dexcom, Inc.⁽¹⁾		29,194		1,966,216


				1,966,216
Health Care Technology – 0.4%

Veeva Systems, Inc., Class A⁽¹⁾		7,641		1,356,048


				1,356,048
Hotels, Restaurants & Leisure – 2.3%

DoorDash, Inc., Class A⁽¹⁾		14,657		2,704,656

Hilton Worldwide Holdings, Inc.		6,078		2,008,536

Royal Caribbean Cruises Ltd.		8,941		2,839,036


				7,552,228
Interactive Media & Services – 13.7%

Alphabet, Inc., Class A		86,065		30,757,049

Alphabet, Inc., Class C		8,433		2,979,632

Meta Platforms, Inc., Class A		18,941		10,669,276


				44,405,957
IT Services – 2.1%

Cloudflare, Inc., Class A⁽¹⁾		9,906		2,429,744

Quantinuum, Inc., Class A⁽¹⁾		3,200		261,568

Shopify, Inc., Class A⁽¹⁾		18,739		2,139,619

Snowflake, Inc., Class A⁽¹⁾		8,462		2,153,579


				6,984,510
Machinery – 0.7%

Cummins, Inc.		3,342		2,383,548


				2,383,548
Media – 0.4%

EchoStar Corp., Class A⁽¹⁾		12,902		1,309,553


				1,309,553
Oil, Gas & Consumable Fuels – 0.2%

Diamondback Energy, Inc.		3,196		561,793


				561,793
Pharmaceuticals – 3.8%

Eli Lilly & Co.		10,295		12,348,132


				12,348,132
Semiconductors & Semiconductor Equipment – 31.2%

Advanced Micro Devices, Inc.⁽¹⁾		15,587		9,054,644

Applied Materials, Inc.		6,225		4,500,675

Broadcom, Inc.		49,660		18,759,065

Cerebras Systems, Inc., Class A⁽¹⁾		2,209		488,189

KLA Corp.		32,863		9,915,096


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


June 30, 2026 (unaudited)	Shares		Value

Semiconductors & Semiconductor Equipment (continued)

Lam Research Corp.		13,055	$	5,657,123

Micron Technology, Inc.		8,737		10,085,032

NVIDIA Corp.		215,041		43,027,553


				101,487,377
Software – 8.9%

AppLovin Corp., Class A⁽¹⁾		2,446		1,260,252

Cadence Design Systems, Inc.⁽¹⁾		3,172		1,190,515

Microsoft Corp.		44,494		16,597,152

Oracle Corp.		22,103		3,239,195

Palantir Technologies, Inc., Class A⁽¹⁾		20,961		2,445,520

Palo Alto Networks, Inc.⁽¹⁾		12,176		4,152,259


				28,884,893
Specialty Retail – 2.2%

Lowe’s Cos., Inc.		13,371		2,948,172

O’Reilly Automotive, Inc.⁽¹⁾		18,513		1,704,862

Wayfair, Inc., Class A⁽¹⁾		25,823		2,386,562


				7,039,596
Technology Hardware, Storage & Peripherals – 9.3%

Apple, Inc.		85,251		24,668,229

Sandisk Corp.⁽¹⁾		1,220		2,773,951

Seagate Technology Holdings PLC		2,975		2,870,875


				30,313,055
Trading Companies & Distributors – 0.7%

Ferguson Enterprises, Inc.		4,831		1,146,541

United Rentals, Inc.		975		1,104,568


				2,251,109

Total Common Stocks (Cost $191,580,316)				324,238,839


	Principal Amount		Value
Repurchase Agreements – 0.5%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $1,488,106, due 7/1/2026⁽²⁾	$	1,488,062	$	1,488,062

Total Repurchase Agreements (Cost $1,488,062)				1,488,062

Total Investments – 100.2% (Cost $193,068,378)				325,726,901

Liabilities in excess of other assets – (0.2)%				(801,785	)

Total Net Assets – 100.0%			$	324,925,116

⁽¹⁾	Non–income–producing security.

⁽²⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	1,517,900	$	1,517,973


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	324,238,839	$	—	$	—	$	324,238,839
Repurchase Agreements		—		1,488,062		—		1,488,062
Total	$	324,238,839	$	1,488,062	$	—	$	325,726,901


2				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	325,726,901

Receivable for investments sold		1,429,350

Dividends/interest receivable		24,177

Reimbursement receivable from adviser		20,754

Receivable for fund shares subscribed		117

Prepaid expenses		7,190


Total Assets		327,208,489


Liabilities

Payable for investments purchased		1,318,328

Payable for fund shares redeemed		655,727

Investment advisory fees payable		155,294

Distribution fees payable		66,758

Accrued administrative fees		29,248

Accrued custodian and accounting fees		15,769

Accrued audit fees		14,833

Accrued legal fees		14,258

Accrued transfer agent fees		7,802

Accrued trustees’ and officers’ fees		2,829

Due to custodian		268

Accrued expenses and other liabilities		2,259


Total Liabilities		2,283,373


Total Net Assets	$	324,925,116


Net Assets Consist of:

Paid-in capital	$	(237,318,599	)

Distributable earnings		562,243,715


Total Net Assets	$	324,925,116


Investments, at Cost	$	193,068,378


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		7,350,187

Net Asset Value Per Share		$44.21


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	734,704

Interest		6,009


Total Investment Income		740,713


Expenses

Investment advisory fees		936,817

Distribution fees		402,733

Trustees’ and officers’ fees		55,862

Professional fees		50,865

Administrative fees		34,984

Custodian and accounting fees		19,211

Transfer agent fees		10,389

Shareholder reports		4,252

Other expenses		11,586


Total Expenses		1,526,699

Less: Fees waived		(125,187	)


Total Expenses, Net		1,401,512


Net Investment Income/(Loss)		(660,799	)


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments

Net realized gain/(loss) from investments		34,726,769

Net change in unrealized appreciation/(depreciation) on investments		(17,404,216	)


Net Gain on Investments		17,322,553


Net Increase in Net Assets Resulting From Operations	$	16,661,754


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	(660,799	)	$	(1,560,816	)

Net realized gain/(loss) from investments		34,726,769			75,613,241

Net change in unrealized appreciation/(depreciation) on investments		(17,404,216	)		(17,047,519	)


Net Increase in Net Assets Resulting from Operations		16,661,754			57,004,906


Capital Share Transactions

Proceeds from sales of shares		18,928,252			18,592,818

Cost of shares redeemed		(46,067,154	)		(131,973,166	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(27,138,902	)		(113,380,348	)


Net Decrease in Net Assets		(10,477,148	)		(56,375,442	)


Net Assets

Beginning of period		335,402,264			391,777,706


End of period	$	324,925,116		$	335,402,264


Other Information:

Shares

Sold		468,914			543,646

Redeemed		(1,102,146	)		(3,468,660	)


Net Decrease		(633,232	)		(2,925,014	)


4				The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Loss⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	42.01	$	(0.08)	$	2.28	$	2.20	$	44.21		5.24%	⁽⁴⁾

Year Ended 12/31/25		35.92		(0.16)		6.25		6.09		42.01		16.95%

Year Ended 12/31/24		27.88		(0.10)		8.14		8.04		35.92		28.84%

Year Ended 12/31/23		19.65		(0.04)		8.27		8.23		27.88		41.88%

Year Ended 12/31/22		28.69		(0.03)		(9.01)		(9.04)		19.65		(31.51)%

Year Ended 12/31/21		23.83		(0.09)		4.95		4.86		28.69		20.39%


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Loss to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate

$	324,925		0.87%	⁽⁴⁾		0.95%	⁽⁴⁾		(0.41)%	⁽⁴⁾		(0.49)%	⁽⁴⁾		31%	⁽⁴⁾

	335,402		0.87%			0.94%			(0.44)%			(0.51)%			42%

	391,778		0.87%			0.92%			(0.31)%			(0.36)%			33%

	450,987		0.87%			0.91%			(0.16)%			(0.20)%			37%

	439,541		0.87%			0.89%			(0.15)%			(0.17)%			38%

	622,763		0.87%			0.87%			(0.34)%			(0.34)%			28%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Loss to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Disciplined Growth VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks to maximize long term-growth.

2. Significant Accounting Policies

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.62% up to $100 million, 0.57% from $100 to $300 million, 0.52% from $300 to $500 million, and 0.50% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $125,187.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $100,205,312 and $126,724,154, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST



Target Portfolio		Acquiring Portfolio
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


14

Nature, Extent and Quality of Services


				15

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


16

their evaluation of the total expenses. For details regarding each Fund’s fee and expense comparisons, see the “Fund-by-Fund Factors” section below.

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the


				17

S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the

contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•


18

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•


				19

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.


20

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				21

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB8173

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Large Cap Disciplined Value VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian Large Cap Disciplined Value VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 97.6%
Aerospace & Defense – 3.0%

General Dynamics Corp.		2,258	$	799,874

Honeywell Aerospace, Inc.⁽¹⁾		2,525		558,227

L3Harris Technologies, Inc.		2,748		798,541


				2,156,642
Air Freight & Logistics – 2.2%

CH Robinson Worldwide, Inc.		3,807		717,010

FedEx Corp.		2,751		861,421


				1,578,431
Automobile Components – 0.4%

Aptiv PLC⁽¹⁾		4,796		294,378


				294,378
Banks – 6.4%

Huntington Bancshares, Inc.		46,929		832,051

JPMorgan Chase & Co.		8,826		2,889,015

Wells Fargo & Co.		11,880		981,763


				4,702,829
Beverages – 1.8%

Coca-Cola Co.		10,858		882,430

Coca-Cola Europacific Partners PLC		4,157		415,991


				1,298,421
Biotechnology – 2.9%

AbbVie, Inc.		4,504		1,133,386

Gilead Sciences, Inc.		7,973		1,007,309


				2,140,695
Broadline Retail – 4.9%

Amazon.com, Inc.⁽¹⁾		14,896		3,550,313


				3,550,313
Building Products – 0.4%

Allegion PLC		1,980		278,170


				278,170
Capital Markets – 5.9%

Goldman Sachs Group, Inc.		1,011		1,022,495

Intercontinental Exchange, Inc.		5,560		684,491

LPL Financial Holdings, Inc.		2,807		790,676

Morgan Stanley		6,516		1,362,105

S&P Global, Inc.		1,168		475,680


				4,335,447
Construction Materials – 2.0%

CRH PLC		13,657		1,461,299


				1,461,299
Consumer Finance – 2.9%

American Express Co.		3,272		1,106,754

Capital One Financial Corp.		5,123		1,027,776


				2,134,530
Consumer Staples Distribution & Retail – 2.9%

Sysco Corp.		6,941		580,129

U.S. Foods Holding Corp.⁽¹⁾		14,933		1,526,899


				2,107,028


June 30, 2026 (unaudited)	Shares		Value
Electric Utilities – 3.9%

Entergy Corp.		6,077	$	698,004

FirstEnergy Corp.		19,867		944,477

NRG Energy, Inc.		2,489		363,544

Southern Co.		8,880		849,905


				2,855,930
Electrical Equipment – 1.1%

Hubbell, Inc.		1,470		769,104


				769,104
Electronic Equipment, Instruments & Components – 2.1%

Flex Ltd.⁽¹⁾		9,367		1,518,110


				1,518,110
Energy Equipment & Services – 0.6%

SLB Ltd.		9,906		460,530


				460,530
Entertainment – 1.3%

Walt Disney Co.		10,247		986,274


				986,274
Financial Services – 3.1%

Apollo Global Management, Inc.		5,013		593,088

Corpay, Inc.⁽¹⁾		2,127		708,865

Visa, Inc., Class A		2,767		949,330


				2,251,283
Ground Transportation – 2.2%

Old Dominion Freight Line, Inc.		2,591		561,210

Uber Technologies, Inc.⁽¹⁾		14,655		1,057,505


				1,618,715
Health Care Equipment & Supplies – 0.7%

Stryker Corp.		1,550		488,002


				488,002
Health Care Providers & Services – 4.8%

Cencora, Inc.		3,195		904,121

Labcorp Holdings, Inc.		1,509		422,520

McKesson Corp.		1,210		914,276

Quest Diagnostics, Inc.		3,960		839,322

Tenet Healthcare Corp.⁽¹⁾		2,108		394,365


				3,474,604
Hotels, Restaurants & Leisure – 0.9%

Booking Holdings, Inc.		3,887		692,819


				692,819
Industrial Conglomerates – 0.8%

Honeywell International, Inc.		2,525		565,348


				565,348
Insurance – 1.7%

Allstate Corp.		2,433		578,908

Aon PLC, Class A		2,095		694,891


				1,273,799
Interactive Media & Services – 1.6%

Meta Platforms, Inc., Class A		2,018		1,136,719


				1,136,719


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Life Sciences Tools & Services – 1.0%

IQVIA Holdings, Inc.⁽¹⁾		3,929	$	759,161


				759,161
Machinery – 2.2%

Cummins, Inc.		1,328		947,143

Westinghouse Air Brake Technologies Corp.		2,370		638,952


				1,586,095
Metals & Mining – 4.7%

Freeport-McMoRan, Inc.		9,388		590,411

Kinross Gold Corp.		42,780		1,010,464

Newmont Corp.		6,797		634,840

Reliance, Inc.		1,542		576,091

Steel Dynamics, Inc.		2,560		587,418


				3,399,224
Multi-Utilities – 0.8%

CenterPoint Energy, Inc.		13,527		595,729


				595,729
Oil, Gas & Consumable Fuels – 5.3%

Cenovus Energy, Inc.		25,114		623,078

ConocoPhillips		14,080		1,463,757

Diamondback Energy, Inc.		5,415		951,849

Marathon Petroleum Corp.		3,168		809,962


				3,848,646
Passenger Airlines – 1.2%

United Airlines Holdings, Inc.⁽¹⁾		6,350		863,536


				863,536
Pharmaceuticals – 1.1%

AstraZeneca PLC		4,273		810,246


				810,246
Professional Services – 0.9%

Jacobs Solutions, Inc.		3,468		436,968

Leidos Holdings, Inc.		2,235		230,138


				667,106
Semiconductors & Semiconductor Equipment – 11.8%

Applied Materials, Inc.		3,624		2,620,152

Marvell Technology, Inc.		1,857		553,182

Microchip Technology, Inc.		12,801		1,167,451

Micron Technology, Inc.		1,681		1,940,361

NVIDIA Corp.		4,398		879,996

NXP Semiconductors NV		5,018		1,410,209


				8,571,351


June 30, 2026 (unaudited)	Shares		Value
Software – 0.5%

Oracle Corp.		2,528	$	370,478


				370,478
Technology Hardware, Storage & Peripherals – 2.4%

Dell Technologies, Inc., Class C		4,018		1,733,606


				1,733,606
Textiles, Apparel & Luxury Goods – 0.7%

Tapestry, Inc.		3,602		527,261


				527,261
Tobacco – 2.2%

Philip Morris International, Inc.		8,756		1,584,048


				1,584,048
Trading Companies & Distributors – 1.8%

United Rentals, Inc.		1,136		1,286,963


				1,286,963
Wireless Telecommunication Services – 0.5%

T-Mobile U.S., Inc.		2,172		364,310


				364,310

Total Common Stocks (Cost $46,079,595)				71,097,180

	Principal Amount		Value
Repurchase Agreements – 2.5%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $1,857,512, due 7/1/2026⁽²⁾	$	1,857,457		1,857,457


Total Repurchase Agreements (Cost $1,857,457)				1,857,457

Total Investments – 100.1% (Cost $47,937,052)				72,954,637

Liabilities in excess of other assets – (0.1)%				(96,156	)

Total Net Assets – 100.0%			$	72,858,481

⁽¹⁾	Non-income-producing security.

⁽²⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	1,894,700	$	1,894,789


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	71,097,180	$	—	$	—	$	71,097,180
Repurchase Agreements		—		1,857,457		—		1,857,457
Total	$	71,097,180	$	1,857,457	$	—	$	72,954,637


2				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	72,954,637

Cash		4,570

Dividends/interest receivable		53,517

Foreign tax reclaims receivable		46,471

Reimbursement receivable from adviser		9,382

Prepaid expenses		1,199


Total Assets		73,069,776


Liabilities

Payable for fund shares redeemed		99,594

Investment advisory fees payable		39,104

Accrued custodian and accounting fees		19,480

Distribution fees payable		15,040

Accrued audit fees		14,834

Accrued administrative fees		13,382

Accrued transfer agent fees		5,305

Accrued legal fees		3,108

Accrued trustees’ and officers’ fees		700

Accrued shareholder reports fees		381

Accrued expenses and other liabilities		367


Total Liabilities		211,295


Total Net Assets	$	72,858,481


Net Assets Consist of:

Paid-in capital	$	(76,720,606	)

Distributable earnings		149,579,087


Total Net Assets	$	72,858,481


Investments, at Cost	$	47,937,052


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		2,272,459

Net Asset Value Per Share		$32.06


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	499,991

Interest		6,102

Withholding taxes on foreign dividends		(9,037	)


Total Investment Income		497,056


Expenses

Investment advisory fees		235,002

Distribution fees		90,385

Professional fees		22,925

Custodian and accounting fees		22,198

Administrative fees		15,850

Trustees’ and officers’ fees		12,476

Transfer agent fees		7,155

Shareholder reports		2,340

Other expenses		2,697


Total Expenses		411,028

Less: Fees waived		(59,122	)


Total Expenses, Net		351,906


Net Investment Income/(Loss)		145,150


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		9,500,907

Net realized gain/(loss) from foreign currency transactions		6

Net change in unrealized appreciation/(depreciation) on investments		2,737,156


Net Gain on Investments and Foreign Currency Transactions		12,238,069


Net Increase in Net Assets Resulting From Operations	$	12,383,219


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	145,150		$	619,487

Net realized gain/(loss) from investments and foreign currency transactions		9,500,913			12,419,862

Net change in unrealized appreciation/(depreciation) on investments		2,737,156			68,421


Net Increase in Net Assets Resulting from Operations		12,383,219			13,107,770


Capital Share Transactions

Proceeds from sales of shares		13,684			2,413,758

Cost of shares redeemed		(14,744,508	)		(32,262,551	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(14,730,824	)		(29,848,793	)


Net Decrease in Net Assets		(2,347,605	)		(16,741,023	)


Net Assets

Beginning of period		75,206,086			91,947,109


End of period	$	72,858,481		$	75,206,086


Other Information:

Shares

Sold		432			104,362

Redeemed		(501,460	)		(1,302,478	)


Net Decrease		(501,028	)		(1,198,116	)


4				The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	27.12	$	0.06	$	4.88	$	4.94	$	32.06		18.22%	⁽⁴⁾

Year Ended 12/31/25		23.15		0.18		3.79		3.97		27.12		17.15%

Year Ended 12/31/24		20.04		0.16		2.95		3.11		23.15		15.52%

Year Ended 12/31/23		17.66		0.16		2.22		2.38		20.04		13.48%

Year Ended 12/31/22		18.57		0.18		(1.09)		(0.91)		17.66		(4.90)%

Year Ended 12/31/21		14.30		0.12		4.15		4.27		18.57		29.86%


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio) of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	72,858		0.97%	⁽⁴⁾		1.14%	⁽⁴⁾		0.40%	⁽⁴⁾		0.24%	⁽⁴⁾		18%	⁽⁴⁾

	75,206		0.97%			1.11%			0.74%			0.60%			48%

	91,947		0.97%			1.08%			0.70%			0.59%			56%

	137,092		0.97%			1.02%			0.88%			0.83%			56%

	153,193		0.97%			0.98%			1.01%			1.00%			33%

	219,108		0.97%			0.97%			0.71%			0.71%			45%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Disciplined Value VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks to provide long-term growth of capital primarily through investment in equity securities. Current income is a secondary objective.

2. Significant Accounting Policies

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.65% up to $100 million, 0.60% from $100 to $300 million, 0.55% from $300 to $500 million, and 0.53% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 0.97%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $59,122.

Park Avenue has entered into a Sub-Advisory Agreement with Boston Partners Global Investors, Inc. (“Boston Partners”). Boston Partners is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-

level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $12,742,892 and $28,083,593, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

on its share of the unused portion of the credit facility. The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


14

Nature, Extent and Quality of Services


				15

personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Profitability

negotiation.

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


16

Economies of Scale

Ancillary Benefits

received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.


				17

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the

contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance


18

universe for the 3-year period, and in the 4^th quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•


				19

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.


20

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				21

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB8174

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Large Cap Fundamental Growth VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian Large Cap Fundamental Growth VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

Item 7 . Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 99.8%

Aerospace & Defense – 3.1%

Boeing Co.⁽¹⁾		200	$	43,294

Carpenter Technology Corp.		3,362		2,073,816

DroneShield Ltd., Reg S (Australia)⁽¹⁾		38,969		65,485

General Electric Co.		7,530		2,814,187

Loar Holdings, Inc.⁽¹⁾		200		16,122


				5,012,904
Automobiles – 1.8%

BYD Co. Ltd., Class H (China)		73,160		677,542

Tesla, Inc.⁽¹⁾		5,365		2,256,519


				2,934,061
Biotechnology – 4.0%

Beam Therapeutics, Inc.⁽¹⁾		14,296		490,639

Biogen, Inc.⁽¹⁾		7,728		1,669,712

BioNTech SE, ADR⁽¹⁾		5,824		541,923

Blueprint Medicines Corp.^(1)(2)(3)		653		0

Centessa Pharmaceuticals PLC, ADR⁽¹⁾⁽³⁾		7,300		18,250

Cytokinetics, Inc.⁽¹⁾		5,923		504,580

Eikon Therapeutics, Inc.⁽¹⁾		900		11,745

Gamida Cell Ltd.^(1)(2)(3)		59,800		1

Gilead Sciences, Inc.		11,452		1,446,846

Hookipa Pharma, Inc.⁽¹⁾⁽³⁾		2,270		2,610

Immuneering Corp., Class A⁽¹⁾		9,722		48,513

Immunocore Holdings PLC, ADR⁽¹⁾		2,714		86,169

Janux Therapeutics, Inc.⁽¹⁾		2,300		35,328

Krystal Biotech, Inc.⁽¹⁾		839		311,831

Legend Biotech Corp., ADR⁽¹⁾		4,500		129,960

Moderna, Inc.⁽¹⁾		4,900		343,147

Natera, Inc.⁽¹⁾		1,100		298,595

Newamsterdam Pharma Co. NV⁽¹⁾		6,347		215,100

Spyre Therapeutics, Inc.⁽¹⁾		500		44,390

Vor BioPharma, Inc.⁽¹⁾		316		5,818

XOMA Royalty Corp.⁽¹⁾		3,597		152,872


				6,358,029
Broadline Retail – 6.7%

Amazon.com, Inc.⁽¹⁾		39,530		9,421,580

eBay, Inc.		3,503		391,460

Etsy, Inc.⁽¹⁾		6,978		525,653

Savers Value Village, Inc.⁽¹⁾		23,070		232,776

Sea Ltd., ADR⁽¹⁾		1,800		172,494


				10,743,963
Building Products – 0.1%

Simpson Manufacturing Co., Inc.		378		79,134


				79,134
Capital Markets – 2.2%

Bullish⁽¹⁾		9,821		230,106

Coinbase Global, Inc., Class A⁽¹⁾		849		124,115

Goldman Sachs Group, Inc.		1,037		1,048,791

Interactive Brokers Group, Inc., Class A		3,838		334,059


June 30, 2026 (unaudited)	Shares		Value
Capital Markets (continued)

Moody’s Corp.		100	$	45,292

Morgan Stanley		7,041		1,471,851

Robinhood Markets, Inc., Class A⁽¹⁾		2,131		213,697


				3,467,911
Communications Equipment – 1.7%

Arista Networks, Inc.⁽¹⁾		15,600		2,650,128


				2,650,128
Construction Materials – 0.5%

Eagle Materials, Inc.		332		74,700

Martin Marietta Materials, Inc.		1,168		673,586


				748,286
Consumer Finance – 0.1%

Figure Technology Solutions, Inc., Class A⁽¹⁾		4,600		141,266


				141,266
Diversified Telecommunication Services – 0.4%

Space Exploration Technologies Corp., Class A⁽¹⁾		3,300		563,838


				563,838
Electrical Equipment – 1.6%

Furukawa Electric Co. Ltd. (Japan)		11,000		327,133

GE Vernova, Inc.		1,450		1,703,547

Nextpower, Inc., Class A⁽¹⁾		4,100		488,474


				2,519,154
Electronic Equipment, Instruments & Components – 1.2%

Corning, Inc.		7,600		1,941,268


				1,941,268
Entertainment – 1.5%

Live Nation Entertainment, Inc.⁽¹⁾		6,773		1,240,204

ROBLOX Corp., Class A⁽¹⁾		21,118		1,148,397


				2,388,601
Financial Services – 0.8%

Rocket Cos., Inc., Class A⁽¹⁾		34,243		539,327

Toast, Inc., Class A⁽¹⁾		28,159		783,384


				1,322,711
Health Care Equipment & Supplies – 0.4%

Align Technology, Inc.⁽¹⁾		3,955		667,050

Ceribell, Inc.⁽¹⁾		1,339		26,044

Pulmonx Corp.⁽¹⁾		3,191		4,148

RxSight, Inc.⁽¹⁾		716		3,451


				700,693
Hotels, Restaurants & Leisure – 0.6%

Carnival Corp. Ltd.		12,966		370,438

Dutch Bros, Inc., Class A⁽¹⁾		6,700		481,127

Kura Sushi USA, Inc., Class A⁽¹⁾		2,944		169,457


				1,021,022
Household Durables – 0.3%

D.R. Horton, Inc.		3,291		536,038


				536,038


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS – GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Insurance – 0.6%

Arthur J Gallagher & Co.		4,392	$	1,008,271


				1,008,271
Interactive Media & Services – 17.6%

Alphabet, Inc., Class A		54,826		19,593,168

Baidu, Inc., ADR⁽¹⁾		1,063		121,490

Meta Platforms, Inc., Class A		14,184		7,989,705

Tencent Holdings Ltd. (Cayman Islands)		11,432		630,009


				28,334,372
IT Services – 1.5%

Accenture PLC, Class A		100		12,444

Shopify, Inc., Class A⁽¹⁾		21,634		2,470,170


				2,482,614
Leisure Products – 0.3%

Games Workshop Group PLC (United Kingdom)		1,937		555,278


				555,278
Life Sciences Tools & Services – 0.3%

10X Genomics, Inc., Class A⁽¹⁾		6,030		231,190

Bio-Techne Corp.		1,803		127,382

Chemometec AS (Denmark)		2,149		119,141

Codexis, Inc.⁽¹⁾		22,776		51,474

MaxCyte, Inc.⁽¹⁾		7,867		9,676


				538,863
Machinery – 2.2%

Deere & Co.		2,881		1,827,505

Ingersoll Rand, Inc.		8,246		676,089

Westinghouse Air Brake Technologies Corp.		3,943		1,063,033


				3,566,627
Metals & Mining – 0.4%

Vale SA, ADR		46,188		694,668


				694,668
Pharmaceuticals – 8.0%

Aclaris Therapeutics, Inc.⁽¹⁾		1,100		5,819

Corcept Therapeutics, Inc.⁽¹⁾		5,550		482,573

Eli Lilly & Co.		4,912		5,891,600

Kardigan, Inc.⁽¹⁾		1,900		45,315

Royalty Pharma PLC, Class A		83,628		4,689,022

UCB SA (Belgium)		5,114		1,531,296

Zevra Therapeutics, Inc.⁽¹⁾		8,671		124,342


				12,769,967
Professional Services – 0.6%

UL Solutions, Inc., Class A		9,081		924,991


				924,991
Real Estate Management & Development – 0.1%

Compass, Inc., Class A⁽¹⁾		18,900		233,037


				233,037
Semiconductors & Semiconductor Equipment – 28.9%

ASML Holding NV		1,600		3,183,104

Astera Labs, Inc.⁽¹⁾		260		125,585


June 30, 2026 (unaudited)	Shares		Value
Semiconductors & Semiconductor Equipment (continued)

BE Semiconductor Industries NV (Netherlands)		2,503	$	821,894

Broadcom, Inc.		11,900		4,495,225

Cerebras Systems, Inc., Class A⁽¹⁾		700		154,700

Intel Corp.⁽¹⁾		10,800		1,508,004

Micron Technology, Inc.		5,800		6,694,882

NVIDIA Corp.		98,644		19,737,678

SiTime Corp.⁽¹⁾		2,557		1,906,397

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		16,216		7,744,275


				46,371,744
Software – 4.5%

Appfolio, Inc., Class A⁽¹⁾		309		49,548

AppLovin Corp., Class A⁽¹⁾		700		360,661

BitMine Immersion Technologies, Inc.		3,351		44,602

Crowdstrike Holdings, Inc., Class A⁽¹⁾		1,700		1,297,338

CyberArk Software Ltd.⁽¹⁾⁽²⁾		800		36,000

Figma, Inc., Class A⁽¹⁾		500		9,045

Palo Alto Networks, Inc.⁽¹⁾		6,381		2,176,048

SailPoint, Inc.⁽¹⁾		1,000		14,640

Samsara, Inc., Class A⁽¹⁾		18,114		587,437

ServiceTitan, Inc., Class A⁽¹⁾		8,603		608,318

Synopsys, Inc.⁽¹⁾		3,600		1,605,852

Zeta Global Holdings Corp., Class A⁽¹⁾		14,979		294,787

Zscaler, Inc.⁽¹⁾		700		98,805


				7,183,081
Specialty Retail – 1.5%

Lowe’s Cos., Inc.		10,999		2,425,170


				2,425,170
Technology Hardware, Storage & Peripherals – 4.2%

Apple, Inc.		23,307		6,744,114


				6,744,114
Textiles, Apparel & Luxury Goods – 0.1%

Kering SA (France)		500		142,171


				142,171
Tobacco – 1.5%

British American Tobacco PLC, ADR		14,680		906,637

Philip Morris International, Inc.		8,485		1,535,021


				2,441,658
Trading Companies & Distributors – 0.5%

Ferguson Enterprises, Inc. (United Kingdom)		3,644		869,298


				869,298

Total Common Stocks (Cost $111,793,883)				160,414,931

Total Investments – 99.8% (Cost $111,793,883)				160,414,931

Assets in excess of other liabilities – 0.2%				266,401

Total Net Assets – 100.0%			$	160,681,332


2				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

⁽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
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

⁽³⁾	Security valued using significant unobservable inputs (Level 3).

Legend:

ADR — American Depositary Receipt


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	154,618,823	$	5,775,247	*	$	20,861	$	160,414,931
Total	$	154,618,823	$	5,775,247		$	20,861	$	160,414,931

*	Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	160,414,931

Cash		94,374

Receivable for investments sold		662,557

Dividends/interest receivable		35,961

Foreign tax reclaims receivable		3,654

Reimbursement receivable from adviser		2,940

Prepaid expenses		3,258


Total Assets		161,217,675


Liabilities

Due to custodian foreign currency		972

Payable for fund shares redeemed		334,860

Investment advisory fees payable		79,092

Distribution fees payable		32,887

Accrued custodian and accounting fees		20,295

Accrued administrative fees		19,180

Payable for investments purchased		18,250

Accrued audit fees		15,353

Accrued legal fees		6,976

Accrued transfer agent fees		6,137

Accrued trustees’ and officers’ fees		1,283

Accrued expenses and other liabilities		1,058


Total Liabilities		536,343


Total Net Assets	$	160,681,332


Net Assets Consist of:

Paid-in capital	$	(158,169,099	)

Distributable earnings		318,850,431


Total Net Assets	$	160,681,332

Investments, at Cost	$	111,793,883


Foreign Currency, Proceeds	$	974


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		3,862,613

Net Asset Value Per Share		$41.60


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	457,063

Interest		2,278

Withholding taxes on foreign dividends		(14,678	)


Total Investment Income		444,663


Expenses

Investment advisory fees		483,797

Distribution fees		201,317

Professional fees		33,351

Trustees’ and officers’ fees		27,706

Custodian and accounting fees		26,859

Administrative fees		22,634

Transfer agent fees		8,234

Shareholder reports		3,133

Other expenses		5,951


Total Expenses		812,982

Less: Fees waived		(21,103	)


Total Expenses, Net		791,879


Net Investment Income/(Loss)		(347,216	)


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		11,915,489

Net realized gain/(loss) from foreign currency transactions		272

Net change in unrealized appreciation/(depreciation) on investments		1,966,855

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(62	)


Net Gain on Investments and Foreign Currency Transactions		13,882,554

Net Increase in Net Assets Resulting From Operations		$13,535,338


4				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	(347,216	)	$	(671,777	)

Net realized gain/(loss) from investments and foreign currency transactions		11,915,761			33,953,665

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		1,966,793			(7,574,759	)


Net Increase in Net Assets Resulting from Operations		13,535,338			25,707,129


Capital Share Transactions

Proceeds from sales of shares		5,574,162			7,458,797

Cost of shares redeemed		(25,889,321	)		(63,377,976	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(20,315,159	)		(55,919,179	)


Net Decrease in Net Assets		(6,779,821	)		(30,212,050	)


Net Assets

Beginning of period		167,461,153			197,673,203


End of period	$	160,681,332		$	167,461,153


Other Information: Shares

Sold		147,060			236,852

Redeemed		(662,116	)		(1,818,169	)


Net Decrease		(515,056	)		(1,581,317	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Loss⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	38.25	$	(0.08)	$	3.43	$	3.35	$	41.60		8.76%	⁽⁴⁾

Year Ended 12/31/25		33.17		(0.13)		5.21		5.08		38.25		15.32%

Year Ended 12/31/24		25.50		(0.16)		7.83		7.67		33.17		30.08%

Year Ended 12/31/23		17.64		(0.07)		7.93		7.86		25.50		44.56%

Year Ended 12/31/22		26.23		(0.05)		(8.54)		(8.59)		17.64		(32.75)%

Year Ended 12/31/21		21.57		(0.08)		4.74		4.66		26.23		21.60%


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income/(Loss) to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate

	$160,681		0.98%	⁽⁴⁾		1.01%	⁽⁴⁾		(0.43)%	⁽⁴⁾		(0.46)%	⁽⁴⁾		27%	⁽⁴⁾

	167,461		0.99%			1.00%			(0.38)%			(0.39)%			40%

	197,673		0.99%			0.99%			0.51%			(0.51)%			56%

	246,918		0.96%			0.96%			0.31%			(0.31)%			98%

	253,603		0.93%			0.93%			0.25%			(0.25)%			31%

	348,302		0.91%			0.91%			(0.34)%			(0.34)%			21%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income/(Loss) to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Fundamental Growth VIP Fund (the “Fund”) is a series of the Trust. The Fund is a non-diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks long-term growth of capital.

2. Significant Accounting Policies

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis.

securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.62% up to $100 million, 0.57% from $100 to $300 million, 0.52% from $300 to $500 million, and 0.50% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 0.98%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $21,103.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $44,496,485 and $64,550,560, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

SUPPLEMENTAL INFORMATION (UNAUDITED)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services

Trustees reviewed the range of non-investment advisory services provided by the Manager consistent with the terms of the Management Agreement, notably coordinating the preparation and filing of various regulatory documents, coordinating the preparation and assembly of Board meeting materials, and assisting the Board with certain valuation matters. The Board also received a description of the Manager’s and each Subadviser’s business continuity plans and of their respective approaches to data privacy and cybersecurity, and related testing. The Board also received information about the Manager’s role as administrator of the Funds’ derivatives risk and liquidity risk management programs, the Manager’s approach to risk management, and the Manager’s vendor oversight programs.


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data,

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

in annuity administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than subadvisory fees, that the Subadvisers and their affiliates may receive because of their relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Subadvisers and their affiliates are consistent with those expected for a subadviser to a mutual fund such as the applicable Fund.

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the

1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was higher than the Bloomberg US Aggregate Bond Index


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

for the 1-year and 3-year periods and lower than the Bloomberg US Aggregate Bond Index for the 5-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				21

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB8175

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Mid Cap Relative Value VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian Mid Cap Relative Value VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 98.6%

Aerospace & Defense – 3.0%

L3Harris Technologies, Inc.		2,039	$	592,513

StandardAero, Inc.⁽¹⁾		71,326		2,133,361


				2,725,874

Automobile Components – 1.3%

Aptiv PLC⁽¹⁾		19,044		1,168,921


				1,168,921
Banks – 4.7%

Fifth Third Bancorp		42,794		2,412,298

First Citizens BancShares, Inc., Class A		447		930,113

Regions Financial Corp.		33,115		1,000,073


				4,342,484
Beverages – 3.4%

Keurig Dr Pepper, Inc.		68,831		2,252,839

Primo Brands Corp.		34,755		849,412


				3,102,251
Building Products – 1.3%

Carlisle Cos., Inc.		1,711		620,665

Owens Corning		3,643		579,091


				1,199,756
Capital Markets – 1.2%

Ameriprise Financial, Inc.		1,448		664,284

Coinbase Global, Inc., Class A⁽¹⁾		3,004		439,155


				1,103,439
Chemicals – 3.5%

Eastman Chemical Co.		11,592		776,432

RPM International, Inc.		22,003		2,445,634


				3,222,066
Commercial Services & Supplies – 3.3%

Copart, Inc.⁽¹⁾		9,673		272,682

Republic Services, Inc.		12,809		2,729,342


				3,002,024

Construction & Engineering – 0.6%

API Group Corp.⁽¹⁾		12,419		525,945


				525,945

Construction Materials – 2.6%

Amrize Ltd.⁽¹⁾		11,524		614,229

Vulcan Materials Co.		6,140		1,811,362


				2,425,591

Diversified Financial Services – 0.0%

Pershing Square Tontine Holdings Ltd.^(1)(2)(3)		125,172		0


				0
Electric Utilities – 6.5%

American Electric Power Co., Inc.		22,830		3,123,372

FirstEnergy Corp.		59,207		2,814,701


				5,938,073


June 30, 2026 (unaudited)	Shares		Value

Electronic Equipment, Instruments & Components – 6.6%

CDW Corp.		16,415	$	2,308,606

Keysight Technologies, Inc.⁽¹⁾		8,248		2,887,377

Novanta, Inc.⁽¹⁾		4,951		803,250


				5,999,233
Energy Equipment & Services – 2.4%

Baker Hughes Co.		39,443		2,189,086


				2,189,086
Entertainment – 0.8%

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		7,634		726,299


				726,299
Financial Services – 0.6%

Rocket Cos., Inc., Class A⁽¹⁾		33,748		531,531


				531,531
Ground Transportation – 3.0%

Canadian Pacific Kansas City Ltd.		21,116		1,829,701

Knight-Swift Transportation Holdings, Inc.		11,723		912,870


				2,742,571
Health Care Equipment & Supplies – 2.4%

Alcon AG		22,673		1,521,358

Globus Medical, Inc., Class A⁽¹⁾		8,477		669,768


				2,191,126
Health Care Providers & Services – 3.2%

Labcorp Holdings, Inc.		10,614		2,971,920


				2,971,920
Household Durables – 1.5%

Somnigroup International, Inc.		17,953		1,407,515


				1,407,515
Household Products – 3.0%

Church & Dwight Co., Inc.		28,032		2,715,740


				2,715,740
Insurance – 4.2%

Arch Capital Group Ltd.⁽¹⁾		22,129		2,147,841

Loews Corp.		15,381		1,741,283


				3,889,124
IT Services – 2.3%

Okta, Inc.⁽¹⁾		15,560		2,123,162


				2,123,162
Life Sciences Tools & Services – 6.2%

Charles River Laboratories International, Inc.⁽¹⁾		10,039		2,276,745

Qiagen NV		12,363		483,393

Revvity, Inc.		12,041		1,339,682

Waters Corp.⁽¹⁾		4,211		1,579,293


				5,679,113
Machinery – 6.0%

Donaldson Co., Inc.		5,419		486,464

Gates Industrial Corp. PLC⁽¹⁾		65,827		1,841,181

Ingersoll Rand, Inc.		9,517		780,299

Mueller Industries, Inc.		6,664		819,206

Toro Co.		15,932		1,552,095


				5,479,245


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Metals & Mining – 1.9%

Freeport-McMoRan, Inc.		15,415	$	969,450

Hecla Mining Co.		7,728		119,243

Nucor Corp.		2,831		630,605


				1,719,298
Mortgage REITs – 1.5%

Annaly Capital Management, Inc.		62,251		1,391,932


				1,391,932
Oil, Gas & Consumable Fuels – 5.6%

EOG Resources, Inc.		11,605		1,505,517

EQT Corp.		28,455		1,512,952

Valero Energy Corp.		8,016		2,087,687


				5,106,156
Professional Services – 1.5%

Booz Allen Hamilton Holding Corp.		3,067		186,075

Jacobs Solutions, Inc.		9,262		1,167,012


				1,353,087
Real Estate Management & Development – 1.7%

CBRE Group, Inc., Class A⁽¹⁾		11,583		1,560,114


				1,560,114
Semiconductors & Semiconductor Equipment – 4.7%

ON Semiconductor Corp.⁽¹⁾		13,668		1,292,172

Qnity Electronics, Inc., Class W/I		18,593		3,036,423


				4,328,595
Specialized REITs – 1.5%

Weyerhaeuser Co.		57,931		1,386,868


				1,386,868
Specialty Retail – 1.7%

AutoZone, Inc.⁽¹⁾		500		1,597,970


				1,597,970
Textiles, Apparel & Luxury Goods – 0.9%

PVH Corp.		10,906		809,880


				809,880
Trading Companies & Distributors – 2.1%

AerCap Holdings NV		11,331		1,651,833

WESCO International, Inc.		790		272,890


				1,924,723
Water Utilities – 1.9%

American Water Works Co., Inc.		13,138		1,728,698


				1,728,698

Total Common Stocks (Cost $64,617,045)				90,309,410
Rights – 0.0%

Pershing Square Tontine Holdings Ltd.⁽¹⁾⁽³⁾		38,465		0

Total Rights (Cost $0)				0


June 30, 2026 (unaudited)	Shares		Value
Warrants – 0.0%

Pershing Square Tontine Holdings Ltd.^{(1) (3)}		14,344	$	0

Total Warrants (Cost $0)				0


	Principal Amount		Value
Repurchase Agreements – 0.9%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $814,105, due 7/1/2026⁽⁴⁾	$	814,081		814,081

Total Repurchase Agreements (Cost $814,081)				814,081

Total Investments – 99.5% (Cost $65,431,126)				91,123,491

Assets in excess of other liabilities – 0.5%				470,370

Total Net Assets – 100.0%			$	91,593,861

⁽¹⁾	Non–income–producing security.

⁽²⁾	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.

⁽³⁾	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.		14,344	$	0	$	0		7/26/2022		0.00%
Pershing Square Tontine Holdings Ltd.		38,465		0		0		12/19/2023		0.00
Pershing Square Tontine Holdings Ltd.		125,172		0		0		7/26/2022		0.00

⁽⁴⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	830,400	$	830,435

Legend:

REITs — Real Estate Investment Trusts


2				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Common Stocks	$	90,309,410	$	—	$	—	$	90,309,410
Rights		—		0		—		0
Warrants		—		0		—		0
Repurchase Agreements		—		814,081		—		814,081
Total	$	90,309,410	$	814,081	$	—	$	91,123,491


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	91,123,491

Receivable for investments sold		682,962

Dividends/interest receivable		109,364

Receivable for fund shares subscribed		21,042

Foreign tax reclaims receivable		9,153

Reimbursement receivable from adviser		6,851

Prepaid expenses		1,446


Total Assets		91,954,309


Liabilities

Payable for fund shares redeemed		115,610

Payable for investments purchased		115,477

Investment advisory fees payable		53,847

Distribution fees payable		18,697

Accrued custodian and accounting fees		15,683

Accrued audit fees		14,833

Accrued administrative fees		14,534

Accrued transfer agent fees		6,244

Accrued legal fees		3,866

Accrued trustees’ and officers’ fees		768

Accrued shareholder reports fees		434

Accrued expenses and other liabilities		455


Total Liabilities		360,448


Total Net Assets	$	91,593,861


Net Assets Consist of:

Paid-in capital	$	(65,966,182	)

Distributable earnings		157,560,043


Total Net Assets	$	91,593,861


Investments, at Cost	$	65,431,126


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		3,594,513

Net Asset Value Per Share		$25.48


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	725,674

Interest		12,435

Withholding taxes on foreign dividends		(2,880	)


Total Investment Income		735,229


Expenses

Investment advisory fees		331,293

Distribution fees		115,038

Professional fees		25,085

Custodian and accounting fees		22,989

Administrative fees		17,329

Trustees’ and officers’ fees		15,924

Transfer agent fees		8,373

Shareholder reports		2,482

Other expenses		3,301


Total Expenses		541,814

Less: Fees waived		(40,248	)


Total Expenses, Net		501,566


Net Investment Income/(Loss)		233,663


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		7,239,233

Net realized gain/(loss) from foreign currency transactions		55

Net change in unrealized appreciation/(depreciation) on investments		4,045,407

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		3


Net Gain on Investments and Foreign Currency Transactions		11,284,698


Net Increase in Net Assets Resulting From Operations	$	11,518,361


4				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	233,663		$	825,127

Net realized gain/(loss) from investments and foreign currency transactions		7,239,288			14,669,555

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		4,045,410			(10,034,261	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		11,518,361			(5,460,421	)


Capital Share Transactions

Proceeds from sales of shares		2,159,198			7,296,847

Cost of shares redeemed		(17,440,892	)		(29,997,106	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(15,281,694	)		(22,700,259	)


Net Decrease in Net Assets		(3,763,333	)		(17,239,838	)


Net Assets

Beginning of period		95,357,194			112,597,032


End of period	$	91,593,861		$	95,357,194


Other Information:

Shares

Sold		88,095			337,996

Redeemed		(715,519	)		(1,380,736	)


Net Decrease		(627,424	)		(1,042,740	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	22.59	$	0.06	$	2.83	$	2.89	$	25.48		12.79%	⁽⁴⁾

Year Ended 12/31/25		21.39		0.17		1.03		1.20		22.59		5.61%

Year Ended 12/31/24		19.16		0.21		2.02		2.23		21.39		11.64%

Year Ended 12/31/23		17.56		0.17		1.43		1.60		19.16		9.11%

Year Ended 12/31/22		18.45		0.14		(1.03)		(0.89)		17.56		(4.82)%

Year Ended 12/31/21		14.32		0.05		4.08		4.13		18.45		28.84%


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	91,594		1.09%	⁽⁴⁾		1.18%	⁽⁴⁾		0.51%	⁽⁴⁾		0.42%	⁽⁴⁾		21%	⁽⁴⁾

	95,357		1.09%			1.15%			0.80%			0.74%			33%

	112,597		1.08%			1.12%			0.99%			0.95%			14%

	153,806		1.08%			1.08%			0.97%			0.97%			23%

	173,859		1.05%			1.05%			0.83%			0.83%			24%

	237,063		1.05%			1.05%			0.32%			0.32%			31%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Mid Cap Relative Value VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks long-term capital appreciation.

2. Significant Accounting Policies

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.72% up to $100 million, 0.67% from $100 to $300 million, 0.62% from $300 to $500 million, and 0.60% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $40,248.

Park Avenue has entered into a Sub-Advisory Agreement with Allspring Global Investments, LLC (“Allspring”). Allspring is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $19,087,013 and $32,625,664, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

Portfolio in exchange for shares of the Acquiring Portfolio. Shares of the Acquiring Portfolio which would be distributed to shareholders of the applicable Target Portfolio, who will own Class 1 or Class 3 shares, as applicable, of the Acquiring Portfolio. Following completion of the Reorganizations, each Target Portfolio will be terminated.

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

SUPPLEMENTAL INFORMATION (UNAUDITED)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory


14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the

contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

1-year period, in the 4^th quintile of its performance universe for the 3-year period, and in the 5^th quintile of its performance universe for the 5-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				21

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB8176

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Mid Cap Traditional Growth VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS


Guardian Mid Cap Traditional Growth VIP Fund

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			3

Statement of Operations			3

Statements of Changes in Net Assets			4

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			14

Item 9. Proxy Disclosures for Open-End Management Investment Companies			14

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			14

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			14

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 98.8%
Aerospace & Defense – 1.7%

Arxis, Inc., Class A⁽¹⁾		3,211	$	148,156

CAE, Inc. (Canada)⁽¹⁾		8,062		201,855

StandardAero, Inc.⁽¹⁾		10,514		314,474


				664,485
Biotechnology – 5.1%

Argenx SE, ADR⁽¹⁾		566		525,118

Ascendis Pharma AS⁽¹⁾		796		212,309

Bridgebio Pharma, Inc.⁽¹⁾		3,335		248,391

Madrigal Pharmaceuticals, Inc.⁽¹⁾		412		221,223

Praxis Precision Medicines, Inc.⁽¹⁾		612		204,891

Revolution Medicines, Inc.⁽¹⁾		1,677		314,069

Vaxcyte, Inc.⁽¹⁾		4,660		270,886


				1,996,887
Capital Markets – 3.9%

Cboe Global Markets, Inc.		976		236,846

Charles Schwab Corp.		2,492		229,937

LPL Financial Holdings, Inc.		3,751		1,056,581


				1,523,364
Chemicals – 1.5%

Corteva, Inc.		7,142		604,856


				604,856
Commercial Services & Supplies – 5.9%

Cimpress PLC⁽¹⁾		5,016		510,127

Clean Harbors, Inc.⁽¹⁾		1,459		435,876

RB Global, Inc.		5,505		641,057

Rentokil Initial PLC (United Kingdom)		26,725		151,303

Rentokil Initial PLC ADR		11,285		322,864

Veralto Corp.		3,135		278,012


				2,339,239
Construction & Engineering – 2.5%

API Group Corp.⁽¹⁾		22,886		969,222


				969,222
Consumer Staples Distribution & Retail – 0.5%

Dollar Tree, Inc.⁽¹⁾		1,528		184,812


				184,812
Electric Utilities – 2.4%

Alliant Energy Corp.		12,452		949,963


				949,963
Electrical Equipment – 2.7%

Innio NV⁽¹⁾		4,333		171,370

Sensata Technologies Holding PLC		18,796		897,321


				1,068,691
Electronic Equipment, Instruments & Components – 9.9%

CDW Corp.		2,352		330,785

Flex Ltd.⁽¹⁾		13,066		2,117,606

TE Connectivity PLC		1,871		377,213

Teledyne Technologies, Inc.⁽¹⁾		1,601		1,067,707


				3,893,311


June 30, 2026 (unaudited)	Shares		Value
Entertainment – 2.3%

Liberty Media Corp.-Liberty Formula One, Class A⁽¹⁾		1,228	$	107,499

Liberty Media Corp.-Liberty Formula One, Class C⁽¹⁾		8,344		793,848


				901,347
Financial Services – 1.9%

WEX, Inc.⁽¹⁾		5,234		738,465


				738,465
Ground Transportation – 5.5%

Canadian Pacific Kansas City Ltd.		6,633		574,749

JB Hunt Transport Services, Inc.		3,943		1,141,223

TFI International, Inc.		3,275		470,192


				2,186,164
Health Care Equipment & Supplies – 7.7%

Boston Scientific Corp.⁽¹⁾		11,403		486,680

Cooper Cos., Inc.⁽¹⁾		4,500		322,695

Glaukos Corp.⁽¹⁾		1,205		168,411

Globus Medical, Inc., Class A⁽¹⁾		3,843		303,635

ICU Medical, Inc.⁽¹⁾		2,316		339,526

Lantheus Holdings, Inc.⁽¹⁾		1,977		219,328

Medline, Inc., Class A⁽¹⁾		5,217		205,758

STERIS PLC		1,456		306,590

Teleflex, Inc.		5,247		665,110


				3,017,733
Hotels, Restaurants & Leisure – 5.5%

Aramark		17,330		986,077

DoorDash, Inc., Class A⁽¹⁾		5,571		1,028,016

Entain PLC (United Kingdom)		20,371		151,224


				2,165,317
Insurance – 0.7%

Willis Towers Watson PLC		1,061		277,314


				277,314
Interactive Media & Services – 0.4%

Ziff Davis, Inc.⁽¹⁾		2,797		146,479


				146,479
Life Sciences Tools & Services – 5.8%

Illumina, Inc.⁽¹⁾		2,108		370,649

Revvity, Inc.		10,119		1,125,840

Waters Corp.⁽¹⁾		2,122		795,835


				2,292,324
Machinery – 2.3%

Ingersoll Rand, Inc.		8,209		673,056

SPX Technologies, Inc.⁽¹⁾		904		221,634


				894,690
Multi-Utilities – 3.3%

Ameren Corp.		6,181		698,700

DTE Energy Co.		3,865		588,910


				1,287,610


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Oil, Gas & Consumable Fuels – 0.4%

ONEOK, Inc.		2,042	$	177,531


				177,531
Passenger Airlines – 1.7%

Ryanair Holdings PLC, ADR		10,380		672,105


				672,105
Professional Services – 2.4%

Broadridge Financial Solutions, Inc.		1,516		207,616

TransUnion		3,657		263,816

UL Solutions, Inc., Class A		2,529		257,604

Verisk Analytics, Inc.		1,115		200,176


				929,212
Real Estate Management & Development – 1.3%

CoStar Group, Inc.⁽¹⁾		9,551		270,484

FirstService Corp.		1,860		264,325


				534,809
Semiconductors & Semiconductor Equipment – 8.0%

KLA Corp.		3,098		934,698

NXP Semiconductors NV		3,397		954,659

ON Semiconductor Corp.⁽¹⁾		13,425		1,269,199


				3,158,556
Software – 4.9%

AppLovin Corp., Class A⁽¹⁾		550		283,377

Constellation Software, Inc. (Canada)		347		653,263

Descartes Systems Group, Inc.⁽¹⁾		2,329		161,260

Dynatrace, Inc.⁽¹⁾		4,552		199,878

PTC, Inc.⁽¹⁾		4,525		514,085

Topicus.com, Inc. (Canada)⁽¹⁾		1,826		116,416


				1,928,279
Specialized REITs – 0.6%

Lamar Advertising Co., Class A		1,486		231,786


				231,786


June 30, 2026 (unaudited)	Shares		Value
Specialty Retail – 2.7%

Burlington Stores, Inc.⁽¹⁾		1,042	$	330,106

CarMax, Inc.⁽¹⁾		5,920		313,109

Wayfair, Inc., Class A⁽¹⁾		4,710		435,298


				1,078,513
Textiles, Apparel & Luxury Goods – 1.9%

Gildan Activewear, Inc.		14,675		757,230


				757,230
Trading Companies & Distributors – 3.4%

Ferguson Enterprises, Inc.		5,741		1,362,512


				1,362,512

Total Common Stocks (Cost $26,076,395)				38,932,806


	Principal Amount		Value
Repurchase Agreements – 1.4%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $540,598, due 7/1/2026⁽²⁾	$	540,582		540,582

Total Repurchase Agreements (Cost $540,582)				540,582

Total Investments – 100.2% (Cost $26,616,977)				39,473,388

Liabilities in excess of other assets – (0.2)%				(70,593	)

Total Net Assets – 100.0%			$	39,402,795

⁽¹⁾	Non–income–producing security.

⁽²⁾	The table below presents collateral for repurchase agreements.

Security

Coupon

Maturity

Date

Principal

Amount

Value

U.S. Treasury Note

4.00%

12/15/2027

551,400

551,405

Legend:

ADR—American Depositary Receipt

REITs—Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	38,630,279	$	302,527	*	$	—	$	38,932,806
Repurchase Agreements		—		540,582			—		540,582
Total	$	38,630,279	$	843,109		$	—	$	39,473,388

*	Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.


2				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	39,473,388

Foreign currency, at value		17

Receivable for investments sold		70,463

Dividends/interest receivable		18,806

Reimbursement receivable from adviser		12,408

Prepaid expenses		634


Total Assets		39,575,716


Liabilities

Payable for fund shares redeemed		83,509

Investment advisory fees payable		25,754

Accrued custodian and accounting fees		20,614

Accrued audit fees		15,957

Accrued administrative fees		11,273

Distribution fees payable		8,048

Accrued transfer agent fees		4,712

Accrued legal fees		1,788

Accrued shareholder reports fees		657

Accrued trustees’ and officers’ fees		436

Accrued expenses and other liabilities		173


Total Liabilities		172,921


Total Net Assets	$	39,402,795


Net Assets Consist of:

Paid-in capital	$	(48,270,751	)

Distributable earnings		87,673,546


Total Net Assets	$	39,402,795


Investments, at Cost	$	26,616,977


Foreign Currency, at Cost	$	17


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		1,291,887

Net Asset Value Per Share		$30.50


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	148,233

Interest		2,273

Withholding taxes on foreign dividends		(4,178	)


Total Investment Income		146,328


Expenses

Investment advisory fees		155,174

Distribution fees		48,492

Custodian and accounting fees		28,337

Professional fees		20,399

Administrative fees		13,351

Trustees’ and officers’ fees		6,845

Transfer agent fees		6,350

Shareholder reports		1,991

Other expenses		1,473


Total Expenses		282,412

Less: Fees waived		(73,581	)


Total Expenses, Net		208,831


Net Investment Income/(Loss)		(62,503	)


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		3,824,896

Net realized gain/(loss) from foreign currency transactions		(142	)

Net change in unrealized appreciation/(depreciation) on investments		(303,745	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(5	)


Net Gain on Investments and Foreign Currency Transactions		3,521,004


Net Increase in Net Assets Resulting From Operations	$	3,458,501


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION – GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	(62,503	)	$	(119,961	)

Net realized gain/(loss) from investments and foreign currency transactions		3,824,754			7,412,024

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(303,750	)		(3,776,964	)


Net Increase in Net Assets Resulting from Operations		3,458,501			3,515,099


Capital Share Transactions

Proceeds from sales of shares		376,964			3,078,780

Cost of shares redeemed		(5,483,326	)		(16,344,443	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(5,106,362	)		(13,265,663	)


Net Decrease in Net Assets		(1,647,861	)		(9,750,564	)


Net Assets

Beginning of period		41,050,656			50,801,220


End of period	$	39,402,795		$	41,050,656


Other Information:

Shares

Sold		13,478			120,079

Redeemed		(192,930	)		(617,819	)


Net Decrease		(179,452	)		(497,740	)


4				The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank


				5

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Loss⁽¹⁾			Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	27.90	$	(0.05)		$	2.65		$	2.60		$	30.50		9.32%	⁽⁴⁾

Year Ended 12/31/25		25.80		(0.07)			2.17			2.10			27.90		8.14%

Year Ended 12/31/24		22.58		(0.05)			3.27			3.22			25.80		14.26%

Year Ended 12/31/23		19.30		(0.02)	⁽⁵⁾		3.30			3.28			22.58		16.99%

Year Ended 12/31/22		23.32		(0.06)			(3.96	)		(4.02	)		19.30		(17.24)%

Year Ended 12/31/21		19.91		(0.05)			3.46			3.41			23.32		17.13%


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Loss to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate

$	39,403		1.08%	⁽⁴⁾		1.46%	⁽⁴⁾		(0.32)%	⁽⁴⁾		(0.70)%	⁽⁴⁾		9%	⁽⁴⁾

	41,051		1.08%			1.39%			(0.26)%			(0.57)%			21%

	50,801		1.09%			1.33%			(0.21)%			(0.45)%			13%

	77,971		1.09%			1.24%			(0.11)%	⁽⁵⁾		(0.26)%	⁽⁵⁾		19%

	88,420		1.10%			1.21%			(0.29)%			(0.40)%			16%

	123,102		1.10%			1.17%			(0.24)%			(0.31)%			10%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Loss to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾

Reflects a special dividend paid out during the year by one of the Fund’s holdings. Had the Fund not received the special dividend, the Net Investment Loss per share would have been $(0.04), the Net Ratio of Net Investment Loss to Average Net Assets would have been (0.17)%, and the Gross Ratio of Net Investment Loss to Average Net Assets would have been (0.32)%.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Mid Cap Traditional Growth VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks long-term growth of capital.

2. Significant Accounting Policies

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% up to $100 million, 0.75% from $100 to $300 million, and 0.73% in excess of $300 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 1.08%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $73,581.

Park Avenue has entered into a Sub-Advisory Agreement with Janus Henderson Investors US LLC (“Janus”). Janus is responsible for providing day-today investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $3,379,732 and $8,822,178, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults, the Fund maintains the right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

(b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				13

SUPPLEMENTAL INFORMATION (UNAUDITED)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing

sub-subadvisory agreement (the “Sub-Subadvisory


14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that a new Subadviser was retained in 2025.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion

Approval of New Sub-advisory Agreement with Janus Henderson Investors US LLC

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and subadvisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement (“Independent Trustees”) at a meeting of the board called for the purpose of voting on such approval.

agreement (the “Proposed Agreement”) between Park Avenue Institutional Advisers LLC (the “Manager”) and Janus Henderson Investors US LLC (“Janus”) pursuant to which Janus would continue to serve as subadviser to the Guardian Mid Cap Traditional Growth VIP Fund and the Guardian Multi-Sector Bond VIP Fund (the “Funds”). Janus currently serves as subadviser to the Funds pursuant to a subadvisory agreement (the “Current Agreement”), the renewal of which was separately approved by the Board, including the Independent Trustees, at the Meeting. Consistent with the requirements of the 1940 Act, the Current Agreement would automatically terminate upon the closing of the acquisition of Janus Henderson Group plc (the parent company of Janus) by Trian Fund Management, L.P. and its affiliated funds and General Catalyst Group Management, LLC and its affiliated funds (the “Transaction”). The Proposed Agreement would become effective upon the closing of the Transaction, thereby permitting Janus to continue to serve as subadviser to the Funds. The Proposed Agreement is identical to the Current Agreement (except for dates of execution, effectiveness and termination).

At the Meeting, the Board, including the Independent Trustees voting separately, unanimously approved the Proposed Agreement for an initial term of two years (starting with the closing of the Transaction).

The Board is responsible for overseeing the management of the Funds. In determining whether to approve the Proposed Agreement, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the Proposed Agreement. The Trustees received written responses from Janus to a series of questions and requests for information covering a wide variety of topics provided by independent legal counsel on behalf of the Independent Trustees regarding services provided under the Current Agreement. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Proposed Agreement.

During the course of their deliberations, the Independent Trustees met to discuss and evaluate the Proposed Agreement in executive session with their


				21

SUPPLEMENTAL INFORMATION (UNAUDITED)

independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager and Janus.

In reaching the decision to approve the Proposed Agreement, the Trustees took into account the materials and information described above as well as other materials and information provided to the Trustees and discussed with and among the Trustees, including information about the Transaction and information provided to the Trustees in connection with the Board’s consideration of the Current Agreement. Individual Trustees may have given different weight to different factors and information with respect to the Proposed Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve the Proposed Agreement. The discussion below is intended to summarize the broad factors that figured prominently in the Trustees’ decision to approve the Proposed Agreement rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by Janus; (ii) the investment performance of the Funds; (iii) the fees to be charged and estimated profitability; (iv) the extent to which economies of scale may in the future exist for the Funds, and the extent to which the Funds may benefit from future economies of scale; and (v) any other benefits derived by Janus (or its affiliates) from the relationship with the Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services provided to the Funds by Janus. In addition to the information considered in connection with the renewal of the Current Agreement, the Trustees also considered that the Proposed Agreement is identical to the Current Agreement (except for dates of execution, effectiveness and termination) and that Janus would provide the same services pursuant to the Proposed Agreement as are provided pursuant to the Current Agreement. The Trustees also considered that no changes in services provided to the Funds are expected as a result of the Transaction.

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services to be provided to the Funds by Janus were appropriate.

Investment Performance

The Trustees considered Janus’s performance history in managing the Funds and similar strategies. In addition to the information considered in connection with the renewal of the Current Agreement, the Trustees also considered that no changes are expected to the investment strategy or management of the Funds as a result of the Transaction.

Costs and Profitability

In addition to the information considered in connection with the renewal of the Current Agreement, the Trustees also considered that the subadvisory fee rates under the Proposed Agreement are the same as the rates under the Current Agreement. The Trustees also considered that the fees to be paid to Janus would be paid by the Manager and that the profitability of the Manager or Janus was not expected to change. The Trustees considered that the Manager had negotiated the fees with Janus at arm’s-length.

Economies of Scale

The Board considered the extent to which economies of scale may exist, and the extent to which the benefits of economies of scale are shared with the Funds. The Trustees concluded that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on current and anticipated asset levels. The Trustees noted that they would be able to revisit potential economies of scale in connection with future reviews of the Proposed Agreement or earlier, if appropriate.

Ancillary Benefits

The Trustees considered the potential benefits, other than the subadvisory fee, that Janus and its affiliates may receive because of Janus’s relationships with the Funds, including the ability to receive research from soft dollar commissions consistent with Trust policies. The Trustees concluded that the benefits that may accrue to Janus and its affiliates were consistent with those expected for a subadviser to a mutual fund such as the Funds.


22

SUPPLEMENTAL INFORMATION (UNAUDITED)

Conclusion


				23

This Page Intentionally Left Blank


24

This Page Intentionally Left Blank


				25

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB8177

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Multi-Sector Bond VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian Multi-Sector Bond VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			16

Statement of Operations			16

Statements of Changes in Net Assets			17

Financial Highlights			18

Notes to Financial Statements			20

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			31

Item 9. Proxy Disclosures for Open-End Management Investment Companies			31

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			31

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			31

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 0.6%

Biotechnology – 0.1%

BioMarin Pharmaceutical, Inc.⁽¹⁾		1,947	$	111,407


				111,407
Hotels, Restaurants & Leisure – 0.1%

Churchill Downs, Inc.		1,711		153,374

Six Flags Entertainment Corp.⁽¹⁾		3,806		81,068


				234,442
Independent Power and Renewable Electricity Producers – 0.1%

Talen Energy Corp.⁽¹⁾		261		100,292


				100,292
IT Services – 0.1%

CoreWeave, Inc., Class A⁽¹⁾		1,264		125,819


				125,819
Metals & Mining – 0.2%

First Quantum Minerals Ltd. (Canada)⁽¹⁾		4,071		111,201

Franco-Nevada Corp.		980		204,271


				315,472

Total Common Stocks (Cost $937,862)				887,432

	Principal Amount		Value
Agency Mortgage-Backed Securities – 25.4%

Government National Mortgage Association 3.50% due 7/20/2056⁽²⁾	$	2,868,000		2,575,271
4.00% due 7/20/2056⁽²⁾		472,000		438,685
5.00% due 7/20/2056⁽²⁾		229,000		225,749

Uniform Mortgage-Backed Security 2.50% due 7/1/2056⁽²⁾		794,000		663,300
3.00% due 7/1/2056⁽²⁾		4,985,000		4,345,518
3.50% due 7/1/2056⁽²⁾		5,102,000		4,628,471
4.00% due 7/1/2056⁽²⁾		2,369,000		2,213,899
4.50% due 7/1/2056⁽²⁾		5,248,470		5,027,460
5.00% due 7/1/2056⁽²⁾		5,600,939		5,502,933
5.50% due 7/1/2056⁽²⁾		8,669,000		8,696,699
6.00% due 7/1/2056⁽²⁾		776,095		793,362
6.00% due 8/1/2056⁽²⁾		2,977,905		3,034,505
6.50% due 7/1/2056⁽²⁾		262,000		271,004


Total Agency Mortgage-Backed Securities (Cost $38,180,234)				38,416,856
Asset-Backed Securities – 23.3%

ACHV ABS Trust Series 2023-1PL, Class D 8.47% due 3/18/2030⁽³⁾		136,598		137,319

Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 1.937% due 8/15/2046⁽³⁾		169,000		168,448

Ally Bank Auto Credit-Linked Notes Series 2025-A, Class E 6.066% due 6/15/2033⁽³⁾		178,683		178,493
Series 2025-B, Class E 6.164% due 9/15/2033⁽³⁾		601,427		600,555


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Amur Equipment Finance Receivables XV LLC Series 2025-1A, Class D 5.68% due 8/20/2032⁽³⁾		346,000		348,118

Arini European CLO II DAC Series 2A, Class DR 5.354% (3 mo. EURIBOR + 3.15%) due 10/15/2038⁽³⁾⁽⁴⁾	EUR	500,000		571,202

Bain Capital Euro CLO DAC Series 2024-2A, Class DR 5.329% (3 mo. EURIBOR + 3.10%) due 1/15/2037⁽³⁾⁽⁴⁾	EUR	250,000		285,957

Ballyrock CLO 21 Ltd. Series 2022-21A, Class BR 5.625% (3 mo. USD Term SOFR + 1.95%) due 10/20/2037⁽³⁾⁽⁴⁾		1,000,000		1,001,078

Bayview Opportunity Master Fund VII LLC Series 2025-EDU1, Class C 5.428% (30 day SOFR + 1.80%) due 7/27/2048⁽³⁾⁽⁴⁾		188,582		188,921

Benefit Street Partners CLO XXVIII Ltd. Series 2022-28A, Class CR 5.575% (3 mo. USD Term SOFR + 1.90%) due 10/20/2037⁽³⁾⁽⁴⁾		1,000,000		999,314

Business Jet Securities LLC Series 2026-1A, Class B 6.099% due 6/15/2041⁽³⁾		100,000		100,184

Capital Four CLO XI DAC Series 11A, Class D 5.224% (3 mo. EURIBOR + 3.10%) due 1/25/2039⁽³⁾⁽⁴⁾	EUR	500,000		574,355

Capital Four CLO XII DAC Series 12A, Class C 4.513% (3 mo. EURIBOR + 2.05%) due 7/15/2039⁽³⁾⁽⁴⁾	EUR	250,000		285,650
Series 12A, Class D 5.463% (3 mo. EURIBOR + 3.00%) due 7/15/2039⁽³⁾⁽⁴⁾	EUR	250,000		285,650

Carvana Auto Receivables Trust Series 2021-N3, Class E 3.16% due 6/12/2028⁽³⁾		679,686		666,840

Channel EF LLC Series 2026-1A, Class D 6.20% due 1/17/2034⁽³⁾		115,000		115,058

CIFC Funding Ltd. Series 2018-2A, Class CR 5.675% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037⁽³⁾⁽⁴⁾		1,000,000		1,000,481

Compass Datacenters Issuer II LLC Series 2025-1A, Class B1 5.756% due 5/25/2050⁽³⁾		557,000		552,218


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Elmwood CLO 36 Ltd. Series 2024-12RA, Class CR 5.675% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037⁽³⁾⁽⁴⁾	$	1,300,000	$	1,298,725

Empower CLO Ltd. Series 2022-1A, Class CR 5.625% (3 mo. USD Term SOFR +l 1.95%) due 10/20/2037⁽³⁾⁽⁴⁾		1,000,000		1,001,096

Exeter Automobile Receivables Trust Series 2024-3A, Class E 7.84% due 10/15/2031⁽³⁾		230,000		239,256

Exeter Select Automobile Receivables Trust Series 2025-2, Class D 5.34% due 1/15/2032		180,000		179,030

Fair Oaks Loan Funding VII DAC Series 7A, Class B 4.124% (3 mo. EURIBOR + 1.80%) due 7/15/2039⁽³⁾⁽⁴⁾	EUR	300,000		342,780
Series 7A, Class D 5.374% (3 mo. EURIBOR + 3.05%) due 7/15/2039⁽³⁾⁽⁴⁾	EUR	250,000		285,650

FHF Issuer Trust Series 2025-1A, Class C 5.69% due 8/15/2031⁽³⁾		741,000		721,007
Series 2025-1A, Class D 5.95% due 6/15/2032⁽³⁾		467,000		441,394
Series 2025-2A, Class A2 5.75% due 5/15/2030⁽³⁾		561,413		563,090

FNA 9 LLC Series 2026-1, Class A 5.509% due 4/16/2046⁽³⁾⁽⁴⁾		93,059		92,918

Foundation Finance Trust Series 2023-2A, Class D 9.10% due 6/15/2049⁽³⁾		568,342		599,449

Grosvenor Place CLO 11 DAC Series 11A, Class C 4.904% (3 mo. EURIBOR + 2.15%) due 8/15/2039⁽³⁾⁽⁴⁾	EUR	250,000		285,650
Series 11A, Class D 5.754% (3 mo. EURIBOR + 3.00%) due 8/15/2039⁽³⁾⁽⁴⁾	EUR	290,000		331,354

Henley CLO X DAC Series 10A, Class CR 4.043% (3 mo. EURIBOR + 1.95%) due 7/20/2040⁽³⁾⁽⁴⁾	EUR	250,000		285,970
Series 10A, Class DR 5.093% (3 mo. EURIBOR + 3.00%) due 7/20/2040⁽³⁾⁽⁴⁾	EUR	400,000		456,235

Hilton Grand Vacations Trust Series 2025-1A, Class C 5.52% due 5/27/2042⁽³⁾		264,474		264,332
Series 2025-2A, Class C 5.12% due 5/25/2044⁽³⁾		326,864		323,481


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class C 5.859% (30 day SOFR + 2.25%) due 3/21/2033⁽³⁾⁽⁴⁾	$	155,438	$	154,898
Series 2025-1, Class D 7.109% (30 day SOFR + 3.50%) due 3/21/2033⁽³⁾⁽⁴⁾		287,848		284,754
Series 2025-2, Class D 6.859% (30 day SOFR + 3.25%) due 9/20/2033⁽³⁾⁽⁴⁾		360,333		350,343

Jersey Mike’s Funding LLC Series 2025-1A, Class A2 5.61% due 8/16/2055⁽³⁾		416,850		420,770

Jubilee CLO DAC Series 2026-34A, Class C 4.155% (3 mo. EURIBOR + 2.05%) due 1/15/2041⁽³⁾⁽⁴⁾	EUR	250,000		285,650
Series 2026-34A, Class D 5.155% (3 mo. EURIBOR + 3.05%) due 1/15/2041⁽³⁾⁽⁴⁾	EUR	250,000		285,650

Kennedy Lewis CLO 8 Ltd. Series 8A, Class CR2 5.775% (3 mo. USD Term SOFR + 2.10%) due 1/20/2038⁽³⁾⁽⁴⁾		1,000,000		999,979

Lendbuzz Securitization Trust Series 2026-1A, Class A2 4.68% due 7/15/2030⁽³⁾		178,469		178,052
Series 2026-1A, Class B 5.16% due 12/16/2030⁽³⁾		30,010		29,792
Series 2026-1A, Class C 5.74% due 9/15/2031⁽³⁾		39,104		38,743

Lightpath Fiber Issuer LLC Series 2026-1A, Class A2 5.597% due 3/25/2056⁽³⁾		767,000		765,939

Luxury Lease Partners Auto Lease Trust Series 2025-A, Class A 5.51% due 3/15/2032⁽³⁾		482,096		480,605

Marlette Funding Trust Series 2025-1A, Class D 6.02% due 7/16/2035⁽³⁾		420,000		418,741

MetroNet Infrastructure Issuer LLC Series 2026-1A, Class C 7.10% due 4/20/2056⁽³⁾		237,000		237,888

MVW LLC Series 2025-1A, Class C 5.75% due 9/22/2042⁽³⁾		274,284		274,343

North Westerly V Leveraged Loan Strategies CLO DAC Series V-A, Class CRR 4.605% (3 mo. EURIBOR + 2.50%) due 7/20/2039⁽³⁾⁽⁴⁾	EUR	250,000		286,296
Series V-A, Class DRR 5.655% (3 mo. EURIBOR + 3.55%) due 7/20/2039⁽³⁾⁽⁴⁾	EUR	320,000		366,901


2				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

OCP Euro CLO DAC Series 2026-16A, Class C 0.00% due 7/20/2040^(3)(4)(11)	EUR	250,000	$	285,650
Series 2026-16A, Class D 0.00% due 7/20/2040^(3)(4)(11)	EUR	260,000		297,076

OHA Credit Funding 3 Ltd. Series 2019-3A, Class CR2 5.425% (3 mo. USD Term SOFR + 1.75%) due 1/20/2038⁽³⁾⁽⁴⁾	$	1,000,000		1,001,735

OnDeck Asset Securitization IV LLC Series 2025-1A, Class B 5.52% due 4/19/2032⁽³⁾		500,000		498,040
Series 2025-1A, Class C 6.64% due 4/19/2032⁽³⁾		250,000		251,291
Series 2025-1A, Class D 8.77% due 4/19/2032⁽³⁾		200,000		202,132

Palmer Square European CLO DAC Series 2021-2A, Class DR 5.354% (3 mo. EURIBOR + 3.15%) due 3/15/2038⁽³⁾⁽⁴⁾	EUR	330,000		380,035

Polus Eu CLO XXI DAC Series 21A, Class B 4.505% (3 mo. EURIBOR + 2.00%) due 4/25/2039⁽³⁾⁽⁴⁾	EUR	270,000		309,282
Series 21A, Class C 5.005% (3 mo. EURIBOR + 2.50%) due 4/25/2039⁽³⁾⁽⁴⁾	EUR	340,000		390,088

QTS Issuer ABS I LLC Series 2025-1A, Class B 5.928% due 5/25/2055⁽³⁾		310,000		301,957

QTS Issuer ABS II LLC Series 2026-1A, Class B 6.729% due 1/5/2056⁽³⁾		232,577		232,807

RCKT Mortgage Trust Series 2026-CES2, Class M1A 5.355% due 2/25/2056⁽³⁾⁽⁴⁾		150,000		147,153

Reach ABS Trust Series 2025-2A, Class C 5.69% due 8/18/2032⁽³⁾		220,000		219,731
Series 2026-1A, Class D 5.16% due 2/15/2033⁽³⁾		270,000		264,766

Research-Driven Pagaya Motor Asset Trust Series 2026-2A, Class A4 5.62% due 2/26/2035⁽³⁾		260,000		259,614
Series 2026-R1A, Class A 5.659% due 7/25/2034⁽³⁾		272,909		272,281
Series 2026-R1A, Class B 6.211% due 7/25/2034⁽³⁾		173,000		172,663

RKTL Trust Series 2026-1A, Class D 5.21% due 2/26/2035⁽³⁾		244,000		239,136

Santander Bank Auto Credit-Linked Notes Series 2025-A, Class E 6.274% due 1/16/2034⁽³⁾		250,000		249,602


June 30, 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	$	227,954

SF ABS Issuer LLC Series 2025-1A, Class A2 5.377% due 11/25/2055⁽³⁾		735,000		722,589

Sierra Timeshare Receivables Funding LLC Series 2025-1A, Class D 6.86% due 1/21/2042⁽³⁾		428,122		427,127
Series 2026-1A, Class D 7.10% due 12/22/2042⁽³⁾		421,136		418,808

SoFi Consumer Loan Program Trust Series 2025-3, Class D 5.35% due 8/15/2034⁽³⁾		846,000		839,181

Sotheby’s Artfi Master Trust Series 2026-1A, Class D 5.54% due 6/20/2033⁽³⁾		591,000		589,481

Stack Infrastructure Issuer LLC Series 2026-1A, Class A2 5.00% due 3/27/2056⁽³⁾		394,000		381,650

Switch ABS Issuer LLC Series 2024-2A, Class A2 5.436% due 6/25/2054⁽³⁾		250,000		247,259

Tricolor Auto Securitization Trust Series 2025-1A, Class C 5.72% due 10/15/2029^(3)(5)(6)		906,000		200,490
Series 2025-1A, Class D 6.84% due 4/15/2031^(3)(5)(6)		370,000		46,665

Truist Bank Auto Credit-Linked Notes Series 2025-1, Class C 6.807% due 9/26/2033⁽³⁾		449,075		448,107

UPG HI Issuer Trust Series 2026-1, Class B 6.39% due 2/25/2048⁽³⁾		300,000		298,253

Upstart Securitization Trust Series 2025-3, Class C 5.43% due 9/20/2035⁽³⁾		190,000		188,694

VB-S1 Issuer LLC Series 2026-1A, Class D 5.193% due 3/15/2056⁽³⁾		151,000		148,268
Series 2026-1A, Class F 6.843% due 3/15/2056⁽³⁾		132,000		132,710

Vertical Bridge CC LLC Series 2025-1A, Class B 5.602% due 8/16/2055⁽³⁾		525,000		520,073
Series 2025-1A, Class C 7.446% due 8/16/2055⁽³⁾		507,000		514,033

Western Funding Auto Loan Trust Series 2025-1, Class C 5.34% due 11/15/2035⁽³⁾		247,000		247,506

Westlake Automobile Receivables Trust Series 2025-P1, Class D 5.59% due 7/15/2032⁽³⁾		346,000		348,197
Series 2026-1A, Class D 4.75% due 7/15/2031⁽³⁾		194,000		191,472


The accompanying notes are an integral part of these financial statements.				3

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

Wingspire Equipment Finance LLC Series 2025-1A, Class D 5.45% due 9/20/2033⁽³⁾	$	432,000	$	428,741


Total Asset-Backed Securities (Cost $36,420,364)				35,172,899
Corporate Bonds & Notes – 32.2%

Airlines – 0.6%

American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.75% due 4/20/2029⁽³⁾		314,000		314,610

Latam Airlines Group SA 7.625% due 1/7/2031⁽³⁾		453,000		469,263

WestJet Airlines Ltd. 8.00% due 2/14/2031⁽³⁾		112,000		112,424


				896,297
Auto Manufacturers – 0.6%

General Motors Financial Co., Inc. Series A 5.75% (5.75% fixed rate until 9/30/2027; 3 mo. USD LIBOR + 3.60% thereafter) due 9/30/2027⁽⁴⁾		493,000		492,593

Stellantis Finance U.S., Inc. 6.45% due 3/18/2035⁽³⁾		387,000		380,506


				873,099
Auto Parts & Equipment – 0.3%

Cyprium Corp./Cyprium Holdings Luxembourg SARL 6.375% due 4/15/2034⁽³⁾		464,000		463,072


				463,072
Banks – 2.5%

Citigroup, Inc. 5.592% (5.592% fixed rate until 11/19/2029; 5 yr. CMT + 1.28% thereafter) due 11/19/2034⁽⁴⁾		315,000		318,922
Series JJ 6.50% (6.50% fixed rate until 5/15/2031; 5 yr. CMT + 2.75% thereafter) due 5/15/2031⁽⁴⁾		464,000		469,385

HSBC Holdings PLC Series 1 6.75% (6.75% fixed rate until 11/18/2032; 5 yr. CMT + 2.51% thereafter) due 11/18/2032⁽⁴⁾		297,000		298,993

JPMorgan Chase & Co. 5.148% (5.148% fixed rate until 4/23/2036; 1 day USD SOFR + 1.26% thereafter) due 4/23/2037⁽⁴⁾		308,000		305,781
Series PP 6.10% (6.10% fixed rate until 7/1/2031; 5 yr. CMT + 2.08% thereafter) due 7/1/2031⁽⁴⁾		459,000		464,811


June 30, 2026 (unaudited)	Principal Amount		Value

Banks (continued)

M&T Bank Corp. Series I 3.50% (3.50% fixed rate until 9/1/2026; 5 yr. CMT + 2.68% thereafter) due 9/1/2026⁽⁴⁾	$	251,000	$	249,107

Morgan Stanley 4.809% (4.809% fixed rate until 4/16/2031; 1 day USD SOFR Index + 1.18% thereafter) due 4/16/2032⁽⁴⁾		403,000		399,867
5.192% (5.192% fixed rate until 4/17/2030; 1 day USD SOFR + 1.51% thereafter) due 4/17/2031⁽⁴⁾		520,000		525,478

Toronto-Dominion Bank 6.35% (6.35% fixed rate until 10/31/2030; 5 yr. CMT + 2.72% thereafter) due 10/31/2085⁽⁴⁾		314,000		315,977

U.S. Bancorp Series N 3.70% (3.70% fixed rate until 1/15/2027; 5 yr. CMT + 2.54% thereafter) due 1/15/2027⁽⁴⁾		415,000		411,023


				3,759,344
Biotechnology – 0.2%

Bridgebio Pharma, Inc. 0.75% due 2/1/2033⁽³⁾		323,000		319,802


				319,802
Building Materials – 0.3%

JH North America Holdings, Inc. 5.875% due 1/31/2031⁽³⁾		390,000		391,835


				391,835
Chemicals – 0.8%

FIS Fabbrica Italiana Sintetici SpA 5.399% (5.399% fixed rate until 2/5/2027; 3 mo. EURIBOR + 3.25% thereafter) due 2/5/2031⁽³⁾⁽⁴⁾	EUR	290,000		334,567

FMC Corp. 8.00% due 6/1/2031⁽³⁾		255,000		265,401

Olympus Water U.S. Holding Corp. 7.25% due 2/15/2033⁽³⁾		200,000		197,794

SCIH Salt Holdings, Inc. 6.625% due 5/1/2029⁽³⁾		381,000		377,691


				1,175,453
Commercial Services – 0.7%

EquipmentShare.com, Inc. 7.125% due 7/1/2034⁽³⁾		382,000		375,330

Garda World Security Corp. 6.50% due 1/15/2031⁽³⁾		197,000		199,714

Mobility Global, Inc. 5.05% due 6/15/2029⁽³⁾		44,000		44,076
5.45% due 6/15/2031⁽³⁾		53,000		53,573
6.05% due 6/15/2036⁽³⁾		44,000		44,499

Raven Acquisition Holdings LLC 6.875% due 11/15/2031⁽³⁾		360,000		351,871


4				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Commercial Services (continued)

Synergy Infrastructure Holdings LLC 7.00% due 7/15/2034⁽³⁾	$	63,000	$	63,903


				1,132,966
Computers – 0.2%

Booz Allen Hamilton, Inc. 5.95% due 4/15/2035		306,000		304,790


				304,790
Distribution & Wholesale – 0.3%

Veritiv Operating Co. 10.50% due 11/30/2030⁽³⁾		472,000		482,730


				482,730
Diversified Financial Services – 4.0%

Atlas Warehouse Lending Co. LP 4.95% due 11/15/2030⁽³⁾		250,000		246,496
5.25% due 1/15/2033⁽³⁾		250,000		246,255

Bread Financial Holdings, Inc. 6.75% due 5/15/2031⁽³⁾		463,000		473,493

Burford Capital Global Finance LLC 7.50% due 7/15/2033⁽³⁾		698,000		592,009
8.50% due 1/15/2034⁽³⁾		200,000		175,300

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		304,811
7.964% (7.964% fixed rate until 11/2/2033; 1 day USD SOFR Index + 3.37% thereafter) due 11/2/2034⁽⁴⁾		82,000		94,305
Series M 3.95% (3.95% fixed rate until 9/1/2026; 5 yr. CMT + 3.16% thereafter) due 9/1/2026⁽⁴⁾		411,000		409,726

Jane Street Group/JSG Finance, Inc. 6.75% due 5/1/2033⁽³⁾		629,000		646,843

Marex Group PLC 5.68% due 4/21/2031		479,000		479,186
6.404% due 11/4/2029		75,000		76,810

Navient Corp. 5.00% due 3/15/2027		240,000		238,103
5.50% due 3/15/2029		252,000		241,862
9.375% due 10/15/2031		193,000		192,265

OneMain Finance Corp. 6.50% due 3/15/2033		351,000		345,395
6.75% due 9/15/2033		30,000		29,698

Osaic Holdings, Inc. 6.75% due 8/1/2032⁽³⁾		212,000		212,363

PennyMac Financial Services, Inc. 6.75% due 2/15/2034⁽³⁾		387,000		371,488

Rocket Cos., Inc. 6.125% due 8/1/2031⁽³⁾		231,000		235,925

SLM Corp. 6.495% (6.495% fixed rate until 5/15/2031; 1 day USD SOFR Index + 2.71% thereafter) due 5/15/2032⁽⁴⁾		290,000		289,664


June 30, 2026 (unaudited)	Principal Amount		Value
Diversified Financial Services (continued)

Stonebriar ABF Issuer LLC 7.00% due 8/15/2031⁽³⁾	$	207,000	$	206,969


				6,108,966
Electric – 3.3%

Algonquin Power & Utilities Corp. 4.75% (4.75% fixed rate until 1/18/2027; 5 yr. CMT + 3.25% thereafter) due 1/18/2082⁽⁴⁾		181,000		179,241

Alpha Generation LLC 6.25% due 1/15/2034⁽³⁾		654,000		643,526

American Electric Power Co., Inc. 3.875% (3.875% fixed rate until 11/15/2026; 5 yr. CMT + 2.68% thereafter) due 2/15/2062⁽⁴⁾		271,000		268,025

CenterPoint Energy, Inc. 5.95% (5.95% fixed rate until 1/1/2031; 5 yr. CMT + 2.22% thereafter) due 4/1/2056⁽⁴⁾		395,000		394,815

CMS Energy Corp. 6.50% (6.50% fixed rate until 3/1/2035; 5 yr. CMT + 1.96% thereafter) due 6/1/2055⁽⁴⁾		375,000		384,065

Dominion Energy, Inc. 6.15% (6.15% fixed rate until 9/16/2031; 5 yr. CMT + 1.87% thereafter) due 12/15/2056⁽⁴⁾		162,000		162,492
6.25% (6.25% fixed rate until 9/16/2036; 5 yr. CMT + 1.70% thereafter) due 12/15/2056⁽⁴⁾		122,000		122,517

NextEra Energy Capital Holdings, Inc. Series BB 6.20% (6.20% fixed rate until 7/4/2036; 5 yr. CMT + 1.77% thereafter) due 10/1/2056⁽⁴⁾		131,000		130,873
Series CC 6.625% (6.625% fixed rate until 7/4/2046; 5 yr. CMT + 1.69% thereafter) due 10/1/2066⁽⁴⁾		97,000		98,494

NRG Energy, Inc. 5.75% due 1/15/2034⁽³⁾		322,000		319,486
6.00% due 1/15/2036⁽³⁾		82,000		81,744
6.125% due 5/15/2036⁽³⁾		500,000		500,232

Talen Energy Supply LLC 6.25% due 2/1/2034⁽³⁾		323,000		321,037
6.375% due 5/1/2033⁽³⁾		359,000		358,547
6.50% due 2/1/2036⁽³⁾		391,000		394,189

Vistra Operations Co. LLC 6.00% due 4/15/2034⁽³⁾		315,000		324,261


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Electric (continued)

Xcel Energy, Inc. 5.75% (5.75% fixed rate until 9/3/2031; 5 yr. CMT + 2.17% thereafter) due 12/3/2056⁽⁴⁾	$	264,000	$	260,901


				4,944,445
Entertainment – 2.0%

Caesars Entertainment, Inc. 6.00% due 10/15/2032⁽³⁾		601,000		544,602

Flutter Treasury DAC, Reg S 6.125% due 6/4/2031	GBP	210,000		278,042

Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC 8.25% due 4/15/2030⁽³⁾		319,000		332,271
11.875% due 4/15/2031⁽³⁾		320,000		346,687

Penn Entertainment, Inc. 6.75% due 4/1/2031⁽³⁾		373,000		374,941

Pioneer Opco LLC 7.00% due 5/15/2033⁽³⁾		164,000		166,887

Six Flags Entertainment Corp./Canada’s Wonderland Co./Millennium Operations LLC 8.625% due 1/15/2032⁽³⁾		521,000		536,461

Voyager Parent LLC 9.25% due 7/1/2032⁽³⁾		460,000		486,477


				3,066,368
Food – 0.3%

Pilgrim’s Pride Corp. 6.25% due 7/1/2033		179,000		186,886

Viking Baked Goods Acquisition Corp. Series JUL 8.625% due 11/1/2031⁽³⁾		190,000		192,053


				378,939
Healthcare Products – 0.4%

Medline Borrower LP/Medline Co-Issuer, Inc. 5.25% due 6/15/2033⁽³⁾		570,000		566,622


				566,622
Healthcare Services – 0.8%

Humana, Inc. 6.625% (6.625% fixed rate until 6/15/2031; 5 yr. CMT + 2.89% thereafter) due 9/15/2056⁽⁴⁾		695,000		692,912

LifePoint Health, Inc. 10.00% due 6/1/2032⁽³⁾		508,000		507,142


				1,200,054
Home Builders – 1.1%

Beazer Homes USA, Inc. 8.00% due 1/15/2032⁽³⁾		93,000		93,250

Century Communities, Inc. 6.625% due 9/15/2033⁽³⁾		387,000		390,777


June 30, 2026 (unaudited)	Principal Amount		Value
Home Builders (continued)

LGI Homes, Inc. 4.00% due 7/15/2029⁽³⁾	$	138,000	$	128,589
7.00% due 11/15/2032⁽³⁾		573,000		569,424

Risewell Homes, Inc. 8.50% due 11/1/2030⁽³⁾		390,000		398,166
9.25% due 10/1/2029⁽³⁾		141,000		145,840


				1,726,046
Internet – 0.9%

AP Core Holdings II LLC 11.00% due 5/15/2031⁽³⁾		536,000		560,973

AppLovin Corp. 5.50% due 12/1/2034		488,000		492,412

Wayfair LLC 7.125% due 5/31/2034⁽³⁾		10,000		318,733


				1,372,118
Investment Companies – 0.1%

Apollo Debt Solutions BDC 5.20% due 12/8/2028⁽³⁾		91,000		89,596


				89,596
Iron & Steel – 0.1%

Mineral Resources Ltd. 6.25% due 5/1/2034⁽³⁾		163,000		160,277


				160,277
Leisure Time – 0.3%

Royal Caribbean Cruises Ltd. 5.375% due 1/15/2036		410,000		406,975


				406,975
Lodging – 0.4%

Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.875% due 7/1/2031⁽³⁾		508,000		477,490

Las Vegas Sands Corp. 5.30% due 5/15/2031		131,000		130,499


				607,989
Machinery-Diversified – 0.2%

Esab Corp. 5.625% due 4/1/2031⁽³⁾		338,000		338,367


				338,367
Media – 0.6%

Space Exploration Technologies Corp. 5.875% due 7/15/2036⁽³⁾		364,000		359,255

Univision Communications, Inc. 8.50% due 7/31/2031⁽³⁾		91,000		91,394
8.875% due 4/15/2033⁽³⁾		231,000		227,402
9.375% due 8/1/2032⁽³⁾		204,000		207,272


				885,323
Mining – 0.3%

First Quantum Minerals Ltd. 7.25% due 2/15/2034⁽³⁾		494,000		506,437


				506,437


6				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Miscellaneous Manufacturing – 0.4%

Maxam Prill SARL 7.75% due 7/15/2030⁽³⁾	$	540,000	$	556,333


				556,333
Oil & Gas – 2.3%

Antero Resources Corp. 5.40% due 2/1/2036		405,000		398,616

Caturus Energy LLC 7.125% due 5/15/2031⁽³⁾		214,000		211,727

Granite Ridge Resources, Inc. 8.875% due 11/5/2029⁽³⁾		839,000		830,945

Infinity Natural Resources LLC 7.625% due 4/1/2031⁽³⁾		191,000		189,706

SM Energy Co. 6.625% due 4/15/2034⁽³⁾		67,000		65,950
7.00% due 8/1/2032⁽³⁾		291,000		293,681
9.625% due 6/15/2033⁽³⁾		330,000		361,825

Sunoco LP 7.875% (7.875% fixed rate until 9/18/2030; 5 yr. CMT + 4.23% thereafter) due 9/18/2030⁽³⁾⁽⁴⁾		750,000		779,953

Viper Energy Partners LLC 5.70% due 8/1/2035		402,000		408,404


				3,540,807
Packaging & Containers – 0.3%

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Reg S 3.00% due 9/1/2029	EUR	478,000		525,094


				525,094
Pharmaceuticals – 1.3%

CVS Health Corp. 6.75% (6.75% fixed rate until 9/10/2034; 5 yr. CMT + 2.52% thereafter) due 12/10/2054⁽⁴⁾		257,000		267,753
7.00% (7.00% fixed rate until 12/10/2029; 5 yr. CMT + 2.89% thereafter) due 3/10/2055⁽⁴⁾		236,000		245,015

HLF Financing SARL LLC/Herbalife International, Inc. 4.875% due 6/1/2029⁽³⁾		246,000		230,308
7.75% due 5/1/2033⁽³⁾		517,000		524,003

Teva Pharmaceutical Finance Co. LLC 6.15% due 2/1/2036		608,000		641,285


				1,908,364
Pipelines – 1.7%

DT Midstream, Inc. 4.125% due 6/15/2029⁽³⁾		63,000		61,741
5.80% due 12/15/2034⁽³⁾		255,000		260,613

Hess Midstream Operations LP 4.25% due 2/15/2030⁽³⁾		634,000		611,569

Howard Midstream Energy Partners LLC 6.625% due 1/15/2034⁽³⁾		324,000		326,770


June 30, 2026 (unaudited)	Principal Amount		Value
Pipelines (continued)

ITT Holdings LLC 6.50% due 8/1/2029⁽³⁾	$	668,000	$	660,171

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.75% due 3/15/2034⁽³⁾		716,000		722,340


				2,643,204
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		446,847

GLP Capital LP/GLP Financing II, Inc. 5.625% due 3/1/2036		232,000		227,355

Millrose Properties, Inc. 6.25% due 9/15/2032⁽³⁾		280,000		282,437
6.375% due 8/1/2030⁽³⁾		277,000		280,753

Rithm Capital Corp. 8.00% due 4/1/2029⁽³⁾		233,000		233,932
8.00% due 7/15/2030⁽³⁾		269,000		268,317


				1,739,641
Retail – 1.2%

Carvana Co. 9.00% (9.00% Cash or 13% PIK) due 6/1/2030⁽³⁾⁽⁷⁾		430,131		444,680
9.00% (9.00% Cash or 14% PIK) due 6/1/2031⁽³⁾⁽⁷⁾		199,577		220,254

Michaels Cos., Inc. 8.50% due 3/15/2033⁽³⁾		229,000		226,823

Park River Holdings, Inc. 8.75% due 12/31/2030⁽³⁾		226,000		218,972

QXO Building Products, Inc. 6.50% due 7/15/2031⁽³⁾		109,000		111,090
6.875% due 7/15/2034⁽³⁾		135,000		138,588

Victra Holdings LLC/Victra Finance Corp. 8.75% due 9/15/2029⁽³⁾		369,000		380,614


				1,741,021
Semiconductors – 0.3%

Kioxia Holdings Corp. 6.625% due 7/24/2033⁽³⁾		373,000		390,119


				390,119
Software – 0.7%

CoreWeave, Inc. 8.50% due 7/15/2032⁽³⁾	EUR	280,000		314,900
9.75% due 10/1/2031⁽³⁾		294,000		293,352

ROBLOX Corp. 3.875% due 5/1/2030⁽³⁾		468,000		442,271


				1,050,523
Telecommunications – 1.2%

Black Pearl Compute LLC 6.125% due 2/15/2031⁽³⁾		530,000		536,792

Level 3 Financing, Inc. 3.75% due 7/15/2029⁽³⁾		33,000		31,845
7.50% due 2/15/2037⁽³⁾		540,171		554,420


The accompanying notes are an integral part of these financial statements.				7

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Telecommunications (continued)

SE Cosmos LLC 8.875% due 5/1/2031⁽³⁾	$	516,000	$	530,485

Vmed O2 U.K. Financing I PLC 6.75% due 1/15/2033⁽³⁾		253,000		214,207


				1,867,749
Transportation – 0.3%

Rand Parent LLC 8.50% due 2/15/2030⁽³⁾		464,000		480,633


				480,633

Total Corporate Bonds & Notes (Cost $48,494,157)				48,601,398
Non-Agency Mortgage-Backed Securities – 26.1%

1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 3.901% due 8/10/2035⁽³⁾		1,100,000		1,064,250

1301 Trust Series 2025-1301, Class D 6.43% due 8/11/2042^(3)(4)(8)		314,000		313,627

ALA Trust Series 2025-OANA, Class D 6.717% due 6/15/2040^(3)(4)(8)		221,000		221,829

BAY Trust Series 2026-MDWS, Class C 5.992% due 6/15/2041^(3)(4)(8)		339,000		338,152

BFLD Commercial Mortgage Trust Series 2025-5MW, Class E 8.176% due 10/10/2042^(3)(4)(8)		100,000		102,751

BLP Commercial Mortgage Trust Series 2025-IND2, Class E 7.375% due 12/15/2042^(3)(4)(8)		991,000		994,097

BPR Trust Series 2024-PMDW, Class E 5.85% due 11/5/2041^(3)(4)(8)		378,000		362,005

BX Commercial Mortgage Trust Series 2024-AIR2, Class D 6.416% due 10/15/2041^(3)(4)(8)		502,610		503,866
Series 2024-BIO2, Class D 7.97% due 8/13/2041^(3)(4)(8)		780,000		733,743
Series 2026-CSMO, Class C 5.625% due 2/15/2043^(3)(4)(8)		100,000		100,875
Series 2026-CSMO, Class D 6.075% due 2/15/2043^(3)(4)(8)		100,000		101,063
Series 2026-XL6, Class D 5.725% due 3/15/2043^(3)(4)(8)		361,677		363,934
Series 2026-XL6, Class E 6.625% due 3/15/2043^(3)(4)(8)		97,653		98,449

BX Trust Series 2024-CNYN, Class D 6.315% due 4/15/2041^(3)(4)(8)		1,190,000		1,191,487
Series 2024-VLT4, Class E 6.515% due 6/15/2041^(3)(4)(8)		468,236		461,718
Series 2025-VLT7, Class E 7.375% due 7/15/2044^(3)(4)(8)		955,000		955,665
Series 2026-CART, Class D 5.525% due 2/15/2036^(3)(4)(8)		300,000		299,625


June 30, 2026 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
Series 2026-CIP, Class D 5.725% due 5/15/2038^(3)(4)(8)	$	99,297	$	99,980
Series 2026-CIP, Class E 6.725% due 5/15/2038^(3)(4)(8)		198,595		200,083

BXHPP Trust Series 2021-FILM, Class A 4.389% due 8/15/2036^(3)(4)(8)		154,000		146,299
Series 2021-FILM, Class B 4.639% due 8/15/2036^(3)(4)(8)		480,000		442,795

Citigroup Commercial Mortgage Trust Series 2016-C3, Class AS 3.366% due 11/15/2049⁽⁴⁾⁽⁸⁾		1,000,000		966,399

COMM Mortgage Trust Series 2024-WCL1, Class D 6.914% due 6/15/2041^(3)(4)(8)		200,000		199,761

Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 9.628% due 10/25/2041^(3)(4)(8)		99,000		100,404
Series 2021-R02, Class 2B2 9.828% due 11/25/2041^(3)(4)(8)		73,000		74,346
Series 2022-R01, Class 1B2 9.628% due 12/25/2041^(3)(4)(8)		821,508		839,096
Series 2024-R04, Class 1B1 5.828% due 5/25/2044^(3)(4)(8)		690,000		701,273
Series 2024-R05, Class 2B1 5.628% due 7/25/2044^(3)(4)(8)		1,800,000		1,814,633
Series 2025-R01, Class 1B1 5.328% due 1/25/2045^(3)(4)(8)		605,000		602,733
Series 2025-R02, Class 1B1 5.578% due 2/25/2045^(3)(4)(8)		1,920,000		1,921,821

Ellington Financial Mortgage Trust Series 2025-RTL1, Class A2 5.565% due 11/25/2040^(3)(4)(8)		215,000		214,259

Extended Stay America Trust Series 2025-ESH, Class E 6.975% due 10/15/2042^(3)(4)(8)		243,673		245,805
Series 2025-ESH, Class F 7.725% due 10/15/2042^(3)(4)(8)		128,097		129,298
Series 2026-ESH2, Class E 6.525% due 2/15/2043^(3)(4)(8)		300,751		303,799
Series 2026-ESH2, Class F 7.375% due 2/15/2043^(3)(4)(8)		149,907		151,500

Federal Home Loan Mortgage Corp. STACR Trust Series 2018-DNA3, Class B2 11.492% due 9/25/2048^(3)(4)(8)		87,000		98,178

Freddie Mac STACR REMIC Trust Series 2020-HQA5, Class B2 11.028% due 11/25/2050^(3)(4)(8)		61,223		74,221
Series 2021-DNA6, Class B2 11.128% due 10/25/2041^(3)(4)(8)		1,086,857		1,107,018
Series 2021-DNA7, Class B2 11.428% due 11/25/2041^(3)(4)(8)		175,001		179,322
Series 2021-HQA3, Class B2 9.878% due 9/25/2041^(3)(4)(8)		307,339		310,507
Series 2021-HQA4, Class B2 10.628% due 12/25/2041^(3)(4)(8)		1,858,033		1,906,282


8				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
Series 2022-DNA2, Class B2 12.128% due 2/25/2042^(3)(4)(8)	$	384,527	$	401,641
Series 2025-HQA1, Class M2 5.278% due 2/25/2045^(3)(4)(8)		218,000		218,789

FS Commercial Mortgage Trust Series 2023-4SZN, Class D 9.383% due 11/10/2039^(3)(4)(8)		1,727,000		1,741,013
Series 2026-PALM, Class C 5.50% due 7/15/2041^(3)(4)(8)		100,000		99,563

GGP Trust Series 2026-2PAK, Class A 6.027% due 5/10/2043⁽⁴⁾⁽⁸⁾		430,719		431,689

Great Wolf Trust Series 2024-WOLF, Class G 9.061% due 3/15/2039^(3)(4)(8)		133,000		133,831

GS Mortgage Securities Corp. Trust Series 2025-800D, Class A 6.287% due 11/25/2041^(3)(4)(8)		760,000		757,637

GWT Trust Series 2024-WLF2, Class D 6.565% due 5/15/2041(3)⁽⁴⁾⁽⁸⁾		1,120,000		1,128,400

Idun European Loan Conduit No. 42 SARL Series 42A, Class A 0.00% due 7/28/2038^(4)(8)(11)	EUR	210,000		239,946
Series 42A, Class B 0.00% due 7/28/2038^(4)(8)(11)	EUR	580,000		662,874

JPMorgan Chase Bank NA Series 2020-CL1, Class M1 6.013% due 10/25/2057^(3)(4)(8)		1,094,745		1,128,155
Series 2020-CL1, Class M2 6.263% due 10/25/2057^(3)(4)(8)		830,801		862,403

LEX Trust Series 2026-450, Class D 5.975% due 3/15/2043^(3)(4)(8)		407,000		408,399

MTN Commercial Mortgage Trust Series 2026-LPFX, Class E 6.56% due 5/15/2043^(3)(4)(8)		147,000		147,994

National Commercial Mortgage Trust Series 2026-IND, Class E 6.775% due 6/15/2043^(3)(4)(8)		340,000		341,485

NRM FHT1 Excess Owner LLC Series 2025-FHT1, Class A 6.545% due 3/25/2032^(3)(4)(8)		1,295,054		1,292,160

NYC Commercial Mortgage Trust Series 2021-909, Class C 3.206% due 4/10/2043^(3)(4)(8)		385,000		302,314

PFDR Trust Series 2026-DLVR, Class C 6.113% due 6/15/2043^(3)(4)(8)		250,000		249,922

PNW Trust Series 2026-ARTE, Class D 7.134% due 4/15/2041^(3)(4)(8)		153,000		152,663

PRM7 Trust Series 2025-PRM7, Class E 6.839% due 11/10/2042^(3)(4)(8)		321,000		319,001

Reneu Redi Q-1 Trust Series 2026-RTL1, Class A1 5.892% due 6/25/2041^(3)(4)(8)		170,000		170,016


June 30, 2026 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

Saluda Grade Alternative Mortgage Trust Series 2026-RTL7, Class A2 6.748% due 3/25/2031^(3)(4)(8)	$	223,000	$	219,146

Saluds Grade Alternative Mortgage Trust Series 2025-RRTL1, Class A2 5.657% due 10/25/2040^(3)(4)(8)		100,000		99,133

SCG Commercial Mortgage Trust Series 2025-FLWR, Class E 6.375% due 8/15/2042^(3)(4)(8)		200,000		198,325

SCG Trust Series 2025-SNIP, Class E 7.025% due 9/15/2042^(3)(4)(8)		335,000		336,256

SMRT Series 2022-MINI, Class E 6.326% due 1/15/2039^(3)(4)(8)		900,000		898,312

SWCH Commercial Mortgage Trust Series 2025-DATA, Class F 7.864% due 2/15/2042^(3)(4)(8)		640,000		634,242

Taurus U.K. DAC Series 2025-UK3A, Class C 5.742% due 7/20/2035^(3)(4)(8)	GBP	140,000		185,709
Series 2025-UK3A, Class D 6.542% due 7/20/2035^(3)(4)(8)	GBP	200,000		265,273

TVC Mortgage Trust Series 2026-RRTL1, Class A2 5.315% due 2/25/2041^(3)(4)(8)		100,000		98,839
Series 2026-RRTL1, Class M1 6.34% due 2/25/2041^(3)(4)(8)		100,000		99,043

U.K. Logistics DAC Series 2026-2A, Class A 5.083% due 8/15/2036^(3)(4)(8)	GBP	340,000		450,983
Series 2026-2A, Class B 5.333% due 8/15/2036^(3)(4)(8)	GBP	260,000		344,868
Series 2026-2A, Class C 5.583% due 8/15/2036^(3)(4)(8)	GBP	330,000		437,714

Vontive Mortgage Trust Series 2025-RTL1, Class A1 6.507% due 3/25/2030(3)(4)⁽⁸⁾		897,000		902,733

Wells Fargo Commercial Mortgage Trust Series 2025-1918, Class A 5.761% due 9/15/2040^(3)(4)(8)		663,000		63,314
Series 2025-VTT, Class D 6.382% due 3/15/2038^(3)(4)(8)		735,000		730,193
Series 2025-VTT, Class E 7.137% due 3/15/2038^(3)(4)(8)		746,000		747,283


Total Non-Agency Mortgage-Backed Securities (Cost $39,906,557)				39,528,209
Senior Secured Loans – 13.6%

Agriculture – 0.4%

Artisan Newco BV 2025 EUR Repriced Term Loan B 0.00% due 4/5/2032⁽⁴⁾⁽⁹⁾	EUR	150,000		171,284
2026 EUR Term Loan B 0.00% due 4/5/2032⁽⁴⁾⁽⁹⁾	EUR	350,000		399,662


				570,946


The accompanying notes are an integral part of these financial statements.				9

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Airlines – 0.3%

American Airlines, Inc. 2026 1st Lien Term Loan B 6.666% (3 mo. USD Term SOFR + 2.00%) due 5/29/2033⁽⁴⁾	$	417,000	$	411,441


				411,441
Auto Parts & Equipment – 0.4%

Stonepeak Motion Finco LLC EUR Term Loan B 0.00% due 6/24/2033⁽⁴⁾⁽⁹⁾	EUR	500,000		572,488
USD Term Loan B 0.00% due 6/24/2033⁽⁴⁾⁽⁹⁾		64,000		63,920


				636,408
Biotechnology – 0.1%

Grifols Worldwide Operations USA, Inc. 2026 USD Term Loan B 6.187% (6 mo. USD Term SOFR + 2.50%) due 4/14/2033⁽⁴⁾		217,455		217,890


				217,890
Building Materials – 0.7%

Chamberlain Group, Inc. 2025 Term Loan B 6.644% (1 mo. USD Term SOFR + 3.00%) due 9/8/2032⁽⁴⁾		73,892		73,875

CP Atlas Buyer, Inc. 2025 Term Loan 8.894% (1 mo. USD Term SOFR + 5.25%) due 7/8/2030⁽⁴⁾		393,030		344,338

EMRLD Borrower LP 2024 Term Loan B 5.894% (1 mo. USD Term SOFR + 2.25%) due 8/4/2031⁽⁴⁾		246,920		246,576
Term Loan B 5.916% (3 mo. USD Term SOFR + 2.25%) due 5/31/2030⁽⁴⁾		277,542		277,170

Tamko Building Products LLC 2026 Incremental Term Loan 0.00% due 9/20/2030⁽⁴⁾⁽⁹⁾		46,800		46,741


				988,700
Chemicals – 0.1%

BASF Coatings USD Term Loan B 0.00% due 5/6/2033⁽⁴⁾⁽⁹⁾		127,826		128,178


				128,178
Commercial Services – 1.4%

Boluda Towage Luxembourg SARL 2026 USD Term Loan B 0.00% due 6/24/2033⁽⁴⁾⁽⁹⁾		82,000		82,052


June 30, 2026 (unaudited)	Principal Amount		Value
Commercial Services (continued)

Ensemble RCM LLC 2026 Term Loan B 6.663% (3 mo. USD Term SOFR + 3.00%) due 2/9/2033⁽⁴⁾	$	483,309	$	481,254

IFCO Management GmbH 2026 EUR Term Loan B 0.00% due 12/8/2032⁽⁴⁾⁽⁹⁾	EUR	500,000		571,911

Inspired Finco Holdings Ltd. 2026 EUR Term Loan B8 5.179% (1 mo. EURIBOR + 3.00%) due 2/28/2031⁽⁴⁾	EUR	480,793		551,710

Lernen Bidco Ltd. 2025 USD Term Loan B3 7.01% (6 mo. USD Term SOFR + 3.50%) due 10/27/2031⁽⁴⁾		311,985		306,429

Parexel International Corp. 2025 Repriced Term Loan B 6.144% (1 mo. USD Term SOFR + 2.50%) due 12/12/2031⁽⁴⁾		160,195		160,195


				2,153,551
Distribution & Wholesale – 0.3%

ADI Global Distribution Funding LLC Term Loan B 0.00% due 6/17/2033⁽⁴⁾⁽⁹⁾		82,560		82,663

Gloves Buyer, Inc. 2025 Term Loan 7.644% (1 mo. USD Term SOFR + 4.00%) due 5/21/2032⁽⁴⁾		292,640		293,433

Veritiv Corp. Term Loan B 7.732% (3 mo. USD Term SOFR + 4.00%) due 12/2/2030⁽⁴⁾		32,088		30,279


				406,375
Diversified Financial Services – 0.4%

Hudson River Trading LLC 2026 Repriced Term Loan B 6.139% (1 mo. USD Term SOFR + 2.50%) due 3/18/2030⁽⁴⁾		500,502		496,663

Osaic Holdings, Inc. 2025 Term Loan 6.286% (6 mo. USD Term SOFR + 2.50%) due 7/30/2032⁽⁴⁾		147,000		144,905


				641,568
Electric – 0.4%

Compass Power Generation LLC 2026 Term Loan B 6.232% (3 mo. USD Term SOFR + 2.50%) due 4/13/2029⁽⁴⁾		143,000		142,882


10				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Electric (continued)

Long Ridge Energy LLC Term Loan B 8.232% (3 mo. USD Term SOFR + 4.50%) due 2/19/2032⁽⁴⁾	$	487,832	$	488,237


				631,119
Electrical Components & Equipment – 0.4%

Trench Group GmbH 2026 EUR Term Loan B 0.00% due 6/10/2033⁽⁴⁾⁽⁹⁾	EUR	500,000		572,968


				572,968
Electronics – 0.0%

Skyshield U.S. Bidco Ltd. USD Term Loan B 0.00% due 6/2/2033⁽⁴⁾⁽⁹⁾		49,000		48,939


				48,939
Engineering & Construction – 0.8%

Azuria Water Solutions, Inc. 2026 Delayed Draw Term Loan 0.00% due 4/25/2033^(4)(9)(10)		45,884		45,725
2026 Term Loan B 6.482% (3 mo. USD Term SOFR + 2.75%) due 4/25/2033⁽⁴⁾		441,637		440,109

Ramudden Global Group GmbH 2026 EUR Term Loan B 0.00% due 2/21/2033⁽⁴⁾⁽⁹⁾	EUR	478,723		549,139

Salas O’brien, Inc. Delayed Draw Term Loan 2.75% due 1/31/2033^(4)(10)		25,919		25,919
Term Loan 6.394% (1 mo. USD Term SOFR + 2.75%) due 1/31/2033⁽⁴⁾		200,874		200,875


				1,261,767
Entertainment – 0.4%

Flutter Financing BV 2025 Term Loan B 5.732% (3 mo. USD Term SOFR + 2.00%) due 6/4/2032⁽⁴⁾		199,683		198,623

Pioneer Opco LLC Term Loan B 6.894% (1 mo. USD Term SOFR + 3.25%) due 5/16/2033⁽⁴⁾		114,200		114,547

River Rock Entertainment Authority Term Loan 12.62% (1 mo. USD Term SOFR + 9.00%) due 6/25/2031⁽⁴⁾		260,000		255,450


				568,620
Food – 0.4%

Froneri Lux Finco SARL 2025 EUR Term Loan 5.149% (6 mo. EURIBOR + 3.00%) due 9/30/2032⁽⁴⁾	EUR	500,000		567,421


June 30, 2026 (unaudited)	Principal Amount		Value
Food (continued)

Solina Bidco 2026 USD Term Loan B 0.00% due 9/30/2032⁽⁴⁾⁽⁹⁾	$	49,000	$	49,020


				616,441
Food Service – 0.8%

Areas Worldwide SA 2025 EUR Repriced Term Loan B 6.086% (6 mo. EURIBOR + 3.50%) due 12/31/2029⁽⁴⁾	EUR	500,000		573,728

Gategroup Finance Luxembourg SA EUR Repriced Term Loan 5.622% (3 mo. EURIBOR + 3.50%) due 6/10/2032⁽⁴⁾	EUR	500,000		573,442


				1,147,170
Forest Products & Paper – 0.2%

Spa Holdings 3 OYJ 2025 USD Term Loan B 8.244% (3 mo. USD Term SOFR + 4.25%) due 5/23/2030⁽⁴⁾		358,454		356,364


				356,364
Healthcare Products – 0.5%

Hologic, Inc. 2026 EUR Term Loan B 5.053% (3 mo. EURIBOR + 2.75%) due 4/7/2033⁽⁴⁾	EUR	500,000		570,752

McKesson Medical-Surgical Top Holdings, Inc. Term Loan B 5.982% (3 mo. USD Term SOFR + 2.25%) due 6/9/2032⁽⁴⁾		115,666		115,570


				686,322
Healthcare Services – 0.1%

Heartland Dental LLC 2025 Term Loan 7.144% (1 mo. USD Term SOFR + 3.50%) due 8/25/2032⁽⁴⁾		227,579		227,623


				227,623
Household Products & Wares – 0.2%

Lavender Dutch BorrowerCo BV USD Term Loan 6.982% (3 mo. USD Term SOFR + 3.25%) due 12/30/2032⁽⁴⁾		286,053		282,834


				282,834
Insurance – 1.2%

Asurion LLC 2025 Term Loan B13 7.913% (3 mo. USD Term SOFR + 4.25%) due 9/19/2030⁽⁴⁾		561,444		554,780

Jones Deslauriers Insurance Management, Inc. 2026 Repriced Term Loan B 6.663% (3 mo. USD Term SOFR + 3.00%) due 2/2/2033⁽⁴⁾		401,000		383,055


The accompanying notes are an integral part of these financial statements.				11

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Insurance (continued)

Siaci Saint Honore 2026 EUR Term Loan B 5.541% (3 mo. EURIBOR + 3.25%) due 7/26/2032⁽⁴⁾	EUR	590,000	$	671,242

USI, Inc. 2024 Term Loan C 5.982% (3 mo. USD Term SOFR + 2.25%) due 9/29/2030⁽⁴⁾	$	244,256		242,974


				1,852,051
Internet – 0.4%

Proofpoint, Inc. 2025 Repriced Term Loan 6.732% (3 mo. USD Term SOFR + 3.00%) due 8/31/2028⁽⁴⁾		588,142		566,822


				566,822
Packaging & Containers – 0.7%

Proampac PG Borrower LLC 2026 USD Term Loan B 7.652% (1 mo. USD Term SOFR + 4.00%) due 3/7/2033⁽⁴⁾		514,966		505,496

Sword Purchaser LLC USD Term Loan B 7.644% (1 mo. USD Term SOFR + 4.00%) due 4/11/2033⁽⁴⁾		628,529		612,131


				1,117,627
Pharmaceuticals – 0.9%

Althea Acquisition Bidco SARL 2026 EUR 1st Lien Term Loan B 5.541% (3 mo. EURIBOR + 3.25%) due 1/20/2033⁽⁴⁾	EUR	500,000		572,174

LSF12 Pillar Investments SARL EUR Term Loan B 0.00% due 4/30/2033⁽⁴⁾⁽⁹⁾	EUR	650,000		743,217


				1,315,391
Retail – 0.8%

LSF9 Atlantis Holdings LLC 2025 Term Loan B 7.482% (3 mo. USD Term SOFR + 3.75%) due 3/29/2029⁽⁴⁾		130,625		128,829

Men’s Wearhouse, Inc. 2026 Term Loan B 9.414% (3 mo. USD Term SOFR + 5.75%) due 1/28/2031⁽⁴⁾		134,118		135,100

Park River Holdings, Inc. 2025 Term Loan 8.192% (3 mo. USD Term SOFR + 4.50%) due 3/15/2031⁽⁴⁾		196,683		196,230
2026 Add-On Term Loan B 0.00% due 3/15/2031⁽⁹⁾		118,667		118,370


June 30, 2026 (unaudited)	Principal Amount		Value
Retail (continued)

White Cap Buyer LLC 2026 Incremental Term Loan B 7.144% (1 mo. USD Term SOFR + 3.50%) due 2/10/2033⁽⁴⁾	$	685,679	$	682,463


				1,260,992
Software – 1.2%

CoreWeave Financing DDTL V LLC Delayed Draw Term Loan 8.113% (1 mo. USD Term SOFR + 4.50%) due 11/17/2031^(4)(10)		286,000		291,660

Darktrace PLC 1st Lien Term Loan 6.927% (3 mo. USD Term SOFR + 3.25%) due 10/9/2031⁽⁴⁾		828,945		753,925

Modena Buyer LLC Term Loan 7.913% (3 mo. USD Term SOFR + 4.25%) due 7/1/2031⁽⁴⁾		362,564		334,193

Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B 6.982% (3 mo. USD Term SOFR + 3.25%) due 10/26/2030⁽⁴⁾		231,646		166,728

Rocket Software, Inc. 2023 USD Term Loan B 7.394% (1 mo. USD Term SOFR + 3.75%) due 11/28/2028⁽⁴⁾		248,744		235,851


				1,782,357
Telecommunications – 0.1%

Windstream Services LLC 2025 Term Loan B 7.644% (1 mo. USD Term SOFR + 4.00%) due 10/6/2032⁽⁴⁾		142,228		142,939


				142,939

Total Senior Secured Loans (Cost $20,912,292)				20,593,403
Preferred Stocks – 0.3%

Interactive Media & Services – 0.3%

Alphabet, Inc., Series A, 6.25%⁽¹⁾		3,829		194,858

Alphabet, Inc., Series B, 6.25%⁽¹⁾		3,829		192,599


				387,457

Total Preferred Stocks (Cost $386,814)				387,457

	Shares		Value
Exchange-Traded Funds – 2.9%

Janus Henderson B-BBB CLO ETF		34,896		1,652,326

Janus Henderson Emerging Markets Debt Hard Currency ETF		51,977		2,796,622


				4,448,948

Total Exchange-Traded Funds (Cost $4,276,996)				4,448,948


12				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Repurchase Agreements – 2.7%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $4,090,595, due 7/1/2026⁽¹²⁾	$	4,090,474	$	4,090,474


Total Repurchase Agreements (Cost $4,090,474)				4,090,474

Total Investments – 127.1% (Cost $193,605,750)				192,127,076

Liabilities in excess of other assets – (27.1)%				(40,975,051	)

Total Net Assets – 100.0%			$	151,152,025

⁽¹⁾	Non–income–producing security.

⁽²⁾	TBA — To be announced.

⁽³⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2026, the aggregate market value of these securities amounted to $106,661,345, representing 70.6% 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.

⁽⁴⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2026.

⁽⁵⁾	The table below presents securities deemed illiquid by the investment adviser.


Security	Shares		Cost		Value		Acquisition Date		% of Fund’s Net Assets
Tricolor Auto Securitization Trust, Class C		906,000	$	906,000	$	200,490		3/11/2025		0.13%
Tricolor Auto Securitization Trust, Class D		370,000		370,000		46,665		3/11/2025		0.03

⁽⁶⁾	Security valued using significant unobservable inputs (Level 3).

⁽⁷⁾	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.

⁽⁸⁾	Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽⁹⁾	Represents an unsettled loan commitment. The coupon rate will be determined at time of settlement.

⁽¹⁰⁾	This security, or a portion of this security, has unfunded loan commitments.

⁽¹¹⁾	Security purchased on a when-issued basis. Rate remains at Zero Coupon until a designated future date.

⁽¹²⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	4,172,300	$	4,172,306

Open futures contracts at June 30, 2026:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. 2-Year Treasury Note		September 2026		6		Long	$	1,236,849	$	1,236,797	$	(52	)
U.S. 5-Year Treasury Note		September 2026		391		Long		41,735,605		41,855,328		119,723
U.S. 10-Year Treasury Note		September 2026		31		Long		3,394,937		3,406,609		11,672
Total							$	46,367,391	$	46,498,734	$	131,343


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Depreciation
U.S. Long Bond		September 2026		3		Short	$	(334,683	)	$	(340,500	)	$	(5,817	)
U.S. Ultra 10-Year Treasury Note		September 2026		52		Short		(5,496,090	)		(5,848,375	)		(352,285	)
U.S. Ultra Bond		September 2026		20		Short		(2,271,225	)		(2,323,125	)		(51,900	)
Total							$	(8,101,998	)	$	(8,512,000	)	$	(410,002	)

Credit default swap contracts – buy protection*


Reference Entity	Implied Credit Spread at June 30, 2026^†			Notional Amount^‡		Maturity		(Pay)/ Receive Fixed Rate			Periodic Payment Frequency		Upfront Payments			Value			Unrealized Appreciation
CDX.NA.HY.S46		3.01	%	USD	6,336,000		6/20/2031		(5.00	)%		Quarterly	$	(515,396	)	$	(511,607	)	$	3,789
Virgin Media Finance PLC		7.22		EUR	160,000		6/20/2031		(5.00	)		Quarterly		9,116			14,531			5,415
Total																$	(497,076	)	$	9,204

When a credit event occurs as defined under the terms of the swap agreement, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.


The accompanying notes are an integral part of these financial statements.				13

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

†

Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.

‡	The notional amount represents the maximum potential amount the Fund could be required to pay as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

Total return swap contracts at June 30, 2026:

Counterparty

/Return Paid

Return Received

Notional
Amount

Maturity

Payment

Frequency

Upfront
Payments

Value

Unrealized
Depreciation

BNP Paribas SA

Janus Henderson AAA CLO ETF

USD 154,955

7/23/2026

Quarterly

—

(23,243

)

(23,243

)

USD SOFR + 0.16%

Open forward foreign currency contracts at June 30, 2026:


Counterparty	Settlement Date		Amount		Amount and Description of Currency to be Purchased		Amount		Amount and Description of Currency to be Sold		Unrealized Appreciation/ (Depreciation)
BNP Paribas Securities Services		8/13/2026		502,552		EUR		586,956		USD	$	(11,751	)
BNP Paribas Securities Services		8/13/2026		504,375		EUR		583,684		USD		(6,393	)
BNP Paribas Securities Services		8/13/2026		501,617		EUR		582,025		USD		(7,890	)
BNP Paribas Securities Services		8/13/2026		7,170		EUR		8,378		USD		(171	)
BNP Paribas Securities Services		8/13/2026		99,656		EUR		115,981		USD		(1,918	)
BNP Paribas Securities Services		8/13/2026		6,302		EUR		7,183		USD		30
BNP Paribas Securities Services		8/13/2026		502,435		EUR		585,350		USD		(10,279	)
BNP Paribas Securities Services		8/13/2026		148,960		EUR		173,287		USD		(2,792	)
BNP Paribas Securities Services		8/13/2026		1,304		EUR		1,523		USD		(30	)
BNP Paribas Securities Services		8/13/2026		9,559		USD		13,538		CAD		(4	)
BNP Paribas Securities Services		8/13/2026		122,093		USD		169,171		CAD		2,593
BNP Paribas Securities Services		8/13/2026		9,429,913		USD		8,073,989		EUR		188,688
BNP Paribas Securities Services		8/13/2026		568,164		USD		500,000		EUR		(4,120	)
BNP Paribas Securities Services		8/13/2026		1,243,185		USD		1,090,000		EUR		(4,393	)
BNP Paribas Securities Services		8/13/2026		290,928		USD		250,000		EUR		4,785
BNP Paribas Securities Services		8/13/2026		758,051		USD		650,000		EUR		14,082
BNP Paribas Securities Services		8/13/2026		324,836		USD		280,000		EUR		4,358
BNP Paribas Securities Services		8/13/2026		577,258		USD		500,000		EUR		4,974
BNP Paribas Securities Services		8/13/2026		153,152		USD		132,242		EUR		1,792
BNP Paribas Securities Services		8/13/2026		584,652		USD		499,518		EUR		12,921
BNP Paribas Securities Services		8/13/2026		579,786		USD		504,375		EUR		2,495
BNP Paribas Securities Services		8/13/2026		1,245,670		USD		930,000		GBP		12,098
BNP Paribas Securities Services		8/13/2026		691,049		USD		517,263		GBP		4,940
Total											$	204,015


14				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

Legend:

CAD — Canadian Dollar

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

EUR — Euro

EURIBOR — Euro Interbank Offered Rate

GBP — Great British Pound

LIBOR — London Interbank Offered Rate

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STACR — Structured Agency Credit Risk

USD — United States Dollar


Assets (unaudited)	Valuation Inputs
Investments in Securities	Level 1			Level 2			Level 3⁽¹⁾		Total
Common Stocks	$	887,432		$	—		$	—	$	887,432
Agency Mortgage-Backed Securities		—			38,416,856			—		38,416,856
Asset-Backed Securities		—			34,925,744			247,155		35,172,899
Corporate Bonds & Notes		—			48,601,398			—		48,601,398
Non-Agency Mortgage-Backed Securities		—			39,528,209			—		39,528,209
Senior Secured Loans		—			20,593,403			—		20,593,403
Preferred Stocks		—			387,457			—		387,457
Exchange-Traded Funds		4,448,948			—			—		4,448,948
Repurchase Agreements		—			4,090,474			—		4,090,474
Total Investments in Securities	$	5,336,380		$	186,543,541		$	247,155	$	192,127,076
Other Financial Instruments
Futures Contracts		131,395			—			—		131,395
Credit Default Swap Contracts		—			9,204			—		9,204
Forward Foreign Currency Contracts		—			253,756			—		253,756
Total Assets	$	5,467,775		$	186,806,501		$	247,155	$	192,521,431
Liabilities
Futures Contracts		(410,054	)		—			—		(410,054	)
Total Return Swap Contracts		—			(23,243	)		—		(23,243	)
Forward Foreign Currency Contracts		—			(49,741	)		—		(49,741	)
Total Liabilities	$	(410,054	)	$	(72,984	)	$	—	$	(483,038	)

⁽¹⁾	For the period ended June 30, 2026, investments valued at 247,155 were transferred into Level 3 due to a reduction in the availability of significant observable inputs. There were no transfers out of Level 3.


The accompanying notes are an integral part of these financial statements.				15

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	192,127,076

Foreign currency, at value		18,089

Receivable for investments sold		6,904,904

Interest receivable		1,248,807

Cash deposits with brokers for futures contracts		403,720

Cash deposits with brokers for swap contracts		343,533

Unrealized appreciation on open forward foreign currency contracts		253,756

Receivable for variation margin on futures contracts		103,772

Reimbursement receivable from adviser		6,641

Receivable for fund shares subscribed		1,566

Prepaid expenses		2,380


Total Assets		201,414,244


Liabilities

Payable for investments purchased		49,805,807

Payable for fund shares redeemed		96,703

Due to custodian		67,158

Investment advisory fees payable		65,047

Unrealized depreciation on open forward foreign currency contracts		49,741

Accrued custodian and accounting fees		44,391

Distribution fees payable		31,272

Unrealized depreciation on open total return swap contracts		23,243

Accrued administrative fees		20,355

Accrued audit fees		19,501

Accrued legal fees		19,469

Payable for variation margin on swap contracts		12,362

Accrued transfer agent fees		5,258

Accrued trustees’ and officers’ fees		654

Accrued shareholder reports fees		522

Accrued expenses and other liabilities		736


Total Liabilities		50,262,219


Total Net Assets	$	151,152,025


Net Assets Consist of:
Paid-in capital	$	149,835,104
Distributable earnings		1,316,921


Total Net Assets	$	151,152,025

Investments, at Cost	$	193,605,750

Foreign Currency, at Cost	$	18,074


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		14,386,350

Net Asset Value Per Share		$10.51


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Interest	$	4,880,905

Dividends		205,508

Withholding taxes on foreign dividends		(65	)


Total Investment Income		5,086,348


Expenses

Investment advisory fees		403,861

Distribution fees		194,164

Custodian and accounting fees		62,901

Professional fees		49,798

Trustees’ and officers’ fees		26,571

Administrative fees		24,995

Transfer agent fees		7,072

Shareholder reports		4,822

Other expenses		5,398


Total Expenses		779,582

Less: Fees waived		(25,917	)


Total Expenses, Net		753,665


Net Investment Income/(Loss)		4,332,683


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions

Net realized gain/(loss) from investments		15,822

Net realized gain/(loss) from futures contracts		(797,758	)

Net realized gain/(loss) from swap contracts		(72,322	)

Net realized gain/(loss) from purchased swaptions contracts		(356,806	)

Net realized gain/(loss) from written swaptions contracts		125,235

Net realized gain/(loss) from forward foreign currency contracts		28,527

Net realized gain/(loss) from foreign currency transactions		83,184

Net change in unrealized appreciation/(depreciation) on investments		(1,915,366	)

Net change in unrealized appreciation/(depreciation) on futures contracts		17,874

Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		256,963

Net change in unrealized appreciation/(depreciation) on swap contracts		(14,039	)

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		67,221


Net Loss on Investments, Derivative Contracts and Foreign Currency Transactions		(2,561,465	)


Net Increase in Net Assets Resulting From Operations	$	1,771,218


16				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	4,332,683		$	9,083,297

Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		(974,118	)		488,093

Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies		(1,587,347	)		4,155,436


Net Increase in Net Assets Resulting from Operations		1,771,218			13,726,826


Capital Share Transactions

Proceeds from sales of shares		5,672,993			12,318,769

Cost of shares redeemed		(18,117,118	)		(47,530,612	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(12,444,125	)		(35,211,843	)


Net Decrease in Net Assets		(10,672,907	)		(21,485,017	)


Net Assets

Beginning of period		161,824,932			183,309,949


End of period	$	151,152,025		$	161,824,932


Other Information:

Shares

Sold		543,582			1,230,266

Redeemed		(1,738,654	)		(4,780,753	)


Net Decrease		(1,195,072	)		(3,550,487	)


The accompanying notes are an integral part of these financial statements.				17

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance

	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	10.39	$	0.29	$	(0.17)	$	0.12	$	10.51		1.15%	⁽⁴⁾

Year Ended 12/31/25		9.58		0.53		0.28		0.81		10.39		8.46%

Year Ended 12/31/24		9.44		0.44		(0.30)		0.14		9.58		1.48%

Year Ended 12/31/23		9.00		0.35		0.09		0.44		9.44		4.89%

Year Ended 12/31/22		10.74		0.26		(2.00)		(1.74)		9.00		(16.20)%

Year Ended 12/31/21		10.74		0.21		(0.21)		0.00		10.74		0.00%


18				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	151,152		0.97%	^(4),(5)		0.99%	⁽⁴⁾		5.58%	⁽⁴⁾		5.55%	⁽⁴⁾		52%	⁽⁴⁾

	161,825		0.96%			0.96%			5.31%			5.31%			204%

	183,310		0.94%			0.94%			4.61%			4.61%			186%

	218,799		0.91%			0.91%			3.88%			3.88%			343%

	232,593		0.88%			0.88%			2.68%			2.68%			182%

	315,505		0.87%			0.87%			1.99%			1.99%			172%

⁽¹⁾ Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾	Includes non-operating expenses. The expenses, net of reimbursements or recoupments ratio excluding non-operating expenses is 0.95% for the period ended 6/30/2026.


The accompanying notes are an integral part of these financial statements.				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Multi-Sector Bond VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks to provide a high current income with a secondary objective of capital appreciation.

2. Significant Accounting Policies

Exchange-traded financial futures and swap contracts are valued at the last settlement price on the market where they are primarily traded.


20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 — unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 2 — other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the six months ended June 30, 2026, the Fund had transfers into Level 3 of the fair value hierarchy.


				21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

c. Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. These contracts may be used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. Forward contracts to purchase or sell a foreign currency may also be used by the Fund in anticipation of future purchases (or in settlement of such purchases) or sales of securities denominated in foreign currency, or to exchange one currency for another. Upon entering into a forward foreign currency contract, the Fund may be required to post margin equal to its outstanding exposure thereunder. Forward foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the forward foreign currency contract is settled.

d. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

e. Total Return Swaps Total return swaps are contracts that obligate a party to pay or receive interest in exchange for the payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. To the extent that the total return of the security, basket of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

f. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps and swaptions on individual obligations or credit indices. The Fund may use these investments to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve positioning, (iii) manage risk, (iv) enhance potential returns, or (v) as substitutes for permitted Fund investments. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment

leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

A swaption is an option to enter into a swap agreement. Like other types of options, the buyer of a swaption pays a premium for the option and obtains the right, but not


22

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

the obligation, to enter into or modify an underlying swap or to modify the terms of an existing swap on agreed-upon terms. The seller of a swaption, in exchange for the premium, becomes obligated (if the option is exercised) to enter into or modify an underlying swap on agreed-upon terms, which generally entails a greater risk of loss than incurred in buying a swaption.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. During the six months ended June 30, 2026, the Fund entered into credit default swaps and swaptions for risk exposure management and to enhance potential return. The Fund held credit default swaps as of June 30, 2026. There were no swaptions held as of June 30, 2026.

g. Options Transactions The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund’s Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of June 30, 2026.

rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

i. Foreign Tax The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. During the six months ended June 30, 2026, the income taxes, net of refunds received, paid in foreign jurisdictions did not have a material impact to the Fund.

j. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/ accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.


				23

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

k. Allocation of Income and Expenses Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

l. Segment Reporting Certain officers of the Fund, including the Fund’s Principal Executive and Principal Financial officers, serve as the Fund’s chief operating decision maker (“CODM”) for purposes of segment reporting. The CODM has determined that the Fund operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund’s long-term strategic asset allocation is determined in accordance with Fund’s investment objective and principal investment strategies as disclosed in the Fund’s prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.52% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2027 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.94% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 0.96%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue

pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $25,917.

Park Avenue has entered into a Sub-Advisory Agreement with Janus Henderson Investors US LLC (“Janus”), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. Janus is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.


24

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	78,760,476	$	2,001,504
Sales		78,975,168		4,402,640

sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.


				25

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund’s forward sale commitment may increase above the exercise price of the forward commitment.

Dollar rolls (and when-issued, delayed delivery and to-be-announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund’s portfolio turnover rate.

g. Below Investment Grade Securities The Fund may invest in below investment grade securities (i.e. lower-quality, “junk” debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

response to the market’s perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as “Ginnie Mae”), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as “Fannie Mae” and “Freddie Mac”), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. In addition, mortgage-backed and other asset-backed securities are subject to the risk that underlying obligations will be repaid sooner (known as “prepayment risk”) or later (known as “extension risk”) than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

i. Treasury Inflation Protected Securities Treasury inflation protected securities (“TIPS”) are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index (“CPI”). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.


26

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

portfolio duration. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. With respect to exchange traded futures, the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures contracts against default.

Although forward foreign currency contracts are intended, when used for hedging purposes, to minimize the risk of loss due to a decline in the value of the hedged currencies, they also tend to limit any potential gain which might result should the value of such currencies increase. In addition, these contracts are subject to the risk that the counterparty may not be able to meet the terms of the contracts as well as the risk of unanticipated movements in the value of foreign currencies relative to the U.S. dollar. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. The Fund used forward foreign currency contracts for the six months ended June 30, 2026.

As of June 30, 2026, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts			Credit Default Contracts		Foreign Currency Contracts			Equity Contracts

Asset Derivatives
Forward Foreign Currency Contracts¹	$	—		$	—	$	253,756		$	—
Futures Contracts²		131,395			—		—			—
Credit Default Swap Contracts³		—			9,204		—			—

Liability Derivatives
Forward Foreign Currency Contracts⁴	$	—		$	—	$	(49,741	)	$	—
Futures Contracts²		(410,054	)		—		—			—
Total Return Swap Contracts⁵		—			—		—			(23,243	)

¹	Statement of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.

²	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

³	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of credit default swap contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

⁴	Statement of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.

⁵	Statement of Assets and Liabilities location: Unrealized depreciation on open total return swap contracts.


				27

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

Transactions in derivative investments for the six months ended June 30, 2026 were as follows:



	Interest Rate Contracts			Credit Default Contracts			Foreign Currency Contracts		Equity Contracts

Net Realized Gain/(Loss)
Forward Foreign Currency Contracts¹	$	—		$	—		$	28,527	$	—
Futures Contracts²		(797,758	)		—			—		—
Purchased Swaptions Contracts³		(356,806	)		—			—		—
Written Swaptions Contracts⁴		125,235			—			—		—
Swap Contracts⁵		—			(5,046	)		—		(67,276	)

Net Change in Unrealized Appreciation/(Depreciation)
Forward Foreign Currency Contracts⁶	$	—		$	—		$	256,963	$	—
Futures Contracts⁷		17,874			—			—		—
Swap Contracts⁸		—			9,204			—		(23,243	)

Average Number of Notional Amounts
Forward Foreign Currency Contracts	$	—		$	—		$	17,229,161	$	—
Futures Contracts⁹		502			—			—		—
Purchased Swaptions Contracts	$	6,505,714		$	—		$	—	$	—
Written Swaptions Contracts		6,505,714			—			—		—
Swap Contracts – Buy/Sell Protection		—			928,000			—		132,819

¹	Statement of Operations location: Net realized gain/(loss) from forward foreign currency contracts.

²	Statement of Operations location: Net realized gain/(loss) from futures contracts.

³	Statement of Operations location: Net realized gain/(loss) from purchased swaptions contracts.

⁴	Statement of Operations location: Net realized gain/(loss) from written swaptions contracts.

⁵	Statement of Operations location: Net realized gain/(loss) from swap contracts.

⁶	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts.

⁷	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

⁸	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on swap contracts.

⁹	Amount represents number of contracts.


28

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.


				29

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST



Target Portfolio		Acquiring Portfolio
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


30

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory


				31

Nature, Extent and Quality of Services


32

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				33

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.


34

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.


				35

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that a new Subadviser was retained in 2025.


36

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.


				37

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion

Approval of New Sub-advisory Agreement with Janus Henderson Investors US LLC

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and subadvisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement (“Independent Trustees”) at a meeting of the board called for the purpose of voting on such approval.

At a meeting of the Board of Trustees (the “Board” or “Trustees”) of Guardian Variable Products Trust (the “Trust”) held on March 18-19, 2026 (the “Meeting”), the Trustees considered a proposed subadvisory agreement (the “Proposed Agreement”) between Park Avenue Institutional Advisers LLC (the “Manager”) and Janus Henderson Investors US LLC (“Janus”) pursuant to which Janus would continue to serve as subadviser to the Guardian Mid Cap Traditional Growth VIP Fund and the Guardian Multi-Sector Bond VIP Fund (the “Funds”). Janus currently serves as subadviser to the Funds pursuant to a subadvisory agreement (the “Current Agreement”), the renewal of which was separately approved by the Board, including the Independent Trustees, at the Meeting. Consistent with the requirements of the 1940 Act, the Current Agreement would automatically terminate upon the closing of the acquisition of Janus Henderson Group plc (the parent

company of Janus) by Trian Fund Management, L.P. and its affiliated funds and General Catalyst Group Management, LLC and its affiliated funds (the “Transaction”). The Proposed Agreement would become effective upon the closing of the Transaction, thereby permitting Janus to continue to serve as subadviser to the Funds. The Proposed Agreement is identical to the Current Agreement (except for dates of execution, effectiveness and termination).

During the course of their deliberations, the Independent Trustees met to discuss and evaluate the Proposed Agreement in executive session with their independent legal counsel, outside of the presence of the Trustee who is not an Independent Trustee and representatives from Fund management, the Manager and Janus.


38

any single factor or information that, in isolation, would be controlling in deciding to approve the Proposed Agreement. The discussion below is intended to summarize the broad factors that figured prominently in the Trustees’ decision to approve the Proposed Agreement rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services provided to the Funds by Janus; (ii) the investment performance of the Funds; (iii) the fees to be charged and estimated profitability; (iv) the extent to which economies of scale may in the future exist for the Funds, and the extent to which the Funds may benefit from future economies of scale; and (v) any other benefits derived by Janus (or its affiliates) from the relationship with the Funds.

Nature, Extent and Quality of Services

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services to be provided to the Funds by Janus were appropriate.

Investment Performance

Costs and Profitability

In addition to the information considered in connection with the renewal of the Current Agreement, the

Trustees also considered that the subadvisory fee rates under the Proposed Agreement are the same as the rates under the Current Agreement. The Trustees also considered that the fees to be paid to Janus would be paid by the Manager and that the profitability of the Manager or Janus was not expected to change. The Trustees considered that the Manager had negotiated the fees with Janus at arm’s-length.

Economies of Scale

Ancillary Benefits

Conclusion


				39

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB10525

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Short Duration Bond VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian Short Duration Bond VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			17

Item 9. Proxy Disclosures for Open-End Management Investment Companies			17

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			17

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			17

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 21.4%

Federal Home Loan Mortgage Corp. 3.00% due 5/1/2033	$	4,893,656	$	4,756,954

Federal National Mortgage Association 3.00% due 4/1/2033		2,563,778		2,525,095
3.00% due 9/1/2034		5,175,583		4,979,271
3.00% due 5/1/2037		4,738,882		4,567,878

Freddie Mac Multifamily Structured Pass-Through Certificates Series K065, Class A2 3.243% due 4/25/2027		2,900,000		2,873,915
Series K068, Class A2 3.244% due 8/25/2027		7,000,000		6,913,466


Total Agency Mortgage-Backed Securities (Cost $26,697,983)				26,616,579
Asset-Backed Securities – 25.2%

Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 1.937% due 8/15/2046⁽¹⁾		900,000		897,063

Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class A 1.66% due 2/20/2028⁽¹⁾		1,100,000		1,087,023

CARDS II Trust Series 2025-1A, Class A 4.63% due 3/15/2031⁽¹⁾		3,000,000		2,998,538

Citizens Auto Receivables Trust Series 2024-1, Class A3 5.11% due 4/17/2028⁽¹⁾		327,336		328,115

CNH Equipment Trust Series 2024-A, Class A3 4.77% due 6/15/2029		1,068,277		1,071,957

CyrusOne Data Centers Issuer I LLC Series 2024-2A, Class A2 4.50% due 5/20/2049⁽¹⁾		450,000		435,767

DLLMT LLC Series 2024-1A, Class A3 4.84% due 8/21/2028⁽¹⁾		863,925		866,138

GMF Floorplan Owner Revolving Trust Series 2025-1A, Class C 4.88% due 3/15/2029⁽¹⁾		2,900,000		2,903,141

Hertz Vehicle Financing III LLC Series 2025-1A, Class A 4.91% due 9/25/2029⁽¹⁾		2,900,000		2,899,543

Kubota Credit Owner Trust Series 2025-1A, Class A3 4.67% due 6/15/2029⁽¹⁾		405,000		405,975
Series 2025-1A, Class A4 4.87% due 7/15/2030⁽¹⁾		405,000		406,813

NextGear Floorplan Master Owner Trust Series 2024-1A, Class A2 5.12% due 3/15/2029⁽¹⁾		1,000,000		1,004,779


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)
Series 2025-1A, Class B 4.89% due 2/15/2030⁽¹⁾	$	3,000,000	$	3,000,062

Octagon Investment Partners 36 Ltd. Series 2018-1A, Class B 5.325% (3 mo. USD Term SOFR + 1.65%) due 4/15/2031⁽¹⁾⁽²⁾		1,209,375		1,209,094

Oscar U.S. Funding XV LLC Series 2023-1A, Class A3 5.81% due 12/10/2027⁽¹⁾		142,428		142,807

Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-BA, Class C 4.71% due 1/22/2030⁽¹⁾		610,000		607,188
Series 2025-CA, Class C 4.44% due 8/20/2030⁽¹⁾		2,650,000		2,622,944

Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class C 5.09% due 6/20/2029⁽¹⁾		2,650,000		2,644,972

Verizon Master Trust Series 2025-3, Class C 4.90% due 3/20/2030		2,900,000		2,902,400

Wheels Fleet Lease Funding 1 LLC Series 2024-3A, Class A1 4.80% due 9/19/2039⁽¹⁾		167,554		168,282
Series 2024-3A, Class B 5.07% due 9/19/2039⁽¹⁾		195,000		195,814
Series 2025-1A, Class C 5.08% due 1/18/2040⁽¹⁾		2,500,000		2,504,484


Total Asset-Backed Securities (Cost $31,305,712)				31,302,899
Corporate Bonds & Notes – 32.2%
Airlines – 2.1%

Delta Air Lines, Inc. 4.95% due 7/10/2028		645,000		647,371

Southwest Airlines Co. 4.375% due 11/15/2028		800,000		793,759

United Airlines Pass-Through Trust Series 2020-1, Class A 5.875% due 4/15/2029		1,135,713		1,149,085


				2,590,215
Banks – 14.3%

Banco Santander Chile 4.55% due 11/20/2030⁽¹⁾		1,300,000		1,280,500

Bank of America Corp. 4.477% (4.477% fixed rate until 4/23/2029; 1 day USD SOFR + 0.87% thereafter) due 4/23/2030⁽²⁾		2,500,000		2,484,233

Citibank NA 4.554% (4.554% fixed rate until 6/18/2028; 1 day USD SOFR + 0.60% thereafter) due 6/18/2029⁽²⁾		2,450,000		2,447,201


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Banks (continued)

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	$	2,800,731

JPMorgan Chase & Co. 4.408% (4.408% fixed rate until 4/23/2029; 1 day USD SOFR + 0.82% thereafter) due 4/23/2030⁽²⁾		550,000		545,322
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		1,406,792
5.299% (5.299% fixed rate until 7/24/2028; 1 day USD SOFR + 1.45% thereafter) due 7/24/2029⁽²⁾		500,000		506,510

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		1,914,976

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		1,004,257

Santander Holdings USA, Inc. 5.04% (5.04% fixed rate until 6/5/2029; 1 day USD SOFR + 1.10% thereafter) due 6/5/2030⁽²⁾		790,000		789,825

Wells Fargo & Co. 4.577% (4.577% fixed rate until 5/20/2028; 1 day USD SOFR + 0.72% thereafter) due 5/20/2029⁽²⁾		2,550,000		2,543,625


				17,723,972
Biotechnology – 0.4%

Amgen, Inc. 5.15% due 3/2/2028		500,000		504,765


				504,765
Computers – 1.2%

Dell International LLC/EMC Corp. 4.75% due 4/1/2028		1,450,000		1,454,094


				1,454,094
Diversified Financial Services – 4.3%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.00% due 10/29/2028		1,260,000		1,212,835

Aviation Capital Group LLC 6.75% due 10/25/2028⁽¹⁾		1,300,000		1,350,034


June 30, 2026 (unaudited)	Principal Amount		Value
Diversified Financial Services (continued)

Lseg U.S. Fin Corp. 4.25% due 3/23/2029⁽¹⁾	$	490,000	$	484,414

OneMain Finance Corp. 3.875% due 9/15/2028		1,100,000		1,065,342

Western Union Co. 4.75% due 6/15/2029		1,210,000		1,200,902


				5,313,527
Electric – 1.0%

Vistra Operations Co. LLC 4.30% due 10/15/2028⁽¹⁾		1,300,000		1,284,770


				1,284,770
Electrical Components & Equipment – 1.1%

Molex Electronic Technologies LLC 4.75% due 4/30/2028⁽¹⁾		1,400,000		1,401,366


				1,401,366
Food – 2.3%

Mars, Inc. 4.55% due 4/20/2028⁽¹⁾		2,870,000		2,877,266


				2,877,266
Healthcare Products – 0.9%

Medline Borrower LP 3.875% due 4/1/2029⁽¹⁾		1,170,000		1,136,233


				1,136,233
Insurance – 0.5%

Farmers Exchange Capital 7.05% due 7/15/2028⁽¹⁾		650,000		670,759


				670,759
Lodging – 0.8%

Las Vegas Sands Corp. 5.90% due 6/1/2027		1,000,000		1,009,279


				1,009,279
Oil & Gas – 0.4%

EQT Corp. 4.50% due 1/15/2029		500,000		496,406


				496,406
Pipelines – 1.1%

DT Midstream, Inc. 4.125% due 6/15/2029⁽¹⁾		1,370,000		1,342,625


				1,342,625
Real Estate Investment Trusts – 0.5%

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 5.50% due 8/1/2030		670,000		674,887


				674,887
Telecommunications – 1.3%

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 5.152% due 9/20/2029⁽¹⁾		1,645,000		1,649,414


				1,649,414

Total Corporate Bonds & Notes (Cost $40,182,564)				40,129,578


2				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities – 1.4%

Brean Asset-Backed Securities Trust Series 2025-RM11, Class A1 4.75% due 5/25/2065^(1)(2)(3)	$	1,758,964	$	1,729,154


Total Non-Agency Mortgage-Backed Securities (Cost $1,705,925)				1,729,154
U.S. Government Securities – 16.8%

U.S. Treasury Notes 1.75% due 11/15/2029		22,600,000		20,906,766


Total U.S. Government Securities (Cost $20,911,180)				20,906,766
Repurchase Agreements – 1.6%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $1,981,954, due 7/1/2026⁽⁴⁾		1,981,895		1,981,895

Total Repurchase Agreements (Cost $1,981,895)				1,981,895

Total Investments – 98.6% (Cost $122,785,259)				122,666,871

Assets in excess of other liabilities – 1.4%				1,694,157

Total Net Assets – 100.0%			$	124,361,028

⁽¹⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2026, the aggregate market value of these securities amounted to $42,535,077, representing 34.2% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 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		4.00%		12/15/2027	$	2,021,600	$	2,021,662

Legend:

SOFR — Secured Overnight Financing Rate

USD — United States Dollar


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—	$	26,616,579	$	—	$	26,616,579
Asset-Backed Securities		—		31,302,899		—		31,302,899
Corporate Bonds & Notes		—		40,129,578		—		40,129,578
Non-Agency Mortgage-Backed Securities		—		1,729,154		—		1,729,154
U.S. Government Securities		—		20,906,766		—		20,906,766
Repurchase Agreements		—		1,981,895		—		1,981,895
Total	$	—	$	122,666,871	$	—	$	122,666,871


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	122,666,871

Receivable for investments sold		22,218,813

Interest receivable		577,058

Receivable for fund shares subscribed		27,805

Reimbursement receivable from adviser		16,719

Cash deposits with brokers for futures contracts		6

Prepaid expenses		1,926


Total Assets		145,509,198


Liabilities

Payable for investments purchased		20,961,692

Payable for fund shares redeemed		69,229

Investment advisory fees payable		46,392

Accrued audit fees		19,502

Accrued administrative fees		18,427

Accrued custodian and accounting fees		17,586

Accrued transfer agent fees		7,499

Accrued legal fees		5,061

Accrued shareholder reports fees		1,625

Accrued trustees’ and officers’ fees		407

Due to custodian		176

Accrued expenses and other liabilities		574


Total Liabilities		21,148,170


Total Net Assets	$	124,361,028


Net Assets Consist of:
Paid-in capital	$	106,267,633
Distributable earnings		18,093,395


Total Net Assets	$	124,361,028

Investments, at Cost	$	122,785,259


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		10,978,221

Net Asset Value Per Share		$11.33


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Interest	$	2,844,426


Total Investment Income		2,844,426


Expenses

Investment advisory fees		287,616

Professional fees		33,467

Administrative fees		22,844

Trustees’ and officers’ fees		21,691

Custodian and accounting fees		16,940

Transfer agent fees		10,052

Shareholder reports		3,931

Other expenses		4,384


Total Expenses		400,925

Less: Fees waived		(109,089	)


Total Expenses, Net		291,836


Net Investment Income/(Loss)		2,552,590


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments

Net realized gain/(loss) from investments		(95,560	)

Net change in unrealized appreciation/(depreciation) on investments		(1,275,540	)


Net Loss on Investments		(1,371,100	)


Net Increase in Net Assets Resulting From Operations	$	1,181,490


4				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	2,552,590		$	5,626,521

Net realized gain/(loss) from investments		(95,560	)		723,390

Net change in unrealized appreciation/(depreciation) on investments		(1,275,540	)		953,075


Net Increase in Net Assets Resulting from Operations		1,181,490			7,302,986


Capital Share Transactions

Proceeds from sales of shares		5,809,095			16,007,431

Cost of shares redeemed		(14,640,109	)		(40,503,352	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(8,831,014	)		(24,495,921	)


Net Decrease in Net Assets		(7,649,524	)		(17,192,935	)


Net Assets

Beginning of period		132,010,552			149,203,487


End of period	$	124,361,028		$	132,010,552


Other Information:

Shares

Sold		514,922			1,454,988

Redeemed		(1,298,033	)		(3,708,529	)


Net Decrease		(783,111	)		(2,253,541	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND


Financial Highlights Six Months Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	11.22	$	0.22	$	(0.11)	$	0.11	$	11.33		0.98%	⁽⁴⁾

Year Ended 12/31/25		10.65		0.45		0.12		0.57		11.22		5.35%

Year Ended 12/31/24		10.17		0.50		(0.02)		0.48		10.65		4.72%

Year Ended 12/31/23		9.77		0.40		(0.00)⁽⁵⁾		0.40		10.17		4.09%

Period Ended 12/31/22⁽⁶⁾		10.00		0.20		(0.43)		(0.23)		9.77		(2.30)%	⁽⁴⁾


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	124,361		0.46%	⁽⁴⁾		0.63%	⁽⁴⁾		3.99%	⁽⁴⁾		3.82%	⁽⁴⁾		90%	⁽⁴⁾

	132,011		0.46%			0.62%			4.07%			3.91%			169%

	149,203		0.49%			0.63%			4.82%			4.68%			185%

	170,052		0.50%			0.59%			4.07%			3.98%			274%

	186,598		0.49%	⁽⁴⁾		0.58%	⁽⁴⁾		3.00%	⁽⁴⁾		2.91%	⁽⁴⁾		61%	⁽⁴⁾

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2022, certain non-recurring fees (i.e., audit fees) are not annualized.

⁽⁵⁾	Rounds to $(0.00) per share.

⁽⁶⁾	Commenced operations on May 2, 2022.


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Short Duration Bond VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on May 2, 2022. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks to preserve principal and meet liquidity needs while maximizing total return.

2. Significant Accounting Policies

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

c. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

e. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps and swaptions on individual obligations or credit indices. The fund may use these investments to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve positioning, (iii) manage risk, (iv) enhance potential returns, or (v) as substitutes for permitted Fund investments. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps or swaptions held during the six months ended June 30, 2026.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

if any, are reflected as written options, at value, in the Fund’s Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of June 30, 2026.

losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

consistent with the results presented in the Fund’s Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

3. Transactions with Affiliates

Park Avenue has contractually agreed through April 30, 2027 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.47% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 0.45%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $109,089.

Park Avenue has entered into a Sub-Advisory Agreement with Allspring Global Investments, LLC (“Allspring”), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. Allspring is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	19,634,930	$	93,732,369
Sales		25,036,942		94,848,557


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

generate income for the Fund. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll transaction, while substantially similar, may be inferior to the securities initially sold by the Fund to the counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund’s forward sale commitment may increase above the exercise price of the forward commitment. Dollar rolls (and when-issued, delayed delivery and to-be-announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund’s portfolio turnover rate.

g. Below Investment Grade Securities The Fund may invest in below investment grade securities (i.e. lower-quality, “junk” debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

i. Treasury Inflation Protected Securities Treasury inflation protected securities (“TIPS”) are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index (“CPI”). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation

protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

j. Market Risk An investment in the Fund is based on the values of the Fund’s investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments, or the threat or potential of one or more such events and developments, may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial

statements were issued and has determined that there was the following subsequent event:

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND



Target Portfolio		Acquiring Portfolio
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the

contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.


				21

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


22

SUPPLEMENTAL INFORMATION (UNAUDITED)

1-year period, in the 4^th quintile of its performance universe for the 3-year period, and in the 5^th quintile of its performance universe for the 5-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.


				23

SUPPLEMENTAL INFORMATION (UNAUDITED)

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


24

This Page Intentionally Left Blank


				25

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB11741

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Small Cap Value Diversified VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian Small Cap Value Diversified VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			4

Statement of Operations			4

Statements of Changes in Net Assets			5

Financial Highlights			6

Notes to Financial Statements			8

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			15

Item 9. Proxy Disclosures for Open-End Management Investment Companies			15

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			15

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			15

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Common Stocks – 99.2%

Air Freight & Logistics – 1.0%

GXO Logistics, Inc.⁽¹⁾		31,696	$	1,606,987


				1,606,987

Automobile Components – 0.3%

Fox Factory Holding Corp.⁽¹⁾		29,656		502,521


				502,521
Banks – 9.2%

Enterprise Financial Services Corp.		51,579		3,398,025

First BanCorp		80,252		2,092,170

Flagstar Bank NA		52,725		787,711

National Bank Holdings Corp., Class A		47,032		2,089,632

Popular, Inc.		10,796		1,772,487

Prosperity Bancshares, Inc.		17,030		1,243,701

WesBanco, Inc.		86,334		3,369,616


				14,753,342
Biotechnology – 3.3%

Halozyme Therapeutics, Inc.⁽¹⁾		20,807		1,628,564

PTC Therapeutics, Inc.⁽¹⁾		45,916		3,745,368


				5,373,932
Building Products – 1.3%

Louisiana-Pacific Corp.		20,948		1,647,770

UFP Industries, Inc.		4,653		422,213


				2,069,983
Capital Markets – 2.3%

BGC Group, Inc., Class A		281,494		3,009,171

Lazard, Inc.		15,198		637,404


				3,646,575
Chemicals – 3.4%

Celanese Corp.		51,098		2,350,508

Huntsman Corp.		171,048		1,816,530

Ingevity Corp.⁽¹⁾		16,978		1,267,747


				5,434,785
Commercial Services & Supplies – 1.5%

ABM Industries, Inc.		17,011		752,567

BrightView Holdings, Inc.⁽¹⁾		122,005		1,728,811


				2,481,378
Construction & Engineering – 3.6%

Arcosa, Inc.		13,448		1,953,860

Fluor Corp.⁽¹⁾		23,025		1,206,280

Granite Construction, Inc.		5,663		895,207

MYR Group, Inc.⁽¹⁾		1,661		831,164

Tutor Perini Corp.		10,758		892,591


				5,779,102
Consumer Finance – 1.1%

Dave, Inc.⁽¹⁾		2,789		1,039,153

FirstCash Holdings, Inc.		3,590		776,589


				1,815,742
Consumer Staples Distribution & Retail – 0.7%

Yesway, Inc., Class A⁽¹⁾		56,452		1,145,976


				1,145,976


June 30, 2026 (unaudited)	Shares		Value
Containers & Packaging – 0.7%

Sonoco Products Co.		19,287	$	1,086,822


				1,086,822
Distributors – 0.5%

Pool Corp.		4,066		873,783


				873,783
Diversified Consumer Services – 1.6%

ADT, Inc.		268,549		1,745,569

Bright Horizons Family Solutions, Inc.⁽¹⁾		12,208		865,303


				2,610,872
Diversified REITs – 1.5%

Broadstone Net Lease, Inc.		115,738		2,392,304


				2,392,304
Electric Utilities – 1.1%

Portland General Electric Co.		33,554		1,739,104


				1,739,104
Electrical Equipment – 2.5%

Regal Rexnord Corp.		16,668		3,970,151


				3,970,151
Electronic Equipment, Instruments & Components – 2.7%

Crane NXT Co.		30,675		1,569,333

Littelfuse, Inc.		6,248		2,844,902


				4,414,235
Energy Equipment & Services – 2.2%

Atlas Energy Solutions, Inc.		45,434		754,659

Expro Group Holdings NV⁽¹⁾		50,229		741,882

Liberty Energy, Inc.		77,486		2,029,358


				3,525,899
Financial Services – 0.8%

Chime Financial, Inc., Class A⁽¹⁾		41,576		851,476

Paymentus Holdings, Inc., Class A⁽¹⁾		16,924		408,884


				1,260,360
Food Products – 0.6%

Post Holdings, Inc.⁽¹⁾		10,506		927,260


				927,260
Gas Utilities – 1.1%

Spire, Inc.		22,426		1,751,246


				1,751,246
Ground Transportation – 3.5%

Heartland Express, Inc.		82,989		1,263,093

Knight-Swift Transportation Holdings, Inc.		14,287		1,112,529

RXO, Inc.⁽¹⁾		120,492		3,324,374


				5,699,996
Health Care Equipment & Supplies – 1.0%

Integer Holdings Corp.⁽¹⁾		7,916		739,750

Teleflex, Inc.		6,256		793,011


				1,532,761


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND


June 30, 2026 (unaudited)	Shares		Value
Health Care Providers & Services – 2.4%

Aveanna Healthcare Holdings, Inc.⁽¹⁾		268,326	$	2,299,554

Option Care Health, Inc.⁽¹⁾		76,693		1,608,252


				3,907,806
Health Care Technology – 1.0%

Certara, Inc.⁽¹⁾		242,957		1,591,368


				1,591,368
Household Durables – 0.3%

Meritage Homes Corp.		5,184		434,678


				434,678
Insurance – 4.6%

CNO Financial Group, Inc.		51,498		2,625,368

Hanover Insurance Group, Inc.		6,011		1,287,075

Primerica, Inc.		4,086		1,161,241

Slide Insurance Holdings, Inc.⁽¹⁾		119,088		2,306,735


				7,380,419
Interactive Media & Services – 2.0%

Cargurus, Inc.⁽¹⁾		19,235		655,721

People, Inc.⁽¹⁾		56,162		2,592,438


				3,248,159
Life Sciences Tools & Services – 3.7%

Bio-Rad Laboratories, Inc., Class A⁽¹⁾		4,627		1,358,533

ICON PLC⁽¹⁾		24,184		4,201,003

Revvity, Inc.		3,587		399,090


				5,958,626
Machinery – 2.2%

Aebi Schmidt Holding AG		67,415		846,058

Hillman Solutions Corp.⁽¹⁾		106,514		898,978

Timken Co.		12,870		1,870,269


				3,615,305
Marine Transportation – 1.4%

Kirby Corp.⁽¹⁾		5,519		750,418

Star Bulk Carriers Corp.		62,213		1,553,459


				2,303,877
Media – 0.5%

Sirius XM Holdings, Inc.		28,115		830,517


				830,517
Metals & Mining – 6.7%

Alcoa Corp.		24,854		1,295,888

Capstone Copper Corp. (Canada)⁽¹⁾		233,331		2,143,700

Century Aluminum Co.⁽¹⁾		16,688		767,815

Commercial Metals Co.		29,702		1,863,800

Constellium SE⁽¹⁾		18,409		586,695

thyssenkrupp AG (Germany)		188,106		2,237,061

Warrior Met Coal, Inc.		23,868		1,937,127


				10,832,086


June 30, 2026 (unaudited)	Shares		Value
Multi-Utilities – 1.0%

Black Hills Corp.		21,880	$	1,627,872


				1,627,872
Oil, Gas & Consumable Fuels – 5.1%

Antero Resources Corp.⁽¹⁾		18,332		644,186

BKV Corp.⁽¹⁾		108,763		2,975,756

DHT Holdings, Inc.		63,811		1,054,796

Northern Oil & Gas, Inc.		40,644		737,689

Scorpio Tankers, Inc.		30,809		2,133,831

SM Energy Co.		23,043		601,422


				8,147,680
Passenger Airlines – 0.6%

Copa Holdings SA, Class A		6,353		988,336


				988,336
Professional Services – 2.1%

ICF International, Inc.		13,039		950,022

KBR, Inc.		18,665		644,502

ManpowerGroup, Inc.		22,946		774,886

Maximus, Inc.		18,751		1,008,054


				3,377,464
Retail REITs – 2.4%

Brixmor Property Group, Inc.		75,802		2,390,037

Getty Realty Corp.		44,927		1,498,765


				3,888,802
Semiconductors & Semiconductor Equipment – 8.9%

Diodes, Inc.⁽¹⁾		11,395		1,247,069

Onto Innovation, Inc.⁽¹⁾		9,542		3,611,170

Silicon Motion Technology Corp., ADR		11,975		3,991,627

Ultra Clean Holdings, Inc.⁽¹⁾		38,706		5,519,088


				14,368,954
Software – 4.0%

NCR Voyix Corp.⁽¹⁾		137,671		1,124,772

Pegasystems, Inc.		38,792		1,162,596

Teradata Corp.⁽¹⁾		120,258		4,166,940


				6,454,308
Specialty Retail – 1.4%

Academy Sports & Outdoors, Inc.		26,427		1,245,504

Advance Auto Parts, Inc.		17,177		1,068,753


				2,314,257
Trading Companies & Distributors – 1.4%

Herc Holdings, Inc.		9,935		1,424,083

McGrath RentCorp		6,290		761,279


				2,185,362

Total Common Stocks (Cost $123,205,826)				159,850,992


2				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Repurchase Agreements – 1.0%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $1,563,385, due 7/1/2026⁽²⁾	$	1,563,339	$	1,563,339

Total Repurchase Agreements (Cost $1,563,339)				1,563,339

Total Investments – 100.2% (Cost $124,769,165)				161,414,331

Liabilities in excess of other assets – (0.2)%				(368,987	)

Total Net Assets – 100.0%			$	161,045,344

⁽¹⁾	Non–income–producing security.

⁽²⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	1,594,700	$	1,594,791

Legend:

ADR — American Depositary Receipt

REITs — Real Estate Investment Trusts


	Valuation Inputs
Investments in Securities (unaudited)	Level 1		Level 2			Level 3		Total
Common Stocks	$	157,613,931	$	2,237,061	*	$	—	$	159,850,992
Repurchase Agreements		—		1,563,339			—		1,563,339
Total	$	157,613,931	$	3,800,400		$	—	$	161,414,331

*	Consists of certain foreign securities whose values were determined by a pricing service using pricing models (See Notes 2a in Notes to Financial Statements). These investments in securities were classified as Level 2 rather than Level 1.


The accompanying notes are an integral part of these financial statements.				3

FINANCIAL INFORMATION — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	161,414,331

Foreign currency, at value		17

Dividends/interest receivable		192,892

Reimbursement receivable from adviser		5,939

Foreign tax reclaims receivable		3,674

Prepaid expenses		2,472


Total Assets		161,619,325


Liabilities

Payable for fund shares redeemed		248,991

Payable for investments purchased		136,609

Investment advisory fees payable		89,273

Distribution fees payable		32,345

Accrued administrative fees		18,598

Accrued custodian and accounting fees		16,467

Accrued audit fees		14,834

Accrued transfer agent fees		7,050

Accrued legal fees		6,684

Accrued trustees’ and officers’ fees		1,712

Accrued shareholder reports fees		575

Accrued expenses and other liabilities		843


Total Liabilities		573,981


Total Net Assets	$	161,045,344


Net Assets Consist of:

Paid-in capital	$	15,009,016

Distributable earnings		146,036,328


Total Net Assets	$	161,045,344

Investments, at Cost	$	124,769,165

Foreign Currency, at Cost	$	18


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		9,160,460

Net Asset Value Per Share		$17.58


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Dividends	$	1,285,203

Interest		12,191

Withholding taxes on foreign dividends		(10,132	)


Total Investment Income		1,287,262


Expenses

Investment advisory fees		542,262

Distribution fees		196,472

Professional fees		32,410

Trustees’ and officers’ fees		27,318

Administrative fees		22,344

Custodian and accounting fees		20,484

Transfer agent fees		9,340

Shareholder reports		4,230

Other expenses		5,569


Total Expenses		860,429

Less: Fees waived		(35,248	)


Total Expenses, Net		825,181


Net Investment Income/(Loss)		462,081


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions

Net realized gain/(loss) from investments		14,112,029

Net realized gain/(loss) from foreign currency transactions		(6,350	)

Net change in unrealized appreciation/(depreciation) on investments		19,621,730

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(118	)


Net Gain on Investments and Foreign Currency Transactions		33,727,291


Net Increase in Net Assets Resulting From Operations	$	34,189,372


4				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	462,081		$	1,232,194

Net realized gain/(loss) from investments and foreign currency transactions		14,105,679			35,167,727

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		19,621,612			(24,434,766	)


Net Increase in Net Assets Resulting from Operations		34,189,372			11,965,155


Capital Share Transactions

Proceeds from sales of shares		282,865			16,523,632

Cost of shares redeemed		(37,089,865	)		(55,698,561	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(36,807,000	)		(39,174,929	)


Net Decrease in Net Assets		(2,617,628	)		(27,209,774	)


Net Assets

Beginning of period		163,662,972			190,872,746


End of period	$	161,045,344		$	163,662,972


Other Information:

Shares

Sold		17,979			1,357,702

Redeemed		(2,346,057	)		(4,158,669	)


Net Decrease		(2,328,078	)		(2,800,967	)


The accompanying notes are an integral part of these financial statements.				5

FINANCIAL INFORMATION — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾			Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	14.25	$	0.05		$	3.28	$	3.33	$	17.58		23.37%	⁽⁴⁾

Year Ended 12/31/25		13.36		0.09			0.80		0.89		14.25		6.66%

Year Ended 12/31/24		12.42		0.05			0.89		0.94		13.36		7.57%

Year Ended 12/31/23		10.62		0.05			1.75		1.80		12.42		16.95%

Year Ended 12/31/22		13.42		0.03			(2.83)		(2.80)		10.62		(20.86)%

Year Ended 12/31/21		11.40		0.00	⁽⁶⁾		2.02		2.02		13.42		17.72%


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	161,045		1.05%	⁽⁴⁾		1.09%	⁽⁴⁾		0.59%	⁽⁴⁾		0.54%	⁽⁴⁾		50%	⁽⁴⁾

	163,663		1.05%			1.09%			0.71%			0.67%			154%	⁽⁵⁾

	190,873		1.05%			1.07%			0.38%			0.36%			28%

	249,027		1.05%			1.05%			0.42%			0.42%			48%

	246,525		1.04%			1.04%			0.23%			0.23%			48%

	284,144		1.04%			1.04%			0.01%			0.01%			45%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾	The Fund’s portfolio turnover rate during the year reflects higher purchase and sale activities due to significant inflow of assets into the Fund.

⁽⁶⁾	Rounds to $0.00 per share


The accompanying notes are an integral part of these financial statements.				7

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Small Cap Value Diversified VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks capital appreciation.

2. Significant Accounting Policies

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods.


8

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, private investment in public equity, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the six months ended June 30, 2026, the Fund did not hold any derivatives.

b. Securities Transactions Securities transactions are accounted for on the date securities are purchased or


				9

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.69% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.


10

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

fee waiver and/or expense reimbursement to 1.05% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $35,248.

Park Avenue has entered into a Sub-Advisory Agreement with Boston Partners Global Investors, Inc. (“Boston Partners”), effective May 1, 2025. Prior to this date, ClearBridge Investments LLC was sub-adviser to the Fund. Boston Partners is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $78,095,169 and $111,505,336, respectively, for the six months ended June 30, 2026. During the six months ended June 30, 2026, there were no purchases or sales of U.S. government securities.


				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

f. Private Investment in Public Equity A Fund may invest in securities that are purchased in private investment in public equity (“PIPE”) transactions. PIPEs are an accredited investor’s purchase of stock in a public company at a discount to the current market value per share for the purpose of raising capital and may also issue warrants enabling a Fund to purchase additional shares at a price equal to or at a premium to current market prices. Securities acquired by a Fund in such transactions are subject to resale restrictions under securities laws. Because the shares issued in a PIPE transaction are “restricted securities” under the federal securities laws, a Fund cannot freely trade the securities until the issuer files a registration statement to provide for the public resale of the shares, which typically occurs after the completion of the PIPE transaction and the public registration process with the SEC is completed, a period which can last many months. While issuers in PIPE transactions typically agree that they will register the securities for resale by a Fund after the transaction closes (thereby removing resale restrictions), there is no guarantee that the securities will in fact be registered, or that the registration will be maintained. In addition, a PIPE issuer may require a Fund to agree to other resale restrictions as a condition to the sale of such securities. Thus, a Fund’s ability to resell securities acquired in PIPE transactions may be limited, and even though a public market may exist for such securities, the securities held by a Fund may be deemed illiquid. As of June 30, 2026, the Fund did not hold any PIPEs.

g. Special Purpose Acquisition Companies A Fund may invest in stock, warrants, rights and other securities of special purpose acquisition companies (“SPACs”) or similar special purpose entities in a private placement transaction or as part of a public offering. A SPAC, sometimes referred to as “blank check company,” is a private or publicly traded company that raises investment capital for the purpose of acquiring or merging with an existing company. The shares of a SPAC are typically issued in “units” that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares of common stock. At a specified time, the rights and warrants may be separated from the common stock at the election of the holder, after which time each security typically is freely tradeable. Private companies can combine with a SPAC to go public by taking the SPAC’s place on an exchange as an alternative to making an initial public offering. Additionally, a Fund may purchase units or shares of SPACs that have completed an IPO on a secondary market, during a SPAC’s IPO or through a PIPE offering. PIPE transactions involve the purchase of securities typically at a discount to the market price of the company’s common stock and may be subject to transfer restrictions, which typically would make them less liquid than equity issued through a public offering. Investments in SPACs also have risks peculiar to the SPAC structure and investment process. Until an acquisition or merger is completed, a SPAC generally invests its assets, less a portion retained to cover expenses, in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. To the extent a SPAC is invested in cash or similar securities, this may impact a Fund’s ability to meet its investment objective. SPAC shareholders may not approve any proposed acquisition or merger, or an acquisition or merger, once effected, may prove unsuccessful. If an acquisition or merger is not completed within a pre-established period (typically, two years), the remainder of funds invested in the SPAC are returned to its shareholders. While a SPAC investor may receive both stock in the SPAC, as well as warrants or other rights at no marginal cost, those warrants or other rights may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price. A Fund may also be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC. Moreover, interests in SPACs may be illiquid and/or be subject to restrictions on resale, which may remain


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND

for an extended time, and may only be traded in the over-the-counter market. As of June 30, 2026, the Fund did not hold any SPACs.

h. Market Risk An investment in the Fund is based on the values of the Fund’s investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments, or the threat or potential of one or more such events and developments, may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP VALUE DIVERSIFIED VIP FUND



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST



Target Portfolio		Acquiring Portfolio
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


14

SUPPLEMENTAL INFORMATION (UNAUDITED)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing sub-subadvisory agreement (the “Sub-Subadvisory


				15

SUPPLEMENTAL INFORMATION (UNAUDITED)

Nature, Extent and Quality of Services


16

SUPPLEMENTAL INFORMATION (UNAUDITED)

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

Fund to performance of an appropriate peer universe. For details regarding each Fund’s performance, see the “Fund-by-Fund Factors” section below.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


				17

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.


18

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the

contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.


				19

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


20

SUPPLEMENTAL INFORMATION (UNAUDITED)

1-year period, in the 4^th quintile of its performance universe for the 3-year period, and in the 5^th quintile of its performance universe for the 5-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.


				21

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


22

This Page Intentionally Left Blank


				23

This Page Intentionally Left Blank


24

This Page Intentionally Left Blank


				25

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB10526

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian Total Return Bond VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian Total Return Bond VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Schedule of Investments			1

Statement of Assets and Liabilities			9

Statement of Operations			9

Statements of Changes in Net Assets			10

Financial Highlights			12

Notes to Financial Statements			14

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			24

Item 9. Proxy Disclosures for Open-End Management Investment Companies			24

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			24

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			24

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities – 23.8%

ACREC LLC Series 2026-FL5, Class B 5.35% (1 mo. USD Term SOFR + 1.75%) due 7/18/2043⁽¹⁾⁽²⁾	$	223,571	$	223,571

ACRES Commercial Realty Issuer LLC Series 2026-FL4, Class B 5.587% (1 mo. USD Term SOFR + 1.95%) due 8/18/2044⁽¹⁾⁽²⁾		454,000		453,998

Arbor Realty Commercial Real Estate Notes LLC Series 2026-FL1, Class C 5.839% (1 mo. USD Term SOFR + 2.20%) due 9/20/2043⁽¹⁾⁽²⁾		448,633		450,059

BDS LLC Series 2026-FL17, Class AS 5.189% (1 mo. USD Term SOFR + 1.55%) due 5/19/2043⁽¹⁾⁽²⁾		301,976		302,062
Series 2026-FL17, Class C 5.589% (1 mo. USD Term SOFR + 1.95%) due 5/19/2043⁽¹⁾⁽²⁾		159,226		159,225

Benefit Street Partners CLO XXVIII Ltd. Series 2022-28A, Class CR 5.575% (3 mo. USD Term SOFR + 1.90%) due 10/20/2037⁽¹⁾⁽²⁾		1,000,000		999,314

Black Diamond CLO Ltd. Series 2021-1A, Class BR 5.864% (3 mo. USD Term SOFR + 2.20%) due 11/22/2034⁽¹⁾⁽²⁾		600,000		599,651

BlueMountain CLO Ltd. Series 2014-2A, Class BR2 5.687% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030⁽¹⁾⁽²⁾		800,000		800,846

Business Jet Securities LLC Series 2026-1A, Class B 6.099% due 6/15/2041⁽¹⁾		100,000		100,184
Series 2026-1A, Class C 8.179% due 6/15/2041⁽¹⁾		100,000		100,523

Carlyle U.S. CLO Ltd. Series 2017-3A, Class CR2 5.672% (3 mo. USD Term SOFR + 2.00%) due 10/21/2037⁽¹⁾⁽²⁾		3,000,000		3,001,359

Citizens Auto Receivables Trust Series 2024-1, Class A3 5.11% due 4/17/2028⁽¹⁾		397,867		398,814

CNH Equipment Trust Series 2022-B, Class A4 3.91% due 3/15/2028		1,630,000		1,627,491


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

CyrusOne Data Centers Issuer I LLC Series 2024-2A, Class A2 4.50% due 5/20/2049⁽¹⁾	$	900,000	$	871,534

DB Master Finance LLC Series 2021-1A, Class A2II 2.493% due 11/20/2051⁽¹⁾		1,002,750		945,451

Dwight Issuer LLC Series 2025-FL1, Class AS 5.923% (1 mo. USD Term SOFR + 2.29%) due 6/18/2042⁽¹⁾⁽²⁾		639,000		640,470
Series 2026-FL2, Class B 5.60% (1 mo. USD Term SOFR + 2.00%) due 1/18/2044⁽¹⁾⁽²⁾		795,000		795,000

Elmwood CLO 36 Ltd. Series 2024-12RA, Class CR 5.675% (3 mo. USD Term SOFR + 2.00%) due 10/20/2037⁽¹⁾⁽²⁾		1,000,000		999,019

Elmwood CLO VIII Ltd. Series 2021-1A, Class CRR 5.44% (3 mo. USD Term SOFR + 1.80%) due 4/20/2037⁽¹⁾⁽²⁾		1,000,000		1,000,423

Enterprise Fleet Financing LLC Series 2024-3, Class A4 5.06% due 3/20/2031⁽¹⁾		1,000,000		1,007,808

Ford Credit Auto Lease Trust Series 2024-B, Class B 5.18% due 2/15/2028		600,000		602,679

GMF Floorplan Owner Revolving Trust Series 2024-1A, Class B 5.33% due 3/15/2029⁽¹⁾		942,000		946,676

Greystone CRE Notes LLC Series 2025-FL4, Class B 6.214% (1 mo. USD Term SOFR + 2.59%) due 1/15/2043⁽¹⁾⁽²⁾		114,500		115,740

Hyundai Auto Receivables Trust Series 2024-B, Class B 5.04% due 9/16/2030		800,000		806,484

Kennedy Lewis CLO 10 Ltd. Series 2022-10A, Class BR 5.264% (3 mo. USD Term SOFR + 1.60%) due 1/22/2038⁽¹⁾⁽²⁾		1,200,000		1,202,777

Kennedy Lewis CLO 8 Ltd. Series 8A, Class CR2 5.775% (3 mo. USD Term SOFR + 2.10%) due 1/20/2038⁽¹⁾⁽²⁾		1,000,000		999,979

Kubota Credit Owner Trust Series 2025-1A, Class A3 4.67% due 6/15/2029⁽¹⁾		450,000		451,083
Series 2025-1A, Class A4 4.87% due 7/15/2030⁽¹⁾		450,000		452,014


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value

Asset-Backed Securities (continued)

LRECS LLC Series 2025-CRE1, Class B 5.639% (1 mo. USD Term SOFR + 2.00%) due 8/19/2043⁽¹⁾⁽²⁾	$	624,843	$	625,408

Marble Point CLO XXII Ltd. Series 2021-2A, Class CR 5.717% (3 mo. USD Term SOFR + 2.05%) due 7/25/2034⁽¹⁾⁽²⁾		1,283,333		1,281,971

MF1 LLC Series 2025-FL17, Class C 5.729% (1 mo. USD Term SOFR + 2.09%) due 2/18/2040⁽¹⁾⁽²⁾		888,889		889,353
Series 2025-FL19, Class AS 5.629% (1 mo. USD Term SOFR + 1.99%) due 5/18/2042⁽¹⁾⁽²⁾		1,053,777		1,056,206
Series 2025-FL19, Class B 5.979% (1 mo. USD Term SOFR + 2.34%) due 5/18/2042⁽¹⁾⁽²⁾		1,092,085		1,093,809
Series 2025-FL20, Class C 5.787% (1 mo. USD Term SOFR + 2.15%) due 2/18/2043⁽¹⁾⁽²⁾		758,766		759,869
Series 2026-FL22, Class C 5.637% (1 mo. USD Term SOFR + 2.00%) due 11/18/2043⁽¹⁾⁽²⁾		677,447		677,910

Neuberger Berman CLO XVII Ltd. Series 2014-17AR, Class BR4 5.145% (3 mo. USD Term SOFR + 1.50%) due 7/22/2040⁽¹⁾⁽²⁾		1,100,000		1,100,000

Neuberger Berman Loan Advisers CLO 35 Ltd. Series 2019-35A, Class CRR 5.325% (3 mo. USD Term SOFR + 1.65%) due 1/19/2033⁽¹⁾⁽²⁾		1,250,000		1,247,594

NextGear Floorplan Master Owner Trust Series 2024-1A, Class A2 5.12% due 3/15/2029⁽¹⁾		1,500,000		1,507,169

Nissan Auto Lease Trust Series 2024-B, Class B 5.21% due 12/15/2028		1,050,000		1,056,087

Octagon Investment Partners 50 Ltd. Series 2020-4A, Class DR 7.085% (3 mo. USD Term SOFR + 3.41%) due 1/15/2035⁽¹⁾⁽²⁾		1,100,000		1,050,078

OHA Credit Funding 3 Ltd. Series 2019-3A, Class CR2 5.425% (3 mo. USD Term SOFR + 1.75%) due 1/20/2038⁽¹⁾⁽²⁾		2,000,000		2,003,470


June 30, 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⁾	$	189,904	$	190,410

Parallel Ltd. Series 2023-1A, Class A2R 5.475% (3 mo. USD Term SOFR + 1.80%) due 7/20/2036⁽¹⁾⁽²⁾		949,520		951,306

Park Avenue Institutional Advisers CLO Ltd. Series 2019-2A, Class CRR 7.073% (3 mo. USD Term SOFR + 3.40%) due 10/15/2034⁽¹⁾⁽²⁾		297,872		299,361

PFP Ltd. Series 2025-12, Class B 5.679% (1 mo. USD Term SOFR + 2.04%) due 12/18/2042⁽¹⁾⁽²⁾		325,000		325,804
Series 2026-13, Class B 5.487% (1 mo. USD Term SOFR + 1.85%) due 8/18/2043⁽¹⁾⁽²⁾		100,000		99,999

RR 36 Ltd. Series 2024-36RA, Class A1R 4.963% (3 mo. USD Term SOFR + 1.29%) due 1/15/2040⁽¹⁾⁽²⁾		1,150,000		1,151,700

Santander Drive Auto Receivables Trust Series 2023-4, Class B 5.77% due 12/15/2028		482,256		484,467

Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-AA, Class A2 4.63% due 7/20/2027⁽¹⁾		207,356		207,589

Store Master Funding I-VII XIV XIX XX XXII XXIV XXXIV XXXVII XXXVIII Series 2026-1A, Class A2 5.31% due 6/20/2056⁽¹⁾		618,505		624,103

Taco Bell Funding LLC Series 2025-1A, Class A2I 4.821% due 8/25/2055⁽¹⁾		628,635		621,009

TCW CLO Ltd. Series 2021-1A, Class A1R1 5.035% (3 mo. USD Term SOFR + 1.36%) due 1/20/2038⁽¹⁾⁽²⁾		1,650,000		1,652,818

Vantage Data Centers Issuer LLC Series 2024-1A, Class A2 5.10% due 9/15/2054⁽¹⁾		800,000		788,563

Voya CLO Ltd. Series 2024-1AR, Class D1R 0.00% (3 mo. USD Term SOFR + 2.55%) due 7/15/2039⁽¹⁾⁽²⁾		281,955		281,955


2				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value

Asset-Backed Securities (continued)

Wheels Fleet Lease Funding 1 LLC Series 2024-3A, Class A1 4.80% due 9/19/2039⁽¹⁾	$	363,035	$	364,611
Series 2024-3A, Class B 5.07% due 9/19/2039⁽¹⁾		375,000		376,565
World Omni Select Auto Trust Series 2024-A, Class B 5.18% due 6/17/2030		800,000		805,103

Total Asset-Backed Securities (Cost $44,682,142)				44,628,521
Corporate Bonds & Notes – 41.1%
Advertising – 0.3%

Neptune Bidco U.S., Inc. 9.29% due 4/15/2029⁽¹⁾		551,000		561,922


				561,922
Aerospace & Defense – 2.0%

Boeing Co. 6.528% due 5/1/2034		508,000		552,660
6.858% due 5/1/2054		495,000		556,317

Bombardier, Inc. 5.875% due 1/15/2035⁽¹⁾		560,000		562,073

RTX Corp. 6.10% due 3/15/2034		700,000		751,067
6.40% due 3/15/2054		100,000		109,766

TransDigm, Inc. 4.625% due 1/15/2029		1,159,000		1,140,549


				3,672,432
Apparel – 0.4%

Beach Acquisition Bidco LLC 10.00% (10.00% Cash or 10.75% PIK) due 7/15/2033⁽¹⁾⁽³⁾		706,212		801,936


				801,936
Auto Manufacturers – 0.6%

Ford Motor Credit Co. LLC 6.05% due 3/5/2031		1,079,000		1,095,181


				1,095,181
Banks – 4.9%

Banco Mercantil del Norte SA, Reg S 6.625% (6.625% fixed rate until 1/24/2032; 10 yr. CMT + 5.03% thereafter) due 1/24/2032⁽²⁾		345,000		328,504

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		891,901

BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico 8.45% (8.45% fixed rate until 6/29/2033; 5 yr. CMT + 4.66% thereafter) due 6/29/2038⁽¹⁾⁽²⁾		303,000		326,907


June 30, 2026 (unaudited)	Principal Amount		Value

Banks (continued)

Citigroup, Inc. Series GG 6.875% (6.875% fixed rate until 8/15/2030; 5 yr. CMT + 2.89% thereafter) due 8/15/2030⁽²⁾	$	991,000	$	1,014,901

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		765,281

HSBC Holdings PLC Series 1 6.75% (6.75% fixed rate until 11/18/2032; 5 yr. CMT + 2.51% thereafter) due 11/18/2032⁽²⁾		277,000		278,858

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		1,105,297
5.942% (5.942% fixed rate until 2/7/2034; 5 yr. CMT + 1.80% thereafter) due 2/7/2039⁽²⁾		1,087,000		1,120,978

UBS Group AG 4.375% (4.375% fixed rate until 2/10/2031; 5 yr. CMT + 3.31% thereafter) due 2/10/2031⁽¹⁾⁽²⁾		1,263,000		1,159,346
5.699% (5.699% fixed rate until 2/8/2034; 1 yr. CMT + 1.77% thereafter) due 2/8/2035⁽¹⁾⁽²⁾		1,075,000		1,103,605

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		1,118,722


				9,214,300
Beverages – 0.6%

Anheuser-Busch InBev Worldwide, Inc. 4.95% due 1/15/2042		400,000		377,285

Bacardi Ltd. 5.15% due 5/15/2038⁽¹⁾		819,000		764,293


				1,141,578
Building Materials – 0.9%

JH North America Holdings, Inc. 5.875% due 1/31/2031⁽¹⁾		504,000		506,371
6.125% due 7/31/2032⁽¹⁾		504,000		508,179

Quikrete Holdings, Inc. 6.375% due 3/1/2032⁽¹⁾		681,000		695,422


				1,709,972


The accompanying notes are an integral part of these financial statements.				3

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Chemicals – 0.6%

Chemours Co. 5.75% due 11/15/2028⁽¹⁾	$	435,000	$	434,648
7.875% due 3/15/2034⁽¹⁾		162,000		162,790

OCP SA 6.75% due 5/2/2034⁽¹⁾		416,000		437,001


				1,034,439
Commercial Services – 1.4%

Ashtead Capital, Inc. 5.80% due 4/15/2034⁽¹⁾		1,066,000		1,086,061

Raven Acquisition Holdings LLC 6.875% due 11/15/2031⁽¹⁾		588,000		574,724

Triton Container International Ltd./TAL International Container Corp. 5.15% due 2/15/2033		983,000		965,420


				2,626,205
Computers – 0.5%

Booz Allen Hamilton, Inc. 5.95% due 4/15/2035		1,028,000		1,023,936


				1,023,936
Diversified Financial Services – 4.4%

Capital One Financial Corp. 6.051% (6.051% fixed rate until 2/1/2034; 1 day USD SOFR + 2.26% thereafter) due 2/1/2035⁽²⁾		1,381,000		1,434,651

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⁾		387,000		411,164

Series K 5.00% (5.00% fixed rate until 6/1/2027; 5 yr. CMT + 3.26% thereafter) due 6/1/2027⁽²⁾		718,000		717,420

Series L 6.10% (6.10% fixed rate until 6/1/2031; 5 yr. CMT + 2.25% thereafter) due 6/1/2031⁽²⁾		384,000		384,085

Jane Street Group/JSG Finance, Inc. 6.75% due 5/1/2033⁽¹⁾		560,000		575,885

Jefferies Financial Group, Inc. 5.50% due 2/15/2036		1,169,000		1,128,072

LPL Holdings, Inc. 4.375% due 5/15/2031⁽¹⁾		1,505,000		1,446,434

Muthoot Finance Ltd. 7.125% due 2/14/2028⁽¹⁾		508,000		514,373

Nomura Holdings, Inc. 5.043% (5.043% fixed rate until 6/10/2031; 5 yr. CMT + 1.30% thereafter) due 6/10/2036⁽²⁾		600,000		585,960

7.00% (7.00% fixed rate until 7/15/2030; 5 yr. CMT + 3.08% thereafter) due 7/15/2030⁽²⁾		450,000		461,480

Shriram Finance Ltd. 6.15% due 4/3/2028⁽¹⁾		514,000		521,193


				8,180,717


June 30, 2026 (unaudited)	Principal Amount		Value
Electric – 1.5%

Engie Energia Chile SA, Reg S 3.40% due 1/28/2030	$	294,000	$	277,033

NextEra Energy Capital Holdings, Inc. 5.45% due 3/15/2035		500,000		507,585

Saavi Energia SARL 8.875% due 2/10/2035⁽¹⁾		554,000		606,076

Xcel Energy, Inc. 5.50% due 3/15/2034		900,000		914,373

XPLR Infrastructure Operating Partners LP 7.25% due 1/15/2029⁽¹⁾		552,000		571,175


				2,876,242
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		584,575


				584,575
Food – 1.2%

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings 5.75% due 4/1/2033		200,000		205,334

Performance Food Group, Inc. 6.125% due 9/15/2032⁽¹⁾		537,000		543,568

Post Holdings, Inc. 4.625% due 4/15/2030⁽¹⁾		578,000		558,383

6.25% due 10/15/2034⁽¹⁾		762,000		748,706

Tyson Foods, Inc. 4.95% due 2/20/2036		240,000		233,138


				2,289,129
Gas – 0.4%

APA Infrastructure Ltd. 5.125% due 9/16/2034⁽¹⁾		663,000		654,953


				654,953
Healthcare Services – 0.4%

Toledo Hospital Series B 5.325% due 11/15/2028		71,000		71,206

UnitedHealth Group, Inc. 5.15% due 7/15/2034		600,000		605,465


				676,671
Insurance – 3.6%

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 5.875% due 11/1/2029⁽¹⁾		783,000		765,267

Brown & Brown, Inc. 5.65% due 6/11/2034		1,075,000		1,088,961

Corebridge Financial, Inc. 5.75% due 1/15/2034		1,064,000		1,092,935

Fairfax Financial Holdings Ltd. 5.75% due 5/20/2035		182,000		186,304

6.00% due 12/7/2033		1,268,000		1,323,603


4				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value

Insurance (continued)

MetLife, Inc. Series G 6.35% (6.35% fixed rate until 3/15/2035; 5 yr. CMT + 2.08% thereafter) due 3/15/2055⁽²⁾	$	485,000	$	497,083

Nippon Life Insurance Co. 6.50% (6.50% fixed rate until 4/30/2035; 5 yr. CMT + 3.19% thereafter) due 4/30/2055⁽¹⁾⁽²⁾		319,000		334,499

Sammons Financial Group, Inc. 6.875% due 4/15/2034⁽¹⁾		1,422,000		1,520,474


				6,809,126
Internet – 0.3%

Snap, Inc. 6.875% due 3/1/2033⁽¹⁾		598,000		582,890


				582,890
Leisure Time – 1.0%

Patrick Industries, Inc. 4.75% due 5/1/2029⁽¹⁾		1,144,000		1,125,023

Royal Caribbean Cruises Ltd. 4.75% due 5/15/2033		349,000		339,697

5.25% due 2/27/2038		342,000		331,251


				1,795,971
Lodging – 0.5%

Las Vegas Sands Corp. 5.65% due 5/18/2033		454,000		454,023

Wynn Macau Ltd. 6.75% due 2/15/2034⁽¹⁾		418,000		415,447


				869,470
Machinery–Diversified – 0.8%

Regal Rexnord Corp. 6.40% due 4/15/2033		1,463,000		1,552,786


				1,552,786
Media – 0.3%

VZ Secured Financing BV 5.00% due 1/15/2032⁽¹⁾		617,000		539,983


				539,983
Mining – 1.8%

Anglo American Capital PLC 4.75% due 3/16/2052⁽¹⁾		222,000		187,425

5.50% due 5/2/2033⁽¹⁾		727,000		740,163

Eldorado Gold Corp. 6.25% due 9/1/2029⁽¹⁾		125,000		124,753

IAMGOLD Corp. 5.75% due 10/15/2028⁽¹⁾		511,000		509,416

Northern Star Resources Ltd. 6.125% due 4/11/2033⁽¹⁾		1,045,000		1,083,064

Rio Tinto Finance USA PLC 5.25% due 3/14/2035		660,000		670,179


				3,315,000
Oil & Gas – 1.8%

BP Capital Markets PLC 6.45% (6.45% fixed rate until 12/1/2033; 5 yr. CMT + 2.15% thereafter) due 12/1/2033⁽²⁾		732,000		759,888


June 30, 2026 (unaudited)	Principal Amount		Value

Oil & Gas (continued)

Eni SpA 5.50% due 5/15/2034⁽¹⁾	$	758,000	$	769,249

Petroleos Mexicanos 5.95% due 1/28/2031		322,000		318,257

Santos Finance Ltd. 5.75% due 11/13/2035⁽¹⁾		374,000		376,757

6.875% due 9/19/2033⁽¹⁾		997,000		1,082,461


				3,306,612
Pharmaceuticals – 0.2%

AstraZeneca PLC 6.45% due 9/15/2037		400,000		444,177


				444,177
Pipelines – 3.3%

Cheniere Energy Partners LP 5.95% due 6/30/2033		500,000		522,041

DCP Midstream Operating LP 3.25% due 2/15/2032		1,649,000		1,503,538

Energy Transfer LP 5.70% due 4/1/2035		400,000		410,534

6.20% due 4/1/2055		300,000		296,641

MPLX LP 5.50% due 6/1/2034		100,000		101,100

ONEOK, Inc. 5.05% due 11/1/2034		300,000		293,428

Plains All American Pipeline LP/PAA Finance Corp. 5.70% due 9/15/2034		734,000		749,849

Targa Resources Corp. 5.40% due 7/30/2036		588,000		585,617

5.50% due 2/15/2035		400,000		403,755

Venture Global LNG, Inc. 7.00% due 1/15/2030⁽¹⁾		985,000		1,004,615

Western Midstream Operating LP 5.45% due 11/15/2034		300,000		298,396


				6,169,514
Real Estate Investment Trusts – 2.2%

Boston Properties LP 5.75% due 1/15/2035		1,105,000		1,115,523

6.50% due 1/15/2034		519,000		550,748

Store Capital LLC 2.70% due 12/1/2031		1,301,000		1,145,947

4.625% due 3/15/2029		554,000		547,846

Vornado Realty LP 5.75% due 2/1/2033		796,000		798,843


				4,158,907
Retail – 0.5%

Home Depot, Inc. 4.95% due 6/25/2034		400,000		401,341

PetSmart LLC/PetSmart Finance Corp. 7.50% due 9/15/2032⁽¹⁾		474,000		474,103


				875,444
Semiconductors – 0.3%

Broadcom, Inc. 3.137% due 11/15/2035⁽¹⁾		658,000		558,945


				558,945


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Software – 1.6%

CoreWeave, Inc. 9.75% due 10/1/2031⁽¹⁾	$	569,000	$	567,745

Fiserv, Inc. 5.625% due 8/21/2033		600,000		606,399

Oracle Corp. 5.70% due 2/4/2036		382,000		369,949

Salesforce, Inc. 5.20% due 3/15/2033		393,000		393,691
5.55% due 3/15/2036		687,000		686,479
6.40% due 3/15/2046		393,000		396,952


				3,021,215
Telecommunications – 1.8%

Beacon Point DC LLC 6.129% due 11/30/2042⁽¹⁾		935,000		943,030

QTS Fayetteville I Dc1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC 5.70% due 4/15/2036⁽¹⁾		1,163,000		1,105,773

Rogers Communications, Inc. 3.80% due 3/15/2032		1,196,000		1,115,255
5.30% due 2/15/2034		300,000		297,392


				3,461,450
Trucking & Leasing – 0.6%

SMBC Aviation Capital Finance DAC 5.55% due 4/3/2034⁽¹⁾		1,073,000		1,082,726


				1,082,726
Water – 0.1%

Aegea Finance SARL 9.00% due 1/20/2031⁽¹⁾		261,000		249,908


				249,908

Total Corporate Bonds & Notes (Cost $76,560,531)				76,938,312
Municipals – 0.9%

California Public Finance Authority
Series A 5.40% due 11/15/2031				463,383

Massachusetts Development Finance Agency
Series B 7.375% due 10/1/2035		680,000		701,579

Oklahoma Development Finance Authority
Series C 5.45% due 8/15/2028		230,000		227,753

Public Finance Authority 7.087% due 7/1/2060		360,000		362,833

Total Municipals (Cost $1,728,684)				1,755,548
Non-Agency Mortgage-Backed Securities – 10.0%

Arbor Realty Commercial Real Estate Notes Ltd.
Series 2022-FL1, Class C 5.893% due 1/15/2037^(1)(2)(4)		1,000,000		999,994

Aspire Mortgage Trust
Series 2026-2, Class A1 5.325% due 4/26/2066^(1)(2)(4)		363,524		362,135


June 30, 2026 (unaudited)	Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)

BANK
Series 2019-BN24, Class AS 3.283% due 11/15/2062⁽²⁾⁽⁴⁾	$	1,413,000	$	1,303,784
Series 2022-BNK43, Class B 5.325% due 8/15/2055⁽²⁾⁽⁴⁾		500,000		474,749

BBCMS Mortgage Trust
Series 2024-5C29, Class B 5.858% due 9/15/2057⁽²⁾⁽⁴⁾		300,000		301,434

Benchmark Mortgage Trust
Series 2024-V11, Class AM 6.201% due 11/15/2057⁽²⁾⁽⁴⁾		1,000,000		1,020,345
Series 2024-V5, Class AM 6.417% due 1/10/2057⁽²⁾⁽⁴⁾		855,000		878,053
Series 2024-V5, Class B 6.059% due 1/10/2057⁽²⁾⁽⁴⁾		360,000		363,347

BMO Mortgage Trust
Series 2023-C6, Class AS 6.55% due 9/15/2056⁽²⁾⁽⁴⁾		950,000		1,000,254

BX Commercial Mortgage Trust
Series 2025-BCAT, Class C 5.525% due 8/15/2042^(1)(2)(4)		154,000		154,481
Series 2025-BCAT, Class D 6.275% due 8/15/2042^(1)(2)(4)		116,200		116,672

BX Trust
Series 2026-CLS, Class C 5.975% due 5/15/2043^(1)(2)(4)		100,000		100,213
Series 2026-CLS, Class D 7.075% due 5/15/2043^(1)(2)(4)		100,000		100,250
Series 2026-ORBT, Class D 5.73% due 7/15/2043^(1)(2)(4)		173,438		173,438

Citigroup Commercial Mortgage Trust
Series 2016-C3, Class AS 3.366% due 11/15/2049⁽²⁾⁽⁴⁾		1,125,000		1,087,198

JP Morgan Mortgage Trust
Series 2026-NQM1, Class A1 4.745% due 6/25/2066^(1)(2)(4)		155,062		152,746

Morgan Stanley Capital I Trust
Series 2020-L4, Class AS 2.88% due 2/15/2053		750,000		684,274
Series 2021-L6, Class AS 2.749% due 6/15/2054⁽²⁾⁽⁴⁾		1,700,000		1,515,168

Morgan Stanley Residential Mortgage Loan Trust
Series 2025-NQM5, Class A1 5.439% due 7/25/2070^(1)(2)(4)		165,815		165,443
Series 2025-NQM6, Class A1 5.152% due 7/25/2070^(1)(2)(4)		451,992		449,245
Series 2025-NQM9, Class A1 5.016% due 9/25/2070^(1)(2)(4)		432,501		428,497
Series 2026-NQM2, Class A1 4.734% due 1/26/2071^(1)(2)(4)		674,305		664,249
Series 2026-NQM4, Class A1 5.075% due 3/25/2071^(1)(2)(4)		277,285		274,893

New Residential Mortgage Loan Trust
Series 2025-NQM2, Class A1 5.566% due 4/25/2065^(1)(2)(4)		299,845		300,016
Series 2026-NQM2, Class A1 4.743% due 12/25/2065^(1)(2)(4)		466,278		459,325


6				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


June 30, 2026 (unaudited)		Principal Amount		Value
Non-Agency Mortgage-Backed Securities (continued)
Series 2026-NQM3, Class A1 4.833% due 2/25/2066^(1)(2)(4)		$	965,505	$	953,113
Series 2026-NQM4, Class A1 5.003% due 2/25/2066^(1)(2)(4)			359,684		356,922
Series 2026-NQM7, Class A1 5.418% due 6/25/2066^(1)(2)(4)			329,681		328,726

OBX Trust
Series 2025-NQM14, Class A1 5.162% due 7/25/2065^(1)(2)(4)			151,675		151,047
Series 2025-NQM4, Class A1 5.40% due 2/25/2055^(1)(2)(4)			591,708		592,589
Series 2026-INV4, Class AF2 5.078% due 5/25/2056^(1)(2)(4)			625,554		626,484
Series 2026-NQM8, Class A1 5.297% due 5/25/2066^(1)(2)(4)			100,000		99,603

PMT Loan Trust
Series 2025-INV4, Class A9 5.50% due 3/25/2056^(1)(2)(4)			531,897		530,589
Series 2026-CNF1, Class A26 4.828% due 1/25/2057^(1)(2)(4)			178,969		178,593
Series 2026-INV2, Class A35 4.778% due 1/25/2057^(1)(2)(4)			933,889		935,930

Provident Funding Mortgage Trust
Series 2025-2, Class A4 5.50% due 6/25/2055^(1)(2)(4)			485,925		485,155

Total Non-Agency Mortgage-Backed Securities (Cost $19,147,346)					18,768,954
Foreign Government – 2.5%

Angola Government International Bonds 8.00% due 11/26/2029	USD		236,000		240,146

Colombia Government International Bonds 6.50% due 1/21/2033	USD		314,000		318,867

Eagle Funding Luxco SARL 5.50% due 8/17/2030⁽¹⁾	USD		370,000		371,499

Egypt Government International Bonds 7.30% due 9/30/2033	USD		510,000		508,355

Ivory Coast Government International Bonds 7.625% due 1/30/2033⁽¹⁾	USD		562,000		599,968

Nigeria Government International Bonds 7.375% due 9/28/2033	USD		591,000		594,993

Republic of South Africa Government International Bonds 7.10% due 11/19/2036	USD		430,000		461,471

Romania Government International Bonds 6.625% due 5/16/2036⁽¹⁾	USD		402,000		410,277

Serbia International Bonds 6.00% due 6/12/2034⁽¹⁾	USD		651,000		666,374

Turkiye Government International Bonds 5.875% due 5/21/2030	EUR		288,000		348,313
7.625% due 5/15/2034	USD		218,000		228,950

Total Foreign Government (Cost $4,459,811)					4,749,213


June 30, 2026 (unaudited)	Principal Amount		Value
U.S. Government Securities – 19.7%

U.S. Treasury Bonds 4.25% due 2/15/2054	$	2,000,000	$	1,784,531
4.50% due 11/15/2054		12,000,000		11,170,782
4.625% due 11/15/2044		22,539,000		21,721,081
4.625% due 11/15/2045		800,000		768,375
4.875% due 8/15/2045		1,500,000		1,488,574

Total U.S. Government Securities (Cost $38,076,701)				36,933,343
Repurchase Agreements – 1.8%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $3,366,370, due 7/1/2026⁽⁵⁾		3,366,271		3,366,271

Total Repurchase Agreements (Cost $3,366,271)				3,366,271

Total Investments – 99.8% (Cost $188,021,486)				187,140,162

Assets in excess of other liabilities – 0.2%				327,103

Total Net Assets – 100.0%			$	187,467,265

⁽¹⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2026, the aggregate market value of these securities amounted to $84,588,991, representing 45.1% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2026.

⁽³⁾	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.

⁽⁴⁾	Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽⁵⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	3,433,700	$	3,433,795


The accompanying notes are an integral part of these financial statements.				7

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

Open futures contracts at June 30, 2026:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. 2-Year Treasury Note		September 2026		128		Long	$	26,651,334	$	26,385,000	$	(266,334	)
U.S. 5-Year Treasury Note		September 2026		24		Long		2,560,394		2,569,125		8,731
U.S. 10-Year Treasury Note		September 2026		6		Long		672,397		674,812		2,415
Total							$	29,884,125	$	29,628,937	$	(255,188	)

Open forward foreign currency contracts at June 30, 2026:

Counterparty

Settlement
Date

Amount

Amount and
Description of
Currency to
be Purchased

Amount

Amount and
Description of
Currency to
be Sold

Unrealized
Appreciation

State Street Bank & Trust Co.

7/17/2026

376,671

USD

318,000

EUR

13,104

Legend:

CLO—Collateralized Loan Obligation

CMT—Constant Maturity Treasury

EUR—Euro

SOFR—Secured Overnight Financing Rate

USD—United States Dollar


Assets (unaudited)	Valuation Inputs
Investments in Securities	Level 1			Level 2		Level 3		Total
Asset-Backed Securities	$	—		$	44,628,521	$	—	$	44,628,521
Corporate Bonds & Notes		—			76,938,312		—		76,938,312
Municipals		—			1,755,548		—		1,755,548
Non-Agency Mortgage-Backed Securities		—			18,768,954		—		18,768,954
Foreign Government		—			4,749,213		—		4,749,213
U.S. Government Securities		—			36,933,343		—		36,933,343
Repurchase Agreements		—			3,366,271		—		3,366,271
Total Investments in Securities	$	—		$	187,140,162	$	—	$	187,140,162
Other Financial Instruments
Futures		11,146			—		—		11,146
Forward Foreign Currency Contracts		—			13,104		—		13,104
Total Assets	$	11,146		$	187,153,266	$	—	$	187,164,412
Liabilities
Futures		(266,334	)		—		—		(266,334	)
Total Liabilities	$	(266,334	)	$	—	$	—	$	(266,334	)


8				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)

Assets

Investments, at value	$	187,140,162

Interest receivable		1,928,550

Receivable for fund shares subscribed		14,439

Unrealized appreciation on open forward foreign currency contracts		13,104

Reimbursement receivable from adviser		5,699

Prepaid expenses		2,877


Total Assets		189,104,831


Liabilities

Payable for investments purchased		1,250,393

Payable for fund shares redeemed		174,081

Investment advisory fees payable		69,852

Distribution fees payable		38,807

Accrued custodian and accounting fees		25,197

Accrued administrative fees		22,295

Payable for variation margin on futures contracts		21,871

Accrued audit fees		19,502

Accrued legal fees		7,428

Accrued transfer agent fees		6,100

Accrued trustees’ and officers’ fees		426

Due to custodian		225

Accrued shareholder reports fees		221

Accrued expenses and other liabilities		1,168


Total Liabilities		1,637,566


Total Net Assets	$	187,467,265


Net Assets Consist of:
Paid-in capital	$	187,952,467
Distributable earnings		(485,202	)


Total Net Assets	$	187,467,265

Investments, at Cost	$	188,021,486


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		18,095,989

Net Asset Value Per Share		$10.36


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Interest	$	5,075,155


Total Investment Income		5,075,155


Expenses

Investment advisory fees		430,378

Distribution fees		239,099

Professional fees		40,213

Trustees’ and officers’ fees		32,209

Administrative fees		27,463

Custodian and accounting fees		26,973

Transfer agent fees		8,264

Shareholder reports		4,871

Other expenses		6,773


Total Expenses		816,243

Less: Fees waived		(31,998	)


Total Expenses, Net		784,245


Net Investment Income/(Loss)		4,290,910


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions

Net realized gain/(loss) from investments		129,511

Net realized gain/(loss) from futures contracts		(391,516	)

Net realized gain/(loss) from forward foreign currency contracts		(2,575	)

Net realized gain/(loss) from foreign currency transactions		(91	)

Net change in unrealized appreciation/(depreciation) on investments		(2,425,073	)

Net change in unrealized appreciation/(depreciation) on futures contracts		37,530

Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		16,013

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(858	)


Net Loss on Investments, Derivative Contracts and Foreign Currency Transactions		(2,637,059	)


Net Increase in Net Assets Resulting From Operations	$	1,653,851


The accompanying notes are an integral part of these financial statements.				9

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND


Statements of Changes in Net Assets Six Months Ended Numbers are unaudited

	For the Six Months Ended 6/30/26			For the Year Ended 12/31/25

Operations

Net investment income/(loss)	$	4,290,910		$	9,260,440

Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		(264,671	)		(785,006	)

Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies		(2,372,388	)		5,198,455


Net Increase in Net Assets Resulting from Operations		1,653,851			13,673,889


Capital Share Transactions

Proceeds from sales of shares		10,057,362			13,756,884

Cost of shares redeemed		(19,793,336	)		(52,112,538	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(9,735,974	)		(38,355,654	)


Net Decrease in Net Assets		(8,082,123	)		(24,681,765	)


Net Assets

Beginning of period		195,549,388			220,231,153


End of period	$	187,467,265		$	195,549,388


Other Information:

Shares

Sold		975,003			1,378,364

Redeemed		(1,920,266	)		(5,264,459	)


Net Decrease		(945,263	)		(3,886,095	)


10				The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank


				11

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	10.27	$	0.23	$	(0.14	)	$	0.09		$	10.36		0.88	%⁽⁴⁾

Year Ended 12/31/25		9.61		0.45		0.21			0.66			10.27		6.87	%

Year Ended 12/31/24		9.44		0.43		(0.26	)		0.17			9.61		1.80	%

Year Ended 12/31/23		8.98		0.36		0.10			0.46			9.44		5.12	%

Year Ended 12/31/22		10.61		0.24		(1.87	)		(1.63	)		8.98		(15.36	)%

Year Ended 12/31/21		10.70		0.18		(0.27	)		(0.09	)		10.61		(0.84	)%


12				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	187,467		0.82	%⁽⁴⁾		0.85	%⁽⁴⁾		4.49	%⁽⁴⁾		4.45	%⁽⁴⁾		21	%⁽⁴⁾

	195,549		0.81	%		0.85	%		4.49	%		4.45	%		107	%

	220,231		0.79	%		0.85	%		4.51	%		4.45	%		201	%

	254,039		0.79	%		0.82	%		3.94	%		3.91	%		324	%

	266,370		0.79	%		0.80	%		2.54	%		2.53	%		154	%

	355,203		0.79	%		0.79	%		1.68	%		1.68	%		155	%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.


The accompanying notes are an integral part of these financial statements.				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Total Return Bond VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks total return with an emphasis on high current income as well as capital appreciation.

2. Significant Accounting Policies

vendor and broker-dealer evaluation. The Fair Valuation Committee oversees and carries out the policies for the valuation of investments held in the Fund. The Fair Valuation Committee is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and reports to the Board of Trustees on at least a quarterly basis.

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

purchases) or sales of securities denominated in foreign currency, or to exchange one currency for another. Upon entering into a forward foreign currency contract, the Fund may be required to post margin equal to its outstanding exposure thereunder. Forward foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the forward foreign currency contract is settled.

f. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps and swaptions on individual obligations or credit indices. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security or securities, (ii) to adjust the Fund’s asset allocation or risk exposure, (iii) to enhance potential return, or (iv) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Fund may sell protection under a credit default swap in an attempt to gain exposure to an underlying issuer’s credit quality characteristics without investing directly in that issuer.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps or swaptions held during the six months ended June 30, 2026.


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

h. Foreign Currency Translation The accounting records of the Fund are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Fund denominated in a foreign currency are generally translated into U.S. dollars at the exchange rates quoted at the close of the NYSE on each business day. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the respective transactions. The Fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included in the Net change in net realized and unrealized gain/(loss) from investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency

gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

operates as a single operating segment because the Fund has a single investment strategy, as disclosed in its prospectus. The Fund’s long-term strategic asset allocation is determined in accordance with Fund’s investment objective and principal investment strategies as disclosed in the Fund’s prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

3. Transactions with Affiliates

Park Avenue has contractually agreed through April 30, 2027 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.82% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $31,998.

Park Avenue has entered into a Sub-Advisory Agreement with Massachusetts Financial Services Company (“MFS”), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. MFS is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

b. Compensation of Trustees and Officers Trustees and officers who are interested persons of the Trust, as

defined in the 1940 Act, receive no compensation from the Fund, except for the Chief Compliance Officer of the Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	28,398,228	$	11,618,920
Sales		27,148,039		17,400,410

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

TBA security may decline prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by the Fund to purchase the securities. The Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

f. Restricted and Illiquid Securities A restricted security cannot be resold to the general public without prior


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust’s Board of Trustees and are noted, if any, in the Fund’s Schedule of Investments. As of June 30, 2026, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

g. Below Investment Grade Securities The Fund may invest in below investment grade securities (i.e. lower-quality, “junk” debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

securities are subject to the risk that underlying obligations will be repaid sooner (known as “prepayment risk”) or later (known as “extension risk”) than expected because of changes in interest rates, either of which may result in lower than expected returns for the Fund. Because mortgage-backed securities are backed by mortgage loans, they also are subject to risks associated with the ownership of real estate and the real estate industry.

i. Treasury Inflation Protected Securities Treasury inflation protected securities (“TIPS”) are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index (“CPI”). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.


20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

the counterparty may not be able to meet the terms of the contracts as well as the risk of unanticipated movements in the value of foreign currencies relative to the U.S. dollar. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. The Fund used forward foreign currency contracts for the six months ended June 30, 2026.

agreement’s terms and the possible lack of liquidity with respect to the agreements.

As of June 30, 2026, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts			Foreign Currency Contracts

Asset Derivatives
Forward Foreign Currency Contracts¹	$	—		$	13,104
Futures Contracts²		11,146			—

Liability Derivatives
Futures Contracts²	$	(266,334	)	$	—

¹	Statement of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.

²	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative investments for the six months ended June 30, 2026 were as follows:



	Interest Rate Contracts			Foreign Currency Contracts

Net Realized Gain/(Loss)
Forward Foreign Currency Contracts¹	$	—		$	(2,575	)
Futures Contracts²		(391,516	)		—

Net Change in Unrealized Appreciation/(Depreciation)
Forward Foreign Currency Contracts³	$	—		$	16,013
Futures Contracts⁴		37,530			—

Average Number of Notional Amounts
Forward Foreign Currency Contracts	$	—		$	372,308
Futures Contracts⁵		137			—

¹	Statement of Operations location: Net realized gain/(loss) from forward foreign currency contracts.

²	Statement of Operations location: Net realized gain/(loss) from futures contracts.

³	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts.

⁴	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

⁵	Amount represents number of contracts.


				21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

and pandemics), terrorism, conflicts, social or political unrest, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of the markets, which may result in significant and rapid negative impact on the performance of the Fund’s investments.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

The Fund, with other funds in the Trust managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from

State Street Bank and Trust Company (the “Credit Agreement”) for general short-term working capital purposes, including the funding of shareholder redemptions and trade settlements. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until December 14, 2026. The Fund did not utilize the credit facility during the six months ended June 30, 2026.

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:


22

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

Target Portfolio would transfer substantially all of its assets and liabilities to a corresponding Acquiring Portfolio in exchange for shares of the Acquiring Portfolio. Shares of the Acquiring Portfolio which would be distributed to shareholders of the applicable Target Portfolio, who will own Class 1 or Class 3 shares, as applicable, of the Acquiring Portfolio. Following completion of the Reorganizations, each Target Portfolio will be terminated.

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST



Target Portfolio		Acquiring Portfolio
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				23

SUPPLEMENTAL INFORMATION (UNAUDITED)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements


24

SUPPLEMENTAL INFORMATION (UNAUDITED)

economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Subadvisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services


				25

SUPPLEMENTAL INFORMATION (UNAUDITED)

and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

The Board considered investment performance for each Fund over the one-year, three-year (where available), five-year (where available) and since-inception periods.

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


26

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st


				27

SUPPLEMENTAL INFORMATION (UNAUDITED)

quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.


28

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that a new Subadviser was retained in 2025.


				29

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.


30

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total

expenses were in the 4^th quintile of the expense group

(but still within one basis point of median for total expenses).

Conclusion


				31

This Page Intentionally Left Blank


32

This Page Intentionally Left Blank


				33

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB10524

Guardian Variable

Products Trust

2026

Semi-Annual Report

Financial Statements and Other Information

All Data as of June 30, 2026

Guardian U.S. Government/Credit VIP Fund

LOGO


Not FDIC insured. May lose value. No bank guarantee.		www.guardianlife.com

TABLE OF CONTENTS

Guardian U.S. Government/Credit VIP Fund



Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies			1

Schedule of Investments			1

Statement of Assets and Liabilities			7

Statement of Operations			7

Statements of Changes in Net Assets			8

Financial Highlights			10

Notes to Financial Statements			12

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies			22

Item 9. Proxy Disclosures for Open-End Management Investment Companies			22

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies			22

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements			22

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Agency Mortgage-Backed Securities – 3.1%

Federal Home Loan Mortgage Corp. 4.884% due 3/1/2056⁽¹⁾⁽²⁾	$	128,962	$	128,610
5.352% due 8/1/2055⁽¹⁾⁽²⁾		53,035		53,564
5.423% due 10/1/2055⁽¹⁾⁽²⁾		79,183		79,698
5.504% due 7/1/2055⁽¹⁾⁽²⁾		147,064		148,646
5.622% due 8/1/2055⁽¹⁾⁽²⁾		81,522		82,603
5.844% due 5/1/2055⁽¹⁾⁽²⁾		98,551		100,164
6.002% due 8/1/2054⁽¹⁾⁽²⁾		51,991		53,039

Federal National Mortgage Association 5.464% due 10/1/2055⁽¹⁾⁽²⁾		28,962		29,311
5.523% due 10/1/2053⁽¹⁾⁽²⁾		18,640		18,903
5.727% due 8/1/2055⁽¹⁾⁽²⁾		123,314		125,354
5.853% due 2/1/2054⁽¹⁾⁽²⁾		30,059		30,617
5.969% due 9/1/2055⁽¹⁾⁽²⁾		398,457		406,759

Uniform Mortgage-Backed Security 4.50% due 7/1/2039⁽³⁾		814,000		804,293
4.50% due 8/1/2039⁽³⁾		152,000		150,074
5.00% due 8/1/2039⁽³⁾		245,000		245,668
5.00% due 7/1/2041⁽³⁾		766,000		769,076
5.50% due 7/1/2041⁽³⁾		626,000		635,849
6.00% due 7/1/2039⁽³⁾		60,000		61,572


Total Agency Mortgage-Backed Securities (Cost $3,922,581)				3,923,800
Asset-Backed Securities – 3.8%

Ares Loan Funding V Ltd. Series 2024-ALF5AR, Class A1R 4.851% (3 mo. USD Term SOFR + 1.22%) due 7/25/2037⁽²⁾⁽⁴⁾		330,000		330,051

Barrow Hanley CLO III Ltd. Series 2024-3A, Class AR 4.891% (3 mo. USD Term SOFR + 1.27%) due 4/20/2038⁽²⁾⁽⁴⁾		250,000		250,188

BlueMountain CLO Ltd. Series 2014-2A, Class BR2 5.687% (3 mo. USD Term SOFR + 2.01%) due 10/20/2030⁽²⁾⁽⁴⁾		600,000		600,634

BlueMountain CLO XXIX Ltd. Series 2020-29AR, Class AR2 4.685% (3 mo. USD Term SOFR + 1.05%) due 7/25/2034⁽²⁾⁽⁴⁾		340,000		340,000

Crown City CLO IV Series 2022-4A, Class A1R2 4.905% (3 mo. USD Term SOFR + 1.28%) due 4/20/2037⁽²⁾⁽⁴⁾		250,000		250,000

Dryden 42 Senior Loan Fund Series 2016-42AR, Class A1R3 5.525% (3 mo. USD Term SOFR + 1.19%) due 7/15/2037⁽²⁾⁽⁴⁾		250,000		250,037

Exeter Automobile Receivables Trust Series 2024-3A, Class C 5.70% due 7/16/2029		415,000		417,476


June 30, 2026 (unaudited)	Principal Amount		Value
Asset-Backed Securities (continued)

LoanCore Issuer LLC

Series 2025-CRE8, Class A 5.021% (1 mo. USD Term SOFR + 1.39%) due 8/17/2042⁽²⁾⁽⁴⁾	$	270,000	$	270,030

Oscar U.S. Funding XV LLC Series 2023-1A, Class A3 5.81% due 12/10/2027⁽⁴⁾		142,428		142,808

Silver Point CLO 12 Ltd. Series 2025-12A, Class A1 4.983% (3 mo. USD Term SOFR + 1.31%) due 10/15/2038⁽²⁾⁽⁴⁾		1,000,000		1,000,484

Voya CLO Ltd. Series 2019-1A, Class A2RR 5.273% (3 mo. USD Term SOFR + 1.60%) due 10/15/2037⁽²⁾⁽⁴⁾		1,000,000		1,002,409


Total Asset-Backed Securities (Cost $4,850,342)				4,854,117
Corporate Bonds & Notes – 41.2%

Aerospace & Defense – 0.3%

Boeing Co. 6.388% due 5/1/2031		200,000		212,510

Honeywell Aerospace, Inc. 4.60% due 3/16/2033⁽⁴⁾		182,000		178,632


				391,142
Agriculture – 0.5%

BAT Capital Corp. 5.834% due 2/20/2031		320,000		333,335
6.343% due 8/2/2030		342,000		361,526


				694,861
Airlines – 0.1%

United Airlines Pass-Through Trust Series 2020-1, Class A 5.875% due 4/15/2029		126,329		127,816


				127,816
Auto Manufacturers – 0.7%

Ford Motor Credit Co. LLC 7.35% due 11/4/2027		876,000		900,090


				900,090
Banks – 8.8%

AIB Group PLC 6.608% (6.608% fixed rate until 9/13/2028; 1 day USD SOFR + 2.33% thereafter) due 9/13/2029⁽²⁾⁽⁴⁾		431,000		447,160

ANZ Bank New Zealand Ltd. 5.548% (5.548% fixed rate until 8/11/2027; 5 yr. CMT + 2.70% thereafter) due 8/11/2032⁽²⁾⁽⁴⁾		200,000		201,163


The accompanying notes are an integral part of these financial statements.				1

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Banks (continued)

Bank of Ireland Group PLC 4.997% (4.997% fixed rate until 11/12/2031; 1 day USD SOFR Index + 1.16% thereafter) due 11/12/2032⁽²⁾⁽⁴⁾	$	200,000	$	199,864

Bank of Montreal 3.803% (3.803% fixed rate until 12/15/2027; 5 yr. USD Swap + 1.43% thereafter) due 12/15/2032⁽²⁾		550,000		541,408

Citigroup, Inc. 6.27% (6.27% fixed rate until 11/17/2032; 1 day USD SOFR + 2.34% thereafter) due 11/17/2033⁽²⁾		1,113,000		1,186,583

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⁽²⁾		318,000		321,394

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⁽²⁾		782,000		691,141
5.094% (5.094% fixed rate until 4/20/2033; 1 day USD SOFR + 1.34% thereafter) due 4/20/2034⁽²⁾		150,000		149,398
5.218% (5.218% fixed rate until 4/23/2030; 1 day USD SOFR + 1.58% thereafter) due 4/23/2031⁽²⁾		350,000		353,488

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⁽²⁾		677,000		632,100
2.963% (2.963% fixed rate until 1/25/2032; 1 day USD SOFR + 1.26% thereafter) due 1/25/2033⁽²⁾		1,054,000		954,238
4.995% (4.995% fixed rate until 7/22/2029; 1 day USD SOFR + 1.13% thereafter) due 7/22/2030⁽²⁾		269,000		270,821
5.576% (5.576% fixed rate until 7/23/2035; 1 day USD SOFR + 1.64% thereafter) due 7/23/2036⁽²⁾		165,000		167,507

Morgan Stanley 4.708% (4.708% fixed rate until 3/12/2031; 1 day USD SOFR + 1.20% thereafter) due 3/12/2032⁽²⁾		185,000		182,714
5.042% (5.042% fixed rate until 7/19/2029; 1 day USD SOFR + 1.22% thereafter) due 7/19/2030⁽²⁾		1,249,000		1,257,712


June 30, 2026 (unaudited)	Principal Amount		Value
Banks (continued)
5.424% (5.424% fixed rate until 7/21/2033; 1 day USD SOFR + 1.88% thereafter) due 7/21/2034⁽²⁾	$	520,000	$	528,066
5.449% (5.449% fixed rate until 7/20/2028; 1 day USD SOFR + 1.63% thereafter) due 7/20/2029⁽²⁾		321,000		325,249
6.342% (6.342% fixed rate until 10/18/2032; 1 day USD SOFR + 2.56% thereafter) due 10/18/2033⁽²⁾		580,000		618,333

Toronto-Dominion Bank 3.625% (3.625% fixed rate until 9/15/2026; 5 yr. USD Swap + 2.21% thereafter) due 9/15/2031⁽²⁾		113,000		112,741

U.S. Bancorp 5.046% (5.046% fixed rate until 2/12/2030; 1 day USD SOFR + 1.06% thereafter) due 2/12/2031⁽²⁾		375,000		378,583

UBS Group AG 2.746% (2.746% fixed rate until 2/11/2032; 1 yr. CMT + 1.10% thereafter) due 2/11/2033⁽²⁾⁽⁴⁾		794,000		704,770

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⁾		477,000		438,480
5.389% (5.389% fixed rate until 4/24/2033; 1 day USD SOFR + 2.02% thereafter) due 4/24/2034⁽²⁾		614,000		623,361


				11,286,274
Diversified Financial Services – 2.2%

Aircastle Ltd. 2.85% due 1/26/2028⁽⁴⁾		671,000		650,614

Aviation Capital Group LLC 4.875% due 1/28/2033⁽⁴⁾		136,000		132,302

Avolon Holdings Funding Ltd. 3.25% due 2/15/2027⁽⁴⁾		786,000		779,234

LPL Holdings, Inc. 4.625% due 11/15/2027⁽⁴⁾		377,000		375,160
5.20% due 3/15/2030		201,000		202,315

Sumisho Air Lease Corp. 5.20% due 7/15/2031		190,000		190,927
5.85% due 12/15/2027		445,000		452,145


				2,782,697
Electric – 8.0%

AEP Texas, Inc.
Series Q 5.20% due 4/15/2036		134,000		132,169

AEP Transmission Co. LLC 5.25% due 6/1/2036		180,000		180,653


2				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Electric (continued)

Alliant Energy Finance LLC 5.95% due 3/30/2029⁽⁴⁾	$	353,000	$	362,946

American Transmission Systems, Inc. 2.65% due 1/15/2032⁽⁴⁾		243,000		217,416

Capital Power U.S. Holdings, Inc. 6.189% due 6/1/2035⁽⁴⁾		189,000		195,605

Chpe LLC 5.10% due 6/30/2033⁽⁴⁾		210,000		209,447

Constellation Energy Generation LLC 5.00% due 2/1/2031⁽⁴⁾		331,000		330,908

Duke Energy Carolinas LLC 5.15% due 6/15/2036		433,000		433,438

Entergy Texas, Inc. 5.20% due 6/15/2036		661,000		656,655

Evergy Missouri West, Inc. 5.65% due 6/1/2034⁽⁴⁾		696,000		709,146

FirstEnergy Pennsylvania Electric Co. 3.25% due 3/15/2028⁽⁴⁾		629,000		614,324

Hydro One, Inc. 4.75% due 5/30/2031		314,000		314,597

ITC Holdings Corp. 5.50% due 4/15/2036⁽⁴⁾		135,000		136,884

Kentucky Power Co. 7.00% due 11/15/2033⁽⁴⁾		440,000		473,642

Kentucky Utilities Co.
Series KENT 5.45% due 4/15/2033		450,000		462,443

Liberty Utilities Co. 5.10% due 5/15/2031⁽⁴⁾		116,000		115,721
5.869% due 1/31/2034⁽⁴⁾		356,000		364,762

Monongahela Power Co. 5.85% due 2/15/2034⁽⁴⁾		437,000		456,205

NorthWestern Corp. 5.073% due 3/21/2030⁽⁴⁾		449,000		453,132

Oncor Electric Delivery Co. LLC 4.50% due 3/15/2031⁽⁴⁾		68,000		67,322

Pacific Gas and Electric Co. 5.20% due 5/1/2036		114,000		110,727
5.80% due 5/15/2034		510,000		521,337

PSEG Power LLC 5.75% due 5/15/2035⁽⁴⁾		275,000		280,632

Public Service Enterprise Group, Inc. 5.20% due 4/1/2029		367,000		371,899

Puget Energy, Inc. 5.725% due 3/15/2035		464,000		466,953

Southern Co. 5.20% due 6/15/2033		392,000		395,001

Vistra Operations Co. LLC 4.70% due 1/31/2031⁽⁴⁾		135,000		132,298
5.25% due 4/30/2033⁽⁴⁾		260,000		258,076
6.95% due 10/15/2033⁽⁴⁾		150,000		163,220
7.75% due 10/15/2031⁽⁴⁾		658,000		688,452


				10,276,010


June 30, 2026 (unaudited)	Principal Amount		Value
Electronics – 0.9%

Amphenol Corp. 4.40% due 2/15/2033	$	573,000	$	557,148

nVent Finance SARL 4.55% due 4/15/2028		548,000		545,631


				1,102,779
Food – 0.9%

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings 3.625% due 1/15/2032		413,000		382,469
5.50% due 1/15/2036		150,000		149,782

Pilgrim’s Pride Corp. 3.50% due 3/1/2032		387,000		352,800
4.25% due 4/15/2031		268,000		257,005


				1,142,056
Gas – 0.4%

National Fuel Gas Co. 4.75% due 9/1/2028		370,000		369,138
5.05% due 10/15/2031		195,000		194,136


				563,274
Healthcare Products – 1.1%

Abbott Laboratories 4.30% due 3/15/2033		509,000		493,710

Augusta SpinCo Corp. 4.945% due 3/23/2033		263,000		261,386

Baxter International, Inc. 5.65% due 12/15/2035		233,000		231,118

Solventum Corp. 5.60% due 3/23/2034		190,000		194,454

VSP Optical Group, Inc. 5.40% due 6/1/2033⁽⁴⁾		67,000		67,169
5.45% due 12/1/2035⁽⁴⁾		161,000		159,818


				1,407,655
Healthcare Services – 2.4%

Adventist Health System 5.757% due 12/1/2034		323,000		329,072

Beth Israel Lahey Health, Inc. Series O 4.717% due 7/1/2030		300,000		298,038

CommonSpirit Health 5.318% due 12/1/2034		999,000		1,000,384

Fresenius Medical Care U.S. Finance III, Inc. 3.00% due 12/1/2031⁽⁴⁾		301,000		270,506

HCA, Inc. 5.45% due 4/1/2031		363,000		370,899

Providence St. Joseph Health Obligated Group 5.369% due 10/1/2032		771,000		785,475


				3,054,374
Insurance – 0.7%

Brighthouse Financial Global Funding 2.00% due 6/28/2028⁽⁴⁾		399,000		374,680


The accompanying notes are an integral part of these financial statements.				3

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Insurance (continued)

Brown & Brown, Inc. 2.375% due 3/15/2031	$	536,000	$	475,638


				850,318
Internet – 1.6%

Amazon.com, Inc. 4.55% due 3/13/2033		405,000		398,402

MercadoLibre, Inc. 3.125% due 1/14/2031		375,000		343,644

Meta Platforms, Inc. 4.875% due 5/15/2033		416,000		412,241

Uber Technologies, Inc. 4.50% due 8/15/2029⁽⁴⁾		915,000		908,316


				2,062,603
Leisure Time – 0.8%

Carnival Corp. Ltd. 4.00% due 8/1/2028⁽⁴⁾		500,000		490,755

Royal Caribbean Cruises Ltd. 3.70% due 3/15/2028		525,000		517,335


				1,008,090
Machinery-Diversified – 0.1%

Regal Rexnord Corp. 6.30% due 2/15/2030		73,000		76,189


				76,189
Media – 0.8%

Space Exploration Technologies Corp. 5.35% due 7/15/2031⁽⁴⁾		325,000		324,153
5.65% due 7/15/2033⁽⁴⁾		421,000		418,492

Time Warner Cable Enterprises LLC 8.375% due 7/15/2033		285,000		315,884


				1,058,529
Mining – 0.7%

Anglo American Capital PLC 5.50% due 5/2/2033⁽⁴⁾		200,000		203,621

Glencore Funding LLC 5.186% due 4/1/2030⁽⁴⁾		721,000		729,134


				932,755
Oil & Gas – 0.8%

Continental Resources, Inc. 4.375% due 1/15/2028		443,000		439,980

Ovintiv, Inc. 7.375% due 11/1/2031		169,000		186,706

Permian Resources Operating LLC 7.00% due 1/15/2032⁽⁴⁾		380,000		393,034


				1,019,720
Pharmaceuticals – 1.0%

AbbVie, Inc. 4.40% due 3/15/2033		528,000		516,629

Bayer U.S. Finance LLC 6.375% due 11/21/2030⁽⁴⁾		435,000		457,804

EMD Finance LLC 4.625% due 10/15/2032⁽⁴⁾		325,000		319,095


				1,293,528


June 30, 2026 (unaudited)	Principal Amount		Value
Pipelines – 2.1%

Cheniere Energy Partners LP 4.00% due 3/1/2031	$	55,000	$	52,913

Colonial Pipeline Co. 7.63% due 4/15/2032⁽⁴⁾		300,000		328,629

Columbia Pipelines Holding Co. LLC 5.097% due 10/1/2031⁽⁴⁾		371,000		371,354

DT Midstream, Inc. 4.125% due 6/15/2029⁽⁴⁾		250,000		245,004

Energy Transfer LP 7.375% due 2/1/2031⁽⁴⁾		720,000		741,520

NGPL PipeCo LLC 3.25% due 7/15/2031⁽⁴⁾		350,000		321,974

ONEOK, Inc. 5.375% due 6/1/2029		359,000		364,809

Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% due 2/1/2031		223,000		222,146


				2,648,349
Real Estate Investment Trusts – 1.7%

Brixmor Operating Partnership LP 5.20% due 4/1/2032		417,000		419,394

Crown Castle, Inc. 3.30% due 7/1/2030		489,000		460,773

Goodman U.S. Finance Seven LLC 5.25% due 4/28/2036⁽⁴⁾		141,000		138,532

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% due 6/15/2029⁽⁴⁾		425,000		415,348

Phillips Edison Grocery Center Operating Partnership I LP 4.75% due 3/15/2033		214,000		209,813

Regency Centers LP 5.00% due 7/15/2032		219,000		220,304

Tanger Properties LP 2.75% due 9/1/2031		327,000		293,952


				2,158,116
Semiconductors – 3.2%

Broadcom, Inc. 4.80% due 2/15/2036		180,000		174,680
4.90% due 7/15/2032		258,000		258,844
5.20% due 4/15/2032		632,000		644,003

Foundry JV Holdco LLC 5.50% due 1/25/2031⁽⁴⁾		647,000		661,440
6.15% due 1/25/2032⁽⁴⁾		200,000		209,780

Intel Corp. 5.00% due 8/15/2033		262,000		259,995
5.20% due 2/10/2033		205,000		207,259

KLA Corp. 5.65% due 11/1/2034		635,000		660,292

Marvell Technology, Inc. 5.30% due 4/15/2036		410,000		407,921


4				The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


June 30, 2026 (unaudited)	Principal Amount		Value
Semiconductors (continued)

NVIDIA Corp. 4.75% due 6/15/2033	$	645,000	$	643,155


				4,127,369
Software – 1.2%

Oracle Corp. 4.65% due 5/6/2030		545,000		534,449
4.95% due 2/4/2031		1,000,000		979,032


				1,513,481
Telecommunications – 0.2%

QTS Fayetteville I Dc1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC 5.70% due 4/15/2036⁽⁴⁾		334,000		317,565


				317,565

Total Corporate Bonds & Notes (Cost $52,813,373)				52,795,640
Non-Agency Mortgage-Backed Securities – 1.1%

BBCMS Mortgage Trust
Series 2025-5C34, Class A3 5.659% due 5/15/2058		200,000		204,947

Benchmark Mortgage Trust
Series 2026-V21, Class A3 5.127% due 3/15/2059		400,000		403,044

BMO Mortgage Trust
Series 2023-C5, Class A4 5.494% due 6/15/2056		200,000		204,000
Series 2026-5C14, Class A3 5.209% due 3/15/2059		210,000		212,204

GS Mortgage Securities Trust
Series 2017-GS7, Class A4 3.43% due 8/10/2050		230,000		226,975

Wells Fargo Commercial Mortgage Trust
Series 2016-LC24, Class A4 2.942% due 10/15/2049		174,262		173,938

Total Non-Agency Mortgage-Backed Securities (Cost $1,439,394)				1,425,108
Foreign Government – 0.5%

Caisse d’Amortissement de la Dette Sociale 4.00% due 3/3/2033⁽⁴⁾		USD 287,000		276,599

Cassa Depositi e Prestiti SpA
Series 144A 4.375% due 10/1/2030⁽⁴⁾		USD 329,000		324,406

Total Foreign Government (Cost $614,817)				601,005
U.S. Government Securities – 51.1%

U.S. Treasury Inflation-Indexed Notes 0.125% due 4/15/2027	$	2,693,156		2,640,555


June 30, 2026 (unaudited)	Principal Amount		Value
U.S. Government Securities (continued)

U.S. Treasury Notes 1.50% due 11/30/2028	$	1,766,000	$	1,658,591
1.875% due 2/15/2032		1,149,000		1,013,589
3.50% due 4/30/2030		3,292,000		3,212,272
3.625% due 8/31/2029		7,020,000		6,907,570
3.625% due 8/31/2030		3,477,000		3,401,620
3.625% due 12/31/2030		1,788,000		1,745,884
3.75% due 4/30/2028		1,302,000		1,292,591
3.875% due 12/31/2032		2,848,000		2,781,027
3.875% due 8/15/2034		2,023,000		1,954,012
4.125% due 10/31/2029		6,142,000		6,132,163
4.25% due 2/28/2029		4,120,000		4,128,530
4.25% due 6/30/2029		4,649,000		4,659,533
4.25% due 1/31/2030		5,971,000		5,984,062
4.25% due 11/15/2034		1,308,000		1,295,227
4.25% due 8/15/2035		3,803,000		3,754,571
4.375% due 8/31/2028		4,444,000		4,462,748
4.50% due 5/31/2029		4,688,000		4,730,485
4.625% due 2/15/2035		668,300		678,899
4.875% due 10/31/2030		2,951,000		3,028,579

Total U.S. Government Securities (Cost $65,924,383)				65,462,508
Repurchase Agreements – 0.7%

Fixed Income Clearing Corp., 1.06%, dated 6/30/2026, proceeds at maturity value of $894,717, due 7/1/2026⁽⁵⁾		894,691		894,691

Total Repurchase Agreements (Cost $894,691)				894,691

Total Investments – 101.5% (Cost $130,459,581)				129,956,869

Liabilities in excess of other assets – (1.5)%				(1,943,781	)

Total Net Assets – 100.0%			$	128,013,088

⁽¹⁾	Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽²⁾	Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at June 30, 2026.

⁽³⁾	TBA — To be announced.

⁽⁴⁾

Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At June 30, 2026, the aggregate market value of these securities amounted to $23,804,406, representing 18.6% 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.

⁽⁵⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		4.00%		12/15/2027	$	912,600	$	912,613


The accompanying notes are an integral part of these financial statements.				5

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

Open futures contracts at June 30, 2026:


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Depreciation
U.S. 2-Year Treasury Note		September 2026		37		Long	$	7,788,698		$	7,626,914		$	(161,784	)
U.S. 5-Year Treasury Note		September 2026		3		Short	$	(320,083	)	$	(321,141	)	$	(1,058	)
Total							$	7,468,615		$	7,305,773		$	(162,842	)

Legend:

CLO — Collateralized Loan Obligation

CMT — Constant Maturity Treasury

SOFR — Secured Overnight Financing Rate

USD — United States Dollar


Assets (unaudited)	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Agency Mortgage-Backed Securities	$	—	$	3,923,800	$	—	$	3,923,800
Asset-Backed Securities		—		4,854,117		—		4,854,117
Corporate Bonds & Notes		—		52,795,640		—		52,795,640
Non-Agency Mortgage-Backed Securities		—		1,425,108		—		1,425,108
Foreign Government		—		601,005		—		601,005
U.S. Government Securities		—		65,462,508		—		65,462,508
Repurchase Agreements		—		894,691		—		894,691
Total Assets	$	—	$	129,956,869	$	—	$	129,956,869
Liabilities
Other Financial Instruments
Futures		(162,842)		—		—		(162,842	)
Total Liabilities	$	(162,842)	$	—	$	—	$	(162,842	)


6				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


Statement of Assets and Liabilities As of June 30, 2026 (unaudited)
Assets

Investments, at value	$	129,956,869

Receivable for investments sold		436,018

Interest receivable		1,336,275

Cash deposits with brokers for futures contracts		43,875

Receivable for fund shares subscribed		32,361

Reimbursement receivable from adviser		18,893

Prepaid expenses		2,032


Total Assets		131,826,323


Liabilities

Payable for investments purchased		3,572,733

Payable for fund shares redeemed		76,721

Investment advisory fees payable		49,888

Distribution fees payable		26,536

Accrued audit fees		19,503

Accrued administrative fees		18,823

Payable for variation margin on futures contracts		18,254

Accrued custodian and accounting fees		17,405

Accrued transfer agent fees		6,733

Accrued legal fees		5,279

Accrued trustees’ and officers’ fees		448

Accrued shareholder reports fees		302

Accrued expenses and other liabilities		610


Total Liabilities		3,813,235


Total Net Assets	$	128,013,088


Net Assets Consist of:
Paid-in capital	$	122,219,700
Distributable earnings		5,793,388


Total Net Assets	$	128,013,088

Investments, at Cost	$	130,459,581

Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		12,013,679

Net Asset Value Per Share		$10.66


Statement of Operations For the Six Months Ended June 30, 2026 (unaudited)
Investment Income

Interest	$	2,892,623


Total Investment Income		2,892,623


Expenses

Investment advisory fees		311,007

Distribution fees		165,429

Professional fees		34,012

Administrative fees		23,217

Custodian and accounting fees		23,094

Trustees’ and officers’ fees		22,587

Transfer agent fees		8,978

Shareholder reports		3,893

Other expenses		4,608


Total Expenses		596,825
Less: Fees waived		(109,329	)


Total Expenses, Net		487,496


Net Investment Income/(Loss)		2,405,127


Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts

Net realized gain/(loss) from investments		(78,494	)

Net realized gain/(loss) from futures contracts		(60,387	)

Net change in unrealized appreciation/(depreciation) on investments		(2,022,963	)

Net change in unrealized appreciation/(depreciation) on futures contracts		1,847


Net Loss on Investments and Derivative Contracts		(2,159,997	)


Net Increase in Net Assets Resulting From Operations	$	245,130


The accompanying notes are an integral part of these financial statements.				7

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


Statements of Changes in Net Assets
Six Months Ended Numbers are unaudited
	For the Six Months Ended			For the Year Ended
	6/30/26			12/31/25


Operations

Net investment income/(loss)	$	2,405,127		$	5,448,347

Net realized gain/(loss) from investments and derivative contracts		(138,881	)		(207,110	)

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(2,021,116	)		4,162,615


Net Increase in Net Assets Resulting from Operations		245,130			9,403,852


Capital Share Transactions

Proceeds from sales of shares		6,159,856			12,361,288

Cost of shares redeemed		(15,501,041	)		(41,611,414	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(9,341,185	)		(29,250,126	)


Net Decrease in Net Assets		(9,096,055	)		(19,846,274	)


Net Assets

Beginning of period		137,109,143			156,955,417


End of period	$	128,013,088		$	137,109,143


Other Information:

Shares

Sold		577,923			1,192,443

Redeemed		(1,455,708	)		(4,037,131	)


Net Decrease		(877,785	)		(2,844,688	)


8				The accompanying notes are an integral part of these financial statements.

This Page Intentionally Left Blank


				9

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND


Financial Highlights Six Months Ended Numbers are unaudited
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Six Months Ended 6/30/26	$	10.64	$	0.19	$	(0.17)	$	0.02	$	10.66		0.19%	⁽⁴⁾

Year Ended 12/31/25		9.97		0.39		0.28		0.67		10.64		6.72%

Year Ended 12/31/24		9.80		0.35		(0.18)		0.17		9.97		1.73%

Year Ended 12/31/23		9.42		0.29		0.09		0.38		9.80		4.03%

Year Ended 12/31/22		10.27		0.11		(0.96)		(0.85)		9.42		(8.28)%

Year Ended 12/31/21		10.53		0.06		(0.32)		(0.26)		10.27		(2.47)%


10				The accompanying notes are an integral part of these financial statements.

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets⁽³⁾			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate

$	128,013		0.74%	⁽⁴⁾		0.90%	⁽⁴⁾		3.63%	⁽⁴⁾		3.47%	⁽⁴⁾		56%	⁽⁴⁾

	137,109		0.74%			0.89%			3.74%			3.59%			157%

	156,955		0.74%			0.88%			3.56%			3.42%			228%

	184,462		0.75%			0.85%			3.07%			2.97%			369%	⁽⁵⁾

	201,323		0.75%			0.83%			1.18%			1.10%			52%

	273,908		0.75%			0.82%			0.61%			0.54%			64%

⁽¹⁾	Calculated based on the average shares outstanding during the period.

⁽²⁾	Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.’s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

⁽³⁾	Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Income to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate.

⁽⁵⁾	The Fund’s portfolio turnover rate during the year reflects higher purchase and sale activities due to significant inflow of assets into the Fund.


The accompanying notes are an integral part of these financial statements.				11

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

June 30, 2026 (unaudited)

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian U.S. Government/Credit VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks total return with an emphasis on current income as well as capital appreciation.

2. Significant Accounting Policies

Equity securities traded on an exchange other than the NASDAQ Stock Market, LLC (the “NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (the “NYSE”).


12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

Various inputs are used in determining the valuation of the Fund’s investments. These inputs are summarized in three broad levels listed below.

•

Level 1 – unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

e. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps and swaptions on individual obligations or credit indices. The Fund may use these investments to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve positioning, (iii) manage risk, (iv) enhance potential returns, or (v) as substitutes for permitted Fund investments. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized

amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. In entering into swap contracts, the Fund is required to deposit with the broker (or for the benefit of the broker), either in cash or securities, an amount equal to a percentage of the notional value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund.

The Fund may not achieve the anticipated benefits of swap contracts and may realize a loss. There were no credit default swaps or swaptions held during the six months ended of June 30, 2026.


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund’s Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of June 30, 2026.

losses, if any, are included in Net realized gain/(loss) from foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end, if any, and are included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

strategies as disclosed in the Fund’s prospectus. The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2027 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.73% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). Prior to May 1, 2026, the expense limitation was 0.74%. The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the six months ended June 30, 2026, Park Avenue waived fees and/or paid Fund expenses in the amount of $109,329.

Park Avenue has entered into a Sub-Advisory Agreement with Lord, Abbett & Co. LLC (“Lord Abbett”), effective March 3, 2025. Prior to this date, the Fund did not have a sub-adviser. Lord Abbett is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	30,946,301	$	43,111,948
Sales		32,556,524		49,549,807


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. The principal risks are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Also, the value of TBA securities on the delivery date may be more or less than the price paid by the Fund to purchase the securities. The Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery.

f. Mortgage Dollar Rolls The Fund may engage from time to time in mortgage dollar roll transactions, which involve a sale by the Fund of a mortgage-backed security concurrently with an agreement by the Fund to repurchase a similar security at a later date at an agreed-upon price. These transactions are typically used for short term financing. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, the Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for the Fund. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll transaction, while substantially similar, may be inferior to the securities initially sold by the Fund to the counterparty. The transactions involve the risk that the market price of mortgage-backed securities in a mortgage dollar roll transaction decline below the agreed-upon future repurchase price. Conversely, the market value of the securities subject to a Fund’s forward sale commitment may increase above the exercise price of the forward commitment. Dollar rolls (and when-issued, delayed delivery and to-be-announced transactions) are speculative techniques that may result in leverage and increased volatility. These transactions may also increase risk associated with volatility and losses and are subject to


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

counterparty risk. In addition, investment in mortgage dollar rolls may significantly increase the Fund’s portfolio turnover rate.

i. Treasury Inflation Protected Securities Treasury inflation protected securities (“TIPS”) are debt securities issued by the U.S. Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index (“CPI”). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical U.S. Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

As of June 30, 2026, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:



	Interest Rate Contracts

Liability Derivatives
Futures Contracts¹	$	(162,842	)

¹	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative investments for the six months June 30, 2026 were as follows:



	Interest Rate Contracts

Net Realized Gain/(Loss)
Futures Contracts¹	$	(60,387	)


Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	1,847


Average Number of Notional Amounts
Futures Contracts³		27

¹	Statement of Operations location: Net realized gain/(loss) from futures contracts.

²	Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

³	Amount represents number of contracts.


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND

sale proceeds in other investments and to use proceeds to meet its current redemption obligations. As a result, the Fund may be forced to sell other, more desirable, liquid investments, sell illiquid investments at a loss or take other measures to raise cash. Loans often are rated below investment-grade and may be unrated and subject the Fund to the risk that the value of the collateral for the loan may be insufficient to cover the borrower’s obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants (if any) more difficult for the Fund as legal action may have to go through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

For additional information about the Fund’s investments and related risks, please refer to the prospectus and the Statement of Additional Information.

6. Temporary Borrowings

7. Indemnifications

8. Subsequent Events

The Fund has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that there was the following subsequent event:

The Reorganizations are not expected to be taxable events to contract owners of the variable insurance products investing in the Funds.


20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT/CREDIT VIP FUND



Target Portfolio		Acquiring Portfolio
Guardian Equity Income VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Value Portfolio, a series of SAST
Guardian Integrated Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian All Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Strategic Large Cap Core VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian Diversified Research VIP Fund, a series of GVPT		SA Franklin Systematic U.S. Large Cap Core Portfolio, a series of SAST
Guardian International Equity VIP Fund, a series of GVPT		SA BlackRock Advantage International Portfolio (formerly, SA Morgan Stanley International Equities Portfolio), a series of SAST
Guardian Balanced Allocation VIP Fund, a series of GVPT		SA Index Allocation 60/40 Portfolio, a series of SAST
Guardian Total Return Bond VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Core Plus Fixed Income VIP Fund, a series of GVPT		SA JPMorgan MFS Core Bond Portfolio, a series of SAST
Guardian Large Cap Fundamental Growth VIP Fund, a series of GVPT		SA MFS Large Cap Growth Portfolio, a series of SAST
Guardian Small Cap Value Diversified VIP Fund, a series of GVPT		SA Franklin Small Company Value Portfolio, a series of SAST
Guardian Multi-Sector Bond VIP Fund, a series of GVPT		SA Multi-Managed Diversified Fixed Income Portfolio, a series of SST



Target Portfolio		Acquiring Portfolio
Guardian Short Duration Bond VIP Fund, a series of GVPT		SA JPMorgan Ultra-Short Bond Portfolio, a series of SAST
Guardian Growth & Income VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian Large Cap Disciplined Value VIP Fund, a series of GVPT		SA Franklin BW U.S. Large Cap Value Portfolio, a series of SAST
Guardian International Growth VIP Fund, a series of GVPT		SA Fidelity Institutional AM International Growth Portfolio, a series of SAST
Guardian Global Utilities VIP Fund, a series of GVPT		SA Large Cap Value Index Portfolio, a series of SAST
Guardian Large Cap Disciplined Growth VIP Fund, a series of GVPT		SA Franklin Large Cap Disciplined Growth Portfolio, a newly created series of SAST
Guardian Core Fixed Income VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian U.S. Government/Credit VIP Fund, a series of GVPT		SA Franklin Core Fixed Income Portfolio, a newly created series of SAST
Guardian Small-Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Select Mid Cap Core VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Relative Value VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST
Guardian Mid Cap Traditional Growth VIP Fund, a series of GVPT		SA Franklin Mid Cap Core Portfolio, a newly created series of SAST


				21

SUPPLEMENTAL INFORMATION (UNAUDITED)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Included in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Management and Sub-advisory Agreements

The Board, including the Independent Trustees, also considered and voted unanimously to renew the existing


22

SUPPLEMENTAL INFORMATION (UNAUDITED)

sub-subadvisory agreement (the “Sub-Subadvisory Agreement,” collectively with the Management Agreement and Subadvisory Agreements, the “Agreements”) between Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (also a Subadviser) with respect to Guardian International Equity VIP Fund, in substantially the form presented at the Meeting, for a one-year term.

Subadvisers; (ii) the investment performance of each Fund; (iii) estimated profitability of the Manager; (iv) fees and expenses; (v) the extent to which economies of scale may exist, and the extent to which the benefits of economies of scale are shared with the Funds; and (vi) any other benefits derived by the Manager or the Subadvisers (or their respective affiliates) from their relationships with the Funds.

Nature, Extent and Quality of Services


				23

SUPPLEMENTAL INFORMATION (UNAUDITED)

concerns that arise during the meetings and, as necessary, then report the results of the meetings to the Board. The Trustees reviewed information regarding the experience and background of the Manager’s key personnel and the Manager’s organizational structure and resources, including investment, legal and administrative capabilities of the Manager. In this regard, the Trustees recognized that the Funds may benefit from the Manager’s ability to use resources and capabilities of its affiliates in providing services to the Funds.

Based upon these considerations, the Trustees concluded that the nature, extent and quality of services provided to the Funds by the Manager and each Subadviser were appropriate.

Investment Performance

The Board also received and reviewed a report prepared by Broadridge Financial Solutions (“Broadridge”), an independent provider of mutual fund industry data,

Profitability

Based on the consideration of this information, the Board concluded that the profitability of the Funds to the Manager was acceptable.

Fees and Expenses


24

SUPPLEMENTAL INFORMATION (UNAUDITED)

Economies of Scale

Ancillary Benefits

Fund-by-Fund Factors

Guardian All Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 3000 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Balanced Allocation VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 1^st quintile of its performance universe for the 3-year period.


				25

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the Fund’s performance was lower than its blended benchmark index, the S&P 500 Index (65%) and the Bloomberg US Aggregate Bond Index (35%), for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Core Fixed Income VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 3^rd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Aggregate Bond Index for the 1-year period and in line with the Bloomberg US Aggregate Bond Index for the 3-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the actual management fee was in the 2^nd quintile of the expense group and the contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Core Plus Fixed Income VIP Fund

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Diversified Research VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was higher than the S&P 500 Index for the 1-year and 3-year periods and in line with the S&P 500 Index for the 5-year period.

•

The Board noted that the actual management fee was in the 1^st quintile of the expense group and the

contractual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian Equity Income VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year period and in the 5^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Global Utilities VIP Fund

•

The Board noted that the Fund’s performance was higher than the MSCI ACWI Utilities Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Growth & Income VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Integrated Research VIP Fund

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year, 3-year and 5-year periods.


26

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian International Equity VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year and 3-year periods and in the 5^th quintile for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee was in the 3^rd quintile of the expense group and the actual management fee and the total expenses were in the 2^nd quintile of the expense group.

Guardian International Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the MSCI EAFE Growth Index for the 1-year and 5-year periods and was in line with the MSCI EAFE Growth Index for the 3-year period.

•

Guardian Large Cap Disciplined Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Large Cap Disciplined Value VIP Fund

•

The Board noted that the Fund’s performance was higher than the Russell 1000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Large Cap Fundamental Growth VIP Fund

•

The Board noted that the Fund’s performance was in the 3^rd quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 1000 Growth Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Mid Cap Relative Value VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Value Index for the 1-year, 3-year and 5-year periods.

•

Guardian Mid Cap Traditional Growth VIP Fund

•

The Board noted that the Fund’s performance was lower than the Russell Midcap Growth Index for the 1-year and 3-year periods and higher than the Russell Midcap Growth Index for the 5-year period.

•

Guardian Multi-Sector Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the


				27

SUPPLEMENTAL INFORMATION (UNAUDITED)

1-year period, in the 4^th quintile of its performance universe for the 3-year period, and in the 5^th quintile of its performance universe for the 5-year period.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Select Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 1^st quintile of its performance universe for the 1-year period and in the 2^nd quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was higher than the S&P MidCap 400 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee, the actual management fee and the total expenses were in the 1^st quintile of the expense group.

Guardian Short Duration Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year period and in the 4^th quintile of its performance universe for the 3-year period.

•

The Board noted that the Fund’s performance was in line with the Bloomberg US Government/Credit 1-3 Year Total Return Index for the 1-year and 3-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Guardian Small Cap Value Diversified VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the

1-year and 3-year periods and in the 5^th quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Russell 2000 Value Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Small-Mid Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the Russell 2500 Index for the 1-year and 3-year periods.

•

The Board approved a new Subadviser effective during 2026.

•

The Board noted that the contractual management fee and the actual management fee were in the 1^st quintile of the expense group and the total expenses were in the 2^nd quintile of the expense group.

Guardian Strategic Large Cap Core VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year and 3-year periods.

•

The Board noted that the Fund’s performance was lower than the S&P 500 Index for the 1-year and 3-year periods.

•

The Board noted that the contractual management fee and the actual management fee were in the 2^nd quintile of the expense group and the total expenses were in the 3^rd quintile of the expense group.

Guardian Total Return Bond VIP Fund

•

The Board noted that the Fund’s performance was in the 5^th quintile of its performance universe for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.


28

SUPPLEMENTAL INFORMATION (UNAUDITED)

•

The Board noted that the contractual management fee was in the 2^nd quintile of the expense group and the actual management fee and the total expenses were in the 3^rd quintile of the expense group.

Guardian U.S. Government/Credit VIP Fund

•

The Board noted that the Fund’s performance was in the 4^th quintile of its performance universe for the 1-year period, in the 3^rd quintile of its performance universe for the 3-year period and in the 1^st quintile of its performance universe for the 5-year period.

•

The Board noted that the Fund’s performance was lower than the Bloomberg US Intermediate Government/Credit Index for the 1-year, 3-year and 5-year periods.

•

The Board noted that a new Subadviser was retained in 2025.

•

Conclusion


				29

LOGO

The Guardian Life Insurance Company of America New York, NY 10001-2159

PUB10527

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Included in Item 7 of this Form N-CSR.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Included in Item 7 of this Form N-CSR.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included in Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 16. Controls and Procedures.

(a)

Based on their evaluation of the registrant’s disclosure controls and procedures, the registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms.

(b)

There were no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.


(a)(1)		Not applicable.

(a)(2)		Not applicable.

(a)(3)		Certification for principal executive officer of Registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of Registrant as required by Rule 30a-2(a) under the Act are attached hereto.

(b)		Certification for principal executive officer and principal financial officer of Registrant as required by Rule 30a-2(b) under the Act are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		Guardian Variable Products Trust

By (Signature and Title)		/s/ Keith A. Namiot
		Keith A. Namiot, President
		(Principal Executive Officer)

Date: September 1, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ Keith A. Namiot
		Keith A. Namiot, President
		(Principal Executive Officer)

Date: September 1, 2026

By (Signature and Title)		/s/ Larry Weiss
		Larry Weiss, Treasurer
		(Principal Financial and Accounting Officer)

Date: September 1, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-99.CERT

EX-99.906 CERT

XBRL TAXONOMY EXTENSION SCHEMA

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: d12633dncsrs_htm.xml