Guardian Variable Products Trust NCSR Certified annual shareholder report (management investment company)

Guardian Variable Products Trust N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-23148

Guardian Variable Products Trust

(Exact name of registrant as specified in charter)

10 Hudson Yards New York , N.Y. 10001

(Address of principal executive offices) (Zip code)

Dominique Baede

President

Guardian Variable Products Trust

10 Hudson Yards

New York, N.Y. 10001

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2019

Item 1.

Reports to Stockholders.

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Large Cap Fundamental Growth VIP Fund

Important Notice

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail from The Guardian Insurance & Annuity Company, Inc. (“GIAC”). Instead, GIAC will mail you a notice when copies of the shareholder reports are made available on a website. You will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you have not yet elected electronic delivery, at any time, you may elect to receive the Fund’s shareholder reports and certain other communications from GIAC electronically, by going to www.guardianlife.com and registering for e-delivery.

You may instead elect to receive all future shareholder reports in paper free of charge. If you wish to receive paper copies of your shareholder reports, please call GIAC’s Customer Service Office Contact Center at 1-888-GUARDIAN (1-888-482-7342). Your election to receive reports in paper will apply to all the underlying funds available.

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TABLE OF CONTENTS

Guardian Large Cap Fundamental Growth VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statements of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Trustees and Officers Information Table			18

Portfolio Holdings and Proxy Voting Procedures			20

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2019. The views expressed in the Fund Commentary are those of the Fund’s portfolio manager(s) as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC or asub-adviser. The Fund Commentary may contain some forward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

FUND COMMENTARY OF CLEARBRIDGE INVESTMENTS LLC,SUB-ADVISER (unaudited)

Highlights

•

Guardian Large Cap Fundamental Growth VIP Fund (the “Fund”) returned 31.89%, underperforming its benchmark, the Russell 1000^® Growth Index¹ (the “Index”), for the 12 months ended December 31, 2019. The Fund’s underperformance relative to the Index was primarily due to stock selection in the information technology (“IT”) sector.

•

The Index delivered a 36.39% return for the period, its best performance since the initial recovery from the global financial crisis in 2009. This performance was largely due to strength in the IT sector, which returned 51.81% for the period. Communication services and financials were the only sectors that came close to matching the benchmark’s overall return.

Market Overview

U.S. equities delivered outsized gains for the year. The large cap Standard & Poor’s 500^® Index²gained 31.49% for the12-month period as easing monetary policy supported strong multiple expansions and a thawing of U.S.-China trade tensions encouraged risk taking in equities. Growth stocks continued their dominance over value stocks, with the Index outperforming the Russell 1000^® Value Index³ by 975 basis points for the year. Stocks started 2019 in a strong upswing, with the market producing its best start to a year since 1998. Stocks were boosted by signals that the U.S. Federal Reserve (the “Fed”) was winding down its tightening program, better than expected fourth-quarter corporate earnings results and a positive outlook on the resolution of U.S.-China trade tensions. Equities endured a roller coaster ride during the second quarter, with the largest growth stocks leading the market to new record highs. The Fed jumpstarted the latest up leg for equity markets as June remarks by Fed Chairman

Jerome Powell hinted at future interest rate cuts. The Fed followed through in July with its first rate cut in more than a decade and made additional 0.25% cuts in September and October. A suddenly accommodative Fed helped offset volatility caused by renewed trade tensions between the U.S. and China in the third quarter and increasing signs of a slowing global economy. Positive feedback from the Fed on the state of the U.S. economy as well as signs of a phase one trade deal with China caused stocks to resume their positive momentum in the fourth quarter, with strong bids for health care and energy as well as IT and communication services.

Portfolio Review

Stock selection in the health care, real estate, communication services and consumer staples sectors contributed to relative performance. On the negative side, stock selection in the IT, industrials and financials sectors, an underweight to the IT sector, an overweight to the energy sector and the portfolio’s cash position in a strong up market negatively impacted relative returns.

Outlook

As we enter the new year, equity markets are in a strange place. Valuations are stretched nearly everywhere we look, with any stock that appears cheap likely saddled with serious problems. The global economy is getting better but we are by no means off to the races in terms of robust growth and end demand. Accommodative monetary policy and a catch up from the late 2018sell-off were the main catalysts driving global stock price appreciation, which was largely the result of P/E multiple expansion. We believe the current level of ebullience in the market reflects the strength of the consumer rather than the economy as a whole. Unemployment remains at50-year lows, wages are growing and consumer confidence remains near recent highs.

The Russell 1000^® Growth Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell 1000^®Index (which consists of the 1.000 largest U.S. companies based on total market capitalization) with higherprice-to-book ratios and higher forecasted growth values. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group.

The Standard & Poor’s 500^® Index (the “S&P 500 Index”) is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The S&P 500 Index consists of 500 stocks representing leading industries of the U.S. economy. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the S&P 500 Index, and, unlike the fund, the S&P 500 Index does not incur fees or expenses.

The Russell 1000^® Value Index (the “Index”) is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell 1000^®Index (which consists of the 1,000 largest U.S. companies based on total market capitalization) with lowerprice-to-book ratios and lower forecasted growth values. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees and expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group.


				1

GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

Funds in the Guardian Variable Products Trust are sold by prospectus only. You should carefully consider the investment objectives, risks, charges and expenses of the Funds before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money. Please visit our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/ Prospectuses or to obtain a printed copy, call1-888-GUARDIAN(1-888-482-7342).

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. The Fund invests primarily in equity securities and therefore exposes you to the general risks of investing in stock markets. Investing in large-capitalization companies involves risks such as having low growth rates, and slow responsiveness to competitive challenges or opportunities than in the case of smaller companies. Investments in growth companies may be highly volatile. Growth stocks may not realize their perceived growth potential and during certain periods the Fund may underperform other equity funds that employ a different style. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


2

GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $349,920,608

Sector Allocation¹

As of December 31, 2019



Top Ten Holdings² As of December 31, 2019

Holding	% of Total Net Assets
Amazon.com, Inc.		6.85%
Microsoft Corp.		5.26%
Facebook, Inc., Class A		5.19%
Visa, Inc., Class A		4.45%
Apple, Inc.		3.54%
UnitedHealth Group, Inc.		3.46%
Alphabet, Inc., Class C		3.09%
Adobe, Inc.		3.05%
Zoetis, Inc.		2.66%
Thermo Fisher Scientific, Inc.		2.63%
Total		40.18%

1	The Fund’s holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS^®). Cash includes short-term investments and net other assets and liabilities.

2	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.


				3

GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Large Cap Fundamental Growth VIP Fund		9/1/2016		31.89%		—		—		16.21%
Russell 1000^® Growth Index				36.39%		—		—		18.72%

Results of a Hypothetical $10,000 Investment

As of December 31, 2019

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Large Cap Fundamental Growth VIP Fund and the Russell 1000^® Growth Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.

Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund’s fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current andmonth-end performance information, which may be lower or higher than that cited, is available by calling1-888-GUARDIAN(1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.


4

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service(12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2019 to December 31, 2019. The table below shows the Fund’s expenses in two ways:

Expenses based on actual return

This section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Expenses based on hypothetical 5% return for comparison purposes

This section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with the cost of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. Charges and expenses at the insurance company separate account level are not reflected in the table.



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return	$1,000.00		$1,081.30		$5.25		1.00%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.16		$5.09		1.00%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


December 31, 2019	Shares		Value
Common Stocks – 99.0%

Air Freight & Logistics – 2.9%

CH Robinson Worldwide, Inc.		31,344	$	2,451,101

United Parcel Service, Inc., Class B		66,396		7,772,316


				10,223,417
Beverages – 1.6%

Anheuser-Busch InBev S.A., ADR		70,298		5,767,248


				5,767,248
Biotechnology – 2.4%

Alexion Pharmaceuticals, Inc.⁽¹⁾		45,018		4,868,697

BioMarin Pharmaceutical, Inc.⁽¹⁾		43,041		3,639,116


				8,507,813
Capital Markets – 2.4%

BlackRock, Inc.		3,472		1,745,375

The Charles Schwab Corp.		138,979		6,609,841


				8,355,216
Chemicals – 3.2%

Ecolab, Inc.		29,841		5,759,015

Linde PLC		24,779		5,275,449


				11,034,464
Consumer Finance – 2.0%

American Express Co.		55,423		6,899,609


				6,899,609
Entertainment – 2.6%

The Walt Disney Co.		62,779		9,079,727


				9,079,727
Equity Real Estate Investment – 1.7%

Equinix, Inc. REIT		10,497		6,127,099


				6,127,099
Food & Staples Retailing – 1.7%

Costco Wholesale Corp.		20,039		5,889,863


				5,889,863
Food Products – 1.0%

McCormick & Co., Inc.		20,945		3,554,995


				3,554,995
Health Care Providers & Services – 3.5%

UnitedHealth Group, Inc.		41,227		12,119,914


				12,119,914
Industrial Conglomerates – 2.1%

Honeywell International, Inc.		40,828		7,226,556


				7,226,556
Interactive Media & Services – 9.5%

Alphabet, Inc., Class A⁽¹⁾		3,204		4,291,406

Alphabet, Inc., Class C⁽¹⁾		8,073		10,793,762

Facebook, Inc., Class A⁽¹⁾		88,513		18,167,293


				33,252,461
Internet & Direct Marketing Retail – 10.0%

Alibaba Group Holding Ltd., ADR⁽¹⁾		31,856		6,756,657

Amazon.com, Inc.⁽¹⁾		12,976		23,977,572

Booking Holdings, Inc.⁽¹⁾		2,056		4,222,469


				34,956,698


December 31, 2019	Shares		Value
Common Stocks(continued)

IT Services – 7.9%

Akamai Technologies, Inc.⁽¹⁾		78,085	$	6,744,982

Fidelity National Information Services, Inc.		37,297		5,187,640

Visa, Inc., Class A		82,847		15,566,951


				27,499,573
Life Sciences Tools & Services – 2.6%

Thermo Fisher Scientific, Inc.		28,312		9,197,719


				9,197,719
Media – 2.0%

Comcast Corp., Class A		152,142		6,841,826


				6,841,826
Oil, Gas & Consumable Fuels – 1.2%

Pioneer Natural Resources Co.		27,725		4,196,733


				4,196,733
Pharmaceuticals – 4.5%

Johnson & Johnson		43,369		6,326,236

Zoetis, Inc.		70,261		9,299,043


				15,625,279
Professional Services – 1.8%

IHS Markit Ltd.⁽¹⁾		85,427		6,436,924


				6,436,924
Road & Rail – 1.2%

Uber Technologies, Inc.⁽¹⁾		144,752		4,304,925


				4,304,925
Semiconductors & Semiconductor Equipment – 5.1%

NVIDIA Corp.		27,353		6,436,161

QUALCOMM, Inc.		74,971		6,614,691

Texas Instruments, Inc.		37,372		4,794,454


				17,845,306
Software – 17.1%

Adobe, Inc.⁽¹⁾		32,360		10,672,652

Microsoft Corp.		116,724		18,407,375

Nutanix, Inc., Class A⁽¹⁾		90,902		2,841,597

Oracle Corp.		125,589		6,653,705

Palo Alto Networks, Inc.⁽¹⁾		23,764		5,495,425

salesforce.com, Inc.⁽¹⁾		27,400		4,456,336

Splunk, Inc.⁽¹⁾		40,611		6,082,309

VMware, Inc., Class A⁽¹⁾		33,590		5,098,626


				59,708,025
Specialty Retail – 3.5%

Advance Auto Parts, Inc.		34,470		5,520,715

The Home Depot, Inc.		30,263		6,608,834


				12,129,549
Technology Hardware, Storage & Peripherals – 3.5%

Apple, Inc.		42,176		12,384,982


				12,384,982
Trading Companies & Distributors – 2.0%

WW Grainger, Inc.		20,979		7,101,811


				7,101,811

Total Common Stocks (Cost $288,615,160)				346,267,732


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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


December 31, 2019	Principal Amount		Value
Short–Term Investment – 1.1%

Repurchase Agreements – 1.1%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $3,863,026, due 1/2/2020⁽²⁾	$	3,863,000	$	3,863,000

Total Repurchase Agreements (Cost $3,863,000)				3,863,000

Total Investments – 100.1% (Cost $292,478,160)				350,130,732

Liabilities in excess of other assets – (0.1)%				(210,124	)

Total Net Assets – 100.0%			$	349,920,608

⁽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		2.75%		9/15/2021	$	3,840,000	$	3,944,456

Legend:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

The following is a summary of the inputs used as of December 31, 2019 in valuing the Fund’s investments. For more information on valuation inputs, please refer to Note 2a of the accompanying Notes to Financial Statements.


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	346,267,732	$	—	$	—	$	346,267,732
Repurchase Agreements		—		3,863,000		—		3,863,000
Total	$	346,267,732	$	3,863,000	$	—	$	350,130,732


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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	350,130,732

Cash		43,271

Dividends/interest receivable		102,939

Foreign tax reclaims receivable		38,859

Prepaid expenses		16,126


Total Assets		350,331,927


Liabilities

Investment advisory fees payable		191,216

Distribution fees payable		73,642

Payable for fund shares redeemed		71,599

Accrued audit fees		22,105

Accrued custodian and accounting fees		10,702

Accrued trustees’ and officers’ fees		1,058

Accrued expenses and other liabilities		40,997


Total Liabilities		411,319


Total Net Assets	$	349,920,608


Net Assets Consist of:

Paid-in capital	$	273,674,811

Distributable earnings		76,245,797


Total Net Assets	$	349,920,608

Investments, at Cost	$	292,478,160


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		21,204,902

Net Asset Value Per Share		$16.50


Statement of Operations For the Year Ended December 31, 2019
Investment Income

Dividends	$	2,634,296

Interest		21,970

Withholding taxes on foreign dividends		(7,901	)


Total Investment Income		2,648,365


Expenses

Investment advisory fees		1,541,593

Distribution fees		656,006

Trustees’ and officers’ fees		103,776

Professional fees		81,076

Shareholder reports		47,555

Administrative fees		47,460

Custodian and accounting fees		42,707

Transfer agent fees		20,051

Other expenses		29,715


Total Expenses		2,569,939

Expenses recouped by Adviser		54,085


Total Expenses		2,624,024


Net Investment Income/(Loss)		24,341


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

Net realized gain/(loss) from investments		10,072,295

Net change in unrealized appreciation/(depreciation) on investments		64,386,434


Net Gain on Investments		74,458,729


Net Increase in Net Assets Resulting From Operations	$	74,483,070


8				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

	For the Year Ended 12/31/19			For the Year Ended 12/31/18

Operations

Net investment income/(loss)	$	24,341		$	490,568

Net realized gain/(loss) from investments		10,072,295			6,619,884

Net change in unrealized appreciation/(depreciation) on investments		64,386,434			(8,867,885	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		74,483,070			(1,757,433	)


Capital Share Transactions

Proceeds from sales of shares		100,269,388	¹		246,910,584

Cost of shares redeemed		(48,096,100	)		(33,834,722	)


Net Increase in Net Assets Resulting from Capital Share Transactions		52,173,288			213,075,862


Net Increase in Net Assets		126,656,358			211,318,429


Net Assets

Beginning of year		223,264,250			11,945,821


End of year	$	349,920,608		$	223,264,250


Other Information:

Shares

Sold		6,537,264			19,371,482

Redeemed		(3,176,006	)		(2,465,268	)


Net Increase		3,361,258			16,906,214

¹	Includes in-kind subscriptions of $90,000,216. 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.				9

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

The Financial Highlights table is intended to help you understand the Fund’s financial performance for the past five years (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
	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⁾

Year Ended 12/31/19	$	12.51	$	0.00	⁽⁴⁾	$	3.99		$	3.99		$	16.50		31.89%

Year Ended 12/31/18		12.74		0.03			(0.26	)		(0.23	)		12.51		(1.81)%

Year Ended 12/31/17		10.19		0.01			2.54			2.55			12.74		25.02%

Period Ended 12/31/16⁽⁵⁾		10.00		0.01			0.18			0.19			10.19		1.90%	⁽⁶⁾


10				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 to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate

$	349,921		1.00%			1.00%			0.01%			0.01%			44%

	223,264		1.00%			1.02%			0.26%			0.24%			33%

	11,946		1.00%			1.95%			0.09%			(0.86)%			51%

	9,778		1.00%	⁽⁶⁾		3.08%	⁽⁶⁾		0.26%	⁽⁶⁾		(1.82)%	⁽⁶⁾		4%	⁽⁶⁾

⁽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.

⁽⁴⁾	Rounds to $0.00 per share.

⁽⁵⁾	Commenced operations on September 1, 2016.

⁽⁶⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2016, certainnon-recurring fees (i.e., audit fees) are not annualized.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen series. Guardian Large Cap Fundamental Growth VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The 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 long-term growth of capital.

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 Equity securities traded on an exchange other than NASDAQ Stock Market, LLC (“NASDAQ”) are valued at the last reported sale price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the mean between the closing bid and ask prices. Securities traded on the NASDAQ are generally valued at the NASDAQ official closing price, which may not be the last sale price. If the NASDAQ official closing price is not available

for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (“NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods. Securities for which market quotations are not readily available or for which market quotations may be considered unreliable are valued at their fair values as determined in accordance with policies and procedures adopted by the Board of Trustees.

Under the policies and procedures approved by the Board of Trustees, Park Avenue Institutional Advisers LLC (“Park Avenue”), the Fund’s investment adviser, has established a Fair Valuation Committee to assist the Board of Trustees with the oversight and monitoring of the valuation of the Fund’s investments. This includes 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 due diligence. 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 at least on a quarterly basis with the Board of Trustees.

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 may be fair valued in accordance with policies and procedures adopted by 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.


12

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 2 — other significant observable inputs, including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risks, etc.) or other market corroborated inputs.

•

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the year ended December 31, 2019, 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 December 31, 2019 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/ornon-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 December 31, 2019, 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. Certainnon-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 year ended December 31, 2019, 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.


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

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

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

d. Foreign Capital Gains Tax The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on theex-dividend date. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense LimitationUnder 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% up to $300 million, 0.52% up to $500 million, and 0.50% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2020 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 1.01% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights.

Park Avenue may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation after April 9, 2018 are not subject to Park Avenue’s recoupment rights. During the year ended December 31, 2019, Park Avenue recouped previously waived or reimbursed expenses in the amount of $54,085. The amount available for potential future recoupment by Park Avenue from the Fund under the


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

Expense Limitation Agreement and the expiration schedule at December 31, 2019 are as follows:



	Potential Recoupment Amounts Expiring
Total Potential Recoupment Amounts	2021	2020
$184,913	$47,223	$137,690

Park Avenue has entered into aSub-Advisory Agreement with ClearBridge Investments LLC (“ClearBridge”). ClearBridge is responsible for providingday-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.

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 year ended December 31, 2019, the Fund paid distribution fees in the amount of $656,006 to PAS.

PAS has directed that certain payments under the12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments and in-kind transactions) amounted to $114,078,533 and $151,452,293, respectively, for the year ended December 31, 2019. During the year ended December 31, 2019, there were no purchases or sales of U.S. government securities.

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

c. Industry or Sector Concentration In its normal course of business, the Fund may invest a significant portion of its assets in companies within a limited number of industries or sectors. As a result, the Fund may be subject to a greater risk of loss than that of a fund invested in a wider spectrum of industries or sectors because the stocks of many or all of the companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a $10 million committed revolving credit facility from State Street Bank and Trust Company for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is calculated based on the higher of the dailyone-month LIBOR rate and the Federal Funds rate plus 1.25% at the time of borrowing. 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 9, 2020. The Fund did not utilize the credit facility during the year ended December 31, 2019.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees 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 general 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.


16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian Large Cap Fundamental Growth VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, ofGuardian Large Cap Fundamental Growth VIP Fund(one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operationsfor the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.


				17

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


18

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				19

SUPPLEMENTAL INFORMATION(UNAUDITED)

The Statement of Additional Information (“SAI”) includes additional information about the Trust’s Trustees and Officers and is available, without charge, upon request by calling toll-free1-888-GUARDIAN(1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses.

Portfolio Holdings and Proxy Voting Procedures

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. The Fund’s FormN-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s FormN-PORT information is also available, without charge, upon request, by calling toll-free1-888-GUARDIAN(1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/
GuardianVPT/Prospectuses.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free1-888-GUARDIAN(1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/
GuardianVPT/Prospectuses; and (ii) on the Securities and Exchange Commission’s website at https://www.sec.gov.


20

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. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

LOGO

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

PUB8175

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Large Cap Disciplined Growth VIP Fund

Important Notice

LOGO


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

TABLE OF CONTENTS

Guardian Large Cap Disciplined Growth VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statements of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Trustees and Officers Information Table			18

Portfolio Holdings and Proxy Voting Procedures			20

GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

FUND COMMENTARY OF WELLINGTON MANAGEMENT COMPANY LLP,SUB-ADVISER (unaudited)

Highlights

•

Guardian Large Cap Disciplined Growth VIP Fund (the “Fund”) returned 39.54% for the 12 months ended December 31, 2019, outperforming its benchmark, the Russell 1000^® Growth Index¹ (the “Index”). The Fund’s relative outperformance was primarily due to security selection in the industrials and health care sectors.

•

The Index returned 36.39% for the period. Within the Index, the energy, health care, and industrials sectors declined the most during the period.

Market Overview

U.S. equities, as measured by the Standard & Poor’s 500^® Index², posted positive results over the12-month period ended December 31, 2019. During the first quarter of 2019, U.S. equities rallied to their largest quarterly gain since 2009, buoyed by a dovish shift in the U.S. Federal Reserve (the “Fed”) policy and guidance, optimism for a U.S.-China trade deal, relatively strong fourth-quarter earnings, and corporate buybacks. By the summer of 2019, unresolved U.S. trade frictions with China, Mexico, Japan, and the European Union (EU) unsettled markets and raised concerns about the potential risks to U.S. economic growth from increasing cost pressures, supply chain disruptions, and waning business confidence and investment plans. In the third quarter of 2019, U.S. equities rose for the third consecutive quarter with the U.S. economy remaining resilient despite elevated geopolitical uncertainties and slowing global growth. U.S.-China trade relations were particularly volatile in the absence of meaningful compromises on key structural issues, and expectations for a protracted trade war and the potential for a longer-term decoupling of the world’s two largest economies eroded consumer and business confidence and curtailed capital spending. The Fed lowered its benchmark interest rate in July and September by a combined 0.50% in effort to sustain economic expansion and mitigate the risks of moderating growth and trade frictions. U.S. equities surged in the fourth quarter, as

stocks benefitted from waning recession fears, improved trade sentiment, and accommodative Fed policies. In October, the Fed lowered interest rates for the final time in 2019 by 0.25%. Trade tensions were volatile during the fourth quarter but eased in December after the U.S. and China reached a phase one trade agreement. The U.S. House of Representatives voted to impeach President Trump; however, markets were unaffected given that theRepublican-led Senate is unlikely to support his impeachment.

Portfolio Review

Stock selection was the primary driver of relative outperformance during the period. Strong selections in the industrials, health care and information technology sectors were partially offset by weak selections in the financials, energy and communication services sectors. Sector allocation, a residual of the Fund’sbottom-up stock selection process, was slightly negative as frictional cash reserves dragged in a strong market. This was partially offset by the Fund’s underweight allocation to the health care sector. During the period there were no derivatives used in the portfolio.

Outlook

As we look into 2020, we believe that many of the constructive fundamental drivers of U.S. economic growth in 2019 persist. Labor markets remain healthy — wage gains continue to bolster consumer confidence, but should not trigger outsized inflation due to continued productivity improvements. The U.S. housing market has turned the corner after six quarters of negative growth, responding to rate cuts by the Fed. Moving forward, Fed action is likely to be more gradual, having now achieved targeted levels of inflation. This should also result in less volatility for the U.S. dollar.

Trade negotiations between the U.S. and China will remain vitally important to markets. The year ended with encouraging progress — the “List 4” tariffs slated for December implementation were delayed, and indications that forward progress for a “Phase 1” agreement were in place. Additionally, we are of the view


				1

GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

that the passage of thetri-party United States-Mexico-Canada Agreement (a replacement for NAFTA) may provide important certainty to North American supply chains.

As the new year begins, U.S. politics will first be dominated by a historic presidential impeachment trial in the U.S. Senate, before yielding to a rapid succession of Democratic Party primaries that will provide more certainty into both the eventual Democratic candidate as well as the main platform issues to be put forward by that

party in the U.S. presidential election. The outcome at the ballot box could warrant future action in the Fund, but given the wide range of possible outcomes at this point, this bears more monitoring than action at this time.

We remain consistent in adhering to our disciplined portfolio construction process that allows us to assess risk, weight individual positions accordingly, and in the process build a portfolio that focuses largely on stock selection for generating potential returns.


2

GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

Fund Characteristics (unaudited)


Total Net Assets: $625,754,751

Sector Allocation¹

As of December 31, 2019



Top Ten Holdings² As of December 31, 2019

Holding	% of Total Net Assets
Apple, Inc.		7.44%
Microsoft Corp.		6.50%
Alphabet, Inc., Class A		4.71%
Amazon.com, Inc.		4.59%
Facebook, Inc., Class A		3.74%
MasterCard, Inc., Class A		3.01%
UnitedHealth Group, Inc.		2.52%
salesforce.com, Inc.		1.97%
Adobe, Inc.		1.88%
NIKE, Inc., Class B		1.81%
Total		38.17%

1	The Fund’s holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS^®). Cash includes short-term investments and net other assets and liabilities.

2	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.


				3

GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Large Cap Disciplined Growth VIP Fund		9/1/2016		39.54%		—		—		18.21%
Russell 1000^® Growth Index				36.39%		—		—		18.72%

Results of a Hypothetical $10,000 Investment

As of December 31, 2019

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Large Cap Disciplined Growth VIP Fund and the Russell 1000^® Growth Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.


4

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return	$1,000.00		$1,126.40		$4.66		0.87%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.82		$4.43		0.87%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


December 31, 2019	Shares		Value
Common Stocks – 99.5%

Aerospace & Defense – 1.4%

Raytheon Co.		39,705	$	8,724,777


				8,724,777
Beverages – 2.3%

Constellation Brands, Inc., Class A		35,373		6,712,027

Monster Beverage Corp.⁽¹⁾		115,742		7,355,404


				14,067,431
Biotechnology – 2.8%

Biogen, Inc.⁽¹⁾		10,337		3,067,298

Sarepta Therapeutics, Inc.⁽¹⁾		24,717		3,189,482

Seattle Genetics, Inc.⁽¹⁾		40,076		4,579,084

Vertex Pharmaceuticals, Inc.⁽¹⁾		31,669		6,933,927


				17,769,791
Building Products – 1.1%

Fortune Brands Home & Security, Inc.		101,498		6,631,879


				6,631,879
Capital Markets – 0.9%

Intercontinental Exchange, Inc.		63,708		5,896,175


				5,896,175
Chemicals – 1.8%

PPG Industries, Inc.		51,703		6,901,833

The Sherwin-Williams Co.		7,107		4,147,219


				11,049,052
Commercial Services & Supplies – 0.9%

Copart, Inc.⁽¹⁾		58,671		5,335,541


				5,335,541
Consumer Finance – 1.8%

American Express Co.		52,824		6,576,060

Capital One Financial Corp.		47,917		4,931,138


				11,507,198
Diversified Telecommunication Services – 0.8%

Verizon Communications, Inc.		75,760		4,651,664


				4,651,664
Electrical Equipment – 1.9%

AMETEK, Inc.		62,951		6,278,733

Eaton Corp. PLC		57,616		5,457,387


				11,736,120
Electronic Equipment, Instruments & Components – 1.6%

CDW Corp.		42,876		6,124,408

Zebra Technologies Corp., Class A⁽¹⁾		15,585		3,981,032


				10,105,440
Entertainment – 2.1%

Activision Blizzard, Inc.		109,757		6,521,761

The Walt Disney Co.		46,106		6,668,311


				13,190,072
Equity Real Estate Investment – 1.2%

American Tower Corp. REIT		33,358		7,666,336


				7,666,336


December 31, 2019	Shares		Value
Food & Staples Retailing – 1.6%

Costco Wholesale Corp.		34,342	$	10,093,801


				10,093,801

Health Care Equipment & Supplies – 4.1%

Baxter International, Inc.		104,174		8,711,030

Becton Dickinson and Co.		17,545		4,771,714

Edwards Lifesciences Corp.⁽¹⁾		25,225		5,884,740

Teleflex, Inc.		17,183		6,468,368


				25,835,852
Health Care Providers & Services – 2.5%

UnitedHealth Group, Inc.		53,604		15,758,504


				15,758,504
Hotels, Restaurants & Leisure – 2.2%

Hilton Worldwide Holdings, Inc.		71,077		7,883,150

McDonald’s Corp.		28,736		5,678,521


				13,561,671
Household Products – 2.0%

Colgate-Palmolive Co.		107,092		7,372,213

The Procter & Gamble Co.		41,780		5,218,322


				12,590,535
Insurance – 0.8%

The Allstate Corp.		46,130		5,187,319


				5,187,319
Interactive Media & Services – 9.8%

Alphabet, Inc., Class A⁽¹⁾		22,008		29,477,295

Alphabet, Inc., Class C⁽¹⁾		6,121		8,183,899

Facebook, Inc., Class A⁽¹⁾		113,923		23,382,696


				61,043,890
Internet & Direct Marketing Retail – 4.6%

Amazon.com, Inc.⁽¹⁾		15,544		28,722,825


				28,722,825
IT Services – 9.1%

EPAM Systems, Inc.⁽¹⁾		21,374		4,534,708

FleetCor Technologies, Inc.⁽¹⁾		30,434		8,756,470

Global Payments, Inc.		55,683		10,165,488

GoDaddy, Inc., Class A⁽¹⁾		91,213		6,195,187

MasterCard, Inc., Class A		63,096		18,839,835

PayPal Holdings, Inc.⁽¹⁾		79,545		8,604,383


				57,096,071
Life Sciences Tools & Services – 1.5%

Thermo Fisher Scientific, Inc.		29,615		9,621,025


				9,621,025
Machinery – 3.0%

Illinois Tool Works, Inc.		47,523		8,536,556

Nordson Corp.		34,777		5,663,087

Snap-on, Inc.		25,213		4,271,082


				18,470,725
Oil, Gas & Consumable Fuels – 0.4%

Continental Resources, Inc.		74,263		2,547,221


				2,547,221


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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


December 31, 2019	Shares		Value
Pharmaceuticals – 2.2%

Allergan PLC		27,254	$	5,210,147

Eli Lilly & Co.		65,645		8,627,723


				13,837,870

Professional Services – 1.3%

Equifax, Inc.		28,202		3,951,664

IHS Markit Ltd.⁽¹⁾		58,452		4,404,358


				8,356,022
Road & Rail – 1.3%

Norfolk Southern Corp.		25,790		5,006,613

Uber Technologies, Inc.⁽¹⁾		112,461		3,344,590


				8,351,203
Semiconductors & Semiconductor Equipment – 3.7%

Advanced Micro Devices, Inc.⁽¹⁾		149,185		6,841,624

Marvell Technology Group Ltd.		235,067		6,243,380

Micron Technology, Inc.⁽¹⁾		94,757		5,096,032

ON Semiconductor Corp.⁽¹⁾		198,559		4,840,868


				23,021,904
Software – 14.8%

Adobe, Inc.⁽¹⁾		35,682		11,768,280

DocuSign, Inc.⁽¹⁾		62,086		4,601,193

Guidewire Software, Inc.⁽¹⁾		42,824		4,700,791

Microsoft Corp.		257,838		40,661,053

salesforce.com, Inc.⁽¹⁾		76,034		12,366,170

ServiceNow, Inc.⁽¹⁾		25,435		7,180,809

SS&C Technologies Holdings, Inc.		92,409		5,673,913

Workday, Inc., Class A⁽¹⁾		33,852		5,566,961


				92,519,170
Specialty Retail – 1.5%

The TJX Cos., Inc.		156,904		9,580,558


				9,580,558
Technology Hardware, Storage & Peripherals – 7.5%

Apple, Inc.		158,648		46,586,985


				46,586,985


December 31, 2019	Shares		Value
Textiles, Apparel & Luxury Goods – 5.0%

NIKE, Inc., Class B		111,629	$	11,309,134

PVH Corp.		58,969		6,200,590

Under Armour, Inc., Class C⁽¹⁾		318,587		6,110,499

VF Corp.		77,025		7,676,312


				31,296,535

Total Common Stocks (Cost $540,134,457)				622,411,162

	Principal Amount		Value
Short–Term Investment – 0.6%

Repurchase Agreements – 0.6%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $3,712,025, due 1/2/2020⁽²⁾	$	3,712,000		3,712,000

Total Repurchase Agreements (Cost $3,712,000)				3,712,000

Total Investments – 100.1% (Cost $543,846,457)				626,123,162

Liabilities in excess of other assets – (0.1)%				(368,411	)

Total Net Assets – 100.0%			$	625,754,751

⁽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		2.75%		9/15/2021	$	3,690,000	$	3,790,375

Legend:

REIT — Real Estate Investment Trust


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	622,411,162	$	—	$	—	$	622,411,162
Repurchase Agreements		—		3,712,000		—		3,712,000
Total	$	622,411,162	$	3,712,000	$	—	$	626,123,162


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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	626,123,162

Cash		35,158

Dividends/interest receivable		234,136

Reimbursement receivable from adviser		6,680

Prepaid expenses		29,892


Total Assets		626,429,028


Liabilities

Investment advisory fees payable		288,574

Payable for fund shares redeemed		170,950

Distribution fees payable		131,547

Accrued audit fees		22,105

Accrued custodian and accounting fees		10,942

Accrued trustees’ and officers’ fees		192

Accrued expenses and other liabilities		49,967


Total Liabilities		674,277


Total Net Assets	$	625,754,751


Net Assets Consist of:

Paid-in capital	$	517,805,557

Distributable earnings		107,949,194


Total Net Assets	$	625,754,751


Investments, at Cost	$	543,846,457


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		35,820,230

Net Asset Value Per Share		$17.47


Statement of Operations For the Year Ended December 31, 2019
Investment Income

Dividends	$	2,367,023

Interest		6,988


Total Investment Income		2,374,011


Expenses

Investment advisory fees		1,586,536

Distribution fees		689,102

Trustees’ and officers’ fees		99,695

Professional fees		80,982

Shareholder reports		59,834

Administrative fees		47,460

Custodian and accounting fees		43,710

Transfer agent fees		18,130

Other expenses		30,957


Total Expenses		2,656,406

Less: Fees waived		(258,331	)


Total Expenses, Net		2,398,075


Net Investment Income/(Loss)		(24,064	)


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

Net realized gain/(loss) from investments		19,546,771

Net change in unrealized appreciation/(depreciation) on investments		86,374,561


Net Gain on Investments		105,921,332


Net Increase in Net Assets Resulting From Operations	$	105,897,268


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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


Statements of Changes in Net Assets

	For the Year Ended 12/31/19			For the Year Ended 12/31/18

Operations

Net investment income/(loss)	$	(24,064	)	$	(78,248	)

Net realized gain/(loss) from investments		19,546,771			4,802,346

Net change in unrealized appreciation/(depreciation) on investments		86,374,561			(5,628,435	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		105,897,268			(904,337	)


Capital Share Transactions

Proceeds from sales of shares		403,864,159	¹		215,934,389

Cost of shares redeemed		(65,150,899	)		(42,406,621	)


Net Increase in Net Assets Resulting from Capital Share Transactions		338,713,260			173,527,768


Net Increase in Net Assets		444,610,528			172,623,431


Net Assets

Beginning of year		181,144,223			8,520,792


End of year	$	625,754,751		$	181,144,223


Other Information:

Shares

Sold		25,527,981			16,846,940

Redeemed		(4,177,591	)		(3,049,778	)


Net Increase		21,350,390			13,797,162

¹	Includes in-kind subscriptions of $352,026,598. 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.				9

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND


Financial Highlights
	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⁾

Year Ended 12/31/19	$	12.52	$	(0.00	)⁽⁴⁾	$	4.95		$	4.95		$	17.47		39.54%

Year Ended 12/31/18		12.67		(0.01	)		(0.14	)		(0.15	)		12.52		(1.18)%

Year Ended 12/31/17		9.85		0.03			2.79			2.82			12.67		28.63%

Period Ended 12/31/16⁽⁵⁾		10.00		0.01			(0.16	)		(0.15	)		9.85		(1.50)%	⁽⁶⁾


10				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 Income/ (Loss) to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate

$	625,755		0.87%			0.96%			(0.01)%			(0.10)%			116%

	181,144		0.87%			1.04%			(0.05)%			(0.22)%			47%

	8,521		1.00%			2.08%			0.27%			(0.81)%			77%

	8,165		1.00%	⁽⁶⁾		3.16%	⁽⁶⁾		0.39%	⁽⁶⁾		(1.77)%	⁽⁶⁾		42%	⁽⁶⁾

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

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

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

⁽⁴⁾	Rounds to $(0.00) per share.

⁽⁵⁾	Commenced operations on September 1, 2016.

⁽⁶⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2016, certainnon-recurring fees (i.e., audit fees) are not annualized.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen 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


12

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)

sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

b. Securities TransactionsSecurities 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.


				13

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% up to $300 million, 0.52% up to $500 million, and 0.50% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2020 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.87% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the year ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $258,331.

Park Avenue may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation after April 9, 2018 are not subject to Park Avenue’s recoupment rights. The amount available for potential future recoupment by Park Avenue from the


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

Fund under the Expense Limitation Agreement and the expiration schedule at December 31, 2019 are as follows:



	Potential Recoupment Amounts Expiring
Total Potential Recoupment Amounts	2021	2020
$173,165	$38,387	$134,778

Park Avenue has entered into aSub-Advisory Agreement with Wellington Management Company LLP (“Wellington”). Wellington is responsible for providingday-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 the12b-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 and in-kind transactions) amounted to $333,587,310 and $349,893,660, respectively, for the year ended December 31, 2019. During the year ended December 31, 2019, there were no purchases or sales of U.S. government securities.


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH 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.

6. Temporary Borrowings

unused portion of the credit facility. The agreement is in place until December 9, 2020. The Fund did not utilize the credit facility during the year ended December 31, 2019.

7. Indemnifications


16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian Large Cap Disciplined Growth VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, ofGuardian Large Cap Disciplined Growth VIP Fund(one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


				17

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009-2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


18

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co.(2014-2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				19

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures


20

LOGO

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

PUB8173

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Integrated Research VIP Fund

Important Notice

LOGO


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

TABLE OF CONTENTS

Guardian Integrated Research VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statements of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Approval of Investment Advisory andSub-advisory Agreements			18

Trustees and Officers Information Table			20

Portfolio Holdings and Proxy Voting Procedures			22

GUARDIAN INTEGRATED RESEARCH VIP FUND

FUND COMMENTARY OF COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC,SUB-ADVISER (unaudited)

Highlights

•

Guardian Integrated Research VIP Fund (the “Fund”) returned 27.09% for the 12 months ended December 31, 2019. The Fund’s benchmark, the Standard & Poor’s 500^® Index¹ (the “Index”), returned 31.49% over the same period.

•

Stock selection, especially in the industrials and health care sectors, generally accounted for the Fund’s modest shortfall relative to its benchmark.

Sub-adviser Change

Columbia Management Investment Advisers, LLC (“CMIA”) assumed management of the Fund on October 1, 2019. Prior to that time, the Fund wassub-advised by Massachusetts Financial Services Company (d/b/a MFS Investments). For the period prior to October 1, 2019, the Fund’s investments in the energy, financials and communication services sectors contributed to relative performance, while investments in health care, utilities, real estate and consumer staples detracted.

Market overview

Optimism prevailed early in 2019, as positive global economic conditions, the impact of broad U.S. corporate tax cuts and moves to reduce regulation in a number of industries buoyed confidence. The labor markets added 184,000 jobs monthly, on average and unemployment fell to 3.5%.

As the year wore on, U.S. growth slowed from 3.1% in the first quarter to an estimated 2.1% for the year overall, as manufacturing activity edged lower. European economies transitioned to a slower pace of growth, struggling with rising interest rates, trade tensions and uncertainty surrounding the UK’s departure from the European Union. At the same time, China’s economic conditions weakened and emerging markets came under pressure, driven by trade and tariff concerns.

Despite these global uncertainties, the U.S. stock market rose strongly in 2019, as the U.S. Federal Reserve (“Fed”) reduced short-term interest rates three times during the second half of the year, then announced during its December meeting that it would hold the federal funds rate between 1.50% to 1.75%, judging its current monetary policy appropriate to support economic expansion, a strong labor market and inflation approximating its 2.0% target. Central banks in major foreign economies followed the Fed’s lead with stimulus efforts.

Stocks outperformed bonds for the12-month period. The Standard & Poor’s 500 Index, a broad measure of U.S. stock returns, gained 31.49% while the Bloomberg Barclays US Aggregate Bond Index, a broad measure of investment grade bonds, returned 8.72%.

Portfolio Review

Stock selection was mixed for the period from October 1, 2019 (when CMIA assumed management of the Fund) through December 31, 2019. Positive results from financials and communication services were offset by disappointments in industrials and health care.

Outlook

As we look ahead to an election year, we expect market volatility to remain elevated. Geopolitical uncertainty remains high and economic data has been increasingly mixed. After three recent short-term interest rate cuts, the Fed remains on hold. Against this backdrop, we continue to aim to deliver long-term capital appreciation by focusing mainly on individual stock selection. We believe a combination of certain characteristics has the potential to outperform throughout a market cycle. We emphasize companies that have strong free cash flow generation potential, improving revenue and earnings trends, high or rising returns on invested capital and sound or improving balance sheets.


				1

GUARDIAN INTEGRATED RESEARCH VIP FUND

Funds in the Guardian Variable Products Trust are sold by prospectus only. You should carefully consider the investment objectives, risks, charges and expenses of the Funds before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money. Please visit our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses or to obtain a printed copy, call1-888-GUARDIAN(1-888-482-7342).

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. The Fund invests primarily in equity securities and therefore exposes you to the general risks of investing in stock markets. Investing in large-capitalization companies involves risks such as having low growth rates, and slow responsiveness to competitive challenges or opportunities than in the case of smaller companies. Investments in growth companies may be highly volatile. Growth stocks may not realize their perceived growth potential and during certain periods the Fund may underperform other equity funds that employ a different style. Value stocks may not realize their perceived value and during certain periods the Fund may underperform other equity funds that employ a different style. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


2

GUARDIAN INTEGRATED RESEARCH VIP FUND

Fund Characteristics (unaudited)


Total Net Assets: $ 11,852,382

Sector Allocation¹

As of December 31, 2019



Top Ten Holdings² As of December 31, 2019

Holding	% of Total Net Assets
Microsoft Corp.		5.78%
Alphabet, Inc., Class C		4.58%
Amazon.com, Inc.		4.15%
Apple, Inc.		3.31%
JPMorgan Chase & Co.		2.74%
Bank of America Corp.		2.66%
MasterCard, Inc., Class A		2.63%
Citigroup, Inc.		2.23%
Cisco Systems, Inc.		2.11%
Adobe, Inc.		2.09%
Total		32.28%

1	The Fund’s holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS^®). Cash includes short-term investments and net other assets and liabilities.

2	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.


				3

GUARDIAN INTEGRATED RESEARCH VIP FUND

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Integrated Research VIP Fund		9/1/2016		27.09%		—		—		11.35%
Standard & Poor’s 500^® Index				31.49%		—		—		14.96%

Results of a Hypothetical $10,000 Investment

As of December 31, 2019

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Integrated Research VIP Fund and the Standard & Poor’s 500^® Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any. The Fund replaced its sub-adviser and modified its principal investment strategies as of October 1, 2019. The performance shown in the chart above prior to that date reflects the performance of the Fund’s prior sub-adviser and principal investment strategies.


4

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return	$ 1,000.00		$1,101.60		$5.09		0.96%
Based on Hypothetical Return (5% Return Before Expenses)	$ 1,000.00		$1,020.37		$4.89		0.96%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND


December 31, 2019	Shares		Value
Common Stocks – 98.5%

Aerospace & Defense – 3.4%

L3Harris Technologies, Inc.		758	$	149,985

Northrop Grumman Corp.		510		175,425

Spirit AeroSystems Holdings, Inc., Class A		1,157		84,322


				409,732
Airlines – 1.3%

Delta Air Lines, Inc.		2,729		159,592


				159,592
Automobiles – 1.3%

General Motors Co.		4,164		152,402


				152,402
Banks – 9.9%

Bank of America Corp.		8,956		315,430

Citigroup, Inc.		3,304		263,957

JPMorgan Chase & Co.		2,327		324,384

KeyCorp		8,831		178,739

Popular, Inc.		1,488		87,420


				1,169,930
Beverages – 1.7%

PepsiCo, Inc.		1,460		199,538


				199,538
Biotechnology – 2.5%

Alexion Pharmaceuticals, Inc.⁽¹⁾		666		72,028

BioMarin Pharmaceutical, Inc.⁽¹⁾		864		73,051

Exact Sciences Corp.⁽¹⁾		671		62,054

Vertex Pharmaceuticals, Inc.⁽¹⁾		425		93,054


				300,187
Building Products – 1.2%

Masco Corp.		2,944		141,283


				141,283
Communications Equipment – 2.1%

Cisco Systems, Inc.		5,228		250,735


				250,735
Electric Utilities – 2.5%

American Electric Power Co., Inc.		1,663		157,170

Xcel Energy, Inc.		2,120		134,599


				291,769
Energy Equipment & Services – 0.5%

TechnipFMC PLC		2,648		56,773


				56,773
Entertainment – 3.4%

Electronic Arts, Inc.⁽¹⁾		1,601		172,124

The Walt Disney Co.		1,597		230,974


				403,098
Equity Real Estate Investment – 3.2%

American Tower Corp. REIT		747		171,675

Equity LifeStyle Properties, Inc. REIT		1,536		108,119

Medical Properties Trust, Inc. REIT		4,652		98,204


				377,998


December 31, 2019	Shares		Value
Food Products – 1.3%

Mondelez International, Inc., Class A		2,831	$	155,931


				155,931
Health Care Equipment & Supplies – 5.3%

Abbott Laboratories		2,762		239,907

Baxter International, Inc.		1,812		151,519

Medtronic PLC		2,115		239,947


				631,373
Health Care Providers & Services – 1.6%

Cigna Corp.		950		194,265


				194,265
Household Products – 1.5%

Kimberly-Clark Corp.		1,281		176,202


				176,202
Insurance – 3.0%

Lincoln National Corp.		2,503		147,702

The Allstate Corp.		1,868		210,057


				357,759
Interactive Media & Services – 4.6%

Alphabet, Inc., Class C⁽¹⁾		406		542,830


				542,830
Internet & Direct Marketing Retail – 4.6%

Amazon.com, Inc.⁽¹⁾		266		491,525

Chewy, Inc., Class A⁽¹⁾		1,958		56,782


				548,307
IT Services – 4.5%

International Business Machines Corp.		1,635		219,156

MasterCard, Inc., Class A		1,043		311,429


				530,585
Machinery – 2.3%

Ingersoll-Rand PLC		1,028		136,642

Stanley Black & Decker, Inc.		792		131,266


				267,908
Media – 3.6%

Comcast Corp., Class A		5,199		233,799

Discovery, Inc., Class A⁽¹⁾		4,361		142,779

DISH Network Corp., Class A⁽¹⁾		1,574		55,830


				432,408
Metals & Mining – 1.1%

Barrick Gold Corp.		6,752		125,520


				125,520
Multi-Utilities – 1.1%

Ameren Corp.		1,747		134,170


				134,170
Multiline Retail – 1.3%

Target Corp.		1,174		150,519


				150,519
Oil, Gas & Consumable Fuels – 2.5%

Chevron Corp.		1,797		216,556

EOG Resources, Inc.		934		78,232


				294,788


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

SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND


December 31, 2019	Shares		Value
Pharmaceuticals – 2.6%

Bristol-Myers Squibb Co.		1,876	$	120,421

Eli Lilly & Co.		1,419		186,499


				306,920
Road & Rail – 2.7%

Norfolk Southern Corp.		720		139,774

Union Pacific Corp.		985		178,078


				317,852
Semiconductors & Semiconductor Equipment – 5.1%

Broadcom, Inc.		750		237,015

NVIDIA Corp.		549		129,180

NXP Semiconductors N.V.		1,180		150,167

Qorvo, Inc.⁽¹⁾		767		89,148


				605,510
Software – 8.8%

Adobe, Inc.⁽¹⁾		752		248,017

Microsoft Corp.		4,347		685,522

NortonLifeLock, Inc.		4,329		110,476


				1,044,015
Specialty Retail – 2.0%

The Home Depot, Inc.		1,071		233,885


				233,885
Technology Hardware, Storage & Peripherals – 3.3%

Apple, Inc.		1,337		392,610


				392,610
Tobacco – 1.6%

Philip Morris International, Inc.		2,193		186,602


				186,602


December 31, 2019	Shares		Value
Wireless Telecommunication Services – 1.1%

T-Mobile U.S., Inc.⁽¹⁾		1,717	$	134,647


				134,647

Total Common Stocks (Cost $10,046,861)				11,677,643

	Principal Amount		Value
Short–Term Investment – 1.8%
Repurchase Agreements – 1.8%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $211,001, due 1/2/2020⁽²⁾	$	211,000		211,000

Total Repurchase Agreements (Cost $211,000)				211,000

Total Investments – 100.3% (Cost $10,257,861)				11,888,643

Liabilities in excess of other assets – (0.3)%				(36,261	)

Total Net Assets – 100.0%			$	11,852,382

⁽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		2.75%		9/15/2021	$	210,000	$	215,712

Legend:

REIT — Real Estate Investment Trust


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	11,677,643	$	—	$	—	$	11,677,643
Repurchase Agreements		—		211,000		—		211,000
Total	$	11,677,643	$	211,000	$	—	$	11,888,643


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

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	11,888,643

Cash		5,545

Dividends/interest receivable		14,419

Reimbursement receivable from adviser		11,179

Prepaid expenses		559


Total Assets		11,920,345


Liabilities

Accrued audit fees		22,105

Accrued custodian and accounting fees		11,871

Accrued administrative fees		11,865

Accrued shareholder reports fees		7,818

Investment advisory fees payable		5,477

Distribution fees payable		2,490

Accrued trustees’ and officers’ fees		64

Accrued expenses and other liabilities		6,273


Total Liabilities		67,963


Total Net Assets	$	11,852,382


Net Assets Consist of:

Paid-in capital	$	6,077,870

Distributable earnings		5,774,512


Total Net Assets	$	11,852,382

Investments, at Cost	$	10,257,861


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		828,389

Net Asset Value Per Share		$14.31


Statement of Operations For the Year Ended December 31, 2019
Investment Income

Dividends	$	227,003

Interest		200

Withholding taxes on foreign dividends		(165	)


Total Investment Income		227,038


Expenses

Investment advisory fees		61,290

Custodian and accounting fees		47,530

Administrative fees		47,460

Professional fees		30,294

Distribution fees		27,859

Shareholder reports		21,324

Transfer agent fees		12,253

Trustees’ and officers’ fees		4,495

Other expenses		3,865


Total Expenses		256,370

Less: Fees waived		(149,391	)


Total Expenses, Net		106,979


Net Investment Income/(Loss)		120,059


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

Net realized gain/(loss) from investments		932,990

Net change in unrealized appreciation/(depreciation) on investments		1,577,603


Net Gain on Investments		2,510,593


Net Increase in Net Assets Resulting From Operations	$	2,630,652


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

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND


Statements of Changes in Net Assets

	For the Year Ended 12/31/19			For the Year Ended 12/31/18

Operations

Net investment income/(loss)	$	120,059		$	106,317

Net realized gain/(loss) from investments		932,990			538,433

Net change in unrealized appreciation/(depreciation) on investments		1,577,603			(1,521,435	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		2,630,652			(876,685	)


Capital Share Transactions

Proceeds from sales of shares		403,248			258,696

Cost of shares redeemed		(995,721	)		(1,738,400	)


Net Decrease in Net Assets Resulting from Capital Share Transactions		(592,473	)		(1,479,704	)


Net Increase/(Decrease) in Net Assets		2,038,179			(2,356,389	)


Net Assets

Beginning of year		9,814,203			12,170,592


End of year	$	11,852,382		$	9,814,203


Other Information:

Shares

Sold		32,023			21,136

Redeemed		(75,608	)		(140,091	)


Net Decrease		(43,585	)		(118,955	)


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

FINANCIAL INFORMATION — GUARDIAN INTEGRATED RESEARCH VIP FUND


Financial Highlights
	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⁾

Year Ended 12/31/19	$	11.26	$	0.14	$	2.91		$	3.05		$	14.31		27.09	%

Year Ended 12/31/18		12.28		0.12		(1.14	)		(1.02	)		11.26		(8.31)	%

Year Ended 12/31/17		10.24		0.09		1.95			2.04			12.28		19.92	%

Period Ended 12/31/16⁽⁴⁾		10.00		0.03		0.21			0.24			10.24		2.40	%⁽⁵⁾


10				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 Loss to Average Net Assets			Portfolio Turnover Rate

$	11,852		0.96%			2.30%			1.08%			(0.26)%			117%

	9,814		0.96%			2.39%			0.93%			(0.50)%			58%

	12,171		0.96%			1.91%			0.84%			(0.11)%			80%

	14,915		0.96%	⁽⁵⁾		2.65%	⁽⁵⁾		0.92%	⁽⁵⁾		(0.77)%	⁽⁵⁾		15%	⁽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 and expense limitations.

⁽⁴⁾	Commenced operations on September 1, 2016.

⁽⁵⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2016, certainnon-recurring fees (i.e., audit fees) are not annualized.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen 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

mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (“NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods. Securities for which market quotations are not readily available or for which market quotations may be considered unreliable are valued at their fair values as determined in accordance with policies and procedures adopted by the Board of Trustees.


12

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)


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH 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 0.55% up to $100 million, 0.50% up to $300 million, and 0.40% in excess of $300 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2020 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.96% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the year ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $149,391.

Park Avenue may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. The amount available for potential future recoupment by Park Avenue from the Fund under the Expense Limitation Agreement and the expiration schedule at December 31, 2019 are as follows:


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

Park Avenue has entered into aSub-Advisory Agreement with Columbia Management Investment Advisers LLC (“CMIA”). CMIA is responsible for providingday-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 the12b-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 $12,903,686 and $13,462,328, respectively, for the year ended December 31, 2019. During the year ended December 31, 2019, there were no purchases or sales of U.S. government securities.

6. Temporary Borrowings


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

of redemption requests that otherwise might require the untimely disposition of securities. Interest is calculated based on the higher of the dailyone-month LIBOR rate and the Federal Funds rate plus 1.25% at the time of borrowing. 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 9, 2020. The Fund did not utilize the credit facility during the year ended December 31, 2019.

7. Indemnifications


16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian Integrated Research VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Integrated Research VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.


				17

SUPPLEMENTAL INFORMATION(UNAUDITED)

Approval of Investment Advisory andSub-advisory Agreements

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory and sub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at anin-person 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 September4-5, 2019 (the “Meeting”), the Board considered and approved the proposed sub-advisory agreement (the “Sub-advisory Agreement”) between Park Avenue Institutional Advisers LLC (the “Manager”) and Columbia Management Investment Advisers, LLC (the “Sub-adviser”) engaged to serve as Sub-adviser to Guardian Integrated Research VIP Fund (the “Fund”). The Trustees who are not parties to the Sub-advisory Agreement or “interested persons” (as defined in the 1940 Act) of a party to the Sub-advisory Agreement (the “Independent Trustees”) unanimously approved the Sub-advisory Agreement for an initial term of two years.

The Board is responsible for overseeing the management of the Fund. In determining whether to approve the Sub-advisory 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 theSub-advisory Agreement. At the Meeting, the Board received a presentation from the Sub-adviser regarding the services to be rendered to the Fund. The Manager also discussed proposed changes to the Fund’s principal investment strategies. The Trustees received written responses from the Sub-adviser to a series of questions and requests for information covering a wide variety of topics provided by independent counsel on behalf of the Independent Trustees. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Sub-advisory

Agreement and the process and criteria used by the Manager to identify and select the Sub-adviser.

During the course of their deliberations, the Independent Trustees met to discuss and evaluate the Sub-advisory Agreement in executive session with their independent legal counsel, outside of the presence of the Trustees who are not Independent Trustees and representatives from Fund management, the Manager or the Sub-adviser.

In reaching its decision to approve the Sub-advisory Agreement, the Board took into account the materials and information described above as well as other materials and information provided to the Board and discussed with and among the Trustees. Individual Trustees may have given different weight to different factors and information with respect to theSub-advisory Agreement, and the Trustees did not identify any single factor or information that, in isolation, would be controlling in deciding to approve theSub-advisory Agreement. The discussion below is intended to summarize the broad factors that figured prominently in the Board’s decisions to approve the Sub-advisory Agreement rather than to beall-inclusive. These broad factors included: (i) the nature, extent and quality of the services to be provided to the Fund by the Sub-adviser; (ii) the investment performance of accounts managed by the Sub-adviser 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 the Sub-adviser (or its affiliates) from its relationships 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 the Sub-adviser. The Trustees also considered, among other things, the terms of theSub-advisory Agreement and the range of investment advisory services to be provided by the Sub-adviser under the oversight of the Manager. In evaluating the investment advisory services, the Trustees considered, among other things, the Sub-adviser’s investment philosophy, style and process and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Sub-adviser 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


18

SUPPLEMENTAL INFORMATION(UNAUDITED)

of the investment professionals that would serve as portfolio managers for the Fund and the capabilities, resources and reputation of the Sub-adviser.

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

Investment Performance

Because the Sub-adviser is new to the Fund, the Board was not able to evaluate an investment performance record for the Fund with respect to the Sub-adviser. The Board did consider the Sub-adviser’s performance history with respect to similarly-managed investment accounts. While there was no historical Sub-adviser 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 Sub-advisory Agreement.

Costs and Profitability

The Trustees considered the proposed sub-advisory fees to be paid under the Sub-advisory Agreement and evaluated the reasonableness of the fees. The Trustees considered information regarding the fees charged to funds and accounts managed by the Sub-adviser with similar strategies as the Fund. The Trustees also considered that the fees to be paid to the Sub-adviser would be paid by the Manager and not the Fund and that the Manager had negotiated the fees with theSub-adviser atarm’s-length.

The Trustees did not request or consider any projected profitability information from the Sub-adviser because the Manager would be responsible for payment of the sub-advisory fees and had negotiated the fees with the Sub-adviser atarm’s-length.

Based on the consideration of the information and factors summarized above, as well as other relevant information and factors, the Trustees concluded that the proposed sub-advisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the Fund by the Sub-adviser.

Economies of Scale

The Board considered that the sub-advisory fee schedule offered breakpoints. The Trustees concluded that it was appropriate to revisit potential economies of scale in connection with future reviews of theSub-advisory Agreement or earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on anticipated asset levels.

Ancillary Benefits

The Trustees considered the potential benefits, other than the sub-advisory fee, that the Sub-adviser and its affiliates may receive because of their relationships with the Fund, including the ability to use soft dollars consistent with Trust policies and other benefits from increases in assets under management. The Trustees concluded that the benefits that may accrue to theSub-adviser and its affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the Fund.

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 Sub-advisory Agreement.


				19

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


20

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				21

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures


22

LOGO

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

PUB8170

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Diversified Research VIP Fund

Important Notice

You may instead elect to receive all future shareholder reports in paper free of charge. If you wish to receive paper copies of your shareholder reports, please call GIAC’s Customer Service Office Contact Center at1-888-GUARDIAN(1-888-482-7342). Your election to receive reports in paper will apply to all the underlying funds available.

LOGO


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

TABLE OF CONTENTS

Guardian Diversified Research VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

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

Report of Independent Registered Public Accounting Firm			19

Supplemental Information

Trustees and Officers Information Table			20

Portfolio Holdings and Proxy Voting Procedures			22

GUARDIAN DIVERSIFIED RESEARCH VIP FUND

FUND COMMENTARY OF PUTNAM INVESTMENT

MANAGEMENT, LLC,SUB-ADVISER (unaudited)

Highlights

•

Guardian Diversified Research VIP Fund (the “Fund”) returned 33.87%, outperforming its benchmark, the Standard & Poor’s 500^® Index¹ (the “Index”), for the 12 months ended December 31, 2019. The Fund’s outperformance relative to the Index was due to positive security selection across all sectors but utilities. Sector allocation effect had minimal impact on relative performance but was slightly negative in the period.

•

The Index returned 31.49% for the period. The strong return can primarily be attributed to the information technology sector which contributed roughlyone-third of the Index performance. Other sectors with meaningful contributions were financials, communication services, health care, consumer discretionary, industrials, and consumer staples.

Market Overview

U.S. equities started 2019 on a strong note following the fourth quartersell-off in 2018. The first quarter return of the Index was its best quarterly performance in nearly 10 years and set the stage for the best calendar year performance since 1997. Equities were supported throughout the year by solid corporate earnings, broadly positive economic data and the U.S. Federal Reserve’s (the “Fed”) interest rate policy. However, volatility spiked several times as global trade conflict and tensions between the U.S. and China, a U.S. Treasury yield curve inversion in the first quarter, and mixed economic data in the third and fourth quarters weighed on markets.

In the first quarter, stocks were boosted by positive corporate earnings, a vote by the Fed to hold interest rates steady, positive economic data, and increased optimism about a resolution to the U.S.-China trade conflict. However, stocks tumbled briefly in the quarter after the U.S. Treasury yield curve inverted for the first time since 2007 — historically an indicator of an impending recession.

Strength continued in the second quarter on the back of corporate earnings reports and better than expected economic growth. Data from the Institute for Supply Management showed that manufacturing had rebounded in March. However, volatility spiked once

again in May as U.S.-China trade talks stalled and the nations’ leaders engaged in retaliatory tariff increases.

Equity markets pushed higher in the third quarter with the Index posting gains for the third consecutive quarter. However, the global trade conflict continued to weigh on markets. In August, stocks struggled as the U.S. and China engaged inback-and forth exchanges of tariff threats. The Chinese government devalued the yuan to fall below a7-to-1 ratio versus the U.S. dollar. Also weighing on stocks was mixed economic data as job growth slowed, but wage growth supported an increase in consumer spending. By the end of the quarter, U.S. and China officials had agreed to hold more trade talks and the Fed cut short-term interest rates for the second time in the year. This helped to move stocks higher to end the quarter.

U.S. equities posted strong gains in the fourth quarter, despite continued U.S. and China trade concerns and market volatility. All three major U.S. stock indexes recorded solid gains. Stocks tumbled briefly following a report that manufacturing activity contracted for the fourth straight month in November. Other economic data was positive. The consumer sector remained strong, with increased retail sales, including record holiday spending. The Fed reduced its target range for the federal funds rate by another 25 basis points at its October meeting. Following the rate cut, the Index closed at a record high. In December the Fed held rates steady and noted a favorable economic outlook for 2020. The U.S.-China trade conflict continued to spark volatility throughout the quarter. Stocks and bonds both suffered after President Trump said that a trade deal with China was not likely to be signed until after the 2020 election. However, subsequent reports that the two nations were approaching a preliminary “phase 1” agreement lifted stocks.

Portfolio Review

The Fund’s outperformance relative to the Index was due to positive security selection across all sectors but utilities. Sector allocation effects had minimal impact on relative performance but were slightly negative in the period. The strongest relative performing sectors within the portfolio were industrials, health care, financials, and energy. Relative underperformance within the utilities and information technology sectors was a result of


				1

GUARDIAN DIVERSIFIED RESEARCH VIP FUND

unfavorable security selection within the utilities sector and an underweight to the information technology sector.

Outlook

The U.S. equity market continued to rally and reach new highs in the closing months of 2019. This was despite many developments that could have sent investors fleeing from stocks. The year also saw its share of volatility, and many issues for investors remain unresolved. Many people are concerned about China’s slowing economy and its impact on global economic growth. Also, nearly two years after the start of theU.S.-China trade conflict, we have yet to see a meaningful resolution, and we do not believe we are likely to see one any time soon. A look across global markets features a host of additional uncertainties, such as the seemingly endless challenges of Brexit, Italian debt, and anemic growth in Europe overall.

What has received much less attention are the factors that could drive equity markets meaningfully higher from here. Many market observers believe equities today are overpriced and therefore are not a risk worth taking given their limited upside potential. The reality is that price/earnings (“P/E”) multiples are in line with their average in recent decades.

We believe there is a reasonable case to be made that P/E multiples will expand from current levels. This could be fueled by historically low long-term bond yields. In fact, for much of the second half of 2019, the dividend

yield on the Index was higher than the U.S.10-year U.S. Treasury yield. Also, the earnings yield of stocks has been higher than the U.S.10-year U.S. Treasury bond yield since the turn of the century. The difference between them has been near an extreme recently, which makes equities arguably undervalued. When comparing stocks with bonds, stocks have almost never been cheaper.

What might prevent multiple expansion? One issue is concern about economic growth and how a slowdown, or even a recession, might lead to downward earnings revisions. However, stock market valuations could move higher in an environment where some pressures are alleviated — a trade deal with China coupled with a slight acceleration in global growth, for example.

High-quality companies with durable profit streams and dividends have been strong performers and have benefited via multiple expansion from low interest rates. This “bond proxy” cohort is expensive as compared to historical measures and the valuations would likely contract, with stock prices falling in the event that bond yields were to rise. Growth stocks and technology stocks in particular, have powered the market over the past five years. Yet, in our view, valuations for many of the large- andmega-cap technology stocks remain attractive. At the same time, a number of undervalued sectors, such as financials, energy, and basic materials, are priced well below historical averages and we believe could help drive equity market gains in the years ahead.


2

GUARDIAN DIVERSIFIED RESEARCH VIP FUND

Fund Characteristics (unaudited)


Total Net Assets: $196,049,973

Sector Allocation¹

As of December 31, 2019



Top Ten Holdings² As of December 31, 2019

Holding	% of Total Net Assets
Microsoft Corp.		4.73%
Apple, Inc.		3.13%
Alphabet, Inc., Class A		3.00%
Amazon.com, Inc.		2.76%
BP PLC		1.98%
The Procter & Gamble Co.		1.93%
Bank of America Corp.		1.90%
Facebook, Inc., Class A		1.87%
Fidelity National Information Services, Inc.		1.79%
Activision Blizzard, Inc.		1.78%
Total		24.87%

1	The Fund’s holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS^®). Cash includes short-term investments and net other assets and liabilities.

2	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.


				3

GUARDIAN DIVERSIFIED RESEARCH VIP FUND

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Diversified Research VIP Fund		9/1/2016		33.87%		—		—		14.81%
Standard & Poor’s 500^® Index				31.49%		—		—		14.96%

Results of a Hypothetical $10,000 Investment

As of December 31, 2019

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Diversified Research VIP Fund and the Standard & Poor’s 500^® Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.


4

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return	$1,000.00		$1,113.80		$5.38		1.01%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.11		$5.14		1.01%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


December 31, 2019	Shares		Value
Common Stocks – 98.0%

Aerospace & Defense – 2.4%

General Dynamics Corp.		3,913	$	690,057

Northrop Grumman Corp.		2,500		859,925

Raytheon Co.		4,250		933,895

The Boeing Co.		2,430		791,597

TransDigm Group, Inc.		887		496,720

United Technologies Corp.		6,254		936,599


				4,708,793
Airlines – 0.3%

Air Canada (Canada)⁽¹⁾		14,999		560,318


				560,318
Automobiles – 1.1%

General Motors Co.		58,914		2,156,252


				2,156,252
Banks – 6.2%

Bank of America Corp.		105,937		3,731,101

Citigroup, Inc.		43,035		3,438,066

JPMorgan Chase & Co.		16,809		2,343,175

The PNC Financial Services Group, Inc.		11,007		1,757,047

Wells Fargo & Co.		15,737		846,651


				12,116,040
Beverages – 2.1%

PepsiCo, Inc.		5,322		727,358

The Coca-Cola Co.		60,788		3,364,616


				4,091,974
Biotechnology – 2.6%

AbbVie, Inc.		20,098		1,779,477

Amgen, Inc.		5,538		1,335,046

Biogen, Inc.⁽¹⁾		1,618		480,109

Gilead Sciences, Inc.		5,967		387,736

Regeneron Pharmaceuticals, Inc.⁽¹⁾		1,118		419,786

Vertex Pharmaceuticals, Inc.⁽¹⁾		2,943		644,370


				5,046,524
Building Products – 1.0%

Fortune Brands Home & Security, Inc.		18,986		1,240,545

Johnson Controls International PLC		16,948		689,953


				1,930,498
Capital Markets – 4.1%

Apollo Global Management, Inc.		21,180		1,010,498

BlackRock, Inc.		2,361		1,186,875

E*TRADE Financial Corp.		17,712		803,593

Intercontinental Exchange, Inc.		10,171		941,326

KKR & Co., Inc., Class A		25,813		752,965

Quilter PLC (United Kingdom)⁽²⁾		97,281		208,063

Raymond James Financial, Inc.		10,401		930,473

The Goldman Sachs Group, Inc.		9,199		2,115,126


				7,948,919
Chemicals – 1.6%

Albemarle Corp.		2,060		150,463

Dow, Inc.		10,381		568,152


December 31, 2019	Shares		Value
Chemicals(continued)

DuPont de Nemours, Inc.		4,438	$	284,920

Eastman Chemical Co.		3,211		254,504

Ecolab, Inc.		1,266		244,325

Linde PLC		1,947		414,516

The Sherwin-Williams Co.		1,913		1,116,312


				3,033,192

Commercial Services & Supplies – 0.2%

Waste Connections, Inc.		3,580		325,028


				325,028
Construction Materials – 0.1%

Summit Materials, Inc., Class A⁽¹⁾		5,959		142,420


				142,420
Containers & Packaging – 0.5%

Avery Dennison Corp.		2,136		279,431

Ball Corp.		5,855		378,643

Packaging Corp. of America		2,624		293,862


				951,936
Diversified Financial Services – 0.4%

Berkshire Hathaway, Inc., Class B⁽¹⁾		3,517		796,601


				796,601
Diversified Telecommunication Services – 0.8%

Verizon Communications, Inc.		26,620		1,634,468


				1,634,468
Electric Utilities – 2.3%

American Electric Power Co., Inc.		18,392		1,738,228

Exelon Corp.		14,195		647,150

NextEra Energy, Inc.		5,346		1,294,588

The Southern Co.		12,719		810,200


				4,490,166
Electrical Equipment – 0.8%

Eaton Corp. PLC		16,696		1,581,445


				1,581,445
Entertainment – 4.4%

Activision Blizzard, Inc.		58,715		3,488,845

Live Nation Entertainment, Inc.⁽¹⁾		23,146		1,654,245

Netflix, Inc.⁽¹⁾		5,288		1,711,038

World Wrestling Entertainment, Inc., Class A		26,143		1,695,896


				8,550,024
Equity Real Estate Investment – 1.0%

Gaming and Leisure Properties, Inc. REIT		43,508		1,873,019


				1,873,019
Food & Staples Retailing – 1.8%

BJ’s Wholesale Club Holdings, Inc.⁽¹⁾		14,914		339,144

Costco Wholesale Corp.		3,008		884,111

Walmart, Inc.		19,829		2,356,479


				3,579,734
Food Products – 1.4%

Kellogg Co.		4,122		285,078


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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


December 31, 2019	Shares		Value
Food Products(continued)

McCormick & Co., Inc.		4,845	$	822,342

The Hershey Co.		6,080		893,638

Tyson Foods, Inc., Class A		7,735		704,194


				2,705,252
Health Care Equipment & Supplies – 3.3%

Abbott Laboratories		17,402		1,511,538

Baxter International, Inc.		12,949		1,082,795

Boston Scientific Corp.⁽¹⁾		20,413		923,076

Danaher Corp.		6,399		982,119

Intuitive Surgical, Inc.⁽¹⁾		1,313		776,180

Medtronic PLC		11,230		1,274,043


				6,549,751
Health Care Providers & Services – 2.3%

Cigna Corp.		13,838		2,829,733

CVS Health Corp.		6,059		450,123

UnitedHealth Group, Inc.		4,390		1,290,572


				4,570,428
Hotels, Restaurants & Leisure – 2.1%

Aramark		8,792		381,573

Chipotle Mexican Grill, Inc.⁽¹⁾		1,129		945,097

Hilton Worldwide Holdings, Inc.		9,329		1,034,679

Wynn Resorts Ltd.		7,412		1,029,305

Yum China Holdings, Inc.		14,781		709,636


				4,100,290
Household Products – 1.9%

The Procter & Gamble Co.		30,279		3,781,847


				3,781,847
Independent Power and Renewable Electricity Producers – 0.9%

NRG Energy, Inc.		42,912		1,705,752


				1,705,752
Industrial Conglomerates – 1.9%

3M Co.		2,705		477,216

General Electric Co.		58,034		647,660

Honeywell International, Inc.		11,915		2,108,955

Roper Technologies, Inc.		1,613		571,373


				3,805,204
Insurance – 3.3%

American International Group, Inc.		37,297		1,914,455

Assured Guaranty Ltd.		52,085		2,553,207

AXA S.A. (France)		12,915		364,365

Prudential PLC (United Kingdom)		88,588		1,704,560


				6,536,587
Interactive Media & Services – 4.9%

Alphabet, Inc., Class A⁽¹⁾		4,390		5,879,922

Facebook, Inc., Class A⁽¹⁾		17,848		3,663,302


				9,543,224
Internet & Direct Marketing Retail – 3.5%

Amazon.com, Inc.⁽¹⁾		2,928		5,410,476

Booking Holdings, Inc.⁽¹⁾		718		1,474,578


				6,885,054


December 31, 2019	Shares		Value
IT Services – 5.6%

Fidelity National Information Services, Inc.		25,328	$	3,522,871

Fiserv, Inc.⁽¹⁾		17,918		2,071,858

MasterCard, Inc., Class A		8,776		2,620,426

Visa, Inc., Class A		15,024		2,823,010


				11,038,165
Leisure Products – 0.4%

Hasbro, Inc.		7,364		777,712


				777,712
Life Sciences Tools & Services – 0.9%

Mettler-Toledo International, Inc.⁽¹⁾		494		391,880

Thermo Fisher Scientific, Inc.		4,170		1,354,708


				1,746,588
Machinery – 0.6%

Deere & Co.		3,380		585,619

Stanley Black & Decker, Inc.		3,943		653,513


				1,239,132
Media – 1.1%

Charter Communications, Inc., Class A⁽¹⁾		4,550		2,207,114


				2,207,114
Metals & Mining – 1.0%

Anglo American PLC (United Kingdom)		27,181		784,494

Freeport-McMoRan, Inc.		87,296		1,145,323


				1,929,817
Multi-Utilities – 0.3%

Ameren Corp.		8,826		677,837


				677,837
Oil, Gas & Consumable Fuels – 4.4%

BP PLC (United Kingdom)		617,819		3,878,264

Cairn Energy PLC (United Kingdom)⁽¹⁾		209,358		571,264

Cenovus Energy, Inc. (Canada)		147,996		1,504,406

Encana Corp. (Canada)		119,639		560,167

Enterprise Products Partners LP		56,592		1,593,631

Kosmos Energy Ltd.		74,301		423,516


				8,531,248
Pharmaceuticals – 4.0%

Bristol-Myers Squibb Co.		11,436		734,077

Eli Lilly & Co.		7,149		939,593

Johnson & Johnson		13,966		2,037,221

Merck & Co., Inc.		24,064		2,188,621

Pfizer, Inc.		31,062		1,217,009

Zoetis, Inc.		5,938		785,894


				7,902,415
Professional Services – 0.2%

CoStar Group, Inc.⁽¹⁾		640		382,912


				382,912
Road & Rail – 1.2%

Norfolk Southern Corp.		4,340		842,524


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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


December 31, 2019	Shares		Value
Road & Rail(continued)

Union Pacific Corp.		8,563	$	1,548,105


				2,390,629
Semiconductors & Semiconductor Equipment – 4.3%

Cree, Inc.⁽¹⁾		19,328		891,987

NVIDIA Corp.		7,397		1,740,514

NXP Semiconductors N.V.		16,128		2,052,449

ON Semiconductor Corp.⁽¹⁾		67,543		1,646,699

Texas Instruments, Inc.		15,992		2,051,614


				8,383,263
Software – 7.2%

Adobe, Inc.⁽¹⁾		8,964		2,956,417

Dassault Systemes SE (France)		6,364		1,049,712

Microsoft Corp.		58,766		9,267,398

salesforce.com, Inc.⁽¹⁾		5,733		932,415


				14,205,942

Specialty Retail – 2.8%

Advance Auto Parts, Inc.		2,061		330,090

Burlington Stores, Inc.⁽¹⁾		1,293		294,843

CarMax, Inc.⁽¹⁾		9,104		798,147

The Home Depot, Inc.		14,153		3,090,732

The TJX Cos., Inc.		12,987		792,986

Ulta Beauty, Inc.⁽¹⁾		756		191,374


				5,498,172
Technology Hardware, Storage & Peripherals – 3.1%

Apple, Inc.		20,913		6,141,102


				6,141,102
Textiles, Apparel & Luxury Goods – 0.9%

Levi Strauss & Co., Class A		23,265		448,782

NIKE, Inc., Class B		12,836		1,300,415


				1,749,197
Trading Companies & Distributors – 0.8%

Fastenal Co.		7,635		282,113

United Rentals, Inc.⁽¹⁾		4,639		773,646


December 31, 2019	Shares		Value
Trading Companies & Distributors(continued)

Yellow Cake PLC (United Kingdom)⁽¹⁾⁽²⁾		188,828	$	503,235


				1,558,994

Total Common Stocks (Cost $162,987,293)				192,060,979

	Principal Amount		Value
Short-Term Investment – 1.7%

Repurchase Agreements – 1.7%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $3,360,022, due 1/2/2020⁽³⁾	$	3,360,000		3,360,000

Total Repurchase Agreements (Cost $3,360,000)				3,360,000

Total Investments – 99.7% (Cost $166,347,293)				195,420,979

Assets in excess of other liabilities – 0.3%				628,994

Total Net Assets – 100.0%			$	196,049,973

⁽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 December 31, 2019, the aggregate market value of these securities amounted to $711,298, representing 0.4% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽³⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		2.75%		9/15/2021	$	3,340,000	$	3,430,855

Legend:

REIT — Real Estate Investment Trust


	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks	$	182,997,022	$	9,063,957	*	$	—	$	192,060,979
Repurchase Agreements		—		3,360,000			—		3,360,000
Total	$	182,997,022	$	12,423,957		$	—	$	195,420,979

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


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

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	195,420,979

Cash		30,476

Foreign currency, at value		753

Receivable for investments sold		1,298,349

Dividends/interest receivable		107,895

Foreign tax reclaims receivable		1,400

Prepaid expenses		8,943


Total Assets		196,868,795


Liabilities

Payable for investments purchased		481,817

Payable for fund shares redeemed		126,020

Investment advisory fees payable		98,841

Distribution fees payable		41,184

Accrued audit fees		22,105

Accrued custodian and accounting fees		13,775

Accrued trustees’ and officers’ fees		895

Accrued expenses and other liabilities		34,185


Total Liabilities		818,822


Total Net Assets	$	196,049,973


Net Assets Consist of:

Paid-in capital	$	150,435,866

Distributable earnings		45,614,107


Total Net Assets	$	196,049,973

Investments, at Cost	$	166,347,293

Foreign Currency, at Cost	$	747


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		12,372,835

Net Asset Value Per Share		$15.85


Statement of Operations For the Year Ended December 31, 2019
Investment Income

Dividends	$	3,010,994

Interest		6,648

Withholding taxes on foreign dividends		(11,962	)


Total Investment Income		3,005,680


Expenses

Investment advisory fees		1,011,701

Distribution fees		421,542

Trustees’ and officers’ fees		67,604

Professional fees		62,489

Custodian and accounting fees		59,970

Administrative fees		47,460

Shareholder reports		25,409

Transfer agent fees		18,710

Other expenses		19,995


Total Expenses		1,734,880

Less: Fees waived		(27,756	)


Total Expenses, Net		1,707,124


Net Investment Income/(Loss)		1,298,556


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

Net realized gain/(loss) from investments		10,510,483

Net realized gain/(loss) from foreign currency transactions		(6,744	)

Net change in unrealized appreciation/(depreciation) on investments		37,626,311

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		11


Net Gain on Investments and Foreign Currency Transactions		48,130,061


Net Increase in Net Assets Resulting From Operations	$	49,428,617


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

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


Statements of Changes in Net Assets


	For the Year Ended 12/31/19			For the Year Ended 12/31/18

Operations

Net investment income/(loss)	$	1,298,556		$	865,646

Net realized gain/(loss) from investments and foreign currency transactions		10,503,739			2,286,862

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		37,626,322			(10,289,156	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		49,428,617			(7,136,648	)


Capital Share Transactions

Proceeds from sales of shares		25,656,494	¹		159,081,293

Cost of shares redeemed		(27,228,367	)		(15,880,682	)


Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(1,571,873	)		143,200,611


Net Increase in Net Assets		47,856,744			136,063,963


Net Assets

Beginning of year		148,193,229			12,129,266


End of year	$	196,049,973		$	148,193,229


Other Information:

Shares

Sold		1,773,980			12,769,094

Redeemed		(1,914,785	)		(1,214,013	)


Net Increase/(Decrease)		(140,805	)		11,555,081

¹	Includes in-kind subscriptions of $22,345,743. The cost basis of the contributed securities is equal to the market value of the securities on the date of the subscription.


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

This Page Intentionally Left Blank


				11

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND


Financial Highlights
	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⁾

Year Ended 12/31/19	$	11.84	$	0.11	$	3.90		$	4.01		$	15.85		33.87%

Year Ended 12/31/18		12.65		0.09		(0.90	)		(0.81	)		11.84		(6.40)%

Year Ended 12/31/17		10.37		0.08		2.20			2.28			12.65		21.99%

Period Ended 12/31/16⁽⁴⁾		10.00		0.04		0.33			0.37			10.37		3.70%	⁽⁵⁾


12				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/ (Loss) to Average Net Assets			Portfolio Turnover Rate

$	196,050		1.01%			1.03%			0.77%			0.75%			88%

	148,193		1.02%			1.09%			0.68%			0.61%			88%

	12,129		0.96%			2.43%			0.67%			(0.80)%			154%

	10,139		0.96%	⁽⁵⁾		3.07%	⁽⁵⁾		1.12%	⁽⁵⁾		(0.99)%	⁽⁵⁾		61%	⁽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 and expense limitations.

⁽⁴⁾	Commenced operations on September 1, 2016.

⁽⁵⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2016, certainnon-recurring fees (i.e., audit fees) are not annualized.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen 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


14

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)


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

determined using the interest income accrual method, and is accrued and recorded daily.

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense LimitationUnder the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.60% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2020 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 1.02% 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, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the year ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $27,756.

Park Avenue may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation after April 9, 2018 are not subject to Park Avenue’s recoupment rights. The amount available for potential future recoupment by Park Avenue from the


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

Fund under the Expense Limitation Agreement and the expiration schedule at December 31, 2019 are as follows:



	Potential Recoupment Amounts Expiring
Total Potential Recoupment Amounts	2021	2020
$293,198	$60,975	$232,223

Park Avenue has entered into aSub-Advisory Agreement with Putnam Investment Management LLC (“Putnam”). Putnam is responsible for providingday-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 the12b-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 and in-kind transactions) amounted to $147,293,950 and $172,588,879, respectively, for the year ended December 31, 2019. During the year ended December 31, 2019, there were no purchases or sales of U.S. government securities.


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

6. Temporary Borrowings

place until December 9, 2020. The Fund did not utilize the credit facility during the year ended December 31, 2019.

7. Indemnifications


18

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian Diversified Research VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, ofGuardian Diversified Research VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


				19

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


20

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committe of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				21

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures


22

LOGO

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

PUB8168

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Large Cap Disciplined Value VIP Fund

Important Notice

You may instead elect to receive all future shareholder reports in paper free of charge. If you wish to receive paper copies of your shareholder reports, please call GIAC’s Customer Service Office Contact Center at1-888-GUARDIAN(1-888-482-7342). Your election to receive reports in paper will apply to all the underlying funds available.

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

TABLE OF CONTENTS

Guardian Large Cap Disciplined Value VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statements of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Trustees and Officers Information Table			18

Portfolio Holdings and Proxy Voting Procedures			20

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2019. The views expressed in the Fund Commentary are those of the Fund’s portfolio manager(s) as of the date of this report and are subject to change without notice. They do not necessarily represent the views of Park Avenue Institutional Advisers LLC or asub-adviser. The Fund Commentary may contain someforward-looking statements providing expectations or forecasts of future events as of the date of this report; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary. Information contained herein has been obtained from sources believed reliable, but is not guaranteed.

GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

FUND COMMENTARY OF BOSTON PARTNERS GLOBAL INVESTORS, INC.,SUB-ADVISER (unaudited)

Highlights

•

Guardian Large Cap Disciplined Value VIP Fund (the “Fund”) returned 23.41%, underperforming its benchmark, the Russell 1000^® Value Index¹ (the “Index”), for the 12 months ended December 31, 2019. The Fund’s underperformance relative to the Index was primarily due to stock selection in the information technology and health care sectors. Conversely, sector allocation was positive in the industrials sector due to our overweight positioning.

•

The Index returned 26.54% for the period. The financials and information technology sectors were two of the largest contributors to performance for the Index during the period.

Market Overview

It is understandable that many investors may cringe at recalling the final quarter of 2018 when the Standard & Poor’s 500^® Index² fell by-13.52%, which dragged the Index to a negative total return for the year. Then the backdrop was harsh: the implementation of a third round of tariffs on Chinese imports, a partial government shutdown, White House staff resignations and firings, 4 interest rate hikes in the year, the U.S. Federal Reserve (the “Fed”) statement that its balance sheet reduction “was on autopilot”, and a bank liquidity crunch which saw short-term funding rates gap to upwards of 10% and percolated recession fears.

Fast forward to 2019’s backdrop: the December 13^th completion of a preliminary Phase 1 U.S./China trade deal, a resounding victory for Boris Johnson and his U.K. Brexit initiatives, three cumulative interest rate cuts by the Fed, a reversal of the Fed’s quantitative tightening program, the return of a positive slope to the U.S. Treasury yield curve, the bipartisan passing of a $1.4 trillion spending bill, the signing of the USMCA trade agreement between the U.S., Mexico, and Canada and record-breaking holiday retail sales. Given this positive backdrop, the Standard & Poor’s 500^® Index responded correspondingly, gaining +3.02% in December, +9.07% during the quarter, and a resounding 31.49% for the year (its best since 2013), while hitting 35 record closes along the way.

Portfolio Review

For the 12 months ended December 2019, stock selection lagged in the health care, information technology, and communication services sectors. The health care sector underperformed during the first nine months of the year due to merger integration concerns and fear of nationalized health care, and rebounded in the fourth quarter as companies continued to exceed earnings expectations and the prospects for a “Medicare for All” health insurance plan diminished. Sector allocation in the industrials and information technology sectors offset the detrimental effect of the stock selections in the health care and energy sectors. Stock selections in consumer discretionary, financials, and consumer staples sectors aided performance this year. Investors are also attracted to thenon-cyclicality of the property and casualty business in an uncertain economic environment.

Outlook

While geopolitics and monetary policies had an outsized impact on the markets in 2019, we believe economics and fundamentals should play a larger role in determining outcomes in 2020. The consensus estimate for U.S. GDP growth for the year is +1.9% but could exceed expectations if China follows through on its Phase 1 promise. Global GDP is expected to grow at a +3.4% pace, led by a +4.6% advance in emerging markets and a +1.7% gain for developed markets. These figures could also have upside potential if the economic drag imposed by the trade war is alleviated, which we believe would most likely prompt an increase in business investment. Though economics and fundamentals should play a larger role for returns in 2020, that does not imply that geopolitics will have little influence on what transpires during the course of the year, as a confluence of potential market moving events sit on the horizon: the presidential impeachment proceedings, the Democratic Party nomination and the 2020 general election, as well as the recent escalation of tensions between the U.S., Iran, and North Korea.

Given the expectation of only a modest increase in inflation over the year, and with 2020 being an election year, we expect the Fed to remain on the sidelines with

The Standard & Poor’s 500^® Index (the “S&P 500 Index”) is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The S&P 500 Index consists of 500 stocks representing leading industries of the U.S. economy. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the S&P 500 Index, and, unlike the Fund, the S&P 500 Index does not incur fees or expenses.


				1

GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

regards to rate hikes/cuts. Currently, Fed fund futures are showing less than a 50% chance of one additional rate cut during the year. The current expansion of the Fed’s balance sheet should continue to put marginal pressure on the dollar, which in turn would benefit the results posted by both multi-national and emerging market companies. While the “Fed put” of supporting the stock market with interest rate cuts and changes to

monetary policies seems to be firmly in place, we believe it is highly unlikely that the dramatic P/E rerating that occurred in 2019 will be repeated in 2020. Earnings for the Standard & Poor’s 500^® Index are forecasted to grow by about 10% in 2020, though, with history as a guide, we believe that number should be revised down to something closer to 5% as the year progresses.

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. The Fund invests primarily in equity securities and therefore exposes you to the general risks of investing in stock markets. Investing in large-capitalization companies involves risks such as having low growth rates, and slow responsiveness to competitive challenges or opportunities than in the case of smaller companies. Value stocks may not realize their perceived value and during certain periods the Fund may underperform other equity funds that employ a different style. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


2

GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

Fund Characteristics (unaudited)


Total Net Assets: $213,249,474

Sector Allocation¹

As of December 31, 2019

Top Ten Holdings²

As of December 31, 2019



Holding	% of Total Net Assets
Berkshire Hathaway, Inc., Class B		4.60%
Bank of America Corp.		4.52%
JPMorgan Chase & Co.		3.53%
Citigroup, Inc.		2.71%
Wells Fargo & Co.		2.55%
The Procter & Gamble Co.		2.50%
Cigna Corp.		2.48%
Comcast Corp., Class A		2.34%
Chubb Ltd.		2.31%
Verizon Communications, Inc.		2.31%
Total		29.85%

1	The Fund’s holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS^®). Cash includes short-term investments and net other assets and liabilities.

2	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.


				3

GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Large Cap Disciplined Value VIP Fund		9/1/2016		23.41%		—		—		10.93%
Russell 1000^® Value Index				26.54%		—		—		10.78%



Results of a Hypothetical $10,000 Investment As of December 31, 2019

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Large Cap Disciplined Value VIP Fund and the Russell 1000^® Value Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.


4

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return	$1,000.00		$1,097.00		$5.13		0.97%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.32		$4.94		0.97%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


December 31, 2019	Shares		Value
Common Stocks – 98.0%

Aerospace & Defense – 2.2%

United Technologies Corp.		31,891	$	4,775,996


				4,775,996
Air Freight & Logistics – 2.1%

CH Robinson Worldwide, Inc.		12,003		938,635

United Parcel Service, Inc., Class B		29,568		3,461,230


				4,399,865
Airlines – 0.7%

Southwest Airlines Co.		28,367		1,531,251


				1,531,251
Banks – 14.9%

Bank of America Corp.		273,889		9,646,371

Citigroup, Inc.		72,307		5,776,606

ING Groep N.V., ADR		129,972		1,566,163

JPMorgan Chase & Co.		54,021		7,530,527

Truist Financial Corp.		30,911		1,740,907

Wells Fargo & Co.		100,986		5,433,047


				31,693,621
Biotechnology – 0.8%

Biogen, Inc.⁽¹⁾		5,950		1,765,543


				1,765,543
Building Products – 0.8%

Owens Corning		25,116		1,635,554


				1,635,554
Chemicals – 3.5%

Corteva, Inc.		52,794		1,560,591

DuPont de Nemours, Inc.		49,181		3,157,420

FMC Corp.		12,438		1,241,561

The Mosaic Co.		65,410		1,415,472


				7,375,044
Construction Materials – 1.1%

CRH PLC, ADR		58,796		2,371,243


				2,371,243
Consumer Finance – 0.6%

Discover Financial Services		14,941		1,267,296


				1,267,296
Diversified Financial Services – 4.6%

Berkshire Hathaway, Inc., Class B⁽¹⁾		43,343		9,817,189


				9,817,189
Diversified Telecommunication Services – 2.3%

Verizon Communications, Inc.		80,031		4,913,903


				4,913,903
Electric Utilities – 1.4%

Edison International		38,538		2,906,151


				2,906,151
Electrical Equipment – 0.8%

Eaton Corp. PLC		17,911		1,696,530


				1,696,530


December 31, 2019	Shares		Value
Equity Real Estate Investment – 0.6%

Equity Residential REIT		15,862	$	1,283,553


				1,283,553
Food Products – 1.2%

Mondelez International, Inc., Class A		29,716		1,636,757

Tyson Foods, Inc., Class A		9,780		890,371


				2,527,128
Health Care Equipment & Supplies – 3.0%

Medtronic PLC		38,432		4,360,110

Zimmer Biomet Holdings, Inc.		14,139		2,116,326


				6,476,436
Health Care Providers & Services – 10.4%

Anthem, Inc.		10,590		3,198,498

Cigna Corp.		25,827		5,281,363

CVS Health Corp.		38,646		2,871,011

Humana, Inc.		4,964		1,819,405

McKesson Corp.		16,977		2,348,259

Quest Diagnostics, Inc.		13,920		1,486,517

UnitedHealth Group, Inc.		11,533		3,390,471

Universal Health Services, Inc., Class B		12,053		1,729,124


				22,124,648
Hotels, Restaurants & Leisure – 1.6%

Las Vegas Sands Corp.		37,925		2,618,342

Wyndham Destinations, Inc.		17,094		883,589


				3,501,931
Household Durables – 2.3%

Lennar Corp., Class A		29,771		1,660,924

Mohawk Industries, Inc.⁽¹⁾		9,206		1,255,514

Toll Brothers, Inc.		24,379		963,215

Whirlpool Corp.		7,145		1,054,102


				4,933,755
Household Products – 2.5%

The Procter & Gamble Co.		42,665		5,328,858


				5,328,858
Insurance – 6.6%

American International Group, Inc.		78,767		4,043,110

Aon PLC		3,592		748,178

Chubb Ltd.		31,692		4,933,177

Everest Re Group Ltd.		7,866		2,177,623

The Travelers Cos., Inc.		15,123		2,071,095


				13,973,183
Interactive Media & Services – 2.2%

Alphabet, Inc., Class A⁽¹⁾		3,494		4,679,829


				4,679,829
Internet & Direct Marketing Retail – 0.4%

Booking Holdings, Inc.⁽¹⁾		452		928,286


				928,286
Machinery – 1.1%

Dover Corp.		19,466		2,243,651


				2,243,651


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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


December 31, 2019	Shares		Value
Media – 4.5%

Altice USA, Inc., Class A⁽¹⁾		32,998	$	902,166

Comcast Corp., Class A		110,958		4,989,781

Discovery, Inc., Class A⁽¹⁾		32,026		1,048,531

FOX Corp., Class A		73,500		2,724,645


				9,665,123
Metals & Mining – 1.5%

Barrick Gold Corp.		176,216		3,275,855


				3,275,855
Oil, Gas & Consumable Fuels – 9.4%

Cimarex Energy Co.		34,143		1,792,166

ConocoPhillips		65,000		4,226,950

Marathon Petroleum Corp.		68,730		4,140,982

Noble Energy, Inc.		95,807		2,379,846

TOTAL S.A., ADR		58,390		3,228,967

Valero Energy Corp.		45,526		4,263,510


				20,032,421
Pharmaceuticals – 3.5%

GlaxoSmithKline PLC, ADR		46,548		2,187,291

Novo Nordisk A/S, ADR		14,206		822,243

Pfizer, Inc.		112,357		4,402,147


				7,411,681
Road & Rail – 2.2%

Kansas City Southern		17,957		2,750,294

Union Pacific Corp.		10,100		1,825,979


				4,576,273
Semiconductors & Semiconductor Equipment – 4.4%

KLA Corp.		10,803		1,924,771

Lam Research Corp.		6,955		2,033,642

Micron Technology, Inc.⁽¹⁾		49,141		2,642,803

NXP Semiconductors N.V.		21,513		2,737,744


				9,338,960
Software – 2.3%

Microsoft Corp.		8,240		1,299,448

NortonLifeLock, Inc.		60,908		1,554,372


December 31, 2019	Shares		Value
Software(continued)

Oracle Corp.		38,248	$	2,026,379


				4,880,199
Specialty Retail – 2.2%

AutoZone, Inc.⁽¹⁾		2,757		3,284,442

Best Buy Co., Inc.		16,979		1,490,756


				4,775,198
Textiles, Apparel & Luxury Goods – 0.3%

PVH Corp.		8,572		901,346


				901,346

Total Common Stocks (Cost $184,920,156)				209,007,500

	Principal Amount		Value
Short–Term Investment – 2.0%

Repurchase Agreements – 2.0%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $4,284,029, due 1/2/2020⁽²⁾	$	4,284,000		4,284,000

Total Repurchase Agreements (Cost $4,284,000)				4,284,000

Total Investments – 100.0% (Cost $189,204,156)				213,291,500

Liabilities in excess of other assets – (0.0)%				(42,026	)

Total Net Assets – 100.0%			$	213,249,474

⁽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		2.75%		9/15/2021	$	4,255,000	$	4,370,745

Legend:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	209,007,500	$	—	$	—	$	209,007,500
Repurchase Agreements		—		4,284,000		—		4,284,000
Total	$	209,007,500	$	4,284,000	$	—	$	213,291,500


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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	213,291,500

Cash		38,476

Dividends/interest receivable		147,666

Reimbursement receivable from adviser		6,314

Foreign tax reclaims receivable		3,393

Prepaid expenses		9,722


Total Assets		213,497,071


Liabilities

Investment advisory fees payable		111,933

Distribution fees payable		44,869

Accrued audit fees		22,105

Payable for fund shares redeemed		16,385

Accrued shareholder reports fees		14,523

Accrued custodian and accounting fees		13,191

Accrued trustees’ and officers’ fees		1,299

Accrued expenses and other liabilities		23,292


Total Liabilities		247,597


Total Net Assets	$	213,249,474


Net Assets Consist of:

Paid-in capital	$	182,728,811

Distributable earnings		30,520,663


Total Net Assets	$	213,249,474

Investments, at Cost	$	189,204,156


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		15,086,648

Net Asset Value Per Share		$14.13


Statement of Operations For the Year Ended December 31, 2019
Investment Income

Dividends	$	4,548,999

Interest		13,665

Withholding taxes on foreign dividends		(57,092	)


Total Investment Income		4,505,572


Expenses

Investment advisory fees		1,285,187

Distribution fees		514,661

Trustees’ and officers’ fees		83,764

Professional fees		72,831

Custodian and accounting fees		52,077

Administrative fees		47,460

Shareholder reports		30,991

Transfer agent fees		14,646

Other expenses		24,670


Total Expenses		2,126,287

Less: Fees waived		(129,401	)


Total Expenses, Net		1,996,886


Net Investment Income/(Loss)		2,508,686


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

Net realized gain/(loss) from investments		(1,102,304	)

Net realized gain/(loss) from foreign currency transactions		227

Net change in unrealized appreciation/(depreciation) on investments		41,059,881


Net Gain on Investments and Foreign Currency Transactions		39,957,804


Net Increase in Net Assets Resulting From Operations	$	42,466,490


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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


Statements of Changes in Net Assets

	For the Year Ended 12/31/19			For the Year Ended 12/31/18

Operations

Net investment income/(loss)	$	2,508,686		$	1,842,916

Net realized gain/(loss) from investments and foreign currency transactions		(1,102,077	)		530,348

Net change in unrealized appreciation/(depreciation) on investments		41,059,881			(19,482,381	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		42,466,490			(17,109,117	)


Capital Share Transactions

Proceeds from sales of shares		9,894,910			204,091,727

Cost of shares redeemed		(24,475,346	)		(17,523,968	)


Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(14,580,436	)		186,567,759


Net Increase in Net Assets		27,886,054			169,458,642


Net Assets

Beginning of year		185,363,420			15,904,778


End of year	$	213,249,474		$	185,363,420


Other Information:

Shares

Sold		779,521			16,317,390

Redeemed		(1,876,554	)		(1,371,590	)


Net Increase/(Decrease)		(1,097,033	)		14,945,800


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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND


Financial Highlights
	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⁾

Year Ended 12/31/19	$	11.45	$	0.16	$	2.52		$	2.68		$	14.13		23.41%

Year Ended 12/31/18		12.85		0.15		(1.55	)		(1.40	)		11.45		(10.89)%

Year Ended 12/31/17		10.78		0.10		1.97			2.07			12.85		19.20%

Period Ended 12/31/16⁽⁴⁾		10.00		0.03		0.75			0.78			10.78		7.80%	⁽⁵⁾


10				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/ (Loss) to Average Net Assets			Portfolio Turnover Rate

$	213,249		0.97%			1.03%			1.22%			1.16%			66%

	185,363		0.97%			1.08%			1.16%			1.05%			56%

	15,905		0.98%			1.91%			0.89%			(0.04)%			71%

	17,081		0.98%	⁽⁵⁾		2.70%	⁽⁵⁾		0.88%	⁽⁵⁾		(0.84)%	⁽⁵⁾		19%	⁽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 and expense limitations.

⁽⁴⁾	Commenced operations on September 1, 2016.

⁽⁵⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2016, certainnon-recurring fees (i.e., audit fees) are not annualized.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen 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

not available for a security, that security is generally valued at the mean between the closing bid and ask prices. Repurchase agreements are carried at cost, which approximates fair value (see Note 5d). Foreign securities are valued in the currencies of the markets in which they trade and then converted to U.S. dollars by the application of foreign exchange rates at the close of the New York Stock Exchange (“NYSE”). Forward foreign currency contracts, if any, are valued at the mean between the bid and ask rates for the specified time interpolated from rates for proximate time periods. Securities for which market quotations are not readily available or for which market quotations may be considered unreliable are valued at their fair values as determined in accordance with policies and procedures adopted by the Board of Trustees.


12

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)

InvestmentsInvestments 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

b. Securities TransactionsSecurities 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.


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE 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 0.65% up to $100 million, 0.60% up to $300 million, 0.55% up 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, 2020 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.97% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the year ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $129,401.

Park Avenue may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation after April 9, 2018 are not subject to Park Avenue’s recoupment rights. The amount available for potential future recoupment by Park Avenue from the


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

Fund under the Expense Limitation Agreement and the expiration schedule at December 31, 2019 are as follows:



	Potential Recoupment Amounts Expiring
Total Potential Recoupment Amounts	2021	2020
$284,909	$62,448	$222,461

Park Avenue has entered into aSub-Advisory Agreement with Boston Partners Global Investors, Inc. (“Boston Partners”). Boston Partners is responsible for providingday-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 the12b-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 $133,090,849 and $148,595,124, respectively, for the year ended December 31, 2019. During the year ended December 31, 2019, there were no purchases or sales of U.S. government securities.


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

6. Temporary Borrowings

place until December 9, 2020. The Fund did not utilize the credit facility during the year ended December 31, 2019.

7. Indemnifications


16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian Large Cap Disciplined Value VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, ofGuardian Large Cap Disciplined Value VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


				17

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


18

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				19

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures


20

LOGO

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

PUB8174

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Growth & Income VIP Fund

Important Notice

You may instead elect to receive all future shareholder reports in paper free of charge. If you wish to receive paper copies of your shareholder reports, please call GIAC’s Customer Service Office Contact Center at1-888-GUARDIAN(1-888-482-7342). Your election to receive reports in paper will apply to all the underlying funds available.

LOGO


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

TABLE OF CONTENTS

Guardian Growth & Income VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statements of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Trustees and Officers Information Table			18

Portfolio Holdings and Proxy Voting Procedures			20

GUARDIAN GROWTH & INCOME VIP FUND

FUND COMMENTARY OF ALLIANCEBERNSTEIN L.P. (unaudited)

Highlights

•

Guardian Growth & Income VIP Fund returned 23.96%, underperforming the Russell 1000^® Value Index¹ (the “Index”), which is the Fund’s benchmark, for the 12 months ended December 31, 2019. Stock selection drove the majority of the Fund’s underperformance relative to the Index for the period, especially in the health care sector.

•

The Index returned 26.54% for the year. For the period, growth stocks generally outperformed their value counterparts and high beta stocks outperformed low beta stocks.

Market Overview

U.S. markets advanced in 2019, as it looked increasingly likely that aphase-one trade deal between the U.S. and China was on the horizon and as monetary policy remained supportive. While investors remained concerned about slow economic and corporate profit growth and elevated equity valuations, there were signs late in the year that growth might be stabilizing in the U.S. and globally. The Index ended the year up 26.54%.

Capital markets were supported by accommodative monetary policy put in place by the U.S. Federal Reserve and the world’s central banks to offset the effects of the ongoing trade war and counteract restrained business spending and rising tariffs. Towards the end of the period, continued improvement in industrial survey data suggested a stabilization in the manufacturing sector, as well as moderating, but positive earnings growth.

After months of fitful negotiation, the U.S. and China appeared to reach a preliminaryphase-one trade agreement. Although the details remain unclear, the announcement of an immediate elimination, or reduction, of many tariffs was greeted with relief by global equity markets. Ongoing negotiations are expected to lead to a signed trade deal early in 2020. As the year concluded, diminishing trade war headwinds, increased industrial production and favorable monetary policy drove U.S. and global equity markets higher.

Portfolio Review

While the Fund’s portfolio continues to hold shares of high quality companies with strong fundamental prospects, the strongrisk-on market resulted in the Fund underperforming the Index due to the defensive nature of its holdings.

Stock selection within the health care sector was particularly challenging in 2019 as political risk from the upcoming 2020 U.S. presidential election resulted in broad sector underperformance and investor concerns grew throughout the year due to possible implications of health care reform took hold. While we believe there will be reform, we do not believe the “healthcare for all” plan offered by the Democratic Party candidates will become law. We believe that private insurance companies will remain relevant in the marketplace. As such, the Fund continues to overweight the sector as company fundamentals remain strong for our health care positions and trade at attractive valuations.

Outlook

Strong absolute market returns without corresponding fundamental profit growth concern us, especially with many valuation measures at or above prior market peaks. In addition to uncertainty surrounding U.S.-China trade negotiations, the 2020 U.S. presidential campaign and impeachment proceedings may sour investor sentiment and cloud the planning horizon for corporate capital expenditure. Given this backdrop, the markets could become more challenging, creating opportunities for those willing to be liquidity providers in times of stress.

We continue to evaluate at the company level, watching for signs of precipitous demand change. In terms of late-cycle dynamics, we rigorously assess companies’ abilities to manage cost pressures, such as labor. We seek to own attractively valued companies that are good businesses and exhibit signs of improving success. The Fund’s portfolio’s holdings have attractive fundamentals that are consistent with our philosophy — high free-cash-flow yields, low earnings variability and low leverage. These well-managed companies deploy capital wisely, allowing them to grow dividends and enhance the long-term value potential of their shares.


				1

GUARDIAN GROWTH & INCOME VIP FUND

Funds in the Guardian Variable Products Trust are sold by prospectus only. You should carefully consider the investment objectives, risks, charges and expenses of the Funds before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money. Please visit our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses or to obtain a printed copy, call1-888-GUARDIAN(1-888-482-7342).

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. The Fund invests primarily in equity securities and therefore exposes you to the general risks of investing in stock markets. Investing in large-capitalization companies involves risks such as having low growth rates, and slow responsiveness to competitive challenges or opportunities than in the case of smaller companies. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. Value stocks may not realize their perceived value and during certain periods the Fund may underperform other equity funds that employ a different style. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


2

GUARDIAN GROWTH & INCOME VIP FUND

Fund Characteristics (unaudited)


Total Net Assets: $ 187,172,481

Sector Allocation¹

As of December 31, 2019

Top Ten Holdings²

As of December 31, 2019



Holding	% of Total Net Assets
Berkshire Hathaway, Inc., Class B		3.89%
Pfizer, Inc.		3.86%
Verizon Communications, Inc.		3.81%
Walmart, Inc.		3.66%
JPMorgan Chase & Co.		3.50%
Comcast Corp., Class A		3.21%
Roche Holding AG, ADR		3.18%
Raytheon Co.		3.01%
Wells Fargo & Co.		2.89%
The Allstate Corp.		2.72%
Total		33.73%

1	The Fund’s holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS^®). Cash includes short-term investments and net other assets and liabilities.

2	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.


				3

GUARDIAN GROWTH & INCOME VIP FUND

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Growth & Income VIP Fund		9/1/2016		23.96%		—		—		12.11%
Russell 1000^® Value Index				26.54%		—		—		10.78%



Results of a Hypothetical $10,000 Investment As of December 31, 2019

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Growth & Income VIP Fund and the Russell 1000^® Value Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.


4

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return	$1,000.00		$1,087.70		$5.31		1.01%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.11		$5.14		1.01%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND


December 31, 2019	Shares		Value
Common Stocks – 95.9%

Aerospace & Defense – 4.1%

Curtiss-Wright Corp.		7,330	$	1,032,724

Hexcel Corp.		14,256		1,045,107

Raytheon Co.		25,613		5,628,201


				7,706,032
Airlines – 2.3%

Alaska Air Group, Inc.		15,338		1,039,150

Delta Air Lines, Inc.		23,794		1,391,473

Southwest Airlines Co.		35,039		1,891,405


				4,322,028
Auto Components – 1.7%

BorgWarner, Inc.		43,364		1,881,130

Gentex Corp.		45,406		1,315,866


				3,196,996
Banks – 9.0%

Citigroup, Inc.		60,900		4,865,301

JPMorgan Chase & Co.		47,048		6,558,491

Wells Fargo & Co.		100,498		5,406,793


				16,830,585
Biotechnology – 4.0%

Alexion Pharmaceuticals, Inc.⁽¹⁾		21,426		2,317,222

Amgen, Inc.		7,659		1,846,355

Gilead Sciences, Inc.		51,191		3,326,391


				7,489,968
Capital Markets – 2.8%

Northern Trust Corp.		17,430		1,851,763

The Goldman Sachs Group, Inc.		15,054		3,461,366


				5,313,129
Chemicals – 0.6%

LyondellBasell Industries N.V., Class A		10,802		1,020,573


				1,020,573
Communications Equipment – 2.5%

Cisco Systems, Inc.		49,901		2,393,252

F5 Networks, Inc.⁽¹⁾		15,861		2,214,989


				4,608,241
Construction & Engineering – 0.8%

EMCOR Group, Inc.		16,688		1,440,174


				1,440,174
Consumer Finance – 2.6%

Capital One Financial Corp.		47,262		4,863,732


				4,863,732
Diversified Financial Services – 3.9%

Berkshire Hathaway, Inc., Class B⁽¹⁾		32,137		7,279,030


				7,279,030
Diversified Telecommunication Services – 4.3%

AT&T, Inc.		25,002		977,078

Verizon Communications, Inc.		116,184		7,133,698


				8,110,776


December 31, 2019	Shares		Value
Electrical Equipment – 0.5%

Hubbell, Inc.		6,503	$	961,273


				961,273
Electronic Equipment, Instruments & Components – 1.9%

Dolby Laboratories, Inc., Class A		37,585		2,585,848

Littelfuse, Inc.		5,389		1,030,916


				3,616,764
Energy Equipment & Services – 0.3%

Dril-Quip, Inc.⁽¹⁾		13,760		645,482


				645,482
Equity Real Estate Investment – 2.8%

Mid-America Apartment Communities, Inc. REIT		9,930		1,309,370

Regency Centers Corp. REIT		62,610		3,950,065


				5,259,435
Food & Staples Retailing – 3.7%

Walmart, Inc.		57,589		6,843,877


				6,843,877
Health Care Providers & Services – 5.2%

Anthem, Inc.		10,071		3,041,744

Cigna Corp.		19,052		3,895,943

Quest Diagnostics, Inc.		26,592		2,839,760


				9,777,447
Household Durables – 2.3%

D.R. Horton, Inc.		55,433		2,924,091

Garmin Ltd.		14,252		1,390,425


				4,314,516
Insurance – 6.4%

Aflac, Inc.		35,112		1,857,425

Fidelity National Financial, Inc.		57,564		2,610,527

Reinsurance Group of America, Inc.		14,642		2,387,524

The Allstate Corp.		45,239		5,087,126


				11,942,602
Internet & Direct Marketing Retail – 0.4%

Expedia Group, Inc.		7,127		770,714


				770,714
IT Services – 2.7%

Akamai Technologies, Inc.⁽¹⁾		17,925		1,548,362

Cognizant Technology Solutions Corp., Class A		24,873		1,542,623

Leidos Holdings, Inc.		7,933		776,561

MAXIMUS, Inc.		14,903		1,108,634


				4,976,180
Machinery – 2.3%

Altra Industrial Motion Corp.		26,080		944,357

Crane Co.		28,446		2,457,165

Parker-Hannifin Corp.		4,668		960,768


				4,362,290
Media – 5.0%

Comcast Corp., Class A		133,837		6,018,650

Discovery, Inc., Class A⁽¹⁾		99,947		3,272,265


				9,290,915


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

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND


December 31, 2019	Shares		Value
Metals & Mining – 0.3%

BHP Group Ltd., ADR		10,450	$	571,719


				571,719
Oil, Gas & Consumable Fuels – 7.2%

Chevron Corp.		11,171		1,346,217

ConocoPhillips		73,301		4,766,764

Exxon Mobil Corp.		36,337		2,535,596

Phillips 66		44,089		4,911,955


				13,560,532
Pharmaceuticals – 7.0%

Pfizer, Inc.		184,378		7,223,930

Roche Holding AG, ADR		146,360		5,950,998


				13,174,928
Professional Services – 0.8%

Robert Half International, Inc.		22,405		1,414,876


				1,414,876
Real Estate Management & Development – 2.2%

CBRE Group, Inc., Class A⁽¹⁾		65,562		4,018,295


				4,018,295
Road & Rail – 1.3%

Kansas City Southern		6,987		1,070,129

Norfolk Southern Corp.		7,337		1,424,332


				2,494,461
Specialty Retail – 2.5%

Advance Auto Parts, Inc.		11,862		1,899,818

Murphy USA, Inc.⁽¹⁾		23,733		2,776,761


				4,676,579
Technology Hardware, Storage & Peripherals – 0.6%

Apple, Inc.		3,889		1,142,005


				1,142,005


December 31, 2019	Shares		Value
Tobacco – 1.9%

Philip Morris International, Inc.		41,112	$	3,498,220


				3,498,220

Total Common Stocks (Cost $157,052,995)				179,494,374

	Principal Amount		Value
Short–Term Investment – 4.2%

Repurchase Agreements – 4.2%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $7,790,052, due 1/2/2020⁽²⁾	$	7,790,000		7,790,000

Total Repurchase Agreements (Cost $7,790,000)				7,790,000

Total Investments – 100.1% (Cost $164,842,995)				187,284,374

Liabilities in excess of other assets – (0.1)%				(111,893	)

Total Net Assets – 100.0%			$	187,172,481

⁽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		2.75%		9/15/2021	$	7,740,000	$	7,950,543

Legend:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	179,494,374	$	—	$	—	$	179,494,374
Repurchase Agreements		—		7,790,000		—		7,790,000
Total	$	179,494,374	$	7,790,000	$	—	$	187,284,374


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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	187,284,374

Cash		34,178

Dividends/interest receivable		127,717

Foreign tax reclaims receivable		32,192

Receivable for fund shares subscribed		12,380

Reimbursement receivable from adviser		616

Prepaid expenses		8,666


Total Assets		187,500,123


Liabilities

Payable for fund shares redeemed		118,166

Investment advisory fees payable		99,463

Distribution fees payable		39,674

Accrued audit fees		22,105

Accrued custodian and accounting fees		10,353

Accrued trustees’ and officers’ fees		1,131

Accrued expenses and other liabilities		36,750


Total Liabilities		327,642


Total Net Assets	$	187,172,481


Net Assets Consist of:

Paid-in capital	$	154,471,652

Distributable earnings		32,700,829


Total Net Assets	$	187,172,481

Investments, at Cost	$	164,842,995


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		12,784,355

Net Asset Value Per Share		$14.64


Statement of Operations For the Year Ended December 31, 2019
Investment Income

Dividends	$	3,689,820

Interest		32,073

Withholding taxes on foreign dividends		(24,144	)


Total Investment Income		3,697,749


Expenses

Investment advisory fees		1,146,179

Distribution fees		456,741

Trustees’ and officers’ fees		74,366

Professional fees		67,798

Administrative fees		47,460

Custodian and accounting fees		44,935

Shareholder reports		25,639

Transfer agent fees		19,525

Other expenses		21,576


Total Expenses		1,904,219

Less: Fees waived		(58,984	)


Total Expenses, Net		1,845,235


Net Investment Income/(Loss)		1,852,514


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

Net realized gain/(loss) from investments		2,160,236

Net change in unrealized appreciation/(depreciation) on investments		34,541,886


Net Gain on Investments		36,702,122


Net Increase in Net Assets Resulting From Operations	$	38,554,636


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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND


Statements of Changes in Net Assets

	For the Year Ended 12/31/19			For the Year Ended 12/31/18

Operations

Net investment income/(loss)	$	1,852,514		$	1,336,466

Net realized gain/(loss) from investments		2,160,236			3,393,124

Net change in unrealized appreciation/(depreciation) on investments		34,541,886			(13,699,311	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		38,554,636			(8,969,721	)


Capital Share Transactions

Proceeds from sales of shares		8,957,181			183,635,093

Cost of shares redeemed		(25,200,352	)		(20,346,714	)


Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(16,243,171	)		163,288,379


Net Increase in Net Assets		22,311,465			154,318,658


Net Assets

Beginning of year		164,861,016			10,542,358


End of year	$	187,172,481		$	164,861,016


Other Information:

Shares

Sold		683,179			14,707,417

Redeemed		(1,860,190	)		(1,566,707	)


Net Increase/(Decrease)		(1,177,011	)		13,140,710


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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND


Financial Highlights
	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⁾

Year Ended 12/31/19	$	11.81	$	0.14	$	2.69		$	2.83		$	14.64		23.96%

Year Ended 12/31/18		12.85		0.12		(1.16	)		(1.04	)		11.81		(8.09)%

Year Ended 12/31/17		10.70		0.09		2.06			2.15			12.85		20.09%

Period Ended 12/31/16⁽⁴⁾		10.00		0.04		0.66			0.70			10.70		7.00%	⁽⁵⁾


10				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/ (Loss) to Average Net Assets			Portfolio Turnover Rate

$	187,172		1.01%			1.04%			1.01%			0.98%			36%

	164,861		1.01%			1.08%			0.94%			0.87%			58%

	10,542		0.98%			2.04%			0.81%			(0.25)%			85%

	9,457		0.98%	⁽⁵⁾		3.11%	⁽⁵⁾		1.20%	⁽⁵⁾		(0.93)%	⁽⁵⁾		11%	⁽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 and expense limitations.

⁽⁴⁾	Commenced operations on September 1, 2016.

⁽⁵⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2016, certainnon-recurring fees (i.e., audit fees) are not annualized.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen 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


12

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)

InvestmentsInvestments 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


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME 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 0.65% up to $100 million, 0.60% up to $300 million, 0.55% up 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 may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation after April 9, 2018 are not subject to Park Avenue’s recoupment rights. The amount available for potential future recoupment by Park Avenue from the


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

Fund under the Expense Limitation Agreement and the expiration schedule at December 31, 2019 are as follows:



	Potential Recoupment Amounts Expiring
Total Potential Recoupment Amounts	2021	2020
$192,471	$45,009	$147,462

Park Avenue has entered into aSub-Advisory Agreement with AllianceBernstein L.P. (“AllianceBernstein”). AllianceBernstein is responsible for providingday-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 the12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $62,292,806 and $76,534,448, respectively, for the year ended December 31, 2019. During the year ended December 31, 2019, there were no purchases or sales of U.S. government securities.


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

6. Temporary Borrowings

until December 9, 2020. The Fund did not utilize the credit facility during the year ended December 31, 2019.

7. Indemnifications


16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian Growth & Income VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, ofGuardian Growth & Income VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


				17

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


18

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				19

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures


20

LOGO

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

PUB8169

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Mid Cap Traditional Growth VIP Fund

Important Notice

You may instead elect to receive all future shareholder reports in paper free of charge. If you wish to receive paper copies of your shareholder reports, please call GIAC’s Customer Service Office Contact Center at1-888-GUARDIAN(1-888-482-7342). Your election to receive reports in paper will apply to all the underlying funds available.

LOGO


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

TABLE OF CONTENTS

Guardian Mid Cap Traditional Growth VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statements of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Trustees and Officers Information Table			18

Portfolio Holdings and Proxy Voting Procedures			20

GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

FUND COMMENTARY OF JANUS CAPITAL MANAGEMENT LLC,SUB-ADVISER (unaudited)

Highlights

•

Guardian Mid Cap Traditional Growth VIP Fund (the “Fund”) returned 36.19% for the 12 months ended December 31, 2019, outperforming its benchmark, the Russell Midcap^® Growth Index¹ (the “Index”). Stock selection in the industrials sector was a notable contributor to relative performance. Stock selection in the consumer discretionary sector detracted.

•

The Index returned 35.47% and delivered strong gains for 2019, led by stocks in the information technology sector. Energy stocks had the weakest performance for the Index over the period.

Market Overview

Mid-cap stocks ended the year with strong gains despite periods of volatility sparked by uncertainty over the global economic outlook and trade policy. Corporate earnings growth was solid, though it slowed somewhat from the 2018 pace. Despite resilience in the U.S. economy, especially in the consumer sector, the U.S. Federal Reserve responded to global economic risks with three interest rate cuts. Stocks ended the year on a strong note, supported by positive economic news and reports that the U.S. and China made progress toward an initial trade deal.

Portfolio Review

The Fund outperformed the Index during the period. Stock selection in the industrials sector contributed to relative performance. Stock selection in the consumer discretionary sector detracted from relative performance.

Outlook

While 2019 was a strong year for market performance, we would caution that such returns are not the norm and, as we look ahead to 2020, we remain cognizant of risks posed by global economic uncertainty, ongoing U.S. and China trade negotiations and the resulting reconfiguration of global supplier relationships. As we enter an election cycle, we also acknowledge that populist rhetoric from both sides of the political spectrum may create uncertainty for certain economic sectors, such as health care.

Additionally, we continue to see excessive valuations in certain high-growth stocks and sectors of the market. Our valuation discipline had led us to reduce holdings and move to underweights in such sectors, even in cases where we like the management teams and business models. We are not, on the other hand, turning our attention to value stocks, where technological change is increasingly disrupting established profit pools. We continue to pursue a middle way as we seek growth companies with sustainable competitive advantages, strong earnings growth potential and experienced, forward-looking management teams. And while we will not sacrifice these criteria in pursuit of attractive valuations, we also will not pay an excessive price for growth. In our current view, this middle way represents the most prudent strategy for seeking positive long-term performance.

The Russell Midcap^®Growth Index (the “Index”) is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell Midcap^®Index with higherprice-to-book ratios and higher forecasted growth values. (The Russell Midcap^®Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which consists of the 1,000 largest U.S. companies based on total market capitalization.) Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group.


				1

GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. The Fund invests primarily in equity securities and therefore exposes you to the general risks of investing in stock markets. Investing in mid-size companies involves risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Investments in growth companies may be highly volatile. Growth stocks may not realize their perceived growth potential and during certain periods the Fund may underperform other equity funds that employ a different style. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


2

GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $ 125,058,476

Sector Allocation¹

As of December 31, 2019

LOGO



Top Ten Holdings² As of December 31, 2019

Holding	% of Total Net Assets
Sensata Technologies Holding PLC		2.59%
WEX, Inc.		2.55%
Constellation Software, Inc. (Canada)		2.54%
Microchip Technology, Inc.		2.41%
LPL Financial Holdings, Inc.		2.33%
Lamar Advertising Co., Class A REIT		2.24%
Aon PLC		2.22%
SS&C Technologies Holdings, Inc.		2.22%
TE Connectivity Ltd.		2.18%
TD Ameritrade Holding Corp.		2.17%
Total		23.45%

1	The Fund’s holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS^®). Cash includes short-term investments and net other assets and liabilities.

2	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.


				3

GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Mid Cap Traditional Growth VIP Fund		9/1/2016		36.19%		—		—		16.65%
Russell Midcap^® Growth Index				35.47%		—		—		15.58%

Results of a Hypothetical $10,000 Investment

As of December 31, 2019

LOGO

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Mid Cap Traditional Growth VIP Fund and the Russell Midcap^® Growth Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.


4

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return	$1,000.00		$1,074.60		$5.75		1.10%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,019.66		$5.60		1.10%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


December 31, 2019	Shares		Value
Common Stocks – 97.9%

Aerospace & Defense – 2.8%

L3Harris Technologies, Inc.		8,350	$	1,652,214

Teledyne Technologies, Inc.⁽¹⁾		5,427		1,880,673


				3,532,887
Airlines – 1.4%

Ryanair Holdings PLC, ADR⁽¹⁾		12,366		1,083,385

Southwest Airlines Co.		11,635		628,058


				1,711,443
Auto Components – 0.5%

Visteon Corp.⁽¹⁾		7,010		606,996


				606,996
Banks – 0.6%

SVB Financial Group⁽¹⁾		2,793		701,155


				701,155
Biotechnology – 1.3%

Neurocrine Biosciences, Inc.⁽¹⁾		8,011		861,102

Sage Therapeutics, Inc.⁽¹⁾		2,551		184,157

Sarepta Therapeutics, Inc.⁽¹⁾		4,229		545,710


				1,590,969
Capital Markets – 5.9%

Cboe Global Markets, Inc.		7,221		866,520

LPL Financial Holdings, Inc.		31,618		2,916,760

MSCI, Inc.		3,176		819,980

TD Ameritrade Holding Corp.		54,568		2,712,030


				7,315,290
Commercial Services & Supplies – 3.3%

Cimpress PLC⁽¹⁾		12,886		1,620,672

Edenred (France)		18,748		970,115

Ritchie Bros Auctioneers, Inc.		35,417		1,521,160


				4,111,947
Consumer Finance – 0.6%

Synchrony Financial		21,642		779,328


				779,328
Containers & Packaging – 1.3%

Sealed Air Corp.		42,128		1,677,958


				1,677,958
Diversified Consumer Services – 1.4%

frontdoor, Inc.⁽¹⁾		13,918		659,992

ServiceMaster Global Holdings, Inc.⁽¹⁾		27,843		1,076,410


				1,736,402
Electrical Equipment – 2.6%

Sensata Technologies Holding PLC⁽¹⁾		60,189		3,242,382


				3,242,382
Electronic Equipment, Instruments & Components – 6.1%

Belden, Inc.		13,374		735,570

Dolby Laboratories, Inc., Class A		19,082		1,312,842

Flex Ltd.⁽¹⁾		106,571		1,344,926

National Instruments Corp.		34,962		1,480,291


December 31, 2019	Shares		Value
Electronic Equipment, Instruments & Components(continued)

TE Connectivity Ltd.		28,469	$	2,728,469


				7,602,098
Entertainment – 0.6%

Liberty Media Corp-Liberty Formula One, Class C⁽¹⁾		15,874		729,648


				729,648
Equity Real Estate Investment – 4.4%

Crown Castle International Corp. REIT		18,675		2,654,651

Lamar Advertising Co., Class A REIT		31,371		2,800,176


				5,454,827
Health Care Equipment & Supplies – 7.0%

Boston Scientific Corp.⁽¹⁾		58,390		2,640,396

Dentsply Sirona, Inc.		14,599		826,157

ICU Medical, Inc.⁽¹⁾		3,989		746,422

STERIS PLC		1,815		276,642

Teleflex, Inc.		3,043		1,145,507

The Cooper Cos., Inc.		7,271		2,336,100

Varian Medical Systems, Inc.⁽¹⁾		5,850		830,758


				8,801,982
Hotels, Restaurants & Leisure – 3.2%

Aramark		27,620		1,198,708

Dunkin’ Brands Group, Inc.		22,271		1,682,351

Norwegian Cruise Line Holdings Ltd.⁽¹⁾		20,150		1,176,962


				4,058,021
Industrial Conglomerates – 0.9%

Carlisle Cos., Inc.		7,263		1,175,444


				1,175,444
Insurance – 6.4%

Aon PLC		13,349		2,780,463

Intact Financial Corp. (Canada)		18,931		2,047,123

Willis Towers Watson PLC		5,264		1,063,012

WR Berkley Corp.		31,114		2,149,977


				8,040,575
Internet & Direct Marketing Retail – 0.3%

Wayfair, Inc., Class A⁽¹⁾		4,333		391,573


				391,573
IT Services – 11.9%

Amdocs Ltd.		27,943		2,017,205

Broadridge Financial Solutions, Inc.		16,843		2,080,784

Euronet Worldwide, Inc.⁽¹⁾		4,335		683,023

Fidelity National Information Services, Inc.		14,319		1,991,630

Gartner, Inc.⁽¹⁾		1,391		214,353

Global Payments, Inc.		14,418		2,632,150

GoDaddy, Inc., Class A⁽¹⁾		30,087		2,043,509

WEX, Inc.⁽¹⁾		15,219		3,187,772


				14,850,426
Life Sciences Tools & Services – 5.5%

IQVIA Holdings, Inc.⁽¹⁾		11,257		1,739,319

PerkinElmer, Inc.		26,589		2,581,792


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

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


December 31, 2019	Shares		Value
Life Sciences Tools & Services(continued)

PRA Health Sciences, Inc.⁽¹⁾		8,394	$	932,993

Waters Corp.⁽¹⁾		7,079		1,654,008


				6,908,112
Machinery – 3.5%

Ingersoll-Rand PLC		5,569		740,231

Rexnord Corp.⁽¹⁾		43,576		1,421,449

The Middleby Corp.⁽¹⁾		6,732		737,289

Westinghouse Air Brake Technologies Corp.		18,620		1,448,636


				4,347,605
Media – 0.7%

Omnicom Group, Inc.		11,061		896,162


				896,162
Pharmaceuticals – 2.1%

Bristol-Myers Squibb Co.		10,177		653,262

Catalent, Inc.⁽¹⁾		25,789		1,451,921

Elanco Animal Health, Inc.⁽¹⁾		17,639		519,468


				2,624,651
Professional Services – 3.7%

CoStar Group, Inc.⁽¹⁾		2,104		1,258,823

IHS Markit Ltd.⁽¹⁾		18,354		1,382,974

Verisk Analytics, Inc.		13,100		1,956,354


				4,598,151
Road & Rail – 0.5%

Old Dominion Freight Line, Inc.		2,970		563,647


				563,647
Semiconductors & Semiconductor Equipment – 7.9%

KLA Corp.		11,747		2,092,963

Lam Research Corp.		6,902		2,018,145

Microchip Technology, Inc.		28,720		3,007,558

ON Semiconductor Corp.⁽¹⁾		86,357		2,105,384

Xilinx, Inc.		6,737		658,676


				9,882,726
Software – 8.3%

Atlassian Corp. PLC, Class A⁽¹⁾		9,516		1,145,156

Constellation Software, Inc. (Canada)		3,271		3,176,816

Intuit, Inc.		2,447		640,943

Nice Ltd., ADR⁽¹⁾		16,982		2,634,757

SS&C Technologies Holdings, Inc.		45,103		2,769,324


				10,366,996


December 31, 2019	Shares		Value
Specialty Retail – 1.2%

CarMax, Inc.⁽¹⁾		9,706	$	850,925

Williams-Sonoma, Inc.		9,421		691,878


				1,542,803
Textiles, Apparel & Luxury Goods – 1.3%

Gildan Activewear, Inc.		55,778		1,647,124


				1,647,124
Trading Companies & Distributors – 0.7%

Ferguson PLC (United Kingdom)		9,629		874,858


				874,858

Total Common Stocks (Cost $100,155,228)				122,364,186
Rights – 0.0%

Pharmaceuticals – 0.0%

Bristol-Myers Squibb Co., expiring 3/31/2021⁽¹⁾		10,177		30,633

Total Rights (Cost $21,677)				30,633

	Principal Amount		Value
Short–Term Investment – 2.2%

Repurchase Agreements – 2.2%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $2,774,018, due 1/2/2020⁽²⁾	$	2,774,000		2,774,000

Total Repurchase Agreements (Cost $2,774,000)				2,774,000

Total Investments – 100.1% (Cost $102,950,905)				125,168,819

Liabilities in excess of other assets – (0.1)%				(110,343	)

Total Net Assets – 100.0%			$	125,058,476

⁽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		2.75%		9/15/2021	$	2,755,000	$	2,829,942

Legend:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust


	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks	$	120,519,213	$	1,844,973	*	$	—	$	122,364,186
Rights		30,633		—			—		30,633
Repurchase Agreements		—		2,774,000			—		2,774,000
Total	$	120,549,846	$	4,618,973		$	—	$	125,168,819

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


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

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	125,168,819

Cash		23,385

Foreign currency, at value		9,586

Dividends/interest receivable		41,022

Receivable for investments sold		33,050

Reimbursement receivable from adviser		11,199

Prepaid expenses		5,632


Total Assets		125,292,693


Liabilities

Investment advisory fees payable		83,357

Payable for fund shares redeemed		57,914

Distribution fees payable		26,370

Accrued audit fees		22,105

Accrued administrative fees		11,865

Accrued shareholder reports fees		11,855

Accrued custodian and accounting fees		10,585

Accrued trustees’ and officers’ fees		780

Accrued expenses and other liabilities		9,386


Total Liabilities		234,217


Total Net Assets	$	125,058,476


Net Assets Consist of:

Paid-in capital	$	89,278,796

Distributable earnings		35,779,680


Total Net Assets	$	125,058,476

Investments, at Cost	$	102,950,905

Foreign Currency, at Cost	$	9,532


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		7,485,932

Net Asset Value Per Share		$16.71


Statement of Operations For the Year Ended December 31, 2019
Investment Income

Dividends	$	1,270,836

Interest		11,685

Withholding taxes on foreign dividends		(31,126	)


Total Investment Income		1,251,395


Expenses

Investment advisory fees		969,875

Distribution fees		306,625

Professional fees		54,740

Custodian and accounting fees		50,594

Trustees’ and officers’ fees		50,026

Administrative fees		47,460

Shareholder reports		30,349

Transfer agent fees		13,660

Other expenses		15,463


Total Expenses		1,538,792

Less: Fees waived		(189,643	)


Total Expenses, Net		1,349,149


Net Investment Income/(Loss)		(97,754	)


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

Net realized gain/(loss) from investments		6,801,698

Net realized gain/(loss) from foreign currency transactions		57

Net change in unrealized appreciation/(depreciation) on investments		30,649,001

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		41


Net Gain on Investments and Foreign Currency Transactions		37,450,797


Net Increase in Net Assets Resulting From Operations	$	37,353,043


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

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


Statements of Changes in Net Assets

	For the Year Ended 12/31/19			For the Year Ended 12/31/18

Operations

Net investment income/(loss)	$	(97,754	)	$	(70,021	)

Net realized gain/(loss) from investments and foreign currency transactions		6,801,755			5,091,851

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		30,649,042			(10,889,842	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		37,353,043			(5,868,012	)


Capital Share Transactions

Proceeds from sales of shares		1,287,937			120,913,855

Cost of shares redeemed		(23,647,691	)		(17,662,081	)


Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(22,359,754	)		103,251,774


Net Increase in Net Assets		14,993,289			97,383,762


Net Assets

Beginning of year		110,065,187			12,681,425


End of year	$	125,058,476		$	110,065,187


Other Information:

Shares

Sold		81,649			9,277,053

Redeemed		(1,564,608	)		(1,305,053	)


Net Increase/(Decrease)		(1,482,959	)		7,972,000


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

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND


Financial Highlights
	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⁾

Year Ended 12/31/19	$	12.27	$	(0.01	)	$	4.45		$	4.44		$	16.71		36.19%

Year Ended 12/31/18		12.72		(0.01	)		(0.44	)		(0.45	)		12.27		(3.54)%

Year Ended 12/31/17		9.99		(0.02	)		2.75			2.73			12.72		27.33%

Period Ended 12/31/16⁽⁴⁾		10.00		0.00	⁽⁵⁾		(0.01	)		(0.01	)		9.99		(0.10)%	⁽⁶⁾


10				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 Income/ (Loss) to Average Net Assets⁽³⁾			Gross Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate

$	125,058		1.10%			1.26%			(0.07)%			(0.23)%			10%

	110,065		1.10%			1.31%			(0.07)%			(0.28)%			30%

	12,681		1.09%			2.15%			(0.20)%			(1.26)%			35%

	13,272		1.09%	⁽⁶⁾		2.93%	⁽⁶⁾		0.14%	⁽⁶⁾		(1.70)%	⁽⁶⁾		5%	⁽⁶⁾

⁽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⁾	Commenced operations on September 1, 2016.

⁽⁵⁾	Rounds to $0.00 per share.

⁽⁶⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2016, certainnon-recurring fees (i.e., audit fees) are not annualized.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen 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


12

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)


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% up to $100 million, 0.75% up to $300 million, and 0.73% in excess of $300 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2020 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 1.10% 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, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the year ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $189,643.

Park Avenue may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation after April 9, 2018 are not subject to Park Avenue’s recoupment rights. The amount available for potential future recoupment by Park Avenue from the


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

Fund under the Expense Limitation Agreement and the expiration schedule at December 31, 2019 are as follows:



	Potential Recoupment Amounts Expiring
Total Potential Recoupment Amounts	2021	2020
$247,059	$54,113	$192,946

Park Avenue has entered into aSub-Advisory Agreement with Janus Capital Management LLC (“Janus Capital”). Janus Capital is responsible for providingday-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 the12b-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 $12,269,881 and $34,795,176, respectively, for the year ended December 31, 2019. During the year ended December 31, 2019, there were no purchases or sales of U.S. government securities.


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL 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.

6. Temporary Borrowings

unused portion of the credit facility. The agreement is in place until December 9, 2020. The Fund did not utilize the credit facility during the year ended December 31, 2019.

7. Indemnifications


16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian Mid Cap Traditional Growth VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, ofGuardian Mid Cap Traditional Growth VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


				17

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


18

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				19

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures


20

LOGO

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

PUB8177

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Mid Cap Relative Value VIP Fund

Important Notice

LOGO


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

TABLE OF CONTENTS


Guardian Mid Cap Relative Value VIP Fund

Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statements of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Trustees and Officers Information Table			18

Portfolio Holdings and Proxy Voting Procedures			20

GUARDIAN MID CAP RELATIVE VALUE VIP FUND

FUND COMMENTARY OF WELLS CAPITAL MANAGEMENT INCORPORATED,SUB-ADVISER (unaudited)

Highlights

•

Guardian Mid Cap Relative Value VIP Fund (the “Fund”) returned 35.51% for the 12 months ended December 31, 2019, and outperformed its benchmark, the Russell Midcap^® Value Index¹ (the “Index”). The Fund’s outperformance relative to the Index was primarily due to security selection in the industrials, real estate, energy, and financials sectors. The Fund’s exposure to cash was the largest detractor to relative performance. In addition, overweights to the materials and health care sectors were minor detractors.

•

The Index delivered a positive return of 27.06% in 2019. The market appreciation was broad across the Index, with all sectors except energy advancing double digit returns.

Market Overview

Equity markets rallied for much of 2019, primarily driven by a change in direction from central bank policies across the globe and optimism around a potential resolution to the U.S./China trade dispute. The December 2018sell-off was quickly erased as the U.S. Federal Reserve (the “Fed”) signaled a more accommodative policy and the fear of a policy induced recession was greatly reduced. The Fed’s decision to hold, ease and hold again was viewed favorably by the equity markets. Growth continued its outperformance over value, although value saw a short resurgence later in the year as investors began to price in a softer economic landing and cyclical stocks rallied.

The Index sharply advanced during the period. The information technology, industrials, and financials sectors advanced the most, although the strength was broad based across the Index with all sectors posting positive double-digit returns with the exception of the energy sector.

Portfolio Review

The Fund’s laudable relative performance premium was driven largely by stock selection during the period although relative sector weight allocation differences

also added value. Notably, stock selection in the industrials, real estate, materials, energy, and financials sectors were the largest contributors to relative performance. The Fund benefited as many of its industrial and materials holdings recovered from the input cost pressures they faced in 2018, leading to strong margin recovery in 2019. The Fund’s exposure to cash was the largest detractor, although the Fund was also negatively impacted by its overweight to the materials and health care sectors.

Outlook

Global financial markets across asset classes have rallied around a consensus view of a broad economic and inflationary recovery in 2020. Rather than try to predict economic indicators, we take confidence in our modeling process’s ability to pick up how changes in interests rates affect discount rates and borrowing costs as well as if future risks are accurately being reflected in a company’s current stock price.

We continue to maintain a favorable outlook for the Fund but believe any hiccup in economic data, the U.S. and China trade negotiations, and headlines around the 2020 U.S. presidential election could produce increased volatility. We will continue to monitor and be opportunistic with any volatility that is created from these headlines. We are not experts in forecasting macro or political events; however, it is commonly the macro-driven volatility that creates inefficiencies in individual stock prices.

We will continue to execute our process to identify and capitalize on the mispricing of stocks. We invest in companies that we believe control their own destiny via durable asset bases that provide distinct long-term competitive advantages; flexible balance sheets; and strong, sustainable free cash flow generation. We believe our strong fundamental analysis, risk management, and active investment process are well suited for taking advantage of new opportunities as the equity market evolves. While volatility may return, the strong balance sheets and stable cash flows of the companies in our portfolio should support consistent long-term performance.

The Russell Midcap^® Value Index (the “Index”) is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell Midcap^® Index with lowerprice-to-book ratios and lower forecasted growth values. (The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which consists of the 1,000 largest U.S. companies based on total market capitalization.) Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index, and, unlike the Fund, the Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group.


				1

GUARDIAN MID CAP RELATIVE VALUE VIP FUND


2

GUARDIAN MID CAP RELATIVE VALUE VIP FUND

Fund Characteristics (unaudited)


Total Net Assets: $235,341,508

Sector Allocation¹

As of December 31, 2019

Top Ten Holdings²

As of December 31, 2019



Holding	% of Total Net Assets
Amdocs Ltd.		2.84%
Brown & Brown, Inc.		2.81%
CBRE Group, Inc., Class A		2.31%
Alcon, Inc.		2.22%
Humana, Inc.		2.21%
Varian Medical Systems, Inc.		2.18%
Arch Capital Group Ltd.		2.16%
Kansas City Southern		2.13%
Stanley Black & Decker, Inc.		2.12%
Jacobs Engineering Group, Inc.		2.10%
Total		23.08%

1	The Fund’s holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS^®). Cash includes short-term investments and net other assets and liabilities.

2	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.


				3

GUARDIAN MID CAP RELATIVE VALUE VIP FUND

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Mid Cap Relative Value VIP Fund		9/1/2016		35.51%		—		—		10.45%
Russell Midcap^® Value Index				27.06%		—		—		9.21%

Results of a Hypothetical $10,000 Investment

As of December 31, 2019

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Mid Cap Relative Value VIP Fund and the Russell Midcap^® Value Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.


4

UNDERSTANDING YOUR FUND’S EXPENSES (UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return	$1,000.00		$1,109.10		$5.32		1.00%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.16		$5.09		1.00%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


December 31, 2019	Shares		Value
Common Stocks – 96.1%

Auto Components – 1.2%

Aptiv PLC		30,200	$	2,868,094


				2,868,094
Banks – 6.5%

Fifth Third Bancorp		142,312		4,374,671

PacWest Bancorp		83,044		3,178,094

Regions Financial Corp.		271,082		4,651,767

Zions Bancorporation N.A.		59,100		3,068,472


				15,273,004
Beverages – 1.8%

Molson Coors Beverage Co., Class B		78,689		4,241,337


				4,241,337
Building Products – 2.1%

AO Smith Corp.		51,223		2,440,264

Masco Corp.		53,328		2,559,210


				4,999,474
Capital Markets – 2.2%

Cboe Global Markets, Inc.		21,848		2,621,760

Northern Trust Corp.		23,312		2,476,667


				5,098,427
Chemicals – 2.0%

PPG Industries, Inc.		34,480		4,602,735


				4,602,735
Commercial Services & Supplies – 2.1%

Republic Services, Inc.		54,802		4,911,903


				4,911,903
Construction & Engineering – 2.1%

Jacobs Engineering Group, Inc.		55,060		4,946,040


				4,946,040
Containers & Packaging – 3.4%

International Paper Co.		57,568		2,651,006

Packaging Corp. of America		27,144		3,039,857

Sealed Air Corp.		60,161		2,396,213


				8,087,076
Electric Utilities – 3.6%

American Electric Power Co., Inc.		43,016		4,065,442

FirstEnergy Corp.		92,455		4,493,313


				8,558,755
Energy Equipment & Services – 1.9%

Baker Hughes Co.		76,019		1,948,367

National Oilwell Varco, Inc.		98,012		2,455,201


				4,403,568
Equity Real Estate Investment – 5.5%

American Campus Communities, Inc. REIT		76,999		3,621,263

Invitation Homes, Inc. REIT		152,409		4,567,698

Mid-America Apartment Communities, Inc. REIT		24,900		3,283,314

Park Hotels & Resorts, Inc. REIT		55,954		1,447,530


				12,919,805


December 31, 2019	Shares		Value
Food Products – 0.6%

Lamb Weston Holdings, Inc.		17,532	$	1,508,278


				1,508,278
Health Care Equipment & Supplies – 7.1%

Alcon, Inc.⁽¹⁾		92,560		5,236,119

STERIS PLC		14,655		2,233,715

Varian Medical Systems, Inc.⁽¹⁾		36,125		5,130,111

Zimmer Biomet Holdings, Inc.		26,870		4,021,902


				16,621,847
Health Care Providers & Services – 3.1%

Humana, Inc.		14,158		5,189,190

Universal Health Services, Inc., Class B		15,396		2,208,710


				7,397,900
Hotels, Restaurants & Leisure – 3.0%

Vail Resorts, Inc.		13,034		3,125,944

Yum China Holdings, Inc.		79,847		3,833,455


				6,959,399
Household Durables – 2.7%

D.R. Horton, Inc.		55,571		2,931,370

Mohawk Industries, Inc.⁽¹⁾		25,487		3,475,917


				6,407,287
Household Products – 0.4%

Church & Dwight Co., Inc.		14,948		1,051,442


				1,051,442
Industrial Conglomerates – 1.9%

Carlisle Cos., Inc.		27,927		4,519,706


				4,519,706
Insurance – 11.3%

Arch Capital Group Ltd.⁽¹⁾		118,297		5,073,759

Brown & Brown, Inc.		167,248		6,602,951

Fidelity National Financial, Inc.		79,842		3,620,835

Loews Corp.		84,178		4,418,503

The Allstate Corp.		40,778		4,585,486

Willis Towers Watson PLC		11,046		2,230,629


				26,532,163
IT Services – 4.1%

Amdocs Ltd.		92,578		6,683,206

Euronet Worldwide, Inc.⁽¹⁾		19,624		3,091,957


				9,775,163
Life Sciences Tools & Services – 1.2%

Charles River Laboratories International, Inc.⁽¹⁾		18,113		2,766,942


				2,766,942
Machinery – 2.8%

Cummins, Inc.		9,134		1,634,621

Stanley Black & Decker, Inc.		30,091		4,987,282


				6,621,903
Media – 2.0%

Discovery, Inc., Class C⁽¹⁾		157,950		4,815,895


				4,815,895


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

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


December 31, 2019	Shares		Value
Metals & Mining – 1.1%

Barrick Gold Corp.		133,501	$	2,481,784


				2,481,784
Mortgage Real Estate Investment – 1.5%

Annaly Capital Management, Inc. REIT		373,242		3,515,940


				3,515,940
Multiline Retail – 1.2%

Kohl’s Corp.		56,369		2,872,001


				2,872,001
Oil, Gas & Consumable Fuels – 4.1%

Cimarex Energy Co.		36,393		1,910,268

Devon Energy Corp.		61,131		1,587,572

Hess Corp.		30,459		2,034,966

Valero Energy Corp.		19,418		1,818,496

WPX Energy, Inc.⁽¹⁾		170,030		2,336,212


				9,687,514
Real Estate Management & Development – 2.3%

CBRE Group, Inc., Class A⁽¹⁾		88,875		5,447,149


				5,447,149
Road & Rail – 2.1%

Kansas City Southern		32,730		5,012,927


				5,012,927
Semiconductors & Semiconductor Equipment – 1.2%

Analog Devices, Inc.		22,980		2,730,943


				2,730,943
Software – 0.5%

Check Point Software Technologies Ltd.⁽¹⁾		10,351		1,148,547


				1,148,547
Technology Hardware, Storage & Peripherals – 1.8%

NCR Corp.⁽¹⁾		117,558		4,133,339


				4,133,339
Textiles, Apparel & Luxury Goods – 1.2%

Carter’s, Inc.		4,780		522,645

PVH Corp.		22,288		2,343,583


				2,866,228


December 31, 2019	Shares		Value
Trading Companies & Distributors – 2.9%

AerCap Holdings N.V.⁽¹⁾		58,960	$	3,624,271

United Rentals, Inc.⁽¹⁾		18,724		3,122,602


				6,746,873
Water Utilities – 1.6%

American Water Works Co., Inc.		29,870		3,669,529


				3,669,529

Total Common Stocks (Cost $195,928,488)				226,200,917

	Principal Amount		Value
Short-Term Investment – 4.2%
Repurchase Agreements – 4.2%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $9,936,066, due 1/2/2020⁽²⁾	$	9,936,000	$	9,936,000

Total Repurchase Agreements (Cost $9,936,000)				9,936,000

Total Investments – 100.3% (Cost $205,864,488)				236,136,917

Liabilities in excess of other assets – (0.3)%				(795,409	)

Total Net Assets – 100.0%			$	235,341,508

⁽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		2.75%		9/15/2021	$	9,870,000	$	10,138,484

Legend:

REIT — Real Estate Investment Trust


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	226,200,917	$	—	$	—	$	226,200,917
Repurchase Agreements		—		9,936,000		—		9,936,000
Total	$	226,200,917	$	9,936,000	$	—	$	236,136,917


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

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	236,136,917

Cash		41,091

Dividends/interest receivable		363,278

Reimbursement receivable from adviser		13,886

Prepaid expenses		10,681


Total Assets		236,565,853


Liabilities

Payable for investments purchased		883,428

Investment advisory fees payable		136,889

Payable for fund shares redeemed		77,967

Distribution fees payable		49,494

Accrued audit fees		22,105

Accrued custodian and accounting fees		13,449

Accrued trustees’ and officers’ fees		1,454

Accrued expenses and other liabilities		39,559


Total Liabilities		1,224,345


Total Net Assets	$	235,341,508


Net Assets Consist of:

Paid-in capital	$	188,672,937

Distributable earnings		46,668,571


Total Net Assets	$	235,341,508

Investments, at Cost	$	205,864,488


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		16,897,481

Net Asset Value Per Share		$13.93


Statement of Operations For the Year Ended December 31, 2019
Investment Income

Dividends	$	4,144,645

Interest		32,393

Withholding taxes on foreign dividends		(970	)


Total Investment Income		4,176,068


Expenses

Investment advisory fees		1,576,944

Distribution fees		569,755

Trustees’ and officers’ fees		92,881

Professional fees		77,607

Custodian and accounting fees		53,714

Administrative fees		47,460

Shareholder reports		34,995

Transfer agent fees		19,123

Other expenses		26,207


Total Expenses		2,498,686

Less: Fees waived		(219,666	)


Total Expenses, Net		2,279,020


Net Investment Income/(Loss)		1,897,048


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

Net realized gain/(loss) from investments		10,568,878

Net change in unrealized appreciation/(depreciation) on investments		55,598,138


Net Gain on Investments		66,167,016


Net Increase in Net Assets Resulting From Operations	$	68,064,064


8				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

	For the Year Ended 12/31/19			For the Year Ended 12/31/18

Operations

Net investment income/(loss)	$	1,897,048		$	1,132,362

Net realized gain/(loss) from investments		10,568,878			1,377,970

Net change in unrealized appreciation/(depreciation) on investments		55,598,138			(26,909,351	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		68,064,064			(24,399,019	)


Capital Share Transactions

Proceeds from sales of shares		358,860			233,892,549

Cost of shares redeemed		(37,266,799	)		(18,104,929	)


Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(36,907,939	)		215,787,620


Net Increase in Net Assets		31,156,125			191,388,601


Net Assets

Beginning of year		204,185,383			12,796,782


End of year	$	235,341,508		$	204,185,383


Other Information:

Shares

Sold		28,354			20,351,298

Redeemed		(2,984,859	)		(1,562,377	)


Net Increase/(Decrease)		(2,956,505	)		18,788,921


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

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND


Financial Highlights Per Share Operating Performance
	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⁾

Year Ended 12/31/19	$	10.28	$	0.10	$	3.55		$	3.65		$	13.93		35.51%

Year Ended 12/31/18		12.02		0.08		(1.82	)		(1.74	)		10.28		(14.48)%

Year Ended 12/31/17		10.81		0.10		1.11			1.21			12.02		11.19%

Period Ended 12/31/16⁽⁴⁾		10.00		0.03		0.78			0.81			10.81		8.10%	⁽⁵⁾


10				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/ (Loss) to Average Net Assets			Portfolio Turnover Rate

$	235,342		1.00%			1.10%			0.83%			0.73%			37%

	204,185		1.00%			1.14%			0.66%			0.52%			31%

	12,797		1.09%			2.09%			0.87%			(0.13)%			76%

	14,921		1.09%	⁽⁵⁾		2.80%	⁽⁵⁾		0.93%	⁽⁵⁾		(0.76)%	⁽⁵⁾		14%	⁽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 and expense limitations.

⁽⁴⁾	Commenced operations on September 1, 2016.

⁽⁵⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2016, certainnon-recurring fees (i.e., audit fees) are not annualized.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen 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

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.


12

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)


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE 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 0.72% up to $100 million, 0.67% up to $300 million, 0.62% up to $500 million, and 0.60% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2020 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 1.00% 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, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the year ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $219,666.

Park Avenue may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation after April 9, 2018 are not subject to Park Avenue’s recoupment rights. The amount available for potential future recoupment by Park Avenue from the


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

Fund under the Expense Limitation Agreement and the expiration schedule at December 31, 2019 are as follows:



	Potential Recoupment Amounts Expiring
Total Potential Recoupment Amounts	2021	2020
$244,076	$52,843	$191,233

Park Avenue has entered into aSub-Advisory Agreement with Wells Capital Management Incorporated (“Wells Capital”). Wells Capital is responsible for providingday-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 the12b-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 $81,217,403 and $120,535,826, respectively, for the year ended December 31, 2019. During the year ended December 31, 2019, there were no purchases or sales of U.S. government securities.


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

6. Temporary Borrowings

place until December 9, 2020. The Fund did not utilize the credit facility during the year ended December 31, 2019.

7. Indemnifications


16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian Mid Cap Relative Value VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, ofGuardian Mid Cap Relative Value VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


				17

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


18

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior.

John H. Walter (bornd 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019),Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				19

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures


20

LOGO

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

PUB8176

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian International Growth VIP Fund

Important Notice

You may instead elect to receive all future shareholder reports in paper free of charge. If you wish to receive paper copies of your shareholder reports, please call GIAC’s Customer Service Office Contact Center at1-888-GUARDIAN(1-888-482-7342). Your election to receive reports in paper will apply to all the underlying funds available.

LOGO


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

TABLE OF CONTENTS

Guardian International Growth VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			6

Financial Information

Schedule of Investments			7

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

Report of Independent Registered Public Accounting Firm			19

Supplemental Information

Trustees and Officers Information Table			20

Portfolio Holdings and Proxy Voting Procedures			22

GUARDIAN INTERNATIONAL GROWTH VIP FUND

FUND COMMENTARY BY J.P. MORGAN INVESTMENT MANAGEMENT INC.,SUB-ADVISER

Highlights

•

Guardian International Growth VIP Fund (the “Fund”) returned 32.13%, outperforming its benchmark, the MSCI^® EAFE^® Growth Index¹ (the “Index”), for the 12 months ended December 31, 2019. The Fund’s outperformance relative to the Index was primarily due to security selection, especially in consumer discretionary and industrials sectors. Stock selection in health care was the sole detractor to Fund’s performance.

•

The Index returned 27.90% for the year. This performance was contributed by information technology, health care and materials sectors.

Market Overview

Global equity markets rallied strongly in 2019, with the MSCI^® World Index² rising 27.3% in local currency terms. Despite the generally unpredictable political environment, the end of the year saw a reduction in uncertainty around global trade and British politics, largely encouraging U.S. economic and corporate data and rising crude oil prices. Stocks rallied on a breakthrough in U.S.-China trade talks as the U.S. decided against proceeding with a planned tariff hike on consumer goods imported from China and the two countries entered into the first phase of a trade deal. Elsewhere, the victory of the Conservative party in the UK general election uplifted investor sentiment as the chances of ano-deal Brexit diminished. Corporate profits largely beat market expectations in both the U.S. and Europe; however, earnings forecasts continued to be lowered.

In terms of economic data, the manufacturing Purchasing Managers’ Index³ in Europe continued to be soft, dragged down by weakness in German output but activity data in the U.S. and China was more encouraging. U.S. labour markets and housing sales also showed resilience. Additionally, crude oil prices rallied as the Organization of the Petroleum Exporting Countries announced steep production cuts for 2020. Major central banks continued to take accommodative policy positions. In terms of sector performance, information technology, healthcare and materials rallied the most this year while the real estate and communication services sectors saw more muted gains.

Portfolio Review

In a positive performance period for international equities, the Fund’s outperformance was driven primarily by stock selection. The Fund’s stock selection in consumer discretionary and industrials contributed to performance. Stock selection in the health care sector detracted from performance.

Throughout the period, we maintained a preference for more cyclical sectors such as consumer discretionary and financials, where we found individual stocks with attractive valuations and strong earnings growth on a forward-looking basis.

Outlook

2019 was a year of very strong equity market returns against a backdrop of deteriorating economic data, particularly in the manufacturing sector. Investors instead focused on robust services data, strong labor markets, consumer confidence and easing monetary policy conditions. From here, we expect returns to be much more modest and dependent on the path of economic growth. For now, with signs that economic data may have bottomed, supportive central banks and easing trade tensions, the path looks positive. However, we expect investors to be looking for signs of slowing economic growth and its impact on corporate profits and hiring. Valuations remain reasonable, and we still expect positive earnings growth ahead and see ample opportunity for active investors within sectors. However, consensus earnings expectations for 2020 still appear too high and investors should be wary of this as these numbers start to be used in calculating forward valuation multiples. In recent years, investors have had a clear preference for both perceived long-term structural winners and defensive stocks, coupled with an aversion to companies seen as more economically sensitive or vulnerable to disruption. These trends have resulted in historically wide valuation spreads (the gap between the most expensive and cheapest stocks) within both sectors and countries, while international and emerging market stocks have been at an unusually wide discount to U.S. equities. For the rest of the year, investors are likely to continue to focus on U.S. and China trade negotiations, the path of economic growth and monetary policy conditions and begin to focus more on the 2020 U.S. presidential election as we move through the year.

MSCI^® EAFE^® Growth Index (the “Index”) is a subset of the MSCI^® EAFE^® Index. The MSCI^® EAFE^® Index (Europe, Australasia, and Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.

The MSCI^® World Index is a broad global equity index that represents large andmid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country and does not offer exposure to emerging markets. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.

3	The Purchasing Managers’ Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.


				1

GUARDIAN INTERNATIONAL GROWTH VIP FUND

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. The Fund invests primarily in equity securities and therefore exposes you to the general risks of investing in stock markets. Investments in growth companies may be highly volatile. Growth stocks may not realize their perceived growth potential and during certain periods the Fund may underperform other equity funds that employ a different style. Investing in large-capitalization companies involves risks such as having low growth rates, and slow responsiveness to competitive challenges or opportunities than in the case of smaller companies. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. These risks are even greater when investing in emerging markets. Derivative transactions can create leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested and the Fund may not be able to close out a derivative transaction at a favorable time or price. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


2

GUARDIAN INTERNATIONAL GROWTH VIP FUND

Fund Characteristics (unaudited)


Total Net Assets: $146,554,757

Geographic Region Allocation¹

As of December 31, 2019

Sector Allocation²

As of December 31, 2019


				3

GUARDIAN INTERNATIONAL GROWTH VIP FUND



Top Ten Holdings¹ As of December 31, 2019

Holding	Country	% of Total Net Assets
Nestle S.A. (Reg S)	Switzerland		5.68%
Roche Holding AG	Switzerland		4.24%
ASML Holding N.V.	Netherlands		3.37%
AIA Group Ltd.	Hong Kong		3.15%
LVMH Moet Hennessy Louis Vuitton SE	France		3.02%
SAP SE	Germany		2.97%
Unilever PLC	United Kingdom		2.71%
Diageo PLC	United Kingdom		2.69%
Novo Nordisk A/S, Class B	Denmark		2.65%
Novartis AG (Reg S)	Switzerland		2.49%
Total			32.97%

1	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities.

2	The Fund’s holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS^®). Cash includes short-term investments and net other assets and liabilities.

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian International Growth VIP Fund		9/1/2016		32.13%		—		—		9.49%
MSCI^® EAFE^® Growth Index				27.90%		—		—		9.93%


4

GUARDIAN INTERNATIONAL GROWTH VIP FUND



Results of a Hypothetical $10,000 Investment As of December 31, 2019

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian International Growth VIP Fund and the MSCI^® EAFE^® Growth Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.


				5

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return	$1,000.00		$1,091.10		$6.22		1.18%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,019.26		$6.01		1.18%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


6

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND


December 31, 2019	Shares		Value
Common Stocks – 98.9%

Cayman Islands – 3.0%

Alibaba Group Holding Ltd., ADR⁽¹⁾		11,268	$	2,389,943

Tencent Holdings Ltd.		42,000		2,026,019


				4,415,962
China – 1.3%

Ping An Insurance Group Co. of China Ltd., Class H		155,000		1,836,170


				1,836,170
Denmark – 4.0%

Genmab A/S⁽¹⁾		8,543		1,901,524

Novo Nordisk A/S, Class B		67,054		3,889,110


				5,790,634
France – 9.0%

EssilorLuxottica S.A.		17,873		2,730,237

L’Oreal S.A.		11,615		3,449,352

LVMH Moet Hennessy Louis Vuitton SE		9,491		4,420,254

Safran S.A.		16,498		2,557,427


				13,157,270
Germany – 15.2%

adidas AG		9,224		2,997,863

Beiersdorf AG		18,166		2,173,712

Continental AG		10,649		1,382,863

Delivery Hero SE⁽¹⁾⁽²⁾		39,001		3,086,877

Deutsche Boerse AG		14,005		2,202,541

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Reg S)		7,961		2,348,610

SAP SE		32,339		4,358,321

Symrise AG		17,743		1,866,631

Zalando SE⁽¹⁾⁽²⁾		36,869		1,868,159


				22,285,577
Hong Kong – 4.9%

AIA Group Ltd.		438,400		4,612,694

Hong Kong Exchanges & Clearing Ltd.		78,900		2,557,271


				7,169,965
India – 1.5%

HDFC Bank Ltd., ADR		34,693		2,198,495


				2,198,495
Ireland – 1.5%

Linde PLC		10,221		2,194,135


				2,194,135
Japan – 12.1%

Daikin Industries Ltd.		18,100		2,545,414

Keyence Corp.		9,600		3,397,951

Makita Corp.		56,400		1,952,515

Nidec Corp.		16,500		2,253,968

Shimano, Inc.		12,100		1,964,557

SMC Corp.		5,400		2,468,385

Sony Corp.		47,300		3,219,559


				17,802,349


December 31, 2019	Shares		Value
Luxembourg – 1.2%

Spotify Technology S.A.⁽¹⁾		11,740	$	1,755,717


				1,755,717
Netherlands – 7.1%

Adyen N.V.⁽¹⁾⁽²⁾		2,206		1,815,214

Airbus SE		24,534		3,599,572

ASML Holding N.V.		16,573		4,935,608


				10,350,394
Spain – 1.6%

Industria de Diseno Textil S.A.		67,193		2,380,174


				2,380,174
Sweden – 3.3%

Assa Abloy AB, Class B		100,414		2,346,459

Atlas Copco AB, Class A		64,060		2,553,597


				4,900,056
Switzerland – 16.6%

Alcon, Inc.⁽¹⁾		35,528		2,012,651

Lonza Group AG (Reg S)⁽¹⁾		6,294		2,295,516

Nestle S.A. (Reg S)		76,763		8,316,238

Novartis AG (Reg S)		38,508		3,648,339

Partners Group Holding AG		2,040		1,869,595

Roche Holding AG		19,177		6,218,297


				24,360,636
Taiwan – 1.6%

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		40,483		2,352,062


				2,352,062
United Kingdom – 15.0%

Burberry Group PLC		63,512		1,858,723

Diageo PLC		93,677		3,947,518

InterContinental Hotels Group PLC		28,025		1,930,477

Intertek Group PLC		33,031		2,563,625

London Stock Exchange Group PLC		27,094		2,798,597

RELX PLC		105,611		2,666,413

Smith & Nephew PLC		91,129		2,201,363

Unilever PLC		69,478		3,977,564


				21,944,280

Total Common Stocks (Cost $119,904,285)				144,893,876


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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND


December 31, 2019	Principal Amount		Value
Short-Term Investment – 1.1%

Repurchase Agreements – 1.1%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $1,631,011, due 1/2/2020⁽³⁾	$	1,631,000	$	1,631,000

Total Repurchase Agreements (Cost $1,631,000)				1,631,000

Total Investments – 100.0% (Cost $121,535,285)				146,524,876

Assets in excess of other liabilities – 0.0%				29,881

Total Net Assets – 100.0%			$	146,554,757

⁽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 December 31, 2019, the aggregate market value of these securities amounted to $6,770,250, representing 4.6% 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.

⁽³⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		2.75%		9/15/2021	$	1,620,000	$	1,664,067

Legend:

ADR — American Depositary Receipt


	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks
Cayman Islands	$	2,389,943	$	2,026,019	*	$	—	$	4,415,962
China		—		1,836,170	*		—		1,836,170
Denmark		—		5,790,634	*		—		5,790,634
France		—		13,157,270	*		—		13,157,270
Germany		—		22,285,577	*		—		22,285,577
Hong Kong		—		7,169,965	*		—		7,169,965
India		2,198,495		—			—		2,198,495
Ireland		—		2,194,135	*		—		2,194,135
Japan		—		17,802,349	*		—		17,802,349
Luxembourg		1,755,717		—			—		1,755,717
Netherlands		—		10,350,394	*		—		10,350,394
Spain		—		2,380,174	*		—		2,380,174
Sweden		—		4,900,056	*		—		4,900,056
Switzerland		—		24,360,636	*		—		24,360,636
Taiwan		2,352,062		—			—		2,352,062
United Kingdom		—		21,944,280	*		—		21,944,280
Repurchase Agreements		—		1,631,000			—		1,631,000
Total	$	8,696,217	$	137,828,659		$	—	$	146,524,876

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


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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	146,524,876

Cash		27,651

Foreign tax reclaims receivable		222,514

Dividends/interest receivable		30,901

Reimbursement receivable from adviser		5,283

Prepaid expenses		6,639


Total Assets		146,817,864


Liabilities

Investment advisory fees payable		96,258

Payable for fund shares redeemed		58,233

Distribution fees payable		30,670

Accrued audit fees		23,684

Accrued custodian and accounting fees		18,637

Accrued shareholder reports fees		13,162

Accrued trustees’ and officers’ fees		913

Accrued expenses and other liabilities		21,550


Total Liabilities		263,107


Total Net Assets	$	146,554,757


Net Assets Consist of:

Paid-in capital	$	130,823,597

Distributable earnings		15,731,160


Total Net Assets	$	146,554,757

Investments, at Cost	$	121,535,285


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		10,832,066

Net Asset Value Per Share		$13.53


Statement of Operations For the Year Ended December 31, 2019
Investment Income

Dividends	$	2,725,133

Interest		8,463

Withholding taxes on foreign dividends		(256,564	)


Total Investment Income		2,477,032


Expenses

Investment advisory fees		1,120,606

Distribution fees		356,869

Custodian and accounting fees		79,279

Professional fees		62,618

Trustees’ and officers’ fees		58,250

Administrative fees		47,460

Shareholder reports		43,893

Transfer agent fees		15,227

Other expenses		17,207


Total Expenses		1,801,409

Less: Fees waived		(116,989	)


Total Expenses, Net		1,684,420


Net Investment Income/(Loss)		792,612


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

Net realized gain/(loss) from investments		(3,730,651	)

Net realized gain/(loss) from foreign currency transactions		5,332

Net change in unrealized appreciation/(depreciation) on investments		42,749,754

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		2,846


Net Gain on Investments and Foreign Currency Transactions		39,027,281


Net Increase in Net Assets Resulting From Operations	$	39,819,893


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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND


Statements of Changes in Net Assets

	For the Year Ended 12/31/19			For the Year Ended 12/31/18

Operations

Net investment income/(loss)	$	792,612		$	1,153,053

Net realized gain/(loss) from investments and foreign currency transactions		(3,725,319	)		(8,649,086	)

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		42,752,600			(19,844,261	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		39,819,893			(27,340,294	)


Capital Share Transactions

Proceeds from sales of shares		3,516,589			163,773,670

Cost of shares redeemed		(27,918,350	)		(15,932,351	)


Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(24,401,761	)		147,841,319


Net Increase in Net Assets		15,418,132			120,501,025


Net Assets

Beginning of year		131,136,625			10,635,600


End of year	$	146,554,757		$	131,136,625


Other Information:

Shares

Sold		311,020			13,300,264

Redeemed		(2,289,980	)		(1,332,858	)


Net Increase/(Decrease)		(1,978,960	)		11,967,406


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

This Page Intentionally Left Blank


				11

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND


Financial Highlights
	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⁾

Year Ended 12/31/19	$	10.24	$	0.07		$	3.22		$	3.29		$	13.53		32.13%

Year Ended 12/31/18		12.61		0.12			(2.49	)		(2.37	)		10.24		(18.79)%

Year Ended 12/31/17		9.62		0.09			2.90			2.99			12.61		31.08%

Period Ended 12/31/16⁽⁴⁾		10.00		(0.00	)⁽⁵⁾		(0.38	)		(0.38	)		9.62		(3.80)%	⁽⁶⁾


12				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

$	146,555		1.18%			1.26%			0.56%			0.48%			25%

	131,137		1.18%			1.32%			1.07%			0.93%			61%

	10,636		1.22%			2.49%			0.79%			(0.48)%			32%

	10,980		1.22%	⁽⁶⁾		3.20%	⁽⁶⁾		(0.06)%	⁽⁶⁾		(2.04)%	⁽⁶⁾		8%	⁽⁶⁾

⁽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⁾	Commenced operations on September 1, 2016.

⁽⁵⁾	Rounds to $(0.00) per share.

⁽⁶⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2016, certainnon-recurring fees (i.e., audit fees) are not annualized.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen 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


14

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)


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

c. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

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

e. Foreign Capital Gains Tax The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

f. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on theex-dividend date. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% 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, 2020 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 1.18% 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, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the year ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $116,989.


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

Park Avenue may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation after April 9, 2018 are not subject to Park Avenue’s recoupment rights. The amount available for potential future recoupment by Park Avenue from the Fund under the Expense Limitation Agreement and the expiration schedule at December 31, 2019 are as follows:



	Potential Recoupment Amounts Expiring
Total Potential Recoupment Amounts	2021	2020
$223,235	$48,645	$174,590

Park Avenue has entered into aSub-Advisory Agreement with J.P. Morgan Investment Management Inc. (“J.P. Morgan”). J.P. Morgan is responsible for providingday-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 the12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $35,508,538 and $58,801,277, respectively, for the year ended December 31, 2019. During the year ended December 31, 2019, there were no purchases or sales of U.S. government securities.


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH 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.

6. Temporary Borrowings

LIBOR rate and the Federal Funds rate plus 1.25% at the time of borrowing. 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 9, 2020. The Fund did not utilize the credit facility during the year ended December 31, 2019.

7. Indemnifications


18

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian International Growth VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, ofGuardian International Growth VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


				19

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


20

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				21

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free1-888-GUARDIAN(1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/
Prospectuses; and (ii) on the Securities and Exchange Commission’s website at https://www.sec.gov.


22

LOGO

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

PUB8171

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian International Value VIP Fund

Important Notice

You may instead elect to receive all future shareholder reports in paper free of charge. If you wish to receive paper copies of your shareholder reports, please call GIAC’s Customer Service Office Contact Center at1-888-GUARDIAN(1-888-482-7342). Your election to receive reports in paper will apply to all the underlying funds available.

LOGO


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

TABLE OF CONTENTS

Guardian International Value VIP Fund



Fund Commentary			1

Fund Characteristics			4

Fund Performance			5

Understanding Your Fund’s Expenses			7

Financial Information

Schedule of Investments			8

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

Report of Independent Registered Public Accounting Firm			21

Supplemental Information

Trustees and Officers Information Table			22

Portfolio Holdings and Proxy Voting Procedures			24

GUARDIAN INTERNATIONAL VALUE VIP FUND

FUND COMMENTARY OF LAZARD ASSET MANAGEMENT LLC,SUB-ADVISER (unaudited)

Highlights

•

Guardian International Value VIP Fund (the “Fund”) returned 21.38%, underperforming its benchmark, the MSCI^® EAFE^® Index (Europe, Australasia, and Far East)¹ (the “Index”), for the 12 months ended December 31, 2019. The Index returned 22.01% for the year.

•

The Fund’s underperformance relative to the Index was primarily due to stock selection, especially in the financials, materials, and consumer staples sectors. Positioning in emerging markets and greater-than-benchmark weight in the industrials sector also contributed to the Fund’s relative performance. Stock selection in the consumer discretionary and real estate sectors, and a cash position and an underweight in the consumer discretionary and health care sectors were detractors from the Fund’s performance.

Market Overview

The year 2019 was a big one for equities, and international equities were no exception. The Index rose 22.01% over the course of the year, while the MSCI^® ACWI ex USA Index², rose 21.5%. The fourth quarter was particularly strong, as markets anticipated a cyclical upturn in both the global economy and corporate profits. However, the nature of the gains was as important as the raw numbers. We entered the year feeling cautious about corporate fundamentals and that stance turned out to be justified. Equity returns were driven by multiple expansion rather than earnings, which came in much lower than expected across regions. In the first three quarters of the year, the shift in policy from monetary tightening to easing from the U.S. Federal Reserve (the “Fed”), as well as the European Central Bank’s (the “ECB”) return to quantitative easing, drove asset prices higher. Equities owed their strong rise in the fourth quarter, equivalent to 40% on an annualized basis, to a turn in risk sentiment, thanks to a preliminary agreement on a trade deal between the U.S. and China and a decisive election in the United Kingdom. A market that reacted with a loud, long sigh of relief at every sign of stabilization and largely ignored fundamentals posed challenges for stock pickers, even as stocks overall enjoyed good returns.

Behind the impressive performance stocks enjoyed in most regions, the prevailing mood for 2019 was one of anxiety. U.S. and China trade tensions, a global manufacturing slowdown, and pessimism around global growth prospects were all at the top of investors’ minds.

We believe that it is telling that the three major developments that boosted international equities in 2019 all made an uncertain world feel a bit more certain. The Fed’s about-face on monetary tightening, which was followed by easing from the ECB and many emerging markets central banks, made fears of rising interest rates a moot point. British voters ushered in some clarity around Brexit by delivering a decisive victory to Prime Minister Boris Johnson’s Conservative Party in the fourth quarter. And finally, the U.S. and China announced in December that they had reached an agreement on a Phase 1 trade deal.

Given the underlying uncertainty, we are not surprised that high-quality stocks fared particularly well in 2019. Within the high-quality world, those with the highest growth and valuations, climbed 39% in the year and were particularly strong in the fourth quarter. As we enter 2020, the expectations for this group are high, with a nearly8-point valuation premium versus the Index (23.7x vs. 15.8x on aprice-to-earnings basis).

That is not to say value didn’t have its moments in 2019. For a short period of time, global value stocks started to outpace global growth stocks late in the third quarter, as fears of a recession began to subside, a trade deal began to seem more possible, sentiment improved, and investors hoped weak global manufacturing activity would bottom. Armed with renewed confidence, we believe investors felt comfortable, at least for a short period of time, taking advantage of an unusually wide valuation gap between value and growth stocks. The appetite for value began to flag as the third-quarter earnings season got underway, however, and wasn’t ultimately strong enough to compete with demand for growth stocks.

The growth stock versus value stock paradigm held right down to the sector and region level. Technology stocks, a classic growth sector, soared. Energy stocks lagged, as investors worried about the potential for depressed prices in the face of abundant oil supplies and a global manufacturing slowdown.

Portfolio Review

The Fund slightly underperformed the Index for the year. Stock selection in the financials sector helped relative returns. Stock selection in the materials sector also drove positive relative returns. Lastly, positioning in emerging markets was additive to relative returns.

In contrast, a lower-than-benchmark weight and stock selection in the consumer discretionary sector detracted from relative returns. Elsewhere, strategy


				1

GUARDIAN INTERNATIONAL VALUE VIP FUND

returns were hurt by stock selection in the real estate sector. Lastly, cash was the largest detractor from performance. Cash is a residual of our process, not a strategic asset in the portfolio. Corporate fundamentals weakened throughout the year, while increasingly positive sentiment drove valuations higher. As a result, stocks in our portfolio reached target valuations faster than we could find high-quality relative value investments to replace them with. This resulted in slightly elevated cash levels, which weighed down performance relative to the Index.

Outlook

Entering 2020, the question we think investors must ask themselves is whether corporate earnings and monetary stimulus can continue to offset geopolitical and economic uncertainty. We believe such optimism may have powered markets through 2019, but could fade in 2020 unless corporate fundamentals improve. U.S. markets in particular have largely priced in both the return to global monetary stimulus, which drove expectations for improvement in corporate profits, and some short-term positive geopolitical developments, such as the Phase 1 trade deal between the U.S. and China and Brexit. International equities, however, have not priced in these developments to the same degree. Partly as a result, the United States is trading at a higher premium to international equities than it has in two decades. Should the U.S. market’s high hopes for increasing stability and a pickup in economic growth fail to materialize, the discount on international stocks could provide more of a cushion for investors relative to the U.S. should valuations fall.

On the monetary front, interest rates are already extremely low relative to history, while central bank balance sheets remain elevated. We think it is significant that both the Fed and ECB are set to engage in a series

of discussions this year about how they would counteract a financial crisis, given their limited firepower. We believe the bar for further meaningful stimulus in developed markets is relatively high. What’s more, we do not expect additional monetary stimulus to provide the same relief to markets as the Fed’s about-face on tightening did in late 2018 and early 2019.

In terms of the global economy, an upturn in growth that seemed imminent entering the fourth quarter of 2019 faded a bit by the end. While manufacturing activity seemed to stabilize early in the second half of 2019, purchasing managers’ indices dipped downward again at the very end of the year — even after the announcement of the Phase 1 trade deal the absence of which had supposedly been weighing on manufacturing activity.

That dip begs a bigger question: will the geopolitical events that gave investors comfort in 2019 translate into a stronger economy, and therefore, stronger corporate profits? While it’s true that the UK election and U.S.-China trade deal seemed to create a bit more certainty in the world, we believe that certainty is, to some degree, an illusion. The UK must still negotiate crucial trade agreements with the European Union before a self-imposed December 2020 deadline. Similarly, it remains to be seen what Phase 2 trade negotiations between the U.S. and China will look like, or if they will materialize at all. Finally, it is an election year in the U.S., which could have unpredictable consequences for both volatility and performance.

With the factors that drove stock prices in 2019 seemingly running out of steam and the stocks that powered 2019 trading at very high valuations, another year of rapid multiple expansion looks unlikely. In that environment, we believe stock picking will become increasingly important.

The MSCI^® EAFE^® Index (Europe, Australasia, and Far East) (the “Index”) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.

2	The MSCI^® ACWI ex USA Index (the “ACWI Index”) tracks the performance of publicly traded large- andmid-cap stocks of companies in 22 of 23 developed markets and 26 emerging markets. You may not invest in the ACWI Index and, unlike the Fund, the ACWI Index does not incur fees or expenses.


2

GUARDIAN INTERNATIONAL VALUE VIP FUND

Funds in the Guardian Variable Products Trust are sold by prospectus only. You should carefully consider the investment objectives, risks, charges and expenses of the Funds before making an investment decision. The prospectus contains this and other important information. Please read it carefully before investing or sending money. Please visit our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/Prospectuses or to obtain a printed copy, call 1-888-GUARDIAN (1-888-482-7342).

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. The Fund invests primarily in equity securities and therefore exposes you to the general risks of investing in stock markets. Investing in large-capitalization companies involves risks such as having low growth rates, and slow responsiveness to competitive challenges or opportunities than in the case of smaller companies. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. These risks are even greater when investing in emerging markets. Value stocks may not realize their perceived value and during certain periods the Fund may underperform other equity funds that employ a different style. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


				3

GUARDIAN INTERNATIONAL VALUE VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $220,988,948

Geographic Region Allocation¹

As of December 31, 2019

Sector Allocation²

As of December 31, 2019


4

GUARDIAN INTERNATIONAL VALUE VIP FUND



Top Ten Holdings¹ As of December 31, 2019

Holding	Country	% of Total Net Assets
Novartis AG (Reg S)	Switzerland		3.18%
SAP SE	Germany		3.15%
Medtronic PLC	Ireland		3.07%
Royal Dutch Shell PLC, Class A	United Kingdom		2.96%
Sanofi	France		2.76%
RELX PLC	United Kingdom		2.62%
Volkswagen AG	Germany		2.55%
Samsung Electronics Co. Ltd.	Republic of Korea		2.55%
Safran S.A.	France		2.39%
Assa Abloy AB, Class B	Sweden		2.21%
Total			27.44%

1	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities.

2	The Fund’s holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS^®). Cash includes short-term investments and net other assets and liabilities.

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian International Value VIP Fund		9/1/2016		21.38%		—		—		6.01%
MSCI^® EAFE^® Index				22.01%		—		—		8.57%


				5

GUARDIAN INTERNATIONAL VALUE VIP FUND

Results of a Hypothetical $10,000 Investment

As of December 31, 2019

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian International Value VIP Fund and the MSCI^® EAFE^® Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.


6

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return	$1,000.00		$1,049.20		$4.86		0.94%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,020.47		$4.79		0.94%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by184/365 (to reflect theone-half year period).


				7

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL VALUE VIP FUND


December 31, 2019	Shares		Value
Common Stocks – 95.6%

Canada – 5.5%

Canadian National Railway Co.		26,247	$	2,374,367

National Bank of Canada		53,949		2,994,605

Suncor Energy, Inc.		134,610		4,411,845

TMX Group Ltd.		28,200		2,442,024


				12,222,841
Cayman Islands – 0.4%

ESR Cayman Ltd.⁽¹⁾⁽²⁾		384,400		868,221


				868,221
China – 1.6%

Ping An Insurance Group Co. of China Ltd., Class H		300,000		3,553,878


				3,553,878
Denmark – 1.5%

Carlsberg A/S, Class B		22,638		3,377,043


				3,377,043
Finland – 2.4%

Nordea Bank Abp		317,856		2,571,210

Sampo OYJ, Class A		64,144		2,798,641


				5,369,851
France – 13.3%

Air Liquide S.A.		26,198		3,723,433

BNP Paribas S.A.		38,024		2,263,462

Engie S.A.		286,320		4,626,928

Safran S.A.		34,033		5,275,604

Sanofi		60,842		6,110,799

Vinci S.A.		23,200		2,577,413

Vivendi S.A.		165,546		4,798,365


				29,376,004
Germany – 5.3%

Fresenius Medical Care AG & Co. KGaA		20,687		1,534,312

Fresenius SE & Co. KGaA		28,283		1,596,466

SAP SE		51,724		6,970,834

Vonovia SE		28,391		1,528,461


				11,630,073
Indonesia – 0.4%

Bank Mandiri Persero Tbk PT		1,531,300		846,586


				846,586
Ireland – 4.5%

Medtronic PLC		59,779		6,781,928

Ryanair Holdings PLC, ADR⁽²⁾		36,194		3,170,956


				9,952,884
Israel – 1.2%

Bank LeumiLe-Israel BM		349,650		2,548,178


				2,548,178
Japan – 16.2%

Asahi Group Holdings Ltd.		46,200		2,110,402

Daiwa House Industry Co. Ltd.		129,812		4,021,773

Hitachi Ltd.		107,400		4,523,907


December 31, 2019	Shares		Value
Japan(continued)

Kao Corp.		40,630	$	3,351,080

Makita Corp.		72,600		2,513,343

Nexon Co. Ltd.⁽²⁾		201,900		2,670,522

Nintendo Co. Ltd.		10,100		4,076,827

Pan Pacific International Holdings Corp.		124,328		2,063,585

Shin-Etsu Chemical Co. Ltd.		27,200		2,982,092

Sumitomo Mitsui Financial Group, Inc.		92,800		3,416,172

Suzuki Motor Corp.		46,200		1,935,163

Yamaha Corp.		40,700		2,243,538


				35,908,404
Luxembourg – 0.7%

ArcelorMittal S.A.		85,725		1,514,276


				1,514,276
Mexico – 0.4%

Arca Continental S.A.B. de C.V.		182,600		965,851


				965,851
Netherlands – 3.7%

ABN AMRO Bank N.V.⁽¹⁾		115,769		2,114,536

Koninklijke DSM N.V.		27,802		3,629,174

Wolters Kluwer N.V.		32,435		2,370,777


				8,114,487
Norway – 3.6%

Equinor ASA		130,038		2,600,565

Mowi ASA		105,660		2,748,078

Telenor ASA		141,641		2,540,405


				7,889,048
Republic of Korea – 2.5%

Samsung Electronics Co. Ltd.		116,856		5,630,628


				5,630,628
Singapore – 2.7%

DBS Group Holdings Ltd.		206,480		3,979,955

NetLink NBN Trust		2,682,500		1,884,950


				5,864,905
Spain – 0.8%

Red Electrica Corp. S.A.		92,905		1,868,804


				1,868,804
Sweden – 3.7%

Assa Abloy AB, Class B		209,092		4,886,030

Epiroc AB, Class A		276,211		3,375,599


				8,261,629
Switzerland – 5.3%

ABB Ltd. (Reg S)		190,603		4,601,325

Novartis AG (Reg S)		74,076		7,018,136


				11,619,461
United Kingdom – 19.9%

Aon PLC		19,974		4,160,384

BHP Group PLC		123,061		2,906,693

Compass Group PLC		77,662		1,945,500


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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL VALUE VIP FUND


December 31, 2019	Shares		Value
United Kingdom(continued)

Ferguson PLC		29,998	$	2,725,516

Howden Joinery Group PLC		153,925		1,379,614

Informa PLC		270,755		3,077,766

Network International Holdings PLC⁽¹⁾⁽²⁾		145,982		1,239,015

Prudential PLC		232,283		4,469,458

RELX PLC		229,435		5,787,997

Royal Dutch Shell PLC, Class A		220,202		6,545,394

RSA Insurance Group PLC		288,736		2,179,510

Tesco PLC		1,105,471		3,744,802

The Weir Group PLC		70,566		1,412,025

Unilever PLC		41,029		2,348,880


				43,922,554

Total Common Stocks (Cost $196,712,593)				211,305,606
Preferred Stocks – 2.5%

Germany – 2.5%

Volkswagen AG, 3.00%		28,506		5,635,120


				5,635,120

Total Preferred Stocks (Cost $5,235,355)				5,635,120


December 31, 2019	Principal Amount		Value
Short-Term Investment – 2.2%

Repurchase Agreements – 2.2%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $4,821,032, due 1/2/2020⁽³⁾	$	4,821,000	$	4,821,000

Total Repurchase Agreements (Cost $4,821,000)				4,821,000

Total Investments – 100.3% (Cost $206,768,948)				221,761,726

Liabilities in excess of other assets – (0.3)%				(772,778	)

Total Net Assets – 100.0%			$	220,988,948

⁽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 December 31, 2019, the aggregate market value of these securities amounted to $4,221,772, representing 1.9% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾	Non–income–producing security.

⁽³⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		2.75%		9/15/2021	$	4,790,000	$	4,920,298

Legend:

ADR — American Depositary Receipt


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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL VALUE VIP FUND


	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks
Canada	$	12,222,841	$	—		$	—	$	12,222,841
Cayman Islands		868,221		—			—		868,221
China		—		3,553,878	*		—		3,553,878
Denmark		—		3,377,043	*		—		3,377,043
Finland		—		5,369,851	*		—		5,369,851
France		—		29,376,004	*		—		29,376,004
Germany		—		11,630,073	*		—		11,630,073
Indonesia		—		846,586	*		—		846,586
Ireland		9,952,884		—			—		9,952,884
Israel		—		2,548,178	*		—		2,548,178
Japan		—		35,908,404	*		—		35,908,404
Luxembourg		—		1,514,276	*		—		1,514,276
Mexico		965,851		—			—		965,851
Netherlands		—		8,114,487	*		—		8,114,487
Norway		—		7,889,048	*		—		7,889,048
Republic of Korea		—		5,630,628	*		—		5,630,628
Singapore		—		5,864,905	*		—		5,864,905
Spain		—		1,868,804	*		—		1,868,804
Sweden		—		8,261,629	*		—		8,261,629
Switzerland		—		11,619,461	*		—		11,619,461
United Kingdom		4,160,384		39,762,170	*		—		43,922,554
Preferred Stocks
Germany		—		5,635,120	*		—		5,635,120
Repurchase Agreements		—		4,821,000			—		4,821,000
Total	$	28,170,181	$	193,591,545		$	—	$	221,761,726

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


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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL VALUE VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	221,761,726

Cash		39,863

Foreign currency, at value		393,217

Foreign tax reclaims receivable		134,228

Dividends/interest receivable		100,187

Reimbursement receivable from adviser		44,408

Receivable for investments sold		28,093

Prepaid expenses		10,146


Total Assets		222,511,868


Liabilities

Payable for investments purchased		1,206,425

Investment advisory fees payable		143,885

Distribution fees payable		46,546

Payable for fund shares redeemed		35,980

Accrued audit fees		24,868

Accrued custodian and accounting fees		23,591

Accrued trustees’ and officers’ fees		1,475

Accrued expenses and other liabilities		40,150


Total Liabilities		1,522,920


Total Net Assets	$	220,988,948


Net Assets Consist of:

Paid-in capital	$	210,447,837

Distributable earnings		10,541,111


Total Net Assets	$	220,988,948

Investments, at Cost	$	206,768,948

Foreign Currency, at Cost	$	392,029


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		18,189,276

Net Asset Value Per Share		$12.15


Statement of Operations For the Year Ended December 31, 2019
Investment Income

Dividends	$	7,237,620

Interest		23,289

Withholding taxes on foreign dividends		(778,616	)


Total Investment Income		6,482,293


Expenses

Investment advisory fees		1,707,773

Distribution fees		552,591

Trustees’ and officers’ fees		90,759

Custodian and accounting fees		90,045

Professional fees		79,979

Administrative fees		47,460

Shareholder reports		38,665

Transfer agent fees		17,635

Other expenses		26,416


Total Expenses		2,651,323

Less: Fees waived		(573,580	)


Total Expenses, Net		2,077,743


Net Investment Income/(Loss)		4,404,550


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

Net realized gain/(loss) from investments		(4,729,241	)

Net realized gain/(loss) from foreign currency transactions		(17,846	)

Net change in unrealized appreciation/(depreciation) on investments		42,865,902

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(898	)


Net Gain on Investments and Foreign Currency Transactions		38,117,917


Net Increase in Net Assets Resulting From Operations	$	42,522,467


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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL VALUE VIP FUND


Statements of Changes in Net Assets


	For the Year Ended 12/31/19			For the Year Ended 12/31/18

Operations

Net investment income/(loss)	$	4,404,550		$	3,066,124

Net realized gain/(loss) from investments and foreign currency transactions		(4,747,087	)		(8,714,525	)

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		42,865,004			(29,759,290	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		42,522,467			(35,407,691	)


Capital Share Transactions

Proceeds from sales of shares		5,539,328			252,164,387

Cost of shares redeemed		(35,254,386	)		(19,708,380	)


Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(29,715,058	)		232,456,007


Net Increase in Net Assets		12,807,409			197,048,316


Net Assets

Beginning of year		208,181,539			11,133,223


End of year	$	220,988,948		$	208,181,539


Other Information:

Shares

Sold		507,283			21,623,258

Redeemed		(3,110,014	)		(1,774,536	)


Net Increase/(Decrease)		(2,602,731	)		19,848,722


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

This Page Intentionally Left Blank


				13

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL VALUE VIP FUND


Financial Highlights
	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⁾

Year Ended 12/31/19	$	10.01	$	0.22	$	1.92		$	2.14		$	12.15		21.38%

Year Ended 12/31/18		11.80		0.20		(1.99	)		(1.79	)		10.01		(15.17)%

Year Ended 12/31/17		9.63		0.15		2.02			2.17			11.80		22.53%

Period Ended 12/31/16⁽⁴⁾		10.00		0.01		(0.38	)		(0.37	)		9.63		(3.70)%	⁽⁵⁾


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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL 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/(Loss) to Average Net Assets			Portfolio Turnover Rate

$	220,989		0.94%			1.20%			1.99%			1.73%			32%

	208,182		0.94%			1.23%			1.79%			1.50%			74%

	11,133		1.11%			2.39%			1.40%			0.12%			61%

	14,100		1.11%	⁽⁵⁾		3.11%	⁽⁵⁾		0.42%	⁽⁵⁾		(1.58)%	⁽⁵⁾		8%	⁽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 and expense limitations.

⁽⁴⁾	Commenced operations on September 1, 2016.

⁽⁵⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2016, certainnon-recurring fees (i.e., audit fees) are not annualized.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL VALUE VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen series. Guardian International 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

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.


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL 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)


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL VALUE VIP FUND

c. Futures ContractsThe 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.

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% of the first $100 million, and 0.75% in excess of $100 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2020 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). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the year ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $573,580.


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL VALUE VIP FUND

Park Avenue may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation after April 9, 2018 are not subject to Park Avenue’s recoupment rights. The amount available for potential future recoupment by Park Avenue from the Fund under the Expense Limitation Agreement and the expiration schedule at December 31, 2019 are as follows:



	Potential Recoupment Amounts Expiring
Total Potential Recoupment Amounts	2021	2020
$298,992	$58,226	$240,766

Park Avenue has entered into aSub-Advisory Agreement with Lazard Asset Management LLC (“Lazard”). Lazard is responsible for providingday-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 the12b-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 $69,334,653 and $90,582,797, respectively, for the year ended December 31, 2019. During the year ended December 31, 2019, there were no purchases or sales of U.S. government securities.


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL VALUE VIP FUND

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.

6. Temporary Borrowings

calculated based on the higher of the dailyone-month LIBOR rate and the Federal Funds rate plus 1.25% at the time of borrowing. 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 9, 2020. The Fund did not utilize the credit facility during the year ended December 31, 2019.

7. Indemnifications


20

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian International Value VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, ofGuardian International Value VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


				21

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


22

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				23

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures


24

LOGO

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

PUB8172

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Core Plus Fixed Income VIP Fund

Important Notice

You may instead elect to receive all future shareholder reports in paper free of charge. If you wish to receive paper copies of your shareholder reports, please call GIAC’s Customer Service Office Contact Center at1-888-GUARDIAN(1-888-482-7342). Your election to receive reports in paper will apply to all the underlying funds available.

LOGO


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

TABLE OF CONTENTS

Guardian Core Plus Fixed Income VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			6

Financial Information

Schedule of Investments			7

Statement of Assets and Liabilities			19

Statement of Operations			19

Statements of Changes in Net Assets			20

Financial Highlights			22

Notes to Financial Statements			24

Report of Independent Registered Public Accounting Firm			31

Supplemental Information

Trustees and Officers Information Table			32

Portfolio Holdings and Proxy Voting Procedures			34

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

FUND COMMENTARY OF LORD, ABBETT & CO. LLC,SUB-ADVISER (unaudited)

Highlights

•

Guardian Core Plus Fixed Income VIP Fund (the “Fund”) returned 8.34%, slightly underperforming its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹(the “Index”), for the 12 months ended December 31, 2019.

•

The Index returned 8.72% for the period.

Market Overview

Following a tumultuous fourth quarter of 2018, during which trade tensions and monetary policy uncertainty sent many investors toward safety, the market staged a strong recovery. After the worst December since 1931, the Standard & Poor’s 500^® Index² posted its best January since 1987. Trade tensions continued to dominate headlines throughout the period, as trade negotiations between the U.S. and China remained volatile. Since the beginning of 2019, the U.S. and China have imposed tariffs on each other’s products of roughly $550 billion and $185 billion, respectively. One of the more notable shifts over the year was the U.S. Federal Reserve’s (the “Fed”) transition to a more dovish policy stance, with the Fed Chairman Jerome Powell stating that the Fed will act appropriately to sustain economic growth. Given an uncertain market outlook and muted inflation pressures, the Fed announced its decision to cut interest rates by 25 basis points on July 31, 2019 to a range of2.00-2.25%. This was the first time that the Fed cut interest rates since December 2008. The Fed followed that decision with two more 25 basis point interest rate cuts in September and October, citing “implications of global developments for the economic outlook as well as muted inflation pressures”. After the October interest rate cut, Fed Chairman Powell signaled a likely pause on future rate cuts, resulting in the market-based probability of a fourth interest rate cut dipping below 0.25%.

The combination of a dovish Fed, trade pressures, and slowing economic growth resulted in falling rates across the U.S. Treasury yield curve. In fact, in July, the yield on the U.S.10-year Treasury note fell to its lowest level since 2016. After July, bond yields continued to fall, and in August, the spread between the yield on the U.S.10-year Treasury note and that of the U.S.2-year

Treasury note temporarily inverted. In September, a large rotation from growth into value took place and continued through November. Geopolitics also contributed to market volatility. Following a coordinated drone strike on Saudi Arabia in the third quarter, Brent crude oil prices increased 20% in one trading session. Despite the record increase, oil prices retracted their gains within weeks. Investor sentiment was buoyed in November as the market grew optimistic about the possibility of a “Phase 1” trade deal between the U.S. and China, which was ultimately reached in December. The agreement included structural reforms to China’s trade regime in areas such as intellectual property and agriculture as well as a commitment from China to make additional purchases of U.S. goods and services moving forward. In return, the U.S. agreed not to proceed with tariffs that were scheduled to go into effect in December on nearly $160 billion worth of Chinese goods and to cut the tariff rate imposed on September 1, 2019 on $120 billion worth of Chinese goods to 7.5%.

Portfolio Review

For the12-month period ended December 2019, the portfolio’s overweight to high yield corporate bonds was the largest contributor to relative performance. Below investment-grade corporate credit experienced significant spread tightening during the year, alongside the U.S. equity market rally. Security selection in investment-grade corporate bonds also acted as a contributor to relative performance over the period. Specifically, selection within the financials sector contributed to performance. We remain attracted to select securities within the financials sector due to strict regulations, strong balance sheets, more conservative management teams, and improved quality relative to thepre-crisis period.

The largest detractor to the portfolio’s relative performance over the period was driven by an overweight to asset-backed securities (“ABS”). ABS underperformed relative to other spread products as the asset class did not drawdown as much in the fourth quarter of 2018, and therefore did not participate as much in the 2019 market rebound. Also detracting from relative performance was an underweight to investment-grade corporate bonds. An underweight to the asset class partiallyoff-set the positive contribution from security selection within investment-grade corporate bonds.


				1

The Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”) is an index of U.S dollar-denominated, investment-grade U.S. government and corporate securities, and mortgage pass-through securities, and asset-backed securities. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Outlook

Given the explicit transparency from the Fed after the three rates cuts in 2019, we do not anticipate much interest rate movement heading into 2020. While we continue to closely monitor monetary policy, we think the current economic environment will support risk assets and that there will be a high bar needed for any

further rate action.We believe the market has already priced in the positive resolution to global trade and geopolitical tensions with China and consider valuations to be full relative to domestic economic data. However, continued positive global momentum and improvements in domestic economic data may result in further compression of credit spreads.

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. Bond funds are subject to interest rate risk, credit risk, and prepayment risk. When interest rates rise, bond prices generally fall, and when interest rates fall, bond prices generally rise. In a lower interest rate environment, the risk that bond prices may fall when interest rates rise is potentially greater. Derivative transactions can create leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested and the Fund may not be able to close out a derivative transaction at a favorable time or price. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. These risks are even greater when investing in emerging markets. The value of a debt security is affected by changes in interest rates and is subject to any credit risk of the issuer or guarantor of the security. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


2

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Fund Characteristics (unaudited)


Total Net Assets: $350,048,722

Bond Sector Allocation¹

As of December 31, 2019

Bond Quality Allocation²

As of December 31, 2019


				3

GUARDIAN CORE PLUS FIXED INCOME VIP FUND



Top Ten Holdings¹ As of December 31, 2019

Holding	Coupon Rate		Maturity Date		% of Total Net Assets
Uniform Mortgage-Backed Security		3.500%		1/1/2050		24.30%
U.S. Treasury Bill		1.387%		1/30/2020		13.38%
Uniform Mortgage-Backed Security		3.000%		1/1/2050		6.43%
U.S. Treasury Bill		1.537%		5/7/2020		6.07%
U.S. Treasury Note Inflation Protected Security		0.625%		4/15/2023		5.02%
U.S. Treasury Bond		2.750%		11/15/2047		3.03%
U.S. Treasury Bill		1.507%		3/26/2020		2.82%
U.S. Treasury Note		1.750%		11/15/2029		1.97%
U.S. Treasury Note		1.750%		12/31/2024		1.82%
U.S. Treasury Bond		3.625%		8/15/2043		1.77%
Total						66.61%

1	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities.

The Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies’ independent ratings of individual securities are aggregated by Barclays, and market weights are reported using Standard & Poor’s letter rating conventions. Rating methodology uses the middle rating of Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services, and Fitch Ratings. When a rating from only two of the rating agencies is available, the lower rating is used. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standards of credit quality. Rating agencies may fail to make timely changes in credit ratings, and an issuer’s current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the Fund, Lord, Abbett & Co. LLC develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings.

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Core Plus Fixed Income VIP Fund		9/1/2016		8.34%		—		—		2.28%
Bloomberg Barclays U.S. Aggregate Bond Index				8.72%		—		—		2.68%


4

GUARDIAN CORE PLUS FIXED INCOME VIP FUND



Results of a Hypothetical $10,000 Investment As of December 31, 2019

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Core Plus Fixed Income VIP Fund and the Bloomberg Barclays U.S. Aggregate Bond Index. Index returns do not include the fees and expenses of the Fund, but do include reinvestment of dividends, if any.


				5

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return	$1,000.00		$1,018.90		$4.02		0.79%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00		$1,021.22		$4.02		0.79%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


6

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


December 31, 2019	Principal Amount		Value
Agency Mortgage–Backed Securities – 33.1%

Federal Home Loan Mortgage Corp. 4.00% due 10/1/2049	$	864,063	$	940,179

Federal National Mortgage Association 4.00% due 1/1/2048		1,062,349		1,161,610

Government National Mortgage Association 2017-168 AS 2.70% due 8/16/2058		94,470		94,862
2017-41 AS 2.60% due 6/16/2057		80,933		80,956
2017-69 AS 2.75% due 2/16/2058		43,607		43,881
2017-71 AS 2.70% due 4/16/2057		28,212		28,324
2017-89 AB 2.60% due 7/16/2058		27,866		27,885
2017-90 AS 2.70% due 7/16/2057		38,563		38,716

Uniform Mortgage-Backed Security 3.00% due 1/1/2050⁽¹⁾		22,200,000		22,515,656
3.50% due 1/1/2050⁽¹⁾		82,700,000		85,074,394
4.00% due 1/1/2050⁽¹⁾		5,600,000		5,824,438


Total Agency Mortgage–Backed Securities (Cost $115,601,124)				115,830,901
Asset–Backed Securities – 21.3%

ACC Trust 2018-1 B 4.82% due 5/20/2021⁽²⁾		230,000		230,989
2019-1 B 4.47% due 10/20/2022⁽²⁾		294,000		297,698
2019-1 C 6.41% due 2/20/2024⁽²⁾		500,000		506,418

ALM VII Ltd. 2012-7A A2R2 3.851% (LIBOR 3 Month + 1.85%) due 7/15/2029⁽²⁾⁽³⁾		908,000		907,324

American Credit Acceptance Receivables Trust 2016-2 C 6.09% due 5/12/2022⁽²⁾		4,342		4,341
2018-4 A 3.38% due 12/13/2021⁽²⁾		173,602		173,765
2019-2 B 3.05% due 5/12/2023⁽²⁾		674,000		678,640

American Express Credit Account Master Trust 2017-1 A 1.93% due 9/15/2022		1,000,000		999,955
2017-3 A 1.77% due 11/15/2022		2,296,000		2,295,153

AmeriCredit Automobile Receivables Trust 2016-3 C 2.24% due 4/8/2022		2,097,000		2,097,609


December 31, 2019	Principal Amount		Value
Asset–Backed Securities(continued)
2018-3 A2A 3.11% due 1/18/2022	$	202,877	$	203,356
2018-3 A2B 1.995% (LIBOR 1 Month + 0.25%) due 1/18/2022⁽³⁾		202,877		202,789
2019-1 A2A 2.93% due 6/20/2022		384,484		385,791
2019-1 A2B 2.005% (LIBOR 1 Month + 0.26%) due 6/20/2022⁽³⁾		425,343		425,366

Ares XLI CLO Ltd. 2016-41A AR 3.201% (LIBOR 3 Month + 1.20%) due 1/15/2029⁽²⁾⁽³⁾		1,450,000		1,448,767
2016-41A B 3.801% (LIBOR 3 Month + 1.80%) due 1/15/2029⁽²⁾⁽³⁾		500,000		499,503

Ascentium Equipment Receivables Trust 2016-2A B 2.50% due 9/12/2022⁽²⁾		2,521		2,521
2017-1A A3 2.29% due 6/10/2021⁽²⁾		5,295		5,299

Avery Point VII CLO Ltd. 2015-7A BR 3.751% (LIBOR 3 Month + 1.75%) due 1/15/2028⁽²⁾⁽³⁾		400,000		400,507
2015-7A CR 4.451% (LIBOR 3 Month + 2.45%) due 1/15/2028⁽²⁾⁽³⁾		250,000		249,500

Avid Automobile Receivables Trust 2019-1 A 2.62% due 2/15/2024⁽²⁾		467,273		467,305
2019-1 B 2.82% due 7/15/2026⁽²⁾		500,000		498,849

Avis Budget Rental Car Funding AESOP LLC 2015-2A A 2.63% due 12/20/2021⁽²⁾		826,000		828,587

Benefit Street Partners CLO IV Ltd. 2014-IVA A1RR 3.216% (LIBOR 3 Month + 1.25%) due 1/20/2029⁽²⁾⁽³⁾		1,000,000		1,000,502

Benefit Street Partners CLO XIX Ltd.2019-19A C 1.00% (LIBOR 3 Month + 2.60%) due 1/15/2033⁽²⁾⁽³⁾		250,000		250,000
2019-19A D 1.00% (LIBOR 3 Month + 3.80%) due 1/15/2033⁽²⁾⁽³⁾		250,000		250,000

BlueMountain CLO Ltd. 2016-1A BR 3.316% (LIBOR 3 Month + 1.35%) due 4/20/2027⁽²⁾⁽³⁾		822,000		808,458

BMW Vehicle Lease Trust 2019-1 A2 2.79% due 3/22/2021		532,214		533,754


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


December 31, 2019	Principal Amount		Value
Asset–Backed Securities(continued)

BSPRT Issuer Ltd. 2018-FL4 A 2.79% (LIBOR 3 Month + 1.05%) due 9/15/2035⁽²⁾⁽³⁾	$	522,000	$	521,833

California Republic Auto Receivables Trust 2015-3 A4 2.13% due 5/17/2021		1,646		1,645
2015-4 A4 2.58% due 6/15/2021⁽²⁾		7,427		7,429

Capital Auto Receivables Asset Trust 2018-1 A3 2.79% due 1/20/2022⁽²⁾		785,665		787,464

Capital One Multi-Asset Execution Trust 2017-A1 A1 2.00% due 1/17/2023		1,000,000		1,000,121

Carlyle Global Market Strategies CLO Ltd. 2019-4A C 1.00% (LIBOR 3 Month + 4.00%) due 1/15/2033⁽²⁾⁽³⁾		264,480		264,480

CarMax Auto Owner Trust 2018-3 A2A 2.88% due 10/15/2021		183,839		184,195
2019-4 C 2.60% due 9/15/2025		196,000		194,850

Carvana Auto Receivables Trust 2019-1A E 5.64% due 1/15/2026⁽²⁾		500,000		514,861

Cedar Funding VI CLO Ltd. 2016-6A BR 3.566% (LIBOR 3 Month + 1.60%) due 10/20/2028⁽²⁾⁽³⁾		400,000		396,936

Chesapeake Funding II LLC 2017-2A A1 1.99% due 5/15/2029⁽²⁾		179,990		179,842
2017-3A A1 1.91% due 8/15/2029⁽²⁾		851,144		850,294

Chrysler Capital Auto Receivables Trust 2016-AA C 3.25% due 6/15/2022⁽²⁾		2,224		2,226

CIFC Funding Ltd. 2019-6A D 1.00% (LIBOR 3 Month + 3.95%) due 1/16/2033⁽²⁾⁽³⁾		250,000		250,000

Clear Creek CLO 2015-1A DR 4.916% (LIBOR 3 Month + 2.95%) due 10/20/2030⁽²⁾⁽³⁾		250,000		240,650

CPS Auto Receivables Trust 2017-D B 2.43% due 1/18/2022⁽²⁾		335,024		335,095
2018-B A 2.72% due 9/15/2021⁽²⁾		42,290		42,298
2018-B B 3.23% due 7/15/2022⁽²⁾		1,509,000		1,514,122


December 31, 2019	Principal Amount		Value
Asset–Backed Securities(continued)
2018-B D 4.26% due 3/15/2024⁽²⁾	$	750,000	$	769,064

CPS Auto Trust 2018-C A 2.87% due 9/15/2021⁽²⁾		76,709		76,743
2018-C B 3.43% due 7/15/2022⁽²⁾		212,000		213,018

Credit Acceptance Auto Loan Trust 2019-3A B 2.86% due 1/16/2029⁽²⁾		1,029,000		1,027,094

Discover Card Execution Note Trust 2017-A2 A2 2.39% due 7/15/2024		1,277,000		1,289,622

DLL Securitization Trust 2017-A A3 2.14% due 12/15/2021⁽²⁾		528,497		528,593

DRB Prime Student Loan Trust 2015-D A2 3.20% due 1/25/2040⁽²⁾		168,749		170,048

Drive Auto Receivables Trust 2016-BA D 4.53% due 8/15/2023⁽²⁾		918,290		927,668
2016-CA D 4.18% due 3/15/2024⁽²⁾		13,256		13,416
2017-1 D 3.84% due 3/15/2023		3,156,000		3,188,067
2017-3 C 2.80% due 7/15/2022		12,299		12,303
2017-AA D 4.16% due 5/15/2024⁽²⁾		26,000		26,354
2017-BA D 3.72% due 10/17/2022⁽²⁾		942,698		946,585
2017-BA E 5.30% due 7/15/2024⁽²⁾		2,100,000		2,157,760
2018-3 B 3.37% due 9/15/2022		100,858		100,950
2019-2 A2A 2.93% due 3/15/2022		279,121		279,419

Enterprise Fleet Financing LLC 2018-1 A2 2.87% due 10/20/2023⁽²⁾		172,369		173,097

First Investors Auto Owner Trust 2017-3A A2 2.41% due 12/15/2022⁽²⁾		20,511		20,521
2019-2A C 2.71% due 12/15/2025⁽²⁾		392,000		390,691

Flagship Credit Auto Trust 2017-3 A 1.88% due 10/15/2021⁽²⁾		1,382		1,381
2017-3 B 2.59% due 7/15/2022⁽²⁾		20,000		20,017
2017-4 A 2.07% due 4/15/2022⁽²⁾		4,593		4,590
2018-1 A 2.59% due 6/15/2022⁽²⁾		9,976		9,983
2018-3 A 3.07% due 2/15/2023⁽²⁾		737,142		741,121
2018-3 B 3.59% due 12/16/2024⁽²⁾		479,000		486,248


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


December 31, 2019	Principal Amount		Value
Asset–Backed Securities(continued)

Ford Credit Auto Owner Trust2015-1 A 2.12% due 7/15/2026⁽²⁾	$	1,758,000	$	1,757,896
2016-2 A 2.03% due 12/15/2027⁽²⁾		2,000,000		2,000,324
2017-B A3 1.69% due 11/15/2021		653,521		652,878

Ford Credit Floorplan Master Owner Trust 2015-5 A 2.42% due 8/15/2022		697,000		698,579

Foursight Capital Automobile Receivables Trust 2016-1 A2 2.87% due 10/15/2021⁽²⁾		4,026		4,028
2018-1 B 3.53% due 4/17/2023⁽²⁾		100,000		100,919

Golden Credit Card Trust 2018-1A A 2.62% due 1/15/2023⁽²⁾		2,015,000		2,028,876

Halcyon Loan Advisors Funding Ltd. 2015-2A CR 4.09% (LIBOR 3 Month + 2.15%) due 7/25/2027⁽²⁾⁽³⁾		250,000		248,618

Hardee’s Funding LLC 2018-1A A23 5.71% due 6/20/2048⁽²⁾		410,555		431,428
2018-1A A2II 4.959% due 6/20/2048⁽²⁾		758,400		775,299

Honda Auto Receivables Owner Trust 2019-1 A2 2.75% due 9/20/2021		1,191,402		1,195,910

Hyundai Auto Lease Securitization Trust 2017-C A3 2.12% due 2/16/2021⁽²⁾		190,376		190,374

Jamestown CLO IX Ltd. 2016-9A BR 4.616% (LIBOR 3 Month + 2.65%) due 10/20/2028⁽²⁾⁽³⁾		500,000		499,384

KKR CLO 18 Ltd. 18 B 3.703% (LIBOR 3 Month + 1.70%) due 7/18/2030⁽²⁾⁽³⁾		526,000		518,534

KVK CLO Ltd. 2016-1A C 5.151% (LIBOR 3 Month + 3.15%) due 1/15/2029⁽²⁾⁽³⁾		483,000		482,090

LCM XXIV Ltd. 24A A 3.276% (LIBOR 3 Month + 1.31%) due 3/20/2030⁽²⁾⁽³⁾		439,000		439,112

Longtrain Leasing III LLC 2015-1A A2 4.06% due 1/15/2045⁽²⁾		464,000		477,435


December 31, 2019	Principal Amount		Value
Asset–Backed Securities(continued)

Madison Park Funding XXXVI Ltd. 2019-36A C 2.60% (LIBOR 3 Month + 2.60%) due 1/15/2033⁽²⁾⁽³⁾	$	277,545	$	277,545
2019-36A D 3.75% (LIBOR 3 Month + 3.75%) due 1/15/2033⁽²⁾⁽³⁾		467,877		467,877

Master Credit Card Trust II Series 2018-1A A 2.275% (LIBOR 1 Month + 0.49%) due 7/21/2024⁽²⁾⁽³⁾		100,000		99,970

ME Funding LLC 2019-1 A2 6.448% due 7/30/2049⁽²⁾		470,820		485,905

Mercedes-Benz Auto Lease Trust 2018-B A2 3.04% due 12/15/2020		581,475		582,228

Mercedes-Benz Auto Receivables Trust 2016-1 A3 1.26% due 2/16/2021		575		575

MMAF Equipment Finance LLC 2017-AA A3 2.04% due 2/16/2022⁽²⁾		832,926		832,823

Navient Private Education Refi Loan Trust 2018-DA A2A 4.00% due 12/15/2059⁽²⁾		368,000		375,685

Neuberger Berman Loan Advisers CLO 35 Ltd. 2019-35A D 5.603% (LIBOR 3 Month + 3.70%) due 1/19/2033⁽²⁾⁽³⁾		250,000		249,357

Nissan Auto Receivables Owner Trust 2016-A A4 1.59% due 7/15/2022		672,980		672,243

Northwoods Capital Ltd. 2019-20A C 4.701% (LIBOR 3 Month + 2.80%) due 1/25/2030⁽²⁾⁽³⁾		334,659		333,971
2019-20A D 6.151% (LIBOR 3 Month + 4.25%) due 1/25/2030⁽²⁾⁽³⁾		387,446		386,440

OHA Loan Funding Ltd. 2015-1A CR2 4.501% (LIBOR 3 Month + 2.65%) due 11/15/2032⁽²⁾⁽³⁾		250,000		249,514
2016-1A B1 3.766% (LIBOR 3 Month + 1.80%) due 1/20/2028⁽²⁾⁽³⁾		542,000		541,450

Orec Ltd. 2018-CRE1 A 2.92% (LIBOR 1 Month + 1.18%) due 6/15/2036⁽²⁾⁽³⁾		645,000		644,596


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


December 31, 2019	Principal Amount		Value
Asset–Backed Securities(continued)

Palmer Square Loan Funding Ltd. 2018-5A A2 3.366% (LIBOR 3 Month + 1.40%) due 1/20/2027⁽²⁾⁽³⁾	$	250,000	$	249,254

Pennsylvania Higher Education Assistance Agency 2006-1 B 2.21% (LIBOR 3 Month + 0.27%) due 4/25/2038⁽³⁾		37,630		35,003

Planet Fitness Master Issuer LLC 2019-1A A2 3.858% due 12/5/2049⁽²⁾		342,000		340,944

Regatta VI Funding Ltd. 2016-1A CR 4.016% (LIBOR 3 Month + 2.05%) due 7/20/2028⁽²⁾⁽³⁾		314,000		310,414

Regatta XVI Funding Ltd. 2019-2A C 4.603% (LIBOR 3 Month + 2.70%) due 1/15/2033⁽²⁾⁽³⁾		250,000		249,489
2019-2A D 5.803% (LIBOR 3 Month + 3.90%) due 1/15/2033⁽²⁾⁽³⁾		250,000		249,357

Santander Drive Auto Receivables Trust 2017-3 C 2.76% due 12/15/2022		12,000		12,038
2018-1 B 2.63% due 7/15/2022		625,075		625,480
2018-1 D 3.32% due 3/15/2024		35,000		35,366

SCF Equipment Leasing LLC 2018-1A A2 3.63% due 10/20/2024⁽²⁾		479,635		479,975
2019-1A C 3.92% due 11/20/2026⁽²⁾		1,298,000		1,299,523
2019-2A B 2.76% due 8/20/2026⁽²⁾		797,000		790,765
2019-2A C 3.11% due 6/21/2027⁽²⁾		579,000		576,620

Shackleton CLO Ltd. 2019-14A A2 4.178% (LIBOR 3 Month + 1.90%) due 7/20/2030⁽²⁾⁽³⁾		1,042,000		1,038,124

SLC Student Loan Trust 2008-1 A4A 3.494% (LIBOR 3 Month + 1.60%) due 12/15/2032⁽³⁾		158,627		160,687

SoFi Professional Loan Program Trust 2017-F A1FX 2.05% due 1/25/2041⁽²⁾		442,671		442,353
2018-A A2A 2.39% due 2/25/2042⁽²⁾		223,810		224,254
2018-B A1FX 2.64% due 8/25/2047⁽²⁾		240,201		240,558


December 31, 2019	Principal Amount		Value
Asset–Backed Securities(continued)

Sound Point CLO XI Ltd. 2016-1A AR 3.066% (LIBOR 3 Month + 1.10%) due 7/20/2028⁽²⁾⁽³⁾	$	370,000	$	369,976

Sound Point CLO XII Ltd. 2016-2A CR 4.566% (LIBOR 3 Month + 2.60%) due 10/20/2028⁽²⁾⁽³⁾		504,000		503,131

Sound Point CLO XV Ltd. 2017-1A C 4.434% (LIBOR 3 Month + 2.50%) due 1/23/2029⁽²⁾⁽³⁾		343,000		339,695

Sound Point CLO XVII Ltd. 2017-3A A2 3.566% (LIBOR 3 Month + 1.60%) due 10/20/2030⁽²⁾⁽³⁾		1,036,000		1,026,355

Synchrony Credit Card Master Note Trust 2015-1 A 2.37% due 3/15/2023		1,649,000		1,650,284
2017-1 A 1.93% due 6/15/2023		1,873,000		1,872,614

TCF Auto Receivables Owner Trust 2015-2A C 3.75% due 12/15/2021⁽²⁾		1,049,000		1,049,427
2016-1A B 2.32% due 6/15/2022⁽²⁾		69,000		68,952
2016-PT1A B 2.92% due 10/17/2022⁽²⁾		30,000		30,151

Textainer Marine Containers VII Ltd. 2019-1A A 3.96% due 4/20/2044⁽²⁾		372,987		376,220

Towd Point Asset Trust 2018-SL1 A 2.308% (LIBOR 1 Month + 0.60%) due 1/25/2046⁽²⁾⁽³⁾		499,801		492,729

Towd Point Mortgage Trust 2019-HY2 A1 2.792% (LIBOR 1 Month + 1.00%) due 5/25/2058⁽²⁾⁽³⁾		444,239		446,149

TPG Real Estate Finance Issuer Ltd. 2018-FL2 A 2.867% (LIBOR 1 Month + 1.13%) due 11/15/2037⁽²⁾⁽³⁾		658,000		657,589

Voya CLO Ltd. 2019-1A D 5.301% (LIBOR 3 Month + 3.30%) due 4/15/2029⁽²⁾⁽³⁾		100,000		99,991

Westgate Resorts LLC 2018-1A A 3.38% due 12/20/2031⁽²⁾		209,394		211,785

Westlake Automobile Receivables Trust 2018-1A B 2.67% due 5/17/2021⁽²⁾		142,790		142,824
2019-2A D 3.20% due 11/15/2024⁽²⁾		356,000		360,881


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


December 31, 2019	Principal Amount		Value
Asset–Backed Securities(continued)

Wheels SPV 2 LLC 2018-1A A2 3.06% due 4/20/2027⁽²⁾	$	212,010	$	213,084

Wingstop Funding LLC 2018-1 A2 4.97% due 12/5/2048⁽²⁾		528,010		543,067

World Financial Network Credit Card Master Trust 2017-C M 2.66% due 8/15/2024		40,000		39,942

World Omni Auto Receivables Trust 2018-D A2A 3.01% due 4/15/2022		509,074		510,537


Total Asset–Backed Securities (Cost $74,300,845)				74,582,890
Corporate Bonds & Notes – 27.5%

Aerospace & Defense – 0.3%

Kratos Defense & Security Solutions, Inc. 6.50% due 11/30/2025⁽²⁾		169,000		180,830

Signature Aviation U.S. Holdings, Inc. 4.00% due 3/1/2028⁽²⁾		256,000		252,493

TransDigm, Inc. 6.375% due 6/15/2026		681,000		722,275


				1,155,598
Agriculture – 0.5%

BAT Capital Corp. 4.39% due 8/15/2037		1,199,000		1,214,180

MHP Lux S.A. 6.25% due 9/19/2029⁽²⁾		375,000		367,496
6.95% due 4/3/2026⁽²⁾		230,000		240,838


				1,822,514
Auto Manufacturers – 0.8%

Ford Motor Co. 7.45% due 7/16/2031		1,065,000		1,265,707

General Motors Co. 6.60% due 4/1/2036		50,000		59,015
6.75% due 4/1/2046		850,000		997,158

Tesla, Inc. 5.30% due 8/15/2025⁽²⁾		608,000		589,760


				2,911,640
Auto Parts & Equipment – 0.2%

Panther BF Aggregator 2 LP / Panther Finance Co., Inc. 8.50% due 5/15/2027⁽²⁾		338,000		359,125

ZF North America Capital, Inc. 4.75% due 4/29/2025⁽²⁾		319,000		335,651


				694,776
Beverages – 0.4%

Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.70% due 2/1/2036		926,000		1,073,006


December 31, 2019	Principal Amount		Value
Beverages(continued)

Becle S.A.B. de C.V. 3.75% due 5/13/2025⁽²⁾	$	150,000	$	153,774


				1,226,780
Chemicals – 0.7%

CF Industries, Inc. 4.95% due 6/1/2043		351,000		365,917

CNAC HK Finbridge Co. Ltd. 3.50% due 7/19/2022		380,000		386,319
4.125% due 7/19/2027		790,000		828,909

Orbia Advance Corp. S.A.B. de C.V. 4.875% due 9/19/2022⁽²⁾		250,000		263,128

Phosagro OAO Via Phosagro Bond Funding DAC 3.949% due 4/24/2023⁽²⁾		300,000		308,850

Tronox, Inc. 6.50% due 4/15/2026⁽²⁾		180,000		185,436


				2,338,559
Coal – 0.2%

Indika Energy Capital III Pte Ltd. 5.875% due 11/9/2024⁽²⁾		410,000		393,779

Warrior Met Coal, Inc. 8.00% due 11/1/2024⁽²⁾		336,000		341,040


				734,819
Commercial Banks – 5.6%

Akbank T.A.S. 5.00% due 10/24/2022⁽²⁾		215,000		216,075

Banco de Credito e Inversiones S.A. 3.50% due 10/12/2027⁽²⁾		420,000		429,378

Bank of America Corp. 3.593% (3.593% fixed rate until 7/21/2027; LIBOR 3 Month + 1.37% thereafter) due 7/21/2028⁽³⁾		2,084,000		2,209,202
3.95% due 4/21/2025		25,000		26,699
4.00% due 1/22/2025		577,000		615,484
4.45% due 3/3/2026		250,000		274,577

Citigroup, Inc. 3.887% (3.887% fixed rate until 1/10/2027; LIBOR 3 Month + 1.563% thereafter) due 1/10/2028⁽³⁾		1,016,000		1,094,956
3.98% (3.98% fixed rate until 3/20/2029; LIBOR 3 Month + 1.338% thereafter) due 3/20/2030⁽³⁾		803,000		879,133
4.45% due 9/29/2027		361,000		397,743

JPMorgan Chase & Co. 3.782% (3.782% fixed rate until 2/1/2027; LIBOR 3 Month + 1.337% thereafter) due 2/1/2028⁽³⁾		2,344,000		2,527,734

Macquarie Group Ltd. 4.654% (4.654% fixed rate until 3/27/2028; LIBOR 3 Month + 1.727% thereafter) due 3/27/2029⁽²⁾⁽³⁾		963,000		1,061,465


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


December 31, 2019	Principal Amount		Value
Commercial Banks(continued)

Morgan Stanley 3.625% due 1/20/2027	$	795,000	$	846,527
3.875% due 1/27/2026		328,000		352,303
4.00% due 7/23/2025		1,404,000		1,519,218

Popular, Inc. 6.125% due 9/14/2023		361,000		388,526

Santander U.K. PLC 7.95% due 10/26/2029		87,000		111,321

The Goldman Sachs Group, Inc. 6.25% due 2/1/2041		405,000		566,335

The Toronto-Dominion Bank 3.625% (3.625% fixed rate until 9/15/2026; 5 Year USD Swap + 2.205% thereafter) due 9/15/2031⁽³⁾		1,537,000		1,607,541

Turkiye Garanti Bankasi A/S 5.875% due 3/16/2023⁽²⁾		400,000		411,000

UBS AG 5.125% due 5/15/2024		872,000		938,490
7.625% due 8/17/2022		900,000		1,014,579

Wachovia Corp. 7.574% due 8/1/2026⁽³⁾		151,000		191,077

Wells Fargo Bank N.A. 6.60% due 1/15/2038		1,250,000		1,809,294


				19,488,657
Commercial Services – 0.4%

Adani Ports & Special Economic Zone Ltd. 4.00% due 7/30/2027⁽²⁾		200,000		202,214

Ahern Rentals, Inc. 7.375% due 5/15/2023⁽²⁾		389,000		308,283

Ashtead Capital, Inc. 4.25% due 11/1/2029⁽²⁾		253,000		258,376

PayPal Holdings, Inc. 2.85% due 10/1/2029		354,000		357,288

United Rentals North America, Inc. 4.875% due 1/15/2028		335,000		348,812


				1,474,973
Computers – 0.3%

Dell International LLC / EMC Corp. 5.45% due 6/15/2023⁽²⁾		141,000		152,948
8.35% due 7/15/2046⁽²⁾		623,000		858,455


				1,011,403

Diversified Financial Services – 1.5%

AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.50% due 1/15/2025		872,000		899,057
3.875% due 1/23/2028		567,000		588,904

Affiliated Managers Group, Inc. 3.50% due 8/1/2025		500,000		522,677
4.25% due 2/15/2024		25,000		26,778

Ally Financial, Inc. 8.00% due 11/1/2031		573,000		795,381


December 31, 2019	Principal Amount		Value
Diversified Financial Services(continued)

Brightsphere Investment Group, Inc. 4.80% due 7/27/2026	$	315,000	$	328,031

Global Aircraft Leasing Co. Ltd. 6.50% due 9/15/2024, Toggle PIK (6.50% Cash or 7.25% PIK)⁽²⁾⁽⁴⁾		544,000		567,637

International Lease Finance Corp. 5.875% due 8/15/2022		112,000		122,026

Navient Corp. 6.75% due 6/25/2025		334,000		368,736

Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 4.50% due 3/15/2027⁽²⁾		380,000		405,297
4.875% due 4/15/2045⁽²⁾		198,000		204,107

SURA Asset Management S.A. 4.375% due 4/11/2027⁽²⁾		400,000		428,004


				5,256,635
Electric – 2.0%

Ausgrid Finance Pty. Ltd. 4.35% due 8/1/2028⁽²⁾		486,000		529,602

Berkshire Hathaway Energy Co. 3.80% due 7/15/2048		653,000		702,834

Calpine Corp. 5.75% due 1/15/2025		170,000		174,462

Cleco Corporate Holdings LLC 3.375% due 9/15/2029⁽²⁾		273,000		274,176
4.973% due 5/1/2046		258,000		286,320

Dominion Energy South Carolina, Inc. 6.05% due 1/15/2038		343,000		467,162
6.625% due 2/1/2032		15,000		20,347

Electricite de France S.A. 5.00% due 9/21/2048⁽²⁾		318,000		379,337

Empresas Publicas de Medellin ESP 4.25% due 7/18/2029⁽²⁾		200,000		207,841

Entergy Arkansas LLC 4.20% due 4/1/2049		452,000		526,129

Entergy Louisiana LLC 4.00% due 3/15/2033		674,000		762,734

Exelon Generation Co. LLC 5.60% due 6/15/2042		49,000		56,063
5.75% due 10/1/2041		449,000		518,636

FirstEnergy Transmission LLC 4.55% due 4/1/2049⁽²⁾		448,000		513,600

Massachusetts Electric Co. 4.004% due 8/15/2046⁽²⁾		370,000		394,438

Minejesa Capital B.V. 4.625% due 8/10/2030⁽²⁾		200,000		207,006

Pennsylvania Electric Co. 3.60% due 6/1/2029⁽²⁾		370,000		389,742

PSEG Power LLC 8.625% due 4/15/2031		228,000		318,579

Vistra Operations Co. LLC 4.30% due 7/15/2029⁽²⁾		274,000		279,532


				7,008,540


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


December 31, 2019	Principal Amount		Value
Electronics – 0.2%

PerkinElmer, Inc. 3.30% due 9/15/2029	$	520,000	$	531,187

Trimble, Inc. 4.90% due 6/15/2028		18,000		19,664


				550,851
Energy–Alternate Sources – 0.1%

Enviva Partners LP / Enviva Partners Finance Corp. 6.50% due 1/15/2026⁽²⁾		324,000		346,884


				346,884
Engineering & Construction – 0.2%

China Railway Resources Huitung Ltd. 3.85% due 2/5/2023		581,000		600,963


				600,963
Entertainment – 0.2%

Penn National Gaming, Inc. 5.625% due 1/15/2027⁽²⁾		337,000		356,143

Stars Group Holdings B.V. / Stars Group U.S.Co-Borrower LLC 7.00% due 7/15/2026⁽²⁾		159,000		172,118


				528,261
Food – 0.3%

Arcor SAIC 6.00% due 7/6/2023⁽²⁾		13,000		12,545

JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc. 6.50% due 4/15/2029⁽²⁾		620,000		688,994

Minerva Luxembourg S.A. 5.875% due 1/19/2028⁽²⁾		288,000		302,403


				1,003,942
Forest Products & Paper – 0.1%

Fibria Overseas Finance Ltd. 4.00% due 1/14/2025		390,000		402,971


				402,971
Gas – 0.2%

Dominion Energy Gas Holdings LLC 4.60% due 12/15/2044		708,000		790,256


				790,256
Hand & Machine Tools – 0.1%

Kennametal, Inc. 4.625% due 6/15/2028		360,000		381,849


				381,849
Healthcare – Services – 0.9%

Acadia Healthcare Co., Inc. 6.50% due 3/1/2024		341,000		353,361

Adventist Health System 2.952% due 3/1/2029		197,000		194,890

Advocate Health & Hospitals Corp. 3.387% due 10/15/2049		346,000		346,703

Centene Corp. 4.625% due 12/15/2029⁽²⁾		356,000		374,280


December 31, 2019	Principal Amount		Value
Healthcare–Services(continued)

CommonSpirit Health 3.347% due 10/1/2029	$	1,114,000	$	1,120,837

HCA, Inc. 5.25% due 6/15/2026		473,000		529,917

Tenet Healthcare Corp. 6.25% due 2/1/2027⁽²⁾		173,000		186,191

The New York and Presbyterian Hospital 3.954% due 8/1/2119		103,000		103,968


				3,210,147
Home Builders – 0.4%

Century Communities, Inc. 6.75% due 6/1/2027⁽²⁾		319,000		342,032

Toll Brothers Finance Corp. 4.35% due 2/15/2028		363,000		378,427

TRI Pointe Group, Inc. 5.25% due 6/1/2027		377,000		393,965

Williams Scotsman International, Inc. 6.875% due 8/15/2023⁽²⁾		182,000		191,555


				1,305,979
Household Products & Wares – 0.0%

Kimberly-Clark de Mexico S.A.B. de C.V. 3.80% due 4/8/2024⁽²⁾		100,000		102,000


				102,000
Insurance – 0.4%

Radian Group, Inc. 4.875% due 3/15/2027		526,000		553,615

Teachers Insurance & Annuity Association of America 4.90% due 9/15/2044⁽²⁾		697,000		856,197


				1,409,812
Internet – 0.6%

Match Group, Inc. 5.625% due 2/15/2029⁽²⁾		160,000		170,400

Netflix, Inc. 6.375% due 5/15/2029		606,000		690,082

Prosus N.V. 5.50% due 7/21/2025⁽²⁾		540,000		599,452

Tencent Holdings Ltd. 3.595% due 1/19/2028⁽²⁾		630,000		658,588


				2,118,522
Leisure Time – 0.4%

Carnival PLC 7.875% due 6/1/2027		525,000		685,914

Royal Caribbean Cruises Ltd. 3.70% due 3/15/2028		799,000		822,248


				1,508,162


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


December 31, 2019	Principal Amount		Value
Lodging – 0.2%

Wyndham Destinations, Inc. 5.75% due 4/1/2027	$	660,000	$	716,100


				716,100
Machinery – Diversified – 0.4%

Nvent Finance Sarl 4.55% due 4/15/2028		1,237,000		1,284,092


				1,284,092
Media – 1.3%

AMC Networks, Inc. 4.75% due 8/1/2025		701,000		703,629

CCO Holdings LLC / CCO Holdings Capital Corp. 5.00% due 2/1/2028⁽²⁾		338,000		354,670

Cox Communications, Inc. 4.50% due 6/30/2043⁽²⁾		539,000		561,461
4.70% due 12/15/2042⁽²⁾		496,000		537,783
8.375% due 3/1/2039⁽²⁾		63,000		94,743

DISH DBS Corp. 7.75% due 7/1/2026		366,000		387,737

Gray Television, Inc. 7.00% due 5/15/2027⁽²⁾		646,000		717,867

Scripps Escrow, Inc. 5.875% due 7/15/2027⁽²⁾		527,000		552,033

Time Warner Cable LLC 7.30% due 7/1/2038		274,000		357,429

Time Warner Entertainment Co. LP 8.375% due 7/15/2033		282,000		395,551


				4,662,903
Mining – 0.9%

Anglo American Capital PLC 4.00% due 9/11/2027⁽²⁾		800,000		838,358
4.75% due 4/10/2027⁽²⁾		978,000		1,069,815

Corp. Nacional del Cobre de Chile 4.50% due 9/16/2025⁽²⁾		450,000		486,283

Freeport-McMoRan, Inc. 3.875% due 3/15/2023		172,000		175,136

Glencore Finance Canada Ltd. 5.55% due 10/25/2042⁽²⁾		705,000		747,437


				3,317,029
Miscellaneous Manufacturing – 0.2%

General Electric Co. 2.271% (LIBOR 3 Month + 0.38%) due 5/5/2026⁽³⁾		448,000		425,420
6.15% due 8/7/2037		324,000		402,920


				828,340
Oil & Gas – 2.9%

Berry Petroleum Co. LLC 7.00% due 2/15/2026⁽²⁾		262,000		242,677

Centennial Resource Production LLC 6.875% due 4/1/2027⁽²⁾		524,000		544,960

Ecopetrol S.A. 4.125% due 1/16/2025		870,000		913,509
5.875% due 5/28/2045		190,000		223,963


December 31, 2019	Principal Amount		Value
Oil & Gas(continued)

Eni S.p.A. 5.70% due 10/1/2040⁽²⁾	$	850,000	$	1,026,884

Equinor ASA 7.15% due 11/15/2025		700,000		876,442

Gazprom PJSC Via Gaz Capital S.A. 4.95% due 2/6/2028⁽²⁾		200,000		222,846

MEG Energy Corp. 7.00% due 3/31/2024⁽²⁾		548,000		551,425

Oasis Petroleum, Inc. 6.875% due 3/15/2022		428,000		411,950

Pertamina Persero PT 4.70% due 7/30/2049⁽²⁾		200,000		212,742

Petrobras Global Finance B.V. 5.093% due 1/15/2030⁽²⁾		400,000		428,604

Petroleos Mexicanos 4.50% due 1/23/2026		803,000		799,627
5.35% due 2/12/2028		800,000		796,000

QEP Resources, Inc. 5.625% due 3/1/2026		201,000		196,025

Saudi Arabian Oil Co. 2.875% due 4/16/2024⁽²⁾		570,000		578,607

Sinopec Group Overseas Development Ltd. 4.375% due 10/17/2023⁽²⁾		200,000		213,923

SM Energy Co. 6.75% due 9/15/2026		414,000		405,720

Transocean, Inc. 7.25% due 11/1/2025⁽²⁾		158,000		154,840

Valero Energy Corp. 10.50% due 3/15/2039		486,000		819,139

YPF S.A. 8.50% due 7/28/2025⁽²⁾		415,000		392,175


				10,012,058
Oil & Gas Services – 0.4%

Baker Hughes a GE Co. LLC / Baker HughesCo-Obligor, Inc. 4.08% due 12/15/2047		864,000		886,038

Nine Energy Service, Inc. 8.75% due 11/1/2023⁽²⁾		499,000		404,190


				1,290,228
Pharmaceuticals – 0.4%

AbbVie, Inc. 4.25% due 11/21/2049⁽²⁾		227,000		241,033

Bausch Health Americas, Inc. 9.25% due 4/1/2026⁽²⁾		319,000		366,403

Bausch Health Cos., Inc. 5.00% due 1/30/2028⁽²⁾		177,000		181,671

Bayer Corp. 6.65% due 2/15/2028⁽²⁾		11,000		13,529

CVS Health Corp. 5.05% due 3/25/2048		613,000		726,421


				1,529,057


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


December 31, 2019	Principal Amount		Value
Pipelines – 0.5%

Abu Dhabi Crude Oil Pipeline LLC 4.60% due 11/2/2047⁽²⁾	$	200,000	$	231,000

Buckeye Partners LP 6.375% (6.375% fixed rate until 1/22/2023; LIBOR 3 Month + 4.02% thereafter) due 1/22/2078⁽³⁾		472,000		347,038

Cheniere Corpus Christi Holdings LLC 3.70% due 11/15/2029⁽²⁾		215,000		219,562

Northern Natural Gas Co. 4.30% due 1/15/2049⁽²⁾		238,000		268,464

Sabine Pass Liquefaction LLC 5.875% due 6/30/2026		565,000		649,481


				1,715,545
Real Estate – 0.4%

China Evergrande Group 10.00% due 4/11/2023		700,000		663,168

Country Garden Holdings Co. Ltd. 4.75% due 1/17/2023		200,000		201,476
4.75% due 9/28/2023		200,000		200,722

Shimao Property Holdings Ltd. 4.75% due 7/3/2022		320,000		326,384


				1,391,750
Real Estate Investment Trusts – 1.1%

EPR Properties 4.95% due 4/15/2028		777,000		849,062

Healthcare Trust of America Holdings LP 3.10% due 2/15/2030		510,000		506,507

Spirit Realty LP 3.40% due 1/15/2030		488,000		490,568

VEREIT Operating Partnership LP 4.875% due 6/1/2026		1,300,000		1,440,384

WEA Finance LLC 3.50% due 6/15/2029⁽²⁾		520,000		539,097


				3,825,618
Retail – 0.0%

Lithia Motors, Inc. 4.625% due 12/15/2027⁽²⁾		158,000		162,402


				162,402
Semiconductors – 0.5%

Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.625% due 1/15/2024		151,000		156,500

Broadcom, Inc. 3.625% due 10/15/2024⁽²⁾		1,505,000		1,565,033


				1,721,533
Software – 0.2%

Oracle Corp. 6.125% due 7/8/2039		497,000		701,112


				701,112


December 31, 2019	Principal Amount		Value
Sovereign – 0.1%

CBB International Sukuk Co. 6 S.P.C. 5.25% due 3/20/2025⁽²⁾	$	410,000	$	441,775


				441,775
Telecommunications – 0.7%

AT&T, Inc. 6.25% due 3/29/2041		835,000		1,087,371

Ooredoo International Finance Ltd. 3.75% due 6/22/2026⁽²⁾		200,000		210,834

Sprint Capital Corp. 6.875% due 11/15/2028		324,000		349,110

Verizon Communications, Inc. 3.01% (LIBOR 3 Month + 1.10%) due 5/15/2025⁽³⁾		297,000		303,807

ViaSat, Inc. 5.625% due 4/15/2027⁽²⁾		332,000		355,240


				2,306,362
Toys, Games & Hobbies – 0.2%

Mattel, Inc. 6.75% due 12/31/2025⁽²⁾		522,000		561,046


				561,046
Water – 0.1%

Aqua America, Inc. 3.566% due 5/1/2029		400,000		420,813


				420,813

Total Corporate Bonds & Notes (Cost $90,997,539)				96,273,256
Municipals – 0.7%

California Health Facilities Financing Authority 3.034% due 6/1/2034		195,000		193,333

Foothill-Eastern Transportation Corridor Agency Series A 4.094% due 1/15/2049		354,000		353,416

Massachusetts School Building Authority Series B 3.395% due 10/15/2040		490,000		489,853

Michigan Finance Authority 3.084% due 12/1/2034		515,000		513,053

Permanent University Fund–Texas A&M University System Series B 3.66% due 7/1/2047		375,000		383,595

State of California 7.625% due 3/1/2040		190,000		304,234
7.30% due 10/1/2039		130,000		198,512


Total Municipals (Cost $2,459,293)				2,435,996
Non–Agency Mortgage–Backed Securities – 6.2%

Atrium Hotel Portfolio Trust 2018-ATRM A 2.69% due 6/15/2035^(2)(3)(5)		349,000		347,691


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


December 31, 2019	Principal Amount		Value
Non–Agency Mortgage–Backed Securities(continued)

BAMLL Commercial Mortgage Securities Trust 2013-WBRK A 3.534% due 3/10/2037^(2)(3)(5)	$	3,900,000	$	4,032,153

BBCMS Mortgage Trust 2019-BWAY A 2.696% due 11/25/2034^(2)(3)(5)		365,000		363,173
2019-BWAY B 3.05% due 11/25/2034^(2)(3)(5)		160,000		159,199

BX Trust 2018-GW A 2.54% due 5/15/2035^(2)(3)(5)		987,000		981,570
2019-OC11 A 3.202% due 12/9/2041⁽²⁾		688,000		705,352

Citigroup Commercial Mortgage Trust 2016-GC36 D 2.85% due 2/10/2049⁽²⁾		1,685,000		1,454,235

Commercial Mortgage Trust 2015-PC1 AM 4.29% due 7/10/2050⁽³⁾⁽⁵⁾		310,000		332,628
2015-PC1 B 4.436% due 7/10/2050⁽³⁾⁽⁵⁾		100,000		106,170
2015-PC1 D 4.436% due 7/10/2050⁽³⁾⁽⁵⁾		33,000		31,003
2016-COR1 AM 3.494% due 10/10/2049		167,000		172,858

Credit Suisse Mortgage Trust 2019-UVIL A 3.16% due 12/15/2041⁽²⁾		337,000		342,054

CSAIL Commercial Mortgage Trust 2019-C18 AS 3.321% due 12/15/2052		394,045		397,409

DBWF Mortgage Trust 2018-GLKS A 2.794% due 11/19/2035^(2)(3)(5)		630,000		629,219

Great Wolf Trust 2019-WOLF A 2.756% due 12/15/2029^(2)(3)(5)		878,000		874,389
2019-WOLF E 4.454% due 12/15/2029^(2)(3)(5)		342,000		341,454

GS Mortgage Securities Corp. Trust 2012-BWTR A 2.954% due 11/5/2034⁽²⁾		1,273,000		1,289,738
2018-RIVR A 2.69% due 7/15/2035^(2)(3)(5)		438,000		437,881

JP Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ A 2.74% due 6/15/2032^(2)(3)(5)		930,021		929,439
2018-LAQ B 3.04% due 6/15/2032^(2)(3)(5)		622,709		622,707
2018-LAQ D 3.84% due 6/15/2032^(2)(3)(5)		464,561		464,434
2018-MINN A 2.786% due 11/15/2035^(2)(3)(5)		339,000		336,437


December 31, 2019	Principal Amount		Value
Non–Agency Mortgage–Backed Securities(continued)
2018-WPT AFL 2.654% due 7/5/2033^(2)(3)(5)	$	242,000	$	242,000
2018-WPT BFL 2.954% due 7/5/2033^(2)(3)(5)		724,000		724,000
2018-WPT BFX 4.549% due 7/5/2033⁽²⁾		218,000		231,837
2018-WPT CFX 4.95% due 7/5/2033⁽²⁾		290,000		309,109

JPMBB Commercial Mortgage Securities Trust 2015-C30 C 4.268% due 7/15/2048⁽³⁾⁽⁵⁾		13,000		13,365

Morgan Stanley Capital Barclays Bank Trust 2016-MART C 2.817% due 9/13/2031⁽²⁾		100,000		99,756

PFP Ltd. 2019-6 A 2.964% due 4/14/2037^(2)(3)(5)		416,000		416,000

ReadyCap Commercial Mortgage Trust 2019-6 A 2.832% due 10/25/2052⁽²⁾		323,339		322,953

The Bancorp Commercial Mortgage Trust 2018-CR3 A 2.59% due 1/15/2033^(2)(3)(5)		12,755		12,742

Wells Fargo Commercial Mortgage Trust 2015-C28 D 4.113% due 5/15/2048⁽³⁾⁽⁵⁾		1,500,000		1,408,848
2016-C35 C 4.176% due 7/15/2048⁽³⁾⁽⁵⁾		131,000		134,231
2017-C41 AS 3.785% due 11/15/2050⁽³⁾⁽⁵⁾		279,000		295,605

WFLD Mortgage Trust 2014-MONT A 3.755% due 8/10/2031^(2)(3)(5)		2,000,000		2,088,420


Total Non–Agency Mortgage–Backed Securities (Cost $21,160,856)				21,650,059
Foreign Government – 3.2%

Angolan Government International Bond 8.25% due 5/9/2028⁽²⁾	USD	320,000		345,021
9.50% due 11/12/2025⁽²⁾	USD	200,000		233,775

Bahamas Government International Bond 6.00% due 11/21/2028⁽²⁾	USD	400,000		446,000

Bermuda Government International Bond 3.717% due 1/25/2027⁽²⁾	USD	400,000		420,004

Dominican Republic International Bond 6.40% due 6/5/2049⁽²⁾	USD	290,000		317,912

Egypt Government International Bond 6.588% due 2/21/2028⁽²⁾	USD	350,000		364,875


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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


December 31, 2019	Principal Amount		Value
Foreign Government(continued)
7.903% due 2/21/2048⁽²⁾	USD	200,000	$	209,659
4.55% due 11/20/2023⁽²⁾	USD	200,000		204,187

Export Credit Bank of Turkey 8.25% due 1/24/2024⁽²⁾	USD	250,000		271,850

Ghana Government International Bond 8.125% due 3/26/2032⁽²⁾	USD	320,000		325,634

Indonesia Government International Bond 3.40% due 9/18/2029	USD	925,000		962,654

Japan Bank for International Cooperation 2.125% due 2/10/2025	USD	1,936,000		1,940,851
2.50% due 5/23/2024	USD	1,590,000		1,622,592

Kenya Government International Bond 7.00% due 5/22/2027⁽²⁾	USD	520,000		553,329

Mexico Government International Bond 3.75% due 1/11/2028	USD	395,000		410,405
4.00% due 10/2/2023	USD	560,000		589,641

Nigeria Government International Bond 7.143% due 2/23/2030⁽²⁾	USD	200,000		203,566

Provincia de Mendoza Argentina 8.375% due 5/19/2024⁽⁶⁾⁽⁷⁾	USD	300,000		223,500

Qatar Government International Bond 3.25% due 6/2/2026⁽²⁾	USD	555,000		584,053
5.103% due 4/23/2048⁽²⁾	USD	210,000		269,660

Romanian Government International Bond 6.125% due 1/22/2044⁽²⁾	USD	8,000		10,353

Turkey Government International Bond 5.625% due 3/30/2021	USD	530,000		545,498
5.75% due 3/22/2024	USD	200,000		204,409


Total Foreign Government (Cost $10,954,165)				11,259,428
U.S. Government Securities – 38.8%

U.S. Treasury Bill 1.387% due 1/30/2020⁽⁸⁾	$	46,874,000		46,820,948
1.507% due 3/26/2020⁽⁸⁾		9,917,100		9,882,211
1.537% due 5/7/2020⁽⁸⁾		21,360,000		21,246,084

U.S. Treasury Bond 2.25% due 8/15/2049		3,004,000		2,922,329
2.375% due 11/15/2049		2,926,000		2,924,514
2.75% due 11/15/2047		9,882,000		10,624,308
3.625% due 8/15/2043		5,029,000		6,179,777

U.S. Treasury Note 1.50% due 11/30/2024		3,867,000		3,835,732
1.75% due 12/31/2024		6,340,000		6,360,060
1.75% due 11/15/2029		6,988,000		6,888,093
2.875% due 10/31/2020		406,000		410,044


December 31, 2019	Principal Amount		Value
U.S. Government Securities(continued)

U.S. Treasury Note Inflation Protected Security 0.625% due 4/15/2023	$	17,321,418	$	17,589,487


Total U.S. Government Securities (Cost $134,277,371)				135,683,587
Short–Term Investment – 1.2%

Repurchase Agreements – 1.2%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $4,362,029, due 1/2/2020⁽⁹⁾		4,362,000		4,362,000

Total Repurchase Agreements (Cost $4,362,000)				4,362,000

Total Investments⁽¹⁰⁾ – 132.0% (Cost $454,113,193)				462,078,117

Liabilities in excess of other assets⁽¹¹⁾ – (32.0)%				(112,029,395	)

Total Net Assets – 100.0%			$	350,048,722

⁽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 December 31, 2019, the aggregate market value of these securities amounted to $110,263,308, representing 31.5% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽³⁾	Variable rate securities, which may includestep-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2019.

⁽⁴⁾	Payment–in–kind security, for which interest payments may be made in additional principal ranging from 0% to 100% of the full stated interest rate. As of December 31, 2019, interest payments had been made in cash.

⁽⁵⁾	Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽⁶⁾

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 December 31, 2019, the aggregate market value of this security amounted to $223,500, representing 0.1% of net assets. This security has been deemed illiquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽⁷⁾	The table below presents securities deemed illiquid by the investment adviser.


Security	Shares		Cost		Value		Acquisition Date		% of Fund’s Net Assets
Provincia de Mendoza Argentina		300,000	$	317,021	$	223,500		4/9/2018 – 4/18/2018		0.06%

⁽⁸⁾	Interest rate shown reflects the discount rate at time of purchase.

⁽⁹⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		2.75%		9/15/2021	$	4,335,000	$	4,452,921


The accompanying notes are an integral part of these financial statements.				17

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

⁽¹⁰⁾	Securities are segregated to cover anticipated or existing derivative positions or to be announced securities (TBA).

⁽¹¹⁾	Liabilities in excess of other assets include net unrealized depreciation on futures contracts as follows:

Open futures contracts at December 31, 2019:


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Depreciation
U.S.2-Year Treasury Note		March 2020		208		Long	$	44,857,519		$	44,824,000		$	(33,519	)
U.S.5-Year Treasury Note		March 2020		117		Long		13,928,695			13,877,297			(51,398	)
U.S. Long Bond		March 2020		240		Long		38,385,449			37,417,500			(967,949	)
Total							$	97,171,663		$	96,118,797		$	(1,052,866	)

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S. Ultra10-Year Treasury Note		March 2020		208		Short	$	(29,595,642	)	$	(29,266,250	)	$	329,392
U.S. Ultra Long Bond		March 2020		57		Short		(10,727,254	)		(10,354,406	)		372,848
Total							$	(40,322,896	)	$	(39,620,656	)	$	702,240

Legend:

CLO — Collateralized Loan Obligation

LIBOR — London Interbank Offered Rate

PIK — Payment–In–Kind

USD — United States Dollar


	Valuation Inputs
Investments in Securities	Level 1			Level 2		Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	115,830,901	$	—	$	115,830,901
Asset–Backed Securities		—			74,582,890		—		74,582,890
Corporate Bonds & Notes		—			96,273,256		—		96,273,256
Municipals		—			2,435,996		—		2,435,996
Non–Agency Mortgage–Backed Securities		—			21,650,059		—		21,650,059
Foreign Government		—			11,259,428		—		11,259,428
U.S. Government Securities		—			135,683,587		—		135,683,587
Repurchase Agreements		—			4,362,000		—		4,362,000
Total	$	—		$	462,078,117	$	—	$	462,078,117
Other Financial Instruments
Futures Contracts
Assets	$	702,240		$	—	$	—	$	702,240
Liabilities		(1,052,866	)		—		—		(1,052,866	)
Total	$	(350,626	)	$	—	$	—	$	(350,626	)


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

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	462,078,117

Cash		62,034

Interest receivable		1,886,825

Cash deposits with brokers for futures contracts		442,176

Reimbursement receivable from adviser		12,702

Receivable for variation margin on futures contracts		4,725

Receivable for fund shares subscribed		1,372

Prepaid expenses		16,236


Total Assets		464,504,187


Liabilities

Payable for investments purchased		113,973,193

Payable for fund shares redeemed		172,579

Investment advisory fees payable		132,516

Distribution fees payable		74,860

Accrued audit fees		26,842

Accrued custodian and accounting fees		26,151

Accrued trustees’ and officers’ fees		2,490

Accrued expenses and other liabilities		46,834


Total Liabilities		114,455,465


Total Net Assets	$	350,048,722


Net Assets Consist of:

Paid-in capital	$	320,815,149

Distributable earnings		29,233,573


Total Net Assets	$	350,048,722

Investments, at Cost	$	454,113,193


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		32,479,284

Net Asset Value Per Share		$10.78


Statement of Operations For the Year Ended December 31, 2019
Investment Income

Interest	$	11,817,390


Total Investment Income		11,817,390


Expenses

Investment advisory fees		1,575,578

Distribution fees		890,987

Trustees’ and officers’ fees		146,705

Professional fees		114,014

Custodian and accounting fees		103,143

Shareholder reports		67,542

Administrative fees		47,460

Transfer agent fees		19,890

Other expenses		39,132


Total Expenses		3,004,451

Less: Fees waived		(188,933	)


Total Expenses, Net		2,815,518


Net Investment Income/(Loss)		9,001,872


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

Net realized gain/(loss) from investments		6,748,672

Net realized gain/(loss) from futures contracts		2,864,137

Net change in unrealized appreciation/(depreciation) on investments		11,002,890

Net change in unrealized appreciation/(depreciation) on futures contracts		(740,607	)


Net Gain on Investments and Derivative Contracts		19,875,092


Net Increase in Net Assets Resulting From Operations	$	28,876,964


The accompanying notes are an integral part of these financial statements.				19

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


Statements of Changes in Net Assets

	For the Year Ended 12/31/19			For the Year Ended 12/31/18

Operations

Net investment income/(loss)	$	9,001,872		$	7,136,517

Net realized gain/(loss) from investments and derivative contracts		9,612,809			(4,534,096	)

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		10,262,283			(2,733,566	)


Net Increase/(Decrease) in Net Assets Resulting from Operations		28,876,964			(131,145	)


Capital Share Transactions

Proceeds from sales of shares		23,766,078			381,440,464

Cost of shares redeemed		(57,663,884	)		(49,335,564	)


Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(33,897,806	)		332,104,900


Net Increase/(Decrease) in Net Assets		(5,020,842	)		331,973,755


Net Assets

Beginning of year		355,069,564			23,095,809


End of year	$	350,048,722		$	355,069,564


Other Information:

Shares

Sold		2,270,849			38,416,835

Redeemed		(5,493,029	)		(5,007,402	)


Net Increase/(Decrease)		(3,222,180	)		33,409,433


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

This Page Intentionally Left Blank


				21

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND


Financial Highlights
	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⁾

Year Ended 12/31/19	$	9.95	$	0.26	$	0.57		$	0.83		$	10.78		8.34%

Year Ended 12/31/18		10.08		0.26		(0.39	)		(0.13	)		9.95		(1.29)%

Year Ended 12/31/17		9.73		0.17		0.18			0.35			10.08		3.60%

Period Ended 12/31/16⁽⁴⁾		10.00		0.04		(0.31	)		(0.27	)		9.73		(2.70)%	⁽⁵⁾


22				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/(Loss) to Average Net Assets			Portfolio Turnover Rate

$	350,049		0.79%			0.84%			2.53%			2.48%			211%

	355,070		0.79%			0.87%			2.60%			2.52%			543%

	23,096		0.81%			1.77%			1.69%			0.73%			409%

	24,888		0.81%	⁽⁵⁾		2.54%	⁽⁵⁾		1.18%	⁽⁵⁾		(0.55)%	⁽⁵⁾		107%	⁽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 and expense limitations.

⁽⁴⁾	Commenced operations on September 1, 2016.

⁽⁵⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2016, certainnon-recurring fees (i.e., audit fees) are not annualized.


The accompanying notes are an integral part of these financial statements.				23

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen 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

a. Investment Valuations 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. Securities for which market quotations are not readily available or for which market quotations may be considered unreliable or for which a Service or independent broker-dealer does not provide a valuation are valued at their fair values as determined in accordance with policies and procedures adopted by the Board of Trustees.

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


24

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)

InvestmentsInvestments 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

b. Securities TransactionsSecurities 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.


				25

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

c. Futures ContractsThe Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

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

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

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. The Fund may also enter into cleared swaps.

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 the swap contracts and may realize a loss.

The Fund enters into credit default swaps primarily for asset allocation and risk exposure management. There were no credit default swaps held as of December 31, 2019.

e. Options TransactionsThe 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 December 31, 2019.

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


26

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

3. Transactions with Affiliates

a. Investment Advisory Feeand 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, 2020 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.79% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, may be terminated only upon approval of the Board of Trustees, and is subject to Park Avenue’s recoupment rights. For the year ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $188,933.

Park Avenue may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation after April 9, 2018 are not subject to Park Avenue’s recoupment rights. The amount available for potential future recoupment by Park Avenue from the

Fund under the Expense Limitation Agreement and the expiration schedule at December 31, 2019 are as follows:



	Potential Recoupment Amounts Expiring
Total Potential Recoupment Amounts	2021	2020
$370,663	$86,166	$284,497

Park Avenue has entered into aSub-Advisory Agreement with Lord, Abbett & Co. LLC (“Lord Abbett”). Lord Abbett is responsible for providingday-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 the12b-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


				27

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

(“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the year ended December 31, 2019, were as follows:



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	156,609,001	$	407,981,131
Sales		150,358,106		411,045,835

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. 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 December 31, 2019, Guardian Core Plus Fixed Income VIP Fund held one illiquid security.

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


28

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

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.

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

i. LIBOR RiskMany financial instruments may be tied to the London Interbank Offered Rate, or “LIBOR,” to determine payment obligations, financing terms, hedging strategies, or investment value. LIBOR is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the head of the UK Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Regulators and industry working groups have suggested alternative reference rates, but global consensus is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or

instruments. As such, the transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund’s performance or NAV. In addition, the alternative reference rate may be an ineffective substitute resulting in prolonged adverse market conditions for the Fund.

j. Disclosures About Derivative Instruments and Hedging ActivitiesThe Fund entered into U.S. Treasury futures contracts for the year ended December 31, 2019 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. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of December 31, 2019, 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	$	702,240

Liability Derivatives
Futures Contracts¹	$	(1,052,866	)

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 Statements of Assets and Liabilities.

Transactions in derivative investments for the year ended December 31, 2019 were as follows:



	Interest Rate Contracts

Net Realized Gain (Loss)
Futures Contracts¹	$	2,864,137

Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	(740,607	)

Average Number of Notional Amounts
Futures Contracts³		884

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.


				29

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

6. Temporary Borrowings

7. Indemnifications

general 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. Recent Accounting Pronouncement

In March 2017, the FASB issued Accounting Standards Update2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20): “Premium Amortization on Purchased Callable Debt Securities” (“ASU2017-18”). ASU2017-08 provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. ASU2017-08 is effective for annual periods, and interim periods within those annual periods, that begin after December 15, 2018. As such, the Schedule of Investments and financial statements herein have been updated to conform with ASU2017-08. The amortized cost was reduced and unrealized appreciation of investments was increased by immaterial amounts, and had no impact on net assets or overall results of operations.


30

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of Guardian Core Plus Fixed Income VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, ofGuardian Core Plus Fixed Income VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, and the related statement of operations for the year ended December 31, 2019, the statement of changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


				31

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008-2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998-2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


32

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				33

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is included in the SAI. The SAI and information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free1-888-GUARDIAN(1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/GuardianVPT/
Prospectuses; and (ii) on the Securities and Exchange Commission’s website at https://www.sec.gov.


34

LOGO

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

PUB8167

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Multi-Sector Bond VIP Fund

Important Notice

LOGO


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

TABLE OF CONTENTS

Guardian Multi-Sector Bond VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			11

Statement of Operations			11

Statement of Changes in Net Assets			12

Financial Highlights			14

Notes to Financial Statements			16

Report of Independent Registered Public Accounting Firm			22

Supplemental Information

Approval of Investment Advisory andSub-advisory Agreements			23

Trustees and Officers Information Table			27

Portfolio Holdings and Proxy Voting Procedures			29

GUARDIAN MULTI-SECTOR BOND VIP FUND

FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, INVESTMENT ADVISER (unaudited)

Highlights

•

Guardian Multi-Sector Bond VIP Fund (the “Fund”) returned 0.30%, underperforming its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹(the “Index”), for the period between its inception on October 21, 2019 and December 31, 2019. The Index returned 0.35% for the period.

•

The Fund’s underperformance relative to the Index was primarily due to its underweight allocation to agency residential mortgage-backed securities (“RMBS”).

Market Overview

After a woeful 2018, securities markets roared back in 2019. Returns of 25% or more were commonplace among major equity indexes and returns for traditionally riskier fixed income asset classes also broke into the double digits as the U.S. Federal Reserve (the “Fed”) and other central banks around the world reassured investors and encouraged risk taking by cutting interest rates.

The rally defied a daunting array of real and potential threats at home and abroad: cooling economies and heated politics; trade disputes; volatile energy prices; Brexit drama; the impeachment of President Trump; high valuations for many asset classes; and potential early warning signs of recession in the Treasury market. While these concerns caused bursts of anxiety, investors mostly took comfort from central bank support, steady (if lackluster) economic growth, extremely low unemployment, and strong consumer spending.

The Standard & Poor’s 500^® Index²returned 31.49% for the year. In fixed income, the U.S.10-year Treasury returned 8.9%.

year. The cuts came amid diminishing expectations for economic growth, escalating trade tensions, and a persistent inversion of the U.S. Treasury yield curve. In such yield curve inversions, which have been a reliable sign that a recession was coming within a year or two, yields on certain shorter-term U.S. Treasurys exceed yields on longer-term notes.

Despite the inversion of the U.S. Treasury yield curve, which has since resolved, most economists are not forecasting a recession within the year given the very low unemployment rate and generally positive, if diminished, economic momentum. The Fed is estimating 2020 economic growth at, or slightly below, 2.0% and inflation slightly below its 2.0% target. Unemployment, most recently at 3.5%, is expected to remain below 4.0%.

Portfolio Review

The Fund’s underweights in RMBS andAAA- throughA-rated corporate bonds with maturities over 25 years detracted from relative performance. We viewed an emphasis on less volatile bonds as prudent, and this also detracted from relative performance given therisk-on market during the period.

In a period when longer-maturity securities outperformed, the Fund benefitted from having a duration longer than the Index. The Fund’s overweight inBBB-rated corporate bonds with maturities of 3 to 10 years was the largest contributor to performance relative to the Index. Anout-of-Index allocation to high-yield corporate bonds also contributed to relative performance as riskier assets outperformed in the period.

Outlook

We believe that while the Fed’s renewed focus on supporting economic growth may bear fruit slowly for the U.S. economy, it had a soothing impact on securities markets throughout 2019. We believe that much will continue to depend on whether investors view central banks as both committed to supporting growth and capable of doing so.


				1

GUARDIAN MULTI-SECTOR BOND VIP FUND

However, risks appear to be growing as valuations and corporate debt levels increase while the current expansion, already the longest ever, continues to age. We would note that a market leaning too heavily on central bank support could be fragile if the Fed proves unwilling or unable to prevent a downturn. We continue to view global growth concerns, domestic politics, trade tensions, and energy prices as key potential catalysts for shifts in risk.

As we attempt to balance the genuine benefit of current Fed policy and the minimal risk of imminent recession with the fact that the economy is decelerating and there are few obvious catalysts to boost returns, we believe it is important to take a disciplined approach to risk. We are not counting on broad-based spread tightening or short-term trading. We currently see the greatest potential benefit in generating carry, which means holding investments for yield where we believe that the yield compensates properly for risk.

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. Bond funds are subject to interest rate risk, credit risk, and prepayment risk. When interest rates rise, bond prices generally fall, and when interest rates fall, bond prices generally rise. In a lower interest rate environment, the risk that bond prices may fall when interest rates rise is potentially greater. Derivative transactions can create leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested and the Fund may not be able to close out a derivative transaction at a favorable time or price. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. These risks are even greater when investing in emerging markets. The value of a debt security is affected by changes in interest rates and is subject to any credit risk of the issuer or guarantor of the security. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


2

GUARDIAN MULTI-SECTOR BOND VIP FUND

Fund Characteristics (unaudited)


Total Net Assets: $309,876,941

Bond Sector Allocation¹

As of December 31, 2019

Bond Quality Allocation²

As of December 31, 2019


				3

GUARDIAN MULTI-SECTOR BOND VIP FUND



Top Ten Holdings¹ As of December 31, 2019

Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Note		1.500%		9/30/2024		19.68%
U.S. Treasury Note		1.500%		9/30/2021		12.91%
U.S. Treasury Bond		2.250%		8/15/2049		3.14%
Comcast Corp.		4.150%		10/15/2028		1.63%
Citigroup, Inc.		4.075%		4/23/2029		1.41%
WRKCo, Inc.		4.900%		3/15/2029		1.10%
The Kroger Co.		4.500%		1/15/2029		1.09%
AT&T, Inc.		4.350%		3/1/2029		1.08%
Verizon Communications, Inc.		5.150%		9/15/2023		1.08%
MPLX LP		4.800%		2/15/2029		1.06%
Total						44.18%

1	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities.

The Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies’ independent ratings of individual securities are aggregated by Barclays, and market weights are reported using Standard & Poor’s letter rating conventions. Rating methodology uses the middle rating of Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services, and Fitch Ratings. When a rating from only two of the rating agencies is available, the lower rating is used. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standards of credit quality. Rating agencies may fail to make timely changes in credit ratings, and an issuer’s current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the Fund, Park Avenue Institutional Advisers LLC develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings.

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception*
Guardian Multi-Sector Bond VIP Fund		10/21/2019		—		—		—		0.30%
Bloomberg Barclays U.S. Aggregate Bond Index				—		—		—		0.35%

*	Since inception returns are not annualized and represent cumulative total returns.


4

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 21, 2019 (commencement of operations), to December 31, 2019. The table below shows the Fund’s expenses in two ways:

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return*	$1,000.00		$1,003.00		$1.94		0.98%
Based on Hypothetical Return (5% Return Before Expenses)**	$1,000.00		$1,020.27		$4.99		0.98%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 72/365 (to reflect the period from October 21, 2019 (commencement of operations) through December 31, 2019).

**	Expenses (hypothetical expenses if the Fund had been in existence from 7/1/2019) are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


December 31, 2019	Principal Amount		Value
Agency Mortgage–Backed Securities – 1.7%

Freddie Mac Multifamily Structured Pass-Through Certificates
K035 A2 3.458% due 8/25/2023⁽¹⁾⁽²⁾	$	1,000,000	$	1,046,925
K054 A2 2.745% due 1/25/2026		1,000,000		1,029,509
K058 A2 2.653% due 8/25/2026		2,000,000		2,049,335
K064 A2 3.224% due 3/25/2027		1,200,000		1,269,972


Total Agency Mortgage–Backed Securities (Cost $5,434,114)				5,395,741
Asset–Backed Securities – 9.4%

Ally Master Owner Trust 2017-3 A2 2.04% due 6/15/2022		800,000		799,872

American Express Credit Account Master Trust 2019-1 A 2.87% due 10/15/2024		3,000,000		3,065,167

AmeriCredit Automobile Receivables Trust 2017-1 C 2.71% due 8/18/2022		1,500,000		1,509,061

Avis Budget Rental Car Funding AESOP LLC 2015-2A A 2.63% due 12/20/2021⁽³⁾		1,500,000		1,504,697

BlueMountain CLO Ltd. 2014-2A BR2 3.716% (LIBOR 3 Month +
1.75%) due 10/20/2030⁽¹⁾⁽³⁾		600,000		597,155

CarMax Auto Owner Trust 2016-3 A4 1.60% due 1/18/2022		1,500,000		1,496,542

Citibank Credit Card Issuance Trust 2014-A1 A1 2.88% due 1/23/2023		2,300,000		2,323,526

CNH Equipment Trust 2017-B A4 2.17% due 4/17/2023		1,500,000		1,502,548

Discover Card Execution Note Trust 2015-A4 A4 2.19% due 4/17/2023		1,000,000		1,002,781

Enterprise Fleet Financing LLC 2019-1 A2 2.98% due 10/20/2024⁽³⁾		1,500,000		1,514,431

Ford Credit Auto Owner Trust 2016-2 A 2.03% due 12/15/2027⁽³⁾		1,000,000		1,000,162

GM Financial Automobile Leasing Trust 2019-1 A3 2.98% due 12/20/2021		1,000,000		1,008,819


December 31, 2019	Principal Amount		Value
Asset–Backed Securities(continued)

GM Financial Consumer Automobile Receivables Trust2018-2 B 3.12% due 12/18/2023	$	1,500,000	$	1,530,281

Hyundai Auto Receivables Trust 2019-A A3 2.66% due 6/15/2023		1,275,000		1,288,695

ICG U.S. CLO Ltd. 2018-2A B 3.703% (LIBOR 3 Month +
1.75%) due 7/22/2031⁽¹⁾⁽³⁾		1,500,000		1,475,306

John Deere Owner Trust 2018-A A3 2.66% due 4/18/2022		830,741		833,871

Santander Drive Auto Receivables Trust 2016-3 D 2.80% due 8/15/2022		1,500,000		1,509,266

Verizon Owner Trust 2019-A A1A 2.93% due 9/20/2023		1,000,000		1,016,353

Volkswagen Auto Loan Enhanced Trust 2018-1 A4 3.15% due 7/22/2024		1,000,000		1,021,974

Voya CLO Ltd. 2016-3A A3R 3.753% (LIBOR 3 Month +
1.75%) due 10/18/2031⁽¹⁾⁽³⁾		1,200,000		1,195,128

Wendy’s Funding LLC 2018-1A A2I 3.573% due 3/15/2048⁽³⁾		980,000		990,241

World Omni Auto Receivables Trust 2017-A A4 2.24% due 6/15/2023		918,000		920,838


Total Asset–Backed Securities (Cost $29,089,578)				29,106,714
Corporate Bonds & Notes – 48.4%

Aerospace & Defense – 2.6%

Northrop Grumman Corp. 3.20% due 2/1/2027		3,000,000		3,122,308

United Technologies Corp.
3.75% due 11/1/2046		2,000,000		2,179,530
4.125% due 11/16/2028		2,500,000		2,812,735


				8,114,573
Agriculture – 1.0%

BAT Capital Corp. 3.462% due 9/6/2029		2,000,000		2,023,319

Philip Morris International, Inc. 4.25% due 11/10/2044		1,000,000		1,105,719


				3,129,038
Beverages – 2.9%

Anheuser-Busch InBev Worldwide, Inc. 4.75% due 1/23/2029		2,500,000		2,897,924


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


December 31, 2019	Principal Amount		Value
Beverages(continued)

Constellation Brands, Inc. 3.70% due 12/6/2026	$	3,000,000	$	3,185,773

Diageo Capital PLC 2.125% due 10/24/2024		3,000,000		3,000,701


				9,084,398
Biotechnology – 0.7%

Gilead Sciences, Inc. 3.70% due 4/1/2024		2,000,000		2,121,057


				2,121,057
Commercial Banks – 3.1%

Citigroup, Inc. 4.075% (4.075% fixed rate
until 4/23/2028; LIBOR 3 Month + 1.192% thereafter) due 4/23/2029⁽¹⁾		4,000,000		4,378,714

Credit Suisse Group AG 3.869% (3.869% fixed rate
until 1/12/2028; LIBOR 3 Month + 1.41% thereafter) due 1/12/2029⁽¹⁾⁽³⁾		3,000,000		3,196,723

JPMorgan Chase & Co. 4.25% due 10/15/2020		2,000,000		2,035,545


				9,610,982
Commercial Services – 0.7%

Nielsen Finance LLC / Nielsen Finance Co. 5.00% due 4/15/2022⁽³⁾		1,000,000		1,003,750

United Rentals North America, Inc. 6.50% due 12/15/2026		1,000,000		1,099,063


				2,102,813
Diversified Financial Services – 1.1%

Apollo Management Holdings LP 4.872% due 2/15/2029⁽³⁾		2,000,000		2,246,603

Jefferies Group LLC / Jefferies Group Capital Finance, Inc. 4.15% due 1/23/2030		1,000,000		1,060,480


				3,307,083
Electric – 1.5%

CenterPoint Energy, Inc. 2.95% due 3/1/2030		2,500,000		2,464,947

FirstEnergy Corp. 3.90% due 7/15/2027		2,000,000		2,139,348


				4,604,295
Environmental Control – 0.7%

Waste Management, Inc. 3.45% due 6/15/2029		2,000,000		2,141,912


				2,141,912
Food – 2.2%

Post Holdings, Inc. 5.00% due 8/15/2026⁽³⁾		1,000,000		1,056,250

The Kroger Co. 4.50% due 1/15/2029		3,000,000		3,375,434


December 31, 2019	Principal Amount		Value
Food(continued)

Tyson Foods, Inc. 4.35% due 3/1/2029	$	2,000,000	$	2,267,208


				6,698,892
Healthcare – Services – 1.4%

HCA, Inc. 5.375% due 2/1/2025		1,000,000		1,105,830

Tenet Healthcare Corp. 6.75% due 6/15/2023		1,000,000		1,098,710

UnitedHealth Group, Inc. 3.875% due 12/15/2028		2,000,000		2,214,555


				4,419,095
Insurance – 1.5%

American International Group, Inc. 4.75% due 4/1/2048		2,000,000		2,411,635

Aon PLC 3.875% due 12/15/2025		2,000,000		2,152,732


				4,564,367
Iron & Steel – 0.3%

Steel Dynamics, Inc. 3.45% due 4/15/2030		1,000,000		1,011,879


				1,011,879
Lodging – 0.4%

MGM Resorts International 5.50% due 4/15/2027		1,000,000		1,110,000


				1,110,000
Media – 3.0%

Altice Financing S.A. 7.50% due 5/15/2026⁽³⁾		1,000,000		1,075,000

CCO Holdings LLC / CCO Holdings Capital Corp. 5.00% due 2/1/2028⁽³⁾		1,000,000		1,049,320

Charter Communications Operating LLC / Charter Communications Operating Capital 5.05% due 3/30/2029		1,000,000		1,134,657

Comcast Corp. 4.15% due 10/15/2028		4,500,000		5,068,548

Discovery Communications LLC 4.125% due 5/15/2029		1,000,000		1,080,853


				9,408,378
Oil & Gas – 4.0%

BP Capital Markets PLC 3.535% due 11/4/2024		3,000,000		3,195,252

Hess Corp. 4.30% due 4/1/2027		2,000,000		2,132,847

Marathon Petroleum Corp. 3.80% due 4/1/2028		2,000,000		2,105,381

Newfield Exploration Co. 5.375% due 1/1/2026		2,000,000		2,169,228

Noble Energy, Inc. 3.85% due 1/15/2028		2,500,000		2,641,740


				12,244,448


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


December 31, 2019	Principal Amount		Value
Packaging & Containers – 1.1%

WRKCo, Inc. 4.90% due 3/15/2029	$	3,000,000	$	3,414,569


				3,414,569
Pharmaceuticals – 3.5%

AbbVie, Inc. 3.20% due 11/21/2029⁽³⁾		2,500,000		2,543,386

AstraZeneca PLC 3.375% due 11/16/2025		2,000,000		2,125,705

Bausch Health Cos., Inc. 6.125% due 4/15/2025⁽³⁾		1,000,000		1,033,230

Becton Dickinson and Co. 3.363% due 6/6/2024		2,000,000		2,083,083

CVS Health Corp. 3.25% due 8/15/2029		3,000,000		3,049,024


				10,834,428
Pipelines – 2.4%

Energy Transfer Operating LP 4.95% due 6/15/2028		2,000,000		2,191,630

MPLX LP 4.80% due 2/15/2029		3,000,000		3,292,804

The Williams Cos., Inc. 3.75% due 6/15/2027		2,000,000		2,086,120


				7,570,554
Real Estate Investment Trusts – 4.0%

Alexandria Real Estate Equities, Inc. 3.375% due 8/15/2031		3,000,000		3,118,487

American Tower Corp. 3.00% due 6/15/2023		3,000,000		3,066,354

Brixmor Operating Partnership LP 4.125% due 5/15/2029		2,000,000		2,148,764

ERP Operating LP 2.50% due 2/15/2030		2,000,000		1,985,888

Mid-America Apartments LP 3.95% due 3/15/2029		2,000,000		2,182,687


				12,502,180
Retail – 2.1%

McDonald’s Corp.
2.625% due 9/1/2029		2,000,000		2,002,848
4.45% due 9/1/2048		2,000,000		2,292,299

Target Corp. 3.375% due 4/15/2029		2,000,000		2,174,303


				6,469,450
Semiconductors – 0.7%

Broadcom, Inc. 4.75% due 4/15/2029⁽³⁾		2,000,000		2,186,966


				2,186,966
Software – 1.3%

Broadridge Financial Solutions, Inc. 2.90% due 12/1/2029		1,000,000		999,085

Microsoft Corp. 2.875% due 2/6/2024		3,000,000		3,112,979


				4,112,064


December 31, 2019	Principal Amount		Value
Telecommunications – 4.7%

AT&T, Inc. 4.35% due 3/1/2029	$	3,000,000	$	3,337,538

Rogers Communications, Inc. 3.70% due 11/15/2049		1,000,000		1,009,503

T-Mobile USA, Inc. 4.75% due 2/1/2028		1,000,000		1,047,810

Verizon Communications, Inc.
4.329% due 9/21/2028		2,000,000		2,269,938
4.522% due 9/15/2048		1,000,000		1,199,945
5.15% due 9/15/2023		3,000,000		3,335,733

Vodafone Group PLC 4.375% due 5/30/2028		2,000,000		2,217,516


				14,417,983
Toys, Games & Hobbies – 0.3%

Hasbro, Inc. 3.90% due 11/19/2029		1,000,000		1,007,254


				1,007,254
Transportation – 1.2%

CSX Corp. 3.80% due 3/1/2028		2,500,000		2,728,431

Union Pacific Corp. 3.70% due 3/1/2029		900,000		983,906


				3,712,337

Total Corporate Bonds & Notes (Cost $149,068,303)				149,900,995
Non–Agency Mortgage–Backed Securities – 3.3%

BANK 2019-BN24 AS 3.283% due 11/15/2062		1,250,000		1,280,705

Citigroup Commercial Mortgage Trust 2016-C3 AS 3.366% due 11/15/2049⁽¹⁾⁽²⁾		1,000,000		1,027,300

GS Mortgage Securities Corp. Trust 2017-485L A 3.721% due 2/10/2037⁽³⁾		1,500,000		1,595,203

GS Mortgage Securities Trust 2017-FARM A 3.541% due 1/10/2043^(1)(2)(3)		1,300,000		1,377,203

Jackson Park Trust 2019-LIC B 2.914% due 10/14/2039⁽³⁾		640,000		632,158

OBP Depositor LLC Trust 2010-OBP A 4.646% due 7/15/2045⁽³⁾		1,000,000		999,159

UBS Commercial Mortgage Trust 2017-C2 A4 3.487% due 8/15/2050		1,500,000		1,588,677

WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		1,500,000		1,598,298


Total Non–Agency Mortgage–Backed Securities (Cost $10,157,353)				10,098,703


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND


December 31, 2019	Principal Amount		Value
U.S. Government Securities – 36.5%

U.S. Treasury Bond 2.25% due 8/15/2049	$	10,000,000	$	9,728,125

U.S. Treasury Note
1.50% due 9/30/2021		40,055,000		39,993,978
1.50% due 9/30/2024		61,500,000		60,988,301
1.625% due 8/15/2029		2,330,000		2,271,659


Total U.S. Government Securities (Cost $113,452,385)				112,982,063
Short–Term Investment – 0.0%

Repurchase Agreements – 0.0%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $142,001, due 1/2/2020⁽⁴⁾		142,000		142,000

Total Repurchase Agreements (Cost $142,000)				142,000

Total Investments⁽⁵⁾ – 99.3% (Cost $307,343,733)				307,626,216

Assets in excess of other liabilities⁽⁶⁾ – 0.7%				2,250,725

Total Net Assets – 100.0%			$	309,876,941

⁽¹⁾	Variable rate securities, which may includestep-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2019.

⁽²⁾	Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽³⁾

Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2019, the aggregate market value of these securities amounted to $28,272,071, representing 9.1% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽⁴⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		2.75%		9/15/2021	$	145,000	$	148,944

⁽⁵⁾	Securities are segregated to cover anticipated or existing derivative positions or to be announced securities (TBA).


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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

⁽⁶⁾	Assets in excess of other liabilities include net unrealized depreciation on futures contracts as follows:

Open futures contracts at December 31, 2019:


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Depreciation
U.S.2-Year Treasury Note		March 2020		110		Long	$	23,739,765		$	23,705,000		$	(34,765	)
U.S. Long Bond		March 2020		200		Long		31,931,212			31,181,250			(749,962	)
U.S. Ultra Long Bond		March 2020		56		Long		10,519,460			10,172,750			(346,710	)
Total							$	66,190,437		$	65,059,000		$	(1,131,437	)

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation (Depreciation)
U.S.5-Year Treasury Note		March 2020		85		Short	$	(10,070,231	)	$	(10,081,797	)	$	(11,566	)
U.S.10-Year Treasury Note		March 2020		268		Short		(34,801,305	)		(34,417,063	)		384,242
U.S. Ultra10-Year Treasury Note		March 2020		159		Short		(22,710,952	)		(22,371,797	)		339,155
Total							$	(67,582,488	)	$	(66,870,657	)	$	711,831

Legend:

CLO — Collateralized Loan Obligation

LIBOR — London Interbank Offered Rate


	Valuation Inputs
Investments in Securities	Level 1			Level 2		Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	5,395,741	$	—	$	5,395,741
Asset–Backed Securities		—			29,106,714		—		29,106,714
Corporate Bonds & Notes		—			149,900,995		—		149,900,995
Non–Agency Mortgage–Backed Securities		—			10,098,703		—		10,098,703
U.S. Government Securities		—			112,982,063		—		112,982,063
Repurchase Agreements		—			142,000		—		142,000
Total	$	—		$	307,626,216	$	—	$	307,626,216
Other Financial Instruments
Futures Contracts
Assets	$	723,397		$	—	$	—	$	723,397
Liabilities		(1,143,003	)		—		—		(1,143,003	)
Total	$	(419,606	)	$	—	$	—	$	(419,606	)


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

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	307,626,216

Interest receivable		2,087,739

Cash deposits with brokers for futures contracts		452,943

Receivable for variation margin on futures contracts		142,616

Prepaid expenses		14,755


Total Assets		310,324,269


Liabilities

Investment advisory fees payable		137,879

Due to custodian		104,371

Distribution fees payable		66,288

Payable for fund shares redeemed		53,396

Accrued audit fees		25,659

Accrued custodian and accounting fees		17,768

Accrued trustees’ and officers’ fees		3,244

Accrued expenses and other liabilities		38,723


Total Liabilities		447,328


Total Net Assets	$	309,876,941


Net Assets Consist of:

Paid-in capital	$	308,973,389

Distributable earnings		903,552


Total Net Assets	$	309,876,941

Investments, at Cost	$	307,343,733


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		30,895,943

Net Asset Value Per Share		$10.03


Statement of Operations For the Period Ended December 31, 2019¹
Investment Income

Interest	$	1,395,625


Total Investment Income		1,395,625


Expenses

Investment advisory fees		320,561

Distribution fees		154,116

Professional fees		44,880

Shareholder reports		22,088

Trustees’ and officers’ fees		19,924

Custodian and accounting fees		17,768

Administrative fees		11,865

Transfer agent fees		3,241

Other expenses		7,017


Total Expenses		601,460


Net Investment Income/(Loss)		794,165


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

Net realized gain/(loss) from investments		(98,388	)

Net realized gain/(loss) from futures contracts		344,898

Net change in unrealized appreciation/(depreciation) on investments		282,483

Net change in unrealized appreciation/(depreciation) on futures contracts		(419,606	)


Net Gain on Investments and Derivative Contracts		109,387


Net Increase in Net Assets Resulting From Operations	$	903,552

¹	Commenced operations on October 21, 2019.


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

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND


Statement of Changes in Net Assets

	For the Period Ended 12/31/19¹

Operations

Net investment income/(loss)	$	794,165

Net realized gain/(loss) from investments and derivative contracts		246,510

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(137,123	)


Net Increase in Net Assets Resulting from Operations		903,552


Capital Share Transactions

Proceeds from sales of shares		317,902,380

Cost of shares redeemed		(8,928,991	)


Net Increase in Net Assets Resulting from Capital Share Transactions		308,973,389


Net Increase in Net Assets		309,876,941


Net Assets

Beginning of period		—


End of period	$	309,876,941


Other Information:

Shares

Sold		31,787,842

Redeemed		(891,899	)


Net Increase		30,895,943

¹	Commenced operations on October 21, 2019.


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

This Page Intentionally Left Blank


				13

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND


Financial Highlights
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain			Total Operations		Net Asset Value, End of Period		Total Return^(2),(3)

Period Ended 12/31/19⁽⁵⁾	$	10.00	$	0.03	$	0.00	⁽⁶⁾	$	0.03	$	10.03		0.30%


14				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),(4)		Gross Ratio of Expenses to Average Net Assets⁽³⁾		Net Ratio of Net Investment Income to Average Net Assets^(3),(4)		Gross Ratio of Net Investment Income to Average Net Assets⁽³⁾		Portfolio Turnover Rate⁽³⁾

$	309,877		0.93%		0.93%		1.33%		1.33%		27%

⁽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⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. Certainnon-recurring fees (i.e., audit fees) are not annualized.

⁽⁴⁾	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.

⁽⁵⁾	Commenced operations on October 21, 2019.

⁽⁶⁾	Rounds to $0.00 per share.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen 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


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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

•

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

•

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the period ended December 31, 2019, there were no transfers into or out of Level 3 of the fair value hierarchy.


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

d. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments (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, or (iii) 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 enters into credit default swaps primarily for asset allocation and risk exposure management. There were no credit default swaps held as of December 31, 2019.

e. Options Transactions The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund’s Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of December 31, 2019.

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


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense LimitationUnder 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, 2020 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 1.00% 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 period ended December 31, 2019, Park Avenue did not waive any fees or pay any Fund expenses.

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 period ended December 31, 2019, the Fund paid distribution fees in the amount of $154,116 to PAS.

PAS has directed that certain payments under the12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	209,303,214	$	180,422,536
Sales		22,610,494		61,441,976


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND 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 December 31, 2019, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

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

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

i. LIBOR Risk Many financial instruments may be tied to the London Interbank Offered Rate, or “LIBOR,” to determine payment obligations, financing terms,


20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

hedging strategies, or investment value. LIBOR is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the head of the UK Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Regulators and industry working groups have suggested alternative reference rates, but global consensus is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. As such, the transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund’s performance or NAV. In addition, the alternative reference rate may be an ineffective substitute resulting in prolonged adverse market conditions for the Fund.

j. Disclosures About Derivative Instruments and Hedging Activities The Fund entered into U.S. Treasury futures contracts for the period ended December 31, 2019 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. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of December 31, 2019, 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	$	723,397

Liability Derivatives
Futures Contracts¹	$	(1,143,003	)

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 Statements of Assets and Liabilities.

Transactions in derivative investments for the period ended December 31, 2019 were as follows:



	Interest Rate Contracts

Net Realized Gain (Loss)
Futures Contracts¹	$	344,898

Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	(419,606	)

Average Number of Notional Amounts
Futures Contracts³		890

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.

6. Temporary Borrowings

7. Indemnifications


				21

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian Multi-Sector Bond VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Multi-Sector Bond VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations, changes in its net assets, and the financial highlights for the period from October 21, 2019 (commencement of operations) through December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


22

SUPPLEMENTAL INFORMATION(UNAUDITED)

Approval of Investment Advisory andSub-advisory Agreements

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a fund’s investment advisory andsub-advisory agreements be approved initially by the fund’s board of trustees. Section 15(c) also requires that the continuation of these agreements, after an initial term of up to two years, be annually reviewed and approved by the board. Any such agreement must be approved by a vote of a majority of the trustees who are not parties to the agreement or “interested persons” (as defined in the 1940 Act) of a party to the agreement at anin-person 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 March27-28, 2018 (the “Meeting”), the Board considered and approved the proposed investment management agreement (the “Management Agreement”) between the Trust, on behalf of Guardian Small Cap Core VIP Fund, Guardian Global Utilities VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund, and Guardian U.S. Government Securities VIP Fund (the “New Funds”), and Park Avenue Institutional Advisers LLC (the “Manager”). The Board also considered and approved the proposedsub-advisory agreements (the“Sub-advisory Agreements,” collectively with the Management Agreement, the “Agreements”) between the Manager and ClearBridge Investments LLC and Wellington Management Company LLP (the“Sub-advisers”), investment advisory firms engaged to serve assub-advisers to Guardian Small Cap Core VIP Fund and Guardian Global Utilities VIP Fund, respectively. The Trustees who are not parties to the Agreements or “interested persons” (as defined in the 1940 Act) of a party to the Agreements (the “Independent Trustees”) unanimously approved the Agreements for an initial term of two years.

The Board is responsible for overseeing the management of each Fund. In determining whether to approve the Agreements, the Trustees evaluated information and factors that they considered to be relevant and appropriate through the exercise of their own business judgment. The Trustees considered certain information and factors in light of advice furnished to them by legal counsel to the Trust and, in the case of the Independent Trustees, their independent legal counsel. In advance of the Meeting, the Trustees received materials and information designed to assist their consideration of the

Agreements. At a Board meeting held on November28-29, 2017, the Trustees received presentations from the Manager and eachSub-adviser regarding the services to be rendered to, and the proposed investment strategies for, the New Funds. The Trustees received written responses from the Manager and eachSub-adviser 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 presentations and discussed the New Funds at a special telephonic Board meeting held on February 12, 2018, and the Independent Trustees discussed the New Funds with independent legal counsel in advance of the Meeting. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select theSub-advisers for approval by the Board and to propose that Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund, and Guardian U.S. Government Securities VIP Fund would be managed directly by the Manager without asub-adviser.

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

In reaching its decisions to approve the Agreements, the Board took into account the materials and information described above as well as other materials and information provided to the Board and discussed with and among the Trustees, including information furnished to the Board by the Manager throughout the year regarding other series of the Trust, including seriessub-advised by theSub-advisers. 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 approve the Agreements rather than to beall-inclusive. These broad factors included: (i) the nature, extent and quality of the services to be provided to the New Funds by the Manager and theSub-advisers; (ii) the investment performance of funds and accounts managed by the Manager and eachSub-adviser with strategies similar to the applicable New Fund; (iii) the fees to be charged and


				23

SUPPLEMENTAL INFORMATION(UNAUDITED)

estimated profitability; (iv) the extent to which economies of scale may in the future exist for a New Fund, and the extent to which a New Fund may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Manager or theSub-advisers (or their respective affiliates) from their relationships with the New Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services to be provided to the New Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services to be provided by the Manager. In addition, the Trustees reviewed the range ofnon-investment advisory services to be 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 Trustees considered that Guardian Small Cap Core VIP Fund and Guardian Global Utilities VIP Fund would operate in a“manager-of-managers” structure and reviewed the responsibilities that the Manager would have under this structure, including monitoring and evaluating the performance of theSub-advisers, monitoring theSub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising theSub-advisers with respect to the services that theSub-advisers would provide under theSub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommendsub-advisers, and its ability to monitor and overseesub-advisers and recommend replacementsub-advisers, when necessary, and provide other services under the Management Agreement. 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 New Funds may benefit from the Manager’s ability to use similar resources and capabilities of its affiliates in providing services to the New Funds.

The Trustees considered information regarding the nature, extent and quality of services to be provided to Guardian Small Cap Core VIP Fund and Guardian Global Utilities VIP Fund by theSub-advisers. The Trustees also

considered, among other things, the terms of theSub-advisory Agreements and the range of investment advisory services to be provided by theSub-advisers under the oversight of the Manager and theSub-advisers’ experience with managing other funds that are series of the Trust. In evaluating these investment advisory services, the Trustees considered, among other things, theSub-advisers’ investment philosophies, styles and/or processes and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by theSub-advisers with similar strategies as the applicable New Fund, including performance and portfolio characteristics, when available. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for these New Funds and the capabilities, resources and reputations of theSub-advisers.

The Trustees considered that Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund would be managed without asub-adviser by the Manager. In evaluating the investment advisory services to be provided by the Manager with respect to these New Funds, the Trustees considered, among other things, the Manager’s investment philosophies, styles and/or processes and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Manager or its affiliates with similar strategies as the applicable New Fund, including performance and portfolio characteristics, when available, as well as the Manager’s experience investing in asset classes that would comprise the investment portfolios of these New Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for these New Funds and the capabilities, resources and reputations of the Manager and its affiliates.

Based upon these considerations, the Trustees concluded, within the context of their full deliberations and in light of the New Funds’ anticipated operations, that the nature, extent and quality of services to be provided to the New Funds by the Manager and eachSub-adviser were appropriate.

Investment Performance

The New Funds had not commenced operations prior to the Meeting. Accordingly, the New Funds did not yet


24

SUPPLEMENTAL INFORMATION(UNAUDITED)

have an investment performance record. The Board considered historical performance information with respect to funds or accounts managed by the Manager andSub-advisers (or their affiliates) with similar investment strategies as the New Funds, and comparisons to relevant benchmarks and peer groups, when available. The Trustees concluded that the historical performance records available, viewed together with the other relevant factors and information considered by the Trustees, supported a decision to approve each Agreement. The Trustees also concluded that it was appropriate to revisit the New Funds’ investment performance in connection with future reviews of the Agreements.

Costs and Profitability

The Trustees considered the proposed management fees to be 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 proposed management fees, including the management fees paid by other funds offered as investment options underlying variable contracts within the applicable peer group based on data obtained from Broadridge Financial Solutions, Inc., an independent provider of industry data, which showed that the New Funds’ proposed contractual management fees fell within the following quintiles: the first quintile for Guardian Small Cap Core VIP Fund, Guardian Total Return Bond VIP Fund and Guardian Multi-Sector Bond VIP Fund; the second quintile for Guardian Global Utilities VIP Fund; and the third quintile for Guardian U.S. Government Securities VIP Fund.

The Trustees considered the proposedsub-advisory fees to be paid under theSub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees to be paid to theSub-advisers would be paid by the Manager and not the New Funds and that the Manager had negotiated the fees with theSub-advisers atarm’s-length. In addition, the Trustees considered the portion of the management fees proposed to be paid to eachSub-adviser as compared to the portion proposed to be retained by the Manager.

Small Cap Core VIP Fund and Guardian Global Utilities VIP Fund; and the second quintile for Guardian U.S. Government Securities VIP Fund, Guardian Total Return Bond VIP Fund and Guardian Multi-Sector Bond VIP Fund. The Trustees considered estimates of the New Funds’ projected asset levels and the Manager’s commitment to initially limit each New Fund’s operating expenses through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the proposed management fees and anticipated operating expenses of the New Funds and those of identified peer funds are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the proposed management fees and evaluation of the anticipated operating expenses.

The Trustees reviewed information regarding the Manager’s projected costs of sponsoring the New Funds and projected profitability of the New Funds to the Manager based on the anticipated assets and expenses of the New Funds. The Trustees noted that the information, including with respect to revenues and expenses, contained estimates because the New Funds had not yet commenced operations at the time of the Meeting. The Trustees did not consider any projected profitability information from theSub-advisers because the Manager would be responsible for payment of thesub-advisory fees and had negotiated the fees with theSub-advisers atarm’s-length.

Based on the consideration of the information and factors summarized above, as well as other information and factors deemed relevant by the Trustees, the Trustees concluded that the proposed management andsub-advisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the New Funds by the Manager and theSub-advisers. The Trustees also concluded that the projected profitability of the New Funds to the Manager was acceptable and the Trustees determined it was appropriate to revisit this information in connection with future reviews of the Agreements.

Economies of Scale


				25

SUPPLEMENTAL INFORMATION(UNAUDITED)

earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on anticipated asset levels.

Ancillary Benefits

The Trustees 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 New Funds. The Trustees acknowledged that the New Funds were designed to serve as investment options under variable contracts issued by an affiliate 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 an insurance company affiliated with the Manager would be entitled to receive fees from the New Funds under a plan of distribution adopted pursuant to Rule12b-1 under the 1940 Act. The Trustees considered the benefits to the Manager from increased assets under management. 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 thansub-advisory fees, that theSub-advisers and their affiliates may receive because of their relationships with the New Funds, including the potential increased ability to use soft dollars consistent with Trust policies and other benefits from increases in assets under management. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to theSub-advisers and their affiliates are consistent with those expected for asub-adviser to a mutual fund such as the applicable New Fund.

Conclusion

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


26

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


				27

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


28

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures


				29

LOGO

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

PUB10525

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Total Return Bond VIP Fund

Important Notice

LOGO


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

TABLE OF CONTENTS

Guardian Total Return Bond VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			11

Statement of Operations			11

Statement of Changes in Net Assets			12

Financial Highlights			14

Notes to Financial Statements			16

Report of Independent Registered Public Accounting Firm			23

Supplemental Information

Approval of Investment Advisory andSub-advisory Agreements			24

Trustees and Officers Information Table			28

Portfolio Holdings and Proxy Voting Procedures			30

GUARDIAN TOTAL RETURN BOND VIP FUND

FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, INVESTMENT ADVISER (unaudited)

Highlights

•

Guardian Total Return Bond VIP (the “Fund”) returned 0.30%, underperforming its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹(the “Index”), for the period between its inception on October 21, 2019 and December 31, 2019. The Index returned 0.35% for the period.

•

The Fund’s underperformance was primarily due to its underweight allocation to agency residential mortgage-backed securities (“RMBS”).

Market Overview

The Standard & Poor’s 500 Index²returned 31.49% for the year. In fixed income, the U.S.10-year Treasury returned 8.9%.

The market’s momentum was firmly established by the potent rally in the first quarter after the Fed dramatically reversed its formerly bullish tone on the U.S. economy and indicated it could soon switch from raising interest rates to cutting them, which it did three times during the year. The cuts came amid diminishing expectations for economic growth, escalating trade tensions, and a persistent inversion of the U.S. Treasury yield curve. In such yield curve inversions, which have been a reliable sign that a recession was coming within a year or two, yields on certain shorter-term U.S. Treasurys exceed yields on longer-term notes.

Despite the inversion of the U.S. Treasury yield curve, which has since resolved, most economists are not

forecasting a recession within the year given the very low unemployment rate and generally positive, if diminished, economic momentum. The Fed is estimating 2020 economic growth at or slightly below 2.0% and inflation slightly below its 2.0% target. Unemployment, most recently at 3.5%, is expected to remain below 4.0%.

Portfolio Review

The Fund’s underweights in RMBS andAAA- throughA-rated corporate bonds with maturities over 10 years detracted from relative performance. We viewed an emphasis on less volatile bonds as prudent, and this also detracted from relative performance given therisk-on market during the period.

In a period when longer-maturity securities outperformed, the VIP benefitted from having a duration longer than the Index. The Fund’s overweight inBBB-rated corporate bonds with maturities of 3 to 10 years was the largest contributor to performance relative to the Index. Anout-of-Index allocation to high yield corporate bonds also contributed to relative performance as riskier assets outperformed in the period.

Outlook


				1

GUARDIAN TOTAL RETURN BOND VIP FUND

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. Bond funds are subject to interest rate risk, credit risk, and prepayment risk. When interest rates rise, bond prices generally fall, and when interest rates fall, bond prices generally rise. In a lower interest rate environment, the risk that bond prices may fall when interest rates rise is potentially greater. Derivative transactions can create leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested and the Fund may not be able to close out a derivative transaction at a favorable time or price. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. These risks are even greater when investing in emerging markets. The value of a debt security is affected by changes in interest rates and is subject to any credit risk of the issuer or guarantor of the security. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


2

GUARDIAN TOTAL RETURN BOND VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $337,312,094

Bond Sector Allocation¹

As of December 31, 2019

Bond Quality Allocation²

As of December 31, 2019

LOGO


				3

GUARDIAN TOTAL RETURN BOND VIP FUND



Top Ten Holdings¹ As of December 31, 2019

Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Note		1.500%		9/30/2024		16.37%
U.S. Treasury Note		1.500%		9/30/2021		5.65%
U.S. Treasury Note		1.625%		8/15/2029		4.28%
U.S. Treasury Bond		2.250%		8/15/2049		4.21%
Federal National Mortgage Association		3.500%		7/1/2049		3.15%
Federal National Mortgage Association		3.000%		9/1/2049		2.91%
Federal National Mortgage Association		3.500%		3/1/2034		2.49%
Federal National Mortgage Association		3.000%		11/1/2049		2.39%
Federal National Mortgage Association		3.500%		8/1/2049		2.33%
Federal National Mortgage Association		4.000%		5/1/2049		1.91%
Total						45.69%

1	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities.

The Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies’ independent ratings of individual securities are aggregated by Barclays, and market weights are reported using Standard & Poor’s letter rating conventions. Rating methodology uses the middle rating of Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services, and Fitch Ratings. When a rating from only two of the rating agencies is available, the lower rating is used. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standards of credit quality. Rating agencies may fail to make timely changes in credit ratings, and an issuer’s current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the Fund, Park Avenue Institutional Advisers LLC develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings.

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception*
Guardian Total Return Bond VIP Fund		10/21/2019		—		—		—		0.30%
Bloomberg Barclays U.S. Aggregate Bond Index				—		—		—		0.35%

*	Since inception returns are not annualized and represent cumulative total returns.


4

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

By investing in the Fund, you incur two types of costs:

(1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Expenses based on actual return

During Period” to estimate the expenses you paid on your account during this period.

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return*	$1,000.00		$1,003.00		$1.56		0.79%
Based on Hypothetical Return (5% Return Before Expenses)**	$1,000.00		$1,021.22		$4.02		0.79%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 72/365 (to reflect the period from October 21, 2019 (commencement of operations) through December 31, 2019).

**	Expenses (hypothetical expenses if the Fund had been in existence from 7/1/2019) are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


December 31, 2019	Principal Amount		Value
Agency Mortgage–Backed Securities – 17.2%

Federal National Mortgage Association
3.00% due 9/1/2049	$	9,663,161	$	9,803,436
3.00% due 11/1/2049		7,944,827		8,059,787
3.50% due 3/1/2034		8,125,242		8,416,297
3.50% due 7/1/2049		10,327,635		10,615,181
3.50% due 8/1/2049		7,631,878		7,847,802
4.00% due 12/1/2048		4,955,004		5,154,879
4.00% due 5/1/2049		6,192,188		6,434,348

Freddie Mac Multifamily Structured Pass-Through Certificates
K054 A2 2.745% due 1/25/2026		762,259		784,752
K064 A2 3.224% due 3/25/2027		1,000,000		1,058,310


Total Agency Mortgage–Backed Securities (Cost $58,026,377)				58,174,792
Asset–Backed Securities – 5.6%

Ally Master Owner Trust 2017-3 A2 2.04% due 6/15/2022		900,000		899,856

American Express Credit Account Master Trust 2019-1 A 2.87% due 10/15/2024		1,000,000		1,021,722

Avis Budget Rental Car Funding AESOP LLC 2015-2A A 2.63% due 12/20/2021⁽¹⁾		1,500,000		1,504,697

BlueMountain CLO Ltd. 2014-2A BR2 3.716% (LIBOR 3 Month +
1.75%) due 10/20/2030⁽¹⁾⁽²⁾		800,000		796,207

Citibank Credit Card Issuance Trust 2014-A1 A1 2.88% due 1/23/2023		2,150,000		2,171,992

Discover Card Execution Note Trust 2015-A4 A4 2.19% due 4/17/2023		1,000,000		1,002,781

Ford Credit Auto Owner Trust 2016-2 A 2.03% due 12/15/2027⁽¹⁾		1,000,000		1,000,162

GM Financial Automobile Leasing Trust 2019-1 A3 2.98% due 12/20/2021		1,000,000		1,008,819

ICG U.S. CLO Ltd. 2018-2A B 3.703% (LIBOR 3 Month +
1.75%) due 7/22/2031⁽¹⁾⁽²⁾		2,500,000		2,458,843

Santander Drive Auto Receivables Trust 2016-3 D 2.80% due 8/15/2022		1,500,000		1,509,266

Verizon Owner Trust 2019-A A1A 2.93% due 9/20/2023		1,000,000		1,016,353


December 31, 2019	Principal Amount		Value
Asset–Backed Securities(continued)

Volkswagen Auto Loan Enhanced Trust 2018-1 A4 3.15% due 7/22/2024	$	1,000,000	$	1,021,974

Voya CLO Ltd. 2016-3A A3R 3.753% (LIBOR 3 Month +
1.75%) due 10/18/2031⁽¹⁾⁽²⁾		1,600,000		1,593,504

Wendy’s Funding LLC 2018-1A A2I 3.573% due 3/15/2048⁽¹⁾		980,000		990,241

World Omni Auto Receivables Trust 2017-A A4 2.24% due 6/15/2023		1,000,000		1,003,092


Total Asset–Backed Securities (Cost $18,964,451)				18,999,509
Corporate Bonds & Notes – 41.6%

Aerospace & Defense – 1.9%

Northrop Grumman Corp. 3.20% due 2/1/2027		2,000,000		2,081,539

United Technologies Corp.
3.75% due 11/1/2046		2,000,000		2,179,530
4.125% due 11/16/2028		2,000,000		2,250,188


				6,511,257
Agriculture – 0.9%

BAT Capital Corp. 3.462% due 9/6/2029		2,000,000		2,023,319

Philip Morris International, Inc. 4.25% due 11/10/2044		1,000,000		1,105,719


				3,129,038
Beverages – 2.7%

Anheuser-Busch InBev Worldwide, Inc. 4.75% due 1/23/2029		3,000,000		3,477,509

Constellation Brands, Inc. 3.70% due 12/6/2026		3,500,000		3,716,735

Diageo Capital PLC 2.125% due 10/24/2024		2,000,000		2,000,467


				9,194,711
Biotechnology – 0.6%

Gilead Sciences, Inc. 3.70% due 4/1/2024		2,000,000		2,121,057


				2,121,057
Commercial Banks – 2.9%

Citigroup, Inc. 4.075% (4.075% fixed rate
until 4/23/2028; LIBOR 3 Month + 1.192% thereafter) due 4/23/2029⁽²⁾		3,750,000		4,105,044

Credit Suisse Group AG 3.869% (3.869% fixed rate
until 1/12/2028; LIBOR 3 Month + 1.41% thereafter) due 1/12/2029⁽¹⁾⁽²⁾		3,500,000		3,729,510


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


December 31, 2019	Principal Amount		Value
Commercial Banks(continued)

JPMorgan Chase & Co. 4.25% due 10/15/2020	$	2,000,000	$	2,035,545


				9,870,099
Commercial Services – 1.0%

Nielsen Finance LLC / Nielsen Finance Co. 5.00% due 4/15/2022⁽¹⁾		1,650,000		1,656,188

United Rentals North America, Inc. 6.50% due 12/15/2026		1,650,000		1,813,453


				3,469,641
Diversified Financial Services – 1.3%

Apollo Management Holdings LP 4.872% due 2/15/2029⁽¹⁾		2,000,000		2,246,603

Jefferies Group LLC / Jefferies Group Capital Finance, Inc. 4.15% due 1/23/2030		2,000,000		2,120,960


				4,367,563
Electric – 1.5%

CenterPoint Energy, Inc. 2.95% due 3/1/2030		2,000,000		1,971,958

FirstEnergy Corp. 3.90% due 7/15/2027		3,000,000		3,209,021


				5,180,979
Environmental Control – 0.6%

Waste Management, Inc. 3.45% due 6/15/2029		2,000,000		2,141,912


				2,141,912
Food – 2.2%

Post Holdings, Inc. 5.00% due 8/15/2026⁽¹⁾		1,650,000		1,742,812

The Kroger Co. 4.50% due 1/15/2029		3,000,000		3,375,434

Tyson Foods, Inc. 4.35% due 3/1/2029		2,000,000		2,267,209


				7,385,455
Healthcare – Services – 1.4%

HCA, Inc. 5.375% due 2/1/2025		1,650,000		1,824,619

Tenet Healthcare Corp. 6.75% due 6/15/2023		1,650,000		1,812,872

UnitedHealth Group, Inc. 3.875% due 12/15/2028		1,000,000		1,107,278


				4,744,769
Insurance – 1.0%

American International Group, Inc. 4.75% due 4/1/2048		1,000,000		1,205,818

Aon PLC 3.875% due 12/15/2025		2,000,000		2,152,731


				3,358,549


December 31, 2019	Principal Amount		Value
Iron & Steel – 0.3%

Steel Dynamics, Inc. 3.45% due 4/15/2030	$	1,000,000	$	1,011,879


				1,011,879
Lodging – 0.6%

MGM Resorts International 5.50% due 4/15/2027		1,650,000		1,831,500


				1,831,500
Media – 2.7%

Altice Financing S.A. 7.50% due 5/15/2026⁽¹⁾		1,650,000		1,773,750

CCO Holdings LLC / CCO Holdings Capital Corp. 5.00% due 2/1/2028⁽¹⁾		1,650,000		1,731,378

Charter Communications Operating LLC / Charter Communications Operating Capital 5.05% due 3/30/2029		1,000,000		1,134,657

Comcast Corp. 4.15% due 10/15/2028		4,000,000		4,505,376


				9,145,161
Oil & Gas – 2.9%

BP Capital Markets PLC 3.535% due 11/4/2024		2,000,000		2,130,168

Hess Corp. 4.30% due 4/1/2027		2,000,000		2,132,847

Marathon Petroleum Corp. 3.80% due 4/1/2028		1,500,000		1,579,036

Newfield Exploration Co. 5.375% due 1/1/2026		1,500,000		1,626,921

Noble Energy, Inc. 3.85% due 1/15/2028		2,000,000		2,113,392


				9,582,364

Packaging & Containers – 0.5%

WRKCo, Inc. 4.90% due 3/15/2029		1,500,000		1,707,284


				1,707,284
Pharmaceuticals – 2.5%

AstraZeneca PLC 3.375% due 11/16/2025		2,000,000		2,125,705

Bausch Health Cos., Inc. 6.125% due 4/15/2025⁽¹⁾		1,650,000		1,704,830

Becton Dickinson and Co. 3.363% due 6/6/2024		2,000,000		2,083,083

CVS Health Corp. 3.25% due 8/15/2029		2,500,000		2,540,853


				8,454,471
Pipelines – 1.3%

Energy Transfer Operating LP 4.95% due 6/15/2028		1,000,000		1,095,815

MPLX LP 4.80% due 2/15/2029		1,500,000		1,646,402


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


December 31, 2019	Principal Amount		Value
Pipelines(continued)

The Williams Cos., Inc. 3.75% due 6/15/2027	$	1,500,000	$	1,564,590


				4,306,807
Real Estate Investment Trusts – 3.4%

Alexandria Real Estate Equities, Inc. 3.375% due 8/15/2031		3,000,000		3,118,487

American Tower Corp. 3.00% due 6/15/2023		2,000,000		2,044,236

Brixmor Operating Partnership LP 4.125% due 5/15/2029		2,000,000		2,148,764

ERP Operating LP 2.50% due 2/15/2030		2,000,000		1,985,888

Mid-America Apartments LP 3.95% due 3/15/2029		2,000,000		2,182,687


				11,480,062
Retail – 1.6%

McDonald’s Corp.
2.625% due 9/1/2029		1,500,000		1,502,136
4.45% due 9/1/2048		1,500,000		1,719,224

Target Corp. 3.375% due 4/15/2029		2,000,000		2,174,303


				5,395,663
Semiconductors – 0.7%

Broadcom, Inc. 4.75% due 4/15/2029⁽¹⁾		2,000,000		2,186,966


				2,186,966
Software – 1.1%

Broadridge Financial Solutions, Inc. 2.90% due 12/1/2029		1,000,000		999,084

Microsoft Corp. 2.875% due 2/6/2024		2,500,000		2,594,150


				3,593,234
Telecommunications – 4.2%

AT&T, Inc. 4.35% due 3/1/2029		3,000,000		3,337,538

Rogers Communications, Inc. 3.70% due 11/15/2049		750,000		757,127

T-Mobile USA, Inc. 4.75% due 2/1/2028		1,650,000		1,728,887

Verizon Communications, Inc.
4.329% due 9/21/2028		2,000,000		2,269,938
4.522% due 9/15/2048		750,000		899,959
5.15% due 9/15/2023		2,000,000		2,223,822

Vodafone Group PLC 4.375% due 5/30/2028		2,500,000		2,771,895


				13,989,166
Toys, Games & Hobbies – 0.3%

Hasbro, Inc. 3.90% due 11/19/2029		1,000,000		1,007,254


				1,007,254


December 31, 2019	Principal Amount		Value
Transportation – 1.5%

CSX Corp. 3.80% due 3/1/2028	$	3,000,000	$	3,274,117

Union Pacific Corp. 3.70% due 3/1/2029		1,750,000		1,913,150


				5,187,267

Total Corporate Bonds & Notes (Cost $139,573,469)				140,354,108
Non–Agency Mortgage–Backed Securities – 3.0%

BANK 2019-BN24 AS 3.283% due 11/15/2062		1,250,000		1,280,705

Citigroup Commercial Mortgage Trust 2016-C3 AS 3.366% due 11/15/2049⁽²⁾⁽³⁾		1,125,000		1,155,713

GS Mortgage Securities Corp. Trust 2017-485L A 3.721% due 2/10/2037⁽¹⁾		1,500,000		1,595,203

GS Mortgage Securities Trust
2013-GC16 A4 4.271% due 11/10/2046		750,000		799,674
2017-FARM A 3.541% due 1/10/2043^(1)(2)(3)		1,200,000		1,271,264

Jackson Park Trust 2019-LIC B 2.914% due 10/14/2039⁽¹⁾		680,000		671,668

UBS Commercial Mortgage Trust 2017-C2 A4 3.487% due 8/15/2050		1,500,000		1,588,677

WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		1,500,000		1,598,298


Total Non–Agency Mortgage–Backed Securities(Cost $10,023,839)				9,961,202
U.S. Government Securities – 31.1%

U.S. Treasury Bond 2.25% due 8/15/2049		14,600,000		14,203,062

U.S. Treasury Note
1.50% due 9/30/2021		19,100,000		19,070,902
1.50% due 9/30/2024		55,700,000		55,236,559
1.625% due 10/31/2026		1,500,000		1,481,309
1.625% due 8/15/2029		14,810,000		14,439,171
1.75% due 11/15/2029		500,000		492,852


Total U.S. Government Securities (Cost $105,627,519)				104,923,855


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND


December 31, 2019	Principal Amount		Value
Short–Term Investment – 0.7%

Repurchase Agreements – 0.7%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $2,246,015, due 1/2/2020⁽⁴⁾	$	2,246,000	$	2,246,000


Total Repurchase Agreements (Cost $2,246,000)				2,246,000

Total Investments⁽⁵⁾ – 99.2% (Cost $334,461,655)				334,659,466

Assets in excess of other liabilities⁽⁶⁾ – 0.8%				2,652,628

Total Net Assets – 100.0%			$	337,312,094

⁽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 December 31, 2019, the aggregate market value of these securities amounted to $28,653,826, representing 8.5% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾	Variable rate securities, which may includestep-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2019.

⁽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		2.75%		9/15/2021	$	2,235,000	$	2,295,796

⁽⁵⁾	Securities are segregated to cover anticipated or existing derivative positions or to be announced securities (TBA).

⁽⁶⁾	Assets in excess of other liabilities include net unrealized depreciation on futures contracts and centrally cleared swap contracts as follows:

Open futures contracts at December 31, 2019:


Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Depreciation
U.S.2-Year Treasury Note		March 2020		170		Long	$	36,688,733		$	36,635,000		$	(53,733	)
U.S. Long Bond		March 2020		265		Long		42,306,212			41,315,156			(991,056	)
U.S. Ultra Long Bond		March 2020		26		Long		4,884,035			4,723,062			(160,973	)
Total							$	83,878,980		$	82,673,218		$	(1,205,762	)

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S.5-Year Treasury Note		March 2020		50		Short	$	(5,958,228	)	$	(5,930,469	)	$	27,759
U.S.10-Year Treasury Note		March 2020		200		Short		(25,966,333	)		(25,684,375	)		281,958
U.S. Ultra10-Year Treasury Note		March 2020		280		Short		(39,994,609	)		(39,396,875	)		597,734
Total							$	(71,919,170	)	$	(71,011,719	)	$	907,451


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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

Centrally cleared credit default swap agreements — sell protection⁽⁷⁾:


Reference Entity	Implied Credit Spread at 12/31/19⁽⁸⁾		Notional Amount⁽⁹⁾		Maturity		(Pay)/Receive Fixed Rate		Periodic Payment Frequency		Upfront Payments Made		Value		Unrealized Depreciation
CDX.NA.HY.33		2.80%		USD 3,366,000		12/20/2024		5.00%		Quarterly	$	325,323	$	324,355	$	(968	)

⁽⁷⁾

When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

⁽⁸⁾

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.

⁽⁹⁾	The notional amount represents the maximum potential amount the Fund could be required to pay as a seller 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.

Legend:

CLO — Collateralized Loan Obligation

LIBOR — London Interbank Offered Rate

USD — United States Dollar


	Valuation Inputs
Investments in Securities	Level 1			Level 2			Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	58,174,792		$	—	$	58,174,792
Asset–Backed Securities		—			18,999,509			—		18,999,509
Corporate Bonds & Notes		—			140,354,108			—		140,354,108
Non–Agency Mortgage–Backed Securities		—			9,961,202			—		9,961,202
U.S. Government Securities		—			104,923,855			—		104,923,855
Repurchase Agreements		—			2,246,000			—		2,246,000
Total	$	—		$	334,659,466		$	—	$	334,659,466
Other Financial Instruments
Futures Contracts
Assets	$	907,451		$	—		$	—	$	907,451
Liabilities		(1,205,762	)		—			—		(1,205,762	)
Swap Contracts
Liabilities		—			(968	)		—		(968	)
Total	$	(298,311	)	$	(968	)	$	—	$	(299,279	)


10				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 December 31, 2019
Assets

Investments, at value	$	334,659,466

Interest receivable		2,245,263

Cash deposits with brokers for futures contracts		467,214

Receivable for variation margin on centrally cleared swap contracts		324,355

Receivable for variation margin on futures contracts		317,983

Reimbursement receivable from adviser		29,152

Prepaid expenses		18,658


Total Assets		338,062,091


Liabilities

Payable for investments purchased		330,933

Investment advisory fees payable		128,138

Due to custodian		89,703

Distribution fees payable		72,124

Payable for fund shares redeemed		41,281

Accrued audit fees		25,659

Accrued custodian and accounting fees		17,768

Accrued trustees’ and officers’ fees		3,865

Accrued expenses and other liabilities		40,526


Total Liabilities		749,997


Total Net Assets	$	337,312,094


Net Assets Consist of:

Paid-in capital	$	336,282,527

Distributable earnings		1,029,567


Total Net Assets	$	337,312,094

Investments, at Cost	$	334,461,655


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		33,627,628

Net Asset Value Per Share		$10.03


Statement of Operations For the Period Ended December 31, 2019¹
Investment Income

Interest	$	1,554,703


Total Investment Income		1,554,703


Expenses

Investment advisory fees		298,307

Distribution fees		167,949

Professional fees		46,191

Shareholder reports		23,050

Trustees’ and officers’ fees		22,033

Custodian and accounting fees		17,768

Administrative fees		11,865

Transfer agent fees		3,260

Other expenses		7,761


Total Expenses		598,184

Less: Fees waived		(67,465	)


Total Expenses, Net		530,719


Net Investment Income/(Loss)		1,023,984


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

Net realized gain/(loss) from investments		(45,558	)

Net realized gain/(loss) from futures contracts		152,609

Net change in unrealized appreciation/(depreciation) on investments		197,811

Net change in unrealized appreciation/(depreciation) on futures contracts		(298,311	)

Net change in unrealized appreciation/(depreciation) on swap contracts		(968	)


Net Gain on Investments and Derivative Contracts		5,583


Net Increase in Net Assets Resulting From Operations	$	1,029,567

¹	Commenced operations on October 21, 2019.


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

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND


Statement of Changes in Net Assets

	For the Period Ended 12/31/19¹

Operations

Net investment income/(loss)	$	1,023,984

Net realized gain/(loss) from investments and derivative contracts		107,051

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(101,468	)


Net Increase in Net Assets Resulting from Operations		1,029,567


Capital Share Transactions

Proceeds from sales of shares		345,857,787

Cost of shares redeemed		(9,575,260	)


Net Increase in Net Assets Resulting from Capital Share Transactions		336,282,527


Net Increase in Net Assets		337,312,094


Net Assets

Beginning of period		—


End of period	$	337,312,094


Other Information:

Shares

Sold		34,584,186

Redeemed		(956,558	)


Net Increase		33,627,628

¹	Commenced operations on October 21, 2019.


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

This Page Intentionally Left Blank


				13

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND


Financial Highlights
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain			Total Operations		Net Asset Value, End of Period		Total Return^(2),(3)

Period Ended 12/31/19⁽⁵⁾	$	10.00	$	0.03	$	0.00	⁽⁶⁾	$	0.03	$	10.03		0.30%


14				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^(2),(4)		Gross Ratio of Expenses to Average Net Assets⁽²⁾		Net Ratio of Net Investment Income to Average Net Assets^(2),(4)		Gross Ratio of Net Investment Income to Average Net Assets⁽²⁾		Portfolio Turnover Rate⁽²⁾

$	337,312		0.75%		0.85%		1.56%		1.46%		18%

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

⁽²⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. Certainnon-recurring fees (i.e., audit fees) are not annualized.

⁽³⁾	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.

⁽⁴⁾	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.

⁽⁵⁾	Commenced operations on October 21, 2019.

⁽⁶⁾	Rounds to $0.00 per share.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen series. Guardian Total Return Bond VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks total return with an emphasis on current income as well as capital appreciation.

2. Significant Accounting Policies

a. Investment ValuationsThe 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


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

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

•

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

•

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

b. Securities TransactionsSecurities 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 ContractsThe Fund may enter into financial futures contracts. In entering into such contracts, the


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

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

recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the swap contracts and may realize a loss.

During the period ended December 31, 2019, the Fund entered into credit default swaps for risk exposure management and to enhance potential return.

f. Investment IncomeDividend income net of foreign taxes withheld, if any, is generally recorded on theex-dividend date. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

value per share for each series of the Trust, investment income, realized and unrealized gains and losses, and expenses other than series-specific expenses are allocated daily to each series based upon the proportion of net assets attributable to each series.

3. Transactions with Affiliates

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

Park Avenue has contractually agreed through April 30, 2020 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.79% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the period ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $67,465.

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 period ended December 31, 2019, the Fund paid distribution fees in the amount of $167,949 to PAS.

PAS has directed that certain payments under the12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	192,062,256	$	201,960,346
Sales		25,279,953		35,400,210


				19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

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

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 December 31, 2019, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

i. LIBOR Risk Many financial instruments may be tied to the London Interbank Offered Rate, or “LIBOR,” to determine payment obligations, financing terms,


20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

j. Disclosures About Derivative Instruments and Hedging ActivitiesThe Fund entered into U.S. Treasury futures contracts for the period ended December 31, 2019 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. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

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

The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,”i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency or security, or in a “basket” of securities representing a particular index. Cleared swaps are transacted through futures commission merchants (“FCM”s) that are members of central clearinghouses with the clearinghouse serving as a central counterparty

similar to transactions in futures contracts. Funds post initial and variation margin by making payments to their clearing member FCMs.

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

In addition to the risks generally applicable to derivatives, risks associated with credit default swap agreements include adverse changes in the returns of the underlying instruments, failure of the counterparties to perform under the agreement’s terms and the possible lack of liquidity with respect to the agreements.

As of December 31, 2019, 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

Asset Derivatives
Futures Contracts¹	$	907,451		$	—

Liability Derivatives
Futures Contracts¹	$	(1,205,762	)	$	—
Swap Contracts²		—			(968	)

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 Statements of Assets and Liabilities.

²	Statement of Assets and Liabilities location: Includes the fair value of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.


				21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

Transactions in derivative investments for the period ended December 31, 2019 were as follows:



	Interest Rate Contracts			Credit Default Contracts

Net Realized Gain (Loss)
Futures Contracts¹	$	152,609		$	—

Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	(298,311	)	$	—
Swap Contracts³		—			(968	)

Average Number of Notional Amounts
Futures Contracts⁴		989			—
Swap Contracts — Sell Protection	$	—		$	1,122,000

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

⁴	Amount represents number of contracts.

6. Temporary Borrowings

time of borrowing. 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 9, 2020. The Fund did not utilize the credit facility during the period ended December 31, 2019.

7. Indemnifications


22

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian Total Return Bond VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Total Return Bond VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations, changes in its net assets, and the financial highlights for the period from October 21, 2019 (commencement of operations) through December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


				23

SUPPLEMENTAL INFORMATION(UNAUDITED)

Approval of Investment Advisory andSub-advisory Agreements

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

designed to assist their consideration of the Agreements. At a Board meeting held on November28-29, 2017, the Trustees received presentations from the Manager and eachSub-adviser regarding the services to be rendered to, and the proposed investment strategies for, the New Funds. The Trustees received written responses from the Manager and eachSub-adviser 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 presentations and discussed the New Funds at a special telephonic Board meeting held on February 12, 2018, and the Independent Trustees discussed the New Funds with independent legal counsel in advance of the Meeting. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select theSub-advisers for approval by the Board and to propose that Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund, and Guardian U.S. Government Securities VIP Fund would be managed directly by the Manager without asub-adviser.


24

SUPPLEMENTAL INFORMATION(UNAUDITED)

the applicable New Fund; (iii) the fees to be charged and estimated profitability; (iv) the extent to which economies of scale may in the future exist for a New Fund, and the extent to which a New Fund may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Manager or theSub-advisers (or their respective affiliates) from their relationships with the New Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services to be provided to

Guardian Small Cap Core VIP Fund and Guardian Global Utilities VIP Fund by theSub-advisers. The Trustees also considered, among other things, the terms of theSub-advisory Agreements and the range of investment advisory services to be provided by theSub-advisers under the oversight of the Manager and theSub-advisers’ experience with managing other funds that are series of the Trust. In evaluating these investment advisory services, the Trustees considered, among other things, theSub-advisers’ investment philosophies, styles and/or processes and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by theSub-advisers with similar strategies as the applicable New Fund, including performance and portfolio characteristics, when available. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for these New Funds and the capabilities, resources and reputations of theSub-advisers.


				25

SUPPLEMENTAL INFORMATION(UNAUDITED)

Investment Performance

The New Funds had not commenced operations prior to the Meeting. Accordingly, the New Funds did not yet have an investment performance record. The Board considered historical performance information with respect to funds or accounts managed by the Manager andSub-advisers (or their affiliates) with similar investment strategies as the New Funds, and comparisons to relevant benchmarks and peer groups, when available. The Trustees concluded that the historical performance records available, viewed together with the other relevant factors and information considered by the Trustees, supported a decision to approve each Agreement. The Trustees also concluded that it was appropriate to revisit the New Funds’ investment performance in connection with future reviews of the Agreements.

Costs and Profitability

The Trustees received comparative information relating to each New Fund’s anticipated operating expense ratios and the actual operating expense ratios of a peer

group of funds. In this regard, the Board noted that the New Funds’ anticipated operating expense ratios within the following quintiles: the first quintile for Guardian Small Cap Core VIP Fund and Guardian Global Utilities VIP Fund; and the second quintile for Guardian U.S. Government Securities VIP Fund, Guardian Total Return Bond VIP Fund and Guardian Multi-Sector Bond VIP Fund. The Trustees considered estimates of the New Funds’ projected asset levels and the Manager’s commitment to initially limit each New Fund’s operating expenses through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the proposed management fees and anticipated operating expenses of the New Funds and those of identified peer funds are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the proposed management fees and evaluation of the anticipated operating expenses.

Economies of Scale


26

SUPPLEMENTAL INFORMATION(UNAUDITED)

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

Ancillary Benefits

administration and operations and potential cost savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other thansub-advisory fees, that theSub-advisers and their affiliates may receive because of their relationships with the New Funds, including the potential increased ability to use soft dollars consistent with Trust policies and other benefits from increases in assets under management. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to theSub-advisers and their affiliates are consistent with those expected for asub-adviser to a mutual fund such as the applicable New Fund.

Conclusion


				27

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


28

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				29

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. The Fund’sForm N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s FormN-PORT information is also available, without charge, upon request, by calling toll-free1-888-GUARDIAN(1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/
GuardianVPT/Prospectuses.


30

LOGO

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

PUB10524

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Small Cap Core VIP Fund

Important Notice

LOGO


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

TABLE OF CONTENTS

Guardian Small Cap Core VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			9

Statement of Operations			9

Statement of Changes in Net Assets			10

Financial Highlights			12

Notes to Financial Statements			14

Report of Independent Registered Public Accounting Firm			19

Supplemental Information

Approval of Investment Advisory andSub-advisory Agreements			20

Trustees and Officers Information Table			24

Portfolio Holdings and Proxy Voting Procedures			27

GUARDIAN SMALL CAP CORE VIP FUND

FUND COMMENTARY OF CLEARBRIDGE INVESTMENTS LLC,SUB-ADVISER (unaudited)

Highlights

•

Guardian Small Cap Core VIP Fund (the “Fund”) returned 11.30%, outperforming its benchmark, the Russell 2000^® Index¹ (the “Index”), between its inception on October 21, 2019 and December 31, 2019. The Fund’s outperformance relative to the Index was primarily due to stock selection in the health care sector.

•

The Index delivered a 9.03% return for the period, October 21, 2019 through December 31, 2019, driven by strength in the health care sector, which returned 19% for the period, far outpacing all other sectors. The second-strongest performer in the benchmark was energy, at nearly 600 basis points behind health care. In a fourth quarter that was driven by growth stocks and that saw longer-term rates rise, the yield-sensitive utilities sector had a negative return.

Market Overview

U.S. equities delivered outsized gains for the year. Easing monetary policy supported strong multiple expansions and a thawing of U.S.-China trade tensions encouraged risk taking in equities. Stocks started 2019 in a strong upswing, boosted by signals that the U.S. Federal Reserve (“Fed”) was winding down its tightening program, better than expected fourth-quarter corporate earnings results and a positive outlook on the resolution of U.S.-China trade tensions. Equities endured a roller coaster ride during the second quarter before the Fed jumpstarted the latest up leg for equity markets as June remarks by Fed Chairman Jerome Powell hinted at future interest rate cuts. The Fed followed through in July with its first rate cut in more than a decade and made two additional 0.25% cuts by October. A suddenly accommodative Fed helped offset volatility caused by renewed trade tensions between the U.S. and China in the third quarter and increasing signs of a slowing global economy. Positive feedback from the Fed on the state of the U.S. economy as well as signs of a phase one trade deal with China caused stocks to resume their positive momentum in the fourth quarter,

with strong bids for health care, materials and information technology (“IT”).

The Index rose 25.5% in 2019 with dividends reinvested. It has now risen 12.2% annually since 2012. The small cap Russell 2000^® Growth Index² has outperformed the Russell 2000^® Value Index³ in six of those eight years, including each of the last three years, during which growth outperformed by more than 27 percentage points. The Russell 2000^® Growth Index is now near its highest forward P/E multiple since thedot-com bubble, while the value multiple is near its20-year average. As the narrative of slow, steady economic growth has taken hold, growth has been valued at a premium and momentum has outperformed valuation significantly. That means expectations — how a company must perform in the future to be worth what it’s trading for now — have risen most in those areas, primarily IT and health care.

Portfolio Review

Stock selection in the health care, communication services, real estate and IT sectors contributed to relative performance. On the negative side, stock selection in the consumer discretionary and materials sectors and an underweight to health care negatively impacted relative returns.

Outlook

We are optimistic about the outlook for U.S. small cap companies. We are monitoring changing economic conditions, but still observe that operating conditions for most industries are positive, encouraging investments in innovation as well as capital expenditures. The counterbalance is that expectations are also high, as reflected in the relatively high accounting factor multiples. We have become less comfortable with the current expectations for future returns embedded in many IT and health care stocks, which is a change from previous years. We are still finding unique investment opportunities where expectations embedded in the price of the stock are lower than the value of the corporation under a wide range of scenarios, and we continue to be optimistic about the companies that the Fund holds.

The Russell 2000^® Index (the “Index”) measures the performance of thesmall-cap segment of the US equity universe. It is a subset of the Russell 3000^® Index and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group.

The Russell 2000^® Growth Index (the “Growth Index”) is designed to measure the performance of small-capitalization growth stocks in the United States. It includes those Russell 2000^® companies with higher price-to-value ratios and higher forecasted growth values. You may not invest in the Growth Index and, unlike the Fund, the Growth Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group.

The Russell 2000^® Value Index (the “Value Index”) is designed to measure the performance of small-capitalization value stocks in the United States. It includes those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values. You may not invest in the Value Index and, unlike the Fund, the Value Index does not incur fees or expenses. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Russell Investment Group.


				1

GUARDIAN SMALL CAP CORE VIP FUND

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. The Fund invests primarily in equity securities and therefore exposes you to the general risks of investing in stock markets. Investing in small-capitalization companies may involve greater risks than those associated with mid- or large-capitalization companies. The securities issued by small-capitalization companies may be more speculative, less liquid, more volatile, and more vulnerable to economic, market and industry changes than mid- or large-capitalization companies and may have more limited financial and human resources, relatively short operating histories and limited product lines. Growth stocks may not realize their perceived growth potential and during certain periods the Fund may underperform other equity funds that employ a different style. Value stocks may not realize their perceived value and during certain periods the Fund may underperform other equity funds that employ a different style. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


2

GUARDIAN SMALL CAP CORE VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $310,451,491



Sector Allocation¹ As of December 31, 2019



Top Ten Holdings² As of December 31, 2019

Holding	% of Total Net Assets
Gray Television, Inc.		2.13%
Amarin Corp. PLC, ADR		1.98%
SkyWest, Inc.		1.85%
HealthEquity, Inc.		1.77%
Advanced Energy Industries, Inc.		1.69%
Summit Hotel Properties, Inc. REIT		1.67%
Triton International Ltd.		1.66%
Aaron’s, Inc.		1.63%
Acadia Healthcare Co., Inc.		1.62%
Quotient Ltd.		1.59%
Total		17.59%

1	The Fund’s holdings are allocated to each sector based on the MSCI Global Industry Classification Standard (GICS^®). Cash includes short-term investments and net other assets and liabilities.

2	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities.


				3

GUARDIAN SMALL CAP CORE VIP FUND

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception*
Guardian Small Cap Core VIP Fund		10/21/2019		—		—		—		11.30%
Russell 2000^® Index				—		—		—		9.03%

*	Since inception returns are not annualized and represent cumulative total returns.


4

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return*	$1,000.00		$1,113.00		$2.19		1.05%
Based on Hypothetical Return (5% Return Before Expenses)**	$1,000.00		$1,019.91		$5.35		1.05%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 72/365 (to reflect the period from October 21, 2019 (commencement of operations) through December 31, 2019).

**	Expenses (hypothetical expenses if the Fund had been in existence from 7/1/2019) are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND


December 31, 2019	Shares		Value
Common Stocks – 98.4%

Airlines – 1.9%

SkyWest, Inc.		88,993	$	5,751,618


				5,751,618

Banks – 8.7%

Bank OZK		117,655		3,589,066

Cadence BanCorp		261,312		4,737,586

First Interstate BancSystem, Inc., Class A		81,905		3,433,458

Great Western Bancorp, Inc.		124,128		4,312,207

TriState Capital Holdings, Inc.⁽¹⁾		149,930		3,916,172

WesBanco, Inc.		89,271		3,373,551

Wintrust Financial Corp.		52,159		3,698,073


				27,060,113

Biotechnology – 2.6%

Akebia Therapeutics, Inc.⁽¹⁾		298,387		1,885,806

Amarin Corp. PLC, ADR⁽¹⁾		287,146		6,156,410


				8,042,216

Capital Markets – 2.9%

Blucora, Inc.⁽¹⁾		175,227		4,580,434

Main Street Capital Corp.		57,157		2,464,038

PennantPark Investment Corp.		316,591		2,067,339


				9,111,811

Chemicals – 0.6%

Venator Materials PLC⁽¹⁾		521,635		1,997,862


				1,997,862

Construction & Engineering – 0.7%

Dycom Industries, Inc.⁽¹⁾		48,542		2,288,755


				2,288,755

Construction Materials – 1.0%

U.S. Concrete, Inc.⁽¹⁾		75,526		3,146,413


				3,146,413

Consumer Finance – 3.2%

Encore Capital Group, Inc.⁽¹⁾		112,615		3,982,067

OneMain Holdings, Inc.		67,715		2,854,187

Oportun Financial Corp.⁽¹⁾		130,174		3,098,141


				9,934,395

Containers & Packaging – 1.4%

Silgan Holdings, Inc.		136,492		4,242,171


				4,242,171

Diversified Consumer Services – 2.8%

K12, Inc.⁽¹⁾		174,854		3,558,279

OneSpaWorld Holdings Ltd.⁽¹⁾		151,307		2,548,010

Service Corp. International		54,750		2,520,142


				8,626,431

Electric Utilities – 0.9%

PNM Resources, Inc.		52,608		2,667,752


				2,667,752


December 31, 2019	Shares		Value

Electronic Equipment, Instruments & Components – 2.7%

Itron, Inc.⁽¹⁾		57,221	$	4,803,703

nLight, Inc.⁽¹⁾		169,376		3,434,945


				8,238,648

Energy Equipment & Services – 1.6%

Patterson-UTI Energy, Inc.		239,246		2,512,083

Smart Sand, Inc.⁽¹⁾		392,505		989,112

U.S. Silica Holdings, Inc.		213,085		1,310,473


				4,811,668

Equity Real Estate Investment – 7.9%

Brandywine Realty Trust REIT		246,818		3,887,383

Kite Realty Group Trust REIT		231,592		4,522,992

Lexington Realty Trust REIT		366,154		3,888,555

Outfront Media, Inc. REIT		113,017		3,031,116

PotlatchDeltic Corp. REIT		90,808		3,929,262

Summit Hotel Properties, Inc. REIT		419,281		5,173,928


				24,433,236

Food & Staples Retailing – 1.5%

Sprouts Farmers Market, Inc.⁽¹⁾		246,023		4,760,545


				4,760,545

Food Products – 1.0%

Sanderson Farms, Inc.		17,270		3,043,319


				3,043,319

Health Care Equipment & Supplies – 1.6%

Quotient Ltd.⁽¹⁾		518,905		4,934,787


				4,934,787

Health Care Providers & Services – 7.4%

Acadia Healthcare Co., Inc.⁽¹⁾		151,291		5,025,887

Covetrus, Inc.⁽¹⁾		262,010		3,458,532

Encompass Health Corp.		63,763		4,416,863

HealthEquity, Inc.⁽¹⁾		74,289		5,502,586

R1 RCM, Inc.⁽¹⁾		341,886		4,437,681


				22,841,549

Hotels, Restaurants & Leisure – 2.4%

Chuy’s Holdings, Inc.⁽¹⁾		108,888		2,822,377

Everi Holdings, Inc.⁽¹⁾		177,750		2,387,183

Twin River Worldwide Holdings, Inc.		85,983		2,205,464


				7,415,024

Independent Power and Renewable Electricity Producers – 1.2%

NextEra Energy Partners LP		72,689		3,827,076


				3,827,076

Insurance – 2.6%

Assured Guaranty Ltd.		92,149		4,517,144

ProAssurance Corp.		102,523		3,705,181


				8,222,325

Interactive Media & Services – 1.4%

QuinStreet, Inc.⁽¹⁾		288,879		4,422,738


				4,422,738


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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND


December 31, 2019	Shares		Value

IT Services – 2.6%

EVERTEC, Inc.		117,693	$	4,006,270

WNS Holdings Ltd., ADR⁽¹⁾		62,535		4,136,690


				8,142,960

Life Sciences Tools & Services – 1.5%

Syneos Health, Inc.⁽¹⁾		79,466		4,726,240


				4,726,240

Machinery – 1.2%

EnPro Industries, Inc.		54,125		3,619,880


				3,619,880

Media – 2.1%

Gray Television, Inc.⁽¹⁾		308,746		6,619,514


				6,619,514

Metals & Mining – 1.4%

Commercial Metals Co.		196,594		4,378,148


				4,378,148

Multi-Utilities – 1.5%

Black Hills Corp.		60,033		4,714,992


				4,714,992

Oil, Gas & Consumable Fuels – 1.9%

Brigham Minerals, Inc., Class A		129,400		2,774,336

Matador Resources Co.⁽¹⁾		180,807		3,249,102


				6,023,438

Personal Products – 0.7%

Inter Parfums, Inc.		29,699		2,159,414


				2,159,414

Pharmaceuticals – 1.4%

Aerie Pharmaceuticals, Inc.⁽¹⁾		110,734		2,676,441

Intra-Cellular Therapies, Inc.⁽¹⁾		52,144		1,789,061


				4,465,502

Professional Services – 1.0%

ICF International, Inc.		32,186		2,948,881


				2,948,881

Road & Rail – 2.2%

Landstar System, Inc.		31,995		3,643,271

Marten Transport Ltd.		149,940		3,222,210


				6,865,481

Semiconductors & Semiconductor Equipment – 4.1%

Advanced Energy Industries, Inc.⁽¹⁾		73,460		5,230,352

Semtech Corp.⁽¹⁾		52,952		2,801,161

Tower Semiconductor Ltd.⁽¹⁾		193,638		4,658,930


				12,690,443

Software – 3.0%

2U, Inc.⁽¹⁾		94,404		2,264,752

CommVault Systems, Inc.⁽¹⁾		92,559		4,131,834

Rapid7, Inc.⁽¹⁾		50,844		2,848,281


				9,244,867


December 31, 2019	Shares		Value

Specialty Retail – 5.8%

Aaron’s, Inc.		88,586	$	5,059,146

Hudson Ltd., , Class A⁽¹⁾		262,840		4,031,966

Lithia Motors, Inc., Class A		17,941		2,637,327

Monro, Inc.		36,125		2,824,975

Murphy USA, Inc.⁽¹⁾		30,122		3,524,274


				18,077,688

Textiles, Apparel & Luxury Goods – 0.8%

Oxford Industries, Inc.		32,500		2,451,150


				2,451,150

Thrifts & Mortgage Finance – 2.3%

Essent Group Ltd.		59,212		3,078,432

Washington Federal, Inc.		109,050		3,996,682


				7,075,114

Trading Companies & Distributors – 6.9%

Foundation Building Materials, Inc.⁽¹⁾		149,583		2,894,431

GATX Corp.		42,850		3,550,123

MRC Global, Inc.⁽¹⁾		216,922		2,958,816

Rush Enterprises, Inc., Class A		101,775		4,732,538

Textainer Group Holdings Ltd.⁽¹⁾		204,561		2,190,848

Triton International Ltd.		127,941		5,143,228


				21,469,984

Total Common Stocks (Cost $281,457,252)				305,494,148

	Principal Amount		Value
Short–Term Investment – 1.6%

Repurchase Agreements – 1.6%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $5,069,034, due 1/2/2020⁽²⁾	$	5,069,000		5,069,000

Total Repurchase Agreements (Cost $5,069,000)				5,069,000

Total Investments – 100.0% (Cost $286,526,252)				310,563,148

Liabilities in excess of other assets – (0.0)%				(111,657	)

Total Net Assets – 100.0%			$	310,451,491

⁽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		2.75%		9/15/2021	$	5,035,000	$	5,171,962

Legend:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust


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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND


	Valuation Inputs
Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	305,494,148	$	—	$	—	$	305,494,148
Repurchase Agreements		—		5,069,000		—		5,069,000
Total	$	305,494,148	$	5,069,000	$	—	$	310,563,148


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

FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	310,563,148

Cash		13,681

Dividends/interest receivable		226,475

Reimbursement receivable from adviser		18,608

Prepaid expenses		14,015


Total Assets		310,835,927


Liabilities

Investment advisory fees payable		178,847

Payable for fund shares redeemed		69,887

Distribution fees payable		64,800

Accrued audit fees		22,105

Accrued custodian and accounting fees		9,321

Accrued trustees’ and officers’ fees		2,429

Accrued expenses and other liabilities		37,047


Total Liabilities		384,436


Total Net Assets	$	310,451,491


Net Assets Consist of:

Paid-in capital	$	278,485,629

Distributable earnings		31,965,862


Total Net Assets	$	310,451,491


Investments, at Cost	$	286,526,252


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		27,895,381

Net Asset Value Per Share		$11.13


Statement of Operations For the Period Ended December 31, 2019¹
Investment Income

Dividends	$	932,503

Interest		1,623


Total Investment Income		934,126


Expenses

Investment advisory fees		406,664

Distribution fees		147,329

Professional fees		39,262

Shareholder reports		21,269

Trustees’ and officers’ fees		18,125

Administrative fees		11,865

Custodian and accounting fees		9,321

Transfer agent fees		3,215

Other expenses		6,384


Total Expenses		663,434

Less: Fees waived		(44,610	)


Total Expenses, Net		618,824


Net Investment Income/(Loss)		315,302


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

Net realized gain/(loss) from investments		7,613,408

Net realized gain/(loss) from foreign currency transactions		256

Net change in unrealized appreciation/(depreciation) on investments		24,036,896


Net Gain on Investments and Foreign Currency Transactions		31,650,560


Net Increase in Net Assets Resulting From Operations	$	31,965,862

¹	Commenced operations on October 21, 2019.


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

FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND


Statement of Changes in Net Assets

	For the Period Ended 12/31/19¹

Operations

Net investment income/(loss)	$	315,302

Net realized gain/(loss) from investments and foreign currency transactions		7,613,664

Net change in unrealized appreciation/(depreciation) on investments		24,036,896


Net Increase in Net Assets Resulting from Operations		31,965,862


Capital Share Transactions

Proceeds from sales of shares²		287,630,010

Cost of shares redeemed		(9,144,381	)


Net Increase in Net Assets Resulting from Capital Share Transactions		278,485,629


Net Increase in Net Assets		310,451,491


Net Assets

Beginning of period		—


End of period	$	310,451,491


Other Information:

Shares

Sold		28,762,967

Redeemed		(867,586	)


Net Increase		27,895,381

¹	Commenced operations on October 21, 2019.

²	Includes in-kind subscriptions of $279,131,185. The cost basis of the contributed securities is equal to the market value of the securities on the date of the subscription.


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

This Page Intentionally Left Blank


				11

FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND


Financial Highlights
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain		Total Operations		Net Asset Value, End of Period		Total Return^(2),(3)

Period Ended 12/31/19⁽⁵⁾	$	10.00	$	0.01	$	1.12	$	1.13	$	11.13		11.30%


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

FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND



Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets^(3),(4)		Gross Ratio of Expenses to Average Net Assets⁽³⁾		Net Ratio of Net Investment Income to Average Net Assets^(3),(4)		Gross Ratio of Net Investment Income to Average Net Assets⁽³⁾		Portfolio Turnover Rate⁽³⁾

$	310,451		1.01%		1.09%		0.57%		0.49%		98%

⁽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⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. Certainnon-recurring fees (i.e., audit fees) are not annualized.

⁽⁴⁾	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.

⁽⁵⁾	Commenced operations on October 21, 2019.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen series. Guardian Small Cap Core VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks capital appreciation.

2. Significant Accounting Policies


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

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

•

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

•

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

InvestmentsInvestments 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

DerivativesExchange-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. Certainnon-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 period ended December 31, 2019, the Fund did not hold any derivatives.

b. Securities TransactionsSecurities 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.


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

3. Transactions with Affiliates

a. Investment Advisory Feeand Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.69% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2020 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 1.05% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the period ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $44,610.


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

Trust. Trustees of the Trust who are not interested persons of the Trust, and the Chief Compliance Officer, receive compensation and reimbursement of expenses from the Trust.

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 period ended December 31, 2019, the Fund paid distribution fees in the amount of $147,329 to PAS.

PAS has directed that certain payments under the12b-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 and in-kind transactions) amounted to $288,404,197 and $293,560,406, respectively, for the period ended December 31, 2019. During the period ended December 31, 2019, there were no purchases or sales of U.S. government securities.

of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

6. Temporary Borrowings

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

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 general 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.


18

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian Small Cap Core VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Small Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations, changes in its net assets, and the financial highlights for the period from October 21, 2019 (commencement of operations) through December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


				19

SUPPLEMENTAL INFORMATION(UNAUDITED)

Approval of Investment Advisory andSub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 27-28, 2018 (the “Meeting”), the Board considered and approved the proposed investment management agreement (the “Management Agreement”) between the Trust, on behalf of Guardian Small Cap Core VIP Fund, Guardian Global Utilities VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund, and Guardian U.S. Government Securities VIP Fund (the “New Funds”), and Park Avenue Institutional Advisers LLC (the “Manager”). The Board also considered and approved the proposed sub-advisory agreements (the “Sub-advisory Agreements,” collectively with the Management Agreement, the “Agreements”) between the Manager and ClearBridge Investments LLC and Wellington Management Company LLP (the “Sub-advisers”), investment advisory firms engaged to serve as sub-advisers to Guardian Small Cap Core VIP Fund and Guardian Global Utilities VIP Fund, respectively. The Trustees who are not parties to the Agreements or “interested persons” (as defined in the 1940 Act) of a party to the Agreements (the “Independent Trustees”) unanimously approved the Agreements for an initial term of two years.

Agreements. At a Board meeting held on November 28-29, 2017, the Trustees received presentations from the Manager and each Sub-adviser regarding the services to be rendered to, and the proposed investment strategies for, the New Funds. The Trustees received written responses from the Manager and each Sub-adviser 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 presentations and discussed the New Funds at a special telephonic Board meeting held on February 12, 2018, and the Independent Trustees discussed the New Funds with independent legal counsel in advance of the Meeting. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select the Sub-advisers for approval by the Board and to propose that Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund, and Guardian U.S. Government Securities VIP Fund would be managed directly by the Manager without a sub-adviser.

In reaching its decisions to approve the Agreements, the Board took into account the materials and information described above as well as other materials and information provided to the Board and discussed with and among the Trustees, including information furnished to the Board by the Manager throughout the year regarding other series of the Trust, including series sub-advised by the Sub-advisers. 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 approve the Agreements rather than to be all-inclusive. These broad factors included: (i) the nature, extent and quality of the services to be provided to the New Funds by the Manager and the Sub-advisers; (ii) the investment performance of funds and accounts managed by the Manager and each Sub-adviser with strategies similar to the applicable New Fund; (iii) the fees to be charged and


20

SUPPLEMENTAL INFORMATION(UNAUDITED)

estimated profitability; (iv) the extent to which economies of scale may in the future exist for a New Fund, and the extent to which a New Fund may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Manager or the Sub-advisers (or their respective affiliates) from their relationships with the New Funds.

Nature, Extent and Quality of Services

The Trustees considered information regarding the nature, extent and quality of services to be provided to the New Funds by the Manager. The Trustees also considered, among other things, the terms of the Management Agreement and the range of investment advisory services to be provided by the Manager. In addition, the Trustees reviewed the range of non-investment advisory services to be 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 Trustees considered that Guardian Small Cap Core VIP Fund and Guardian Global Utilities VIP Fund would operate in a “manager-of-managers” structure and reviewed the responsibilities that the Manager would have under this structure, including monitoring and evaluating the performance of the Sub-advisers, monitoring the Sub-advisers for adherence to the stated investment objectives, strategies, policies and restrictions of the Funds and supervising the Sub-advisers with respect to the services that the Sub-advisers would provide under the Sub-advisory Agreements. The Trustees also considered the process used by the Manager, consistent with this structure, to identify and recommend sub-advisers, and its ability to monitor and oversee sub-advisers and recommend replacement sub-advisers, when necessary, and provide other services under the Management Agreement. 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 New Funds may benefit from the Manager’s ability to use similar resources and capabilities of its affiliates in providing services to the New Funds.

considered, among other things, the terms of the Sub-advisory Agreements and the range of investment advisory services to be provided by the Sub-advisers under the oversight of the Manager and the Sub-advisers’ experience with managing other funds that are series of the Trust. In evaluating these investment advisory services, the Trustees considered, among other things, the Sub-advisers’ investment philosophies, styles and/or processes and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Sub-advisers with similar strategies as the applicable New Fund, including performance and portfolio characteristics, when available. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for these New Funds and the capabilities, resources and reputations of the Sub-advisers.

The Trustees considered that Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund and Guardian U.S. Government Securities VIP Fund would be managed without a sub-adviser by the Manager. In evaluating the investment advisory services to be provided by the Manager with respect to these New Funds, the Trustees considered, among other things, the Manager’s investment philosophies, styles and/or processes and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by the Manager or its affiliates with similar strategies as the applicable New Fund, including performance and portfolio characteristics, when available, as well as the Manager’s experience investing in asset classes that would comprise the investment portfolios of these New Funds. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for these New Funds and the capabilities, resources and reputations of the Manager and its affiliates.

Investment Performance

The New Funds had not commenced operations prior to the Meeting. Accordingly, the New Funds did not yet


				21

SUPPLEMENTAL INFORMATION(UNAUDITED)

have an investment performance record. The Board considered historical performance information with respect to funds or accounts managed by the Manager and Sub-advisers (or their affiliates) with similar investment strategies as the New Funds, and comparisons to relevant benchmarks and peer groups, when available. The Trustees concluded that the historical performance records available, viewed together with the other relevant factors and information considered by the Trustees, supported a decision to approve each Agreement. The Trustees also concluded that it was appropriate to revisit the New Funds’ investment performance in connection with future reviews of the Agreements.

Costs and Profitability

The Trustees considered the proposed sub-advisory fees to be paid under the Sub-advisory Agreements and evaluated the reasonableness of those fees. The Trustees also considered that the fees to be paid to the Sub-advisers would be paid by the Manager and not the New Funds and that the Manager had negotiated the fees with the Sub-advisers at arm’s-length. In addition, the Trustees considered the portion of the management fees proposed to be paid to each Sub-adviser as compared to the portion proposed to be retained by the Manager.

The Trustees reviewed information regarding the Manager’s projected costs of sponsoring the New Funds and projected profitability of the New Funds to the Manager based on the anticipated assets and expenses of the New Funds. The Trustees noted that the information, including with respect to revenues and expenses, contained estimates because the New Funds had not yet commenced operations at the time of the Meeting. The Trustees did not consider any projected profitability information from the Sub-advisers because the Manager would be responsible for payment of the sub-advisory fees and had negotiated the fees with the Sub-advisers at arm’s-length.

Based on the consideration of the information and factors summarized above, as well as other information and factors deemed relevant by the Trustees, the Trustees concluded that the proposed management and sub-advisory fees were reasonable in light of the nature, extent and quality of services expected to be rendered to the New Funds by the Manager and the Sub-advisers. The Trustees also concluded that the projected profitability of the New Funds to the Manager was acceptable and the Trustees determined it was appropriate to revisit this information in connection with future reviews of the Agreements.

Economies of Scale


22

SUPPLEMENTAL INFORMATION(UNAUDITED)

earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on anticipated asset levels.

Ancillary Benefits

The Trustees 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 New Funds. The Trustees acknowledged that the New Funds were designed to serve as investment options under variable contracts issued by an affiliate 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 an insurance company affiliated with the Manager would be entitled to receive fees from the New Funds under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act. The Trustees considered the benefits to the Manager from increased assets under management. The Trustees considered that the Manager and its affiliates may benefit from (i) greater efficiencies in annuity administration and operations and potential cost

savings due to a reduction in the number of unaffiliated funds available as annuity contract investment options, and (ii) increased dividends-received deductions due to the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other than sub-advisory fees, that the Sub-advisers and their affiliates may receive because of their relationships with the New Funds, including the potential increased ability to use soft dollars consistent with Trust policies and other benefits from increases in assets under management. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to the Sub-advisers and their affiliates are consistent with those expected for a sub-adviser to a mutual fund such as the applicable New Fund.

Conclusion


				23

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013-2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013-2015); Senior Vice President, Prudential Annuities (2008-2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry),(2012-2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009-2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009-2011); Deputy Global General Counsel, Barclays Global Investors (2006-2009); Managing Director, Barclays Global Investors (1998-2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009-2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010-2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007-2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company(2000-2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


24

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.


				25

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Position(s) Held and Length of Service*	Principal Occupation(s) During Past Five Years

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


26

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures


				27

LOGO

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

PUB10526

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian Global Utilities VIP Fund

Important Notice

LOGO


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

TABLE OF CONTENTS

Guardian Global Utilities VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			8

Statement of Operations			8

Statement of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Report of Independent Registered Public Accounting Firm			17

Supplemental Information

Approval of Investment Advisory andSub-advisory Agreements			18

Trustees and Officers Information Table			22

Portfolio Holdings and Proxy Voting Procedures			24

GUARDIAN GLOBAL UTILITIES VIP FUND

FUND COMMENTARY OF WELLINGTON MANAGEMENT COMPANY LLP,SUB-ADVISER (unaudited)

Highlights

•

Guardian Global Utilities VIP Fund (the “Fund”) returned 2.70% for the period between its inception on October 21, 2019 and December 31, 2019, outperforming its benchmark, the MSCI^® ACWI Utilities Index¹ (the “Index”). The Fund’s relative outperformance was driven by strong security selection in the renewable electricity, multi-utilities and independent power producers’sub-industries.

•

The Index returned 2.49% for the period. Within the Index, the water utilities and renewable electricitysub-industries had the strongest absolute performance with only the gas utilitiessub-industry posting negative returns during the period.

Market Overview

Global equities (+9.1%) rose for the fourth straight quarter, closing out 2019 with a gain of 27.3% as measured by the MSCI^® All Country World Index.² Waning recession fears and forecasts for improving global growth in 2020 helped to bolster risk sentiment, while geopolitics and trade disputes continued to be major drivers of market volatility. The United States (U.S.) canceled tariffs that were scheduled to take effect on December 15th in an effort to secure a Phase 1 trade deal with China. U.S. President Donald Trump subsequently announced that the first phase of a trade agreement would be signed on January 15, 2020, providing significant relief to global markets. United Kingdom (UK) equities surged after the Conservative Party’s victory in the general election lifted the uncertainty about the country’s departure from the European Union (EU) and eliminated concerns about the Labor Party’s plans to nationalize large swaths of the nation’s economy. During the period, Hong Kong was mired in its worst recession since 2008, as escalating protests caused a sharp deterioration in private sector activity.

Portfolio Review

Stock selection was the primary driver of relative outperformance during the period. Strong selections in the independent power producers and energy traders,

renewable electricity, and multi-utilitiessub-industries were only partially offset by weaker selections in electric utilities and gas utilities. Sector allocation, a fall out of the Fund’sbottom-up stock selection process, marginally detracted from relative results. An overweight allocation to the renewable electricitysub-industry contributed positively to relative performance during the period. However, this positive contribution was offset by negative results from an overweight to the independent power producers and energy traderssub-industry and underweight to the water utilities and gas utilitiessub-industries. During the period there were no derivatives used in the portfolio.

Outlook

As we look into 2020, trade negotiations between the U.S. and China will remain vitally important to markets. Hopefully a satisfactory agreement will be reached, but some supply chain disruption and temporary pauses in capital investment may still occur. Brexit hasre-emerged as another near-term uncertainty that the team will be monitoring. On the flip side, the strong employment situation bodes well for the consumer and so far, the U.S. government shutdown has had little economic impact.

The U.S. economy remains healthy, though leading indicators are suggesting some moderation in growth later in 2020. The team continues to expect growth within the U.S. utility sector, especially within renewables and electrics where the team has seen companies building out wind and solar capabilities, as well as transforming the electric grid. In Europe, the team feels that valuations generally look more attractive and are well positioned to participate if general economic growth returns. Additionally, the team believes that emerging markets will offer the best combination of attractive valuations and strong growth in 2020.

The MSCI^® ACWI Utilities Index measures the performance of large- andmid-cap global equities across 23 developed and 26 emerging markets that are classified as falling within the utilities sector as per the Global Industry Classification Standard (GICS). Index results assume the reinvestment of dividends paid on the stocks constituting the Index. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.


				1

GUARDIAN GLOBAL UTILITIES VIP FUND

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. The Fund invests primarily in equity securities and therefore exposes you to the general risks of investing in stock markets. Securities of utilities companies may be significantly affected by government regulation or deregulation, interest rate changes, financing difficulties or costs and legal challenges, manmade or natural disasters, and supply and demand fluctuations. Other factors may adversely affect the value of these securities, including market competitiveness, technological developments, natural resources conservation, and changes in commodity prices. The value of these securities may be particularly volatile. The Fund’s performance will be closely tied to the performance of utilities companies and, thus, can be more volatile than the performance of a more broadly invested fund. International investing involves special risks, which include changes in currency rates, foreign taxation and differences in auditing standards and securities regulations, political uncertainty and greater volatility. Foreign securities are subject to political, regulatory, economic, and exchange-rate risks not present in domestic investments. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


2

GUARDIAN GLOBAL UTILITIES VIP FUND

Fund Characteristics (unaudited)


Total Net Assets: $85,307,133

Geographic Region Allocation¹

As of December 31, 2019



Top Ten Holdings¹ As of December 31, 2019

Holding	Country	% of Total Net Assets
Duke Energy Corp.	United States		8.19%
Iberdrola S.A.	Spain		6.30%
China Longyuan Power Group Corp. Ltd., Class H	China		5.13%
National Grid PLC	United Kingdom		4.93%
Edison International	United States		4.90%
Enel S.p.A.	Italy		4.89%
Exelon Corp.	United States		4.84%
NRG Energy, Inc.	United States		4.65%
Engie S.A.	France		4.63%
NextEra Energy, Inc.	United States		4.60%
Total			53.06%

1	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities.


				3

GUARDIAN GLOBAL UTILITIES VIP FUND

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception*
Guardian Global Utilities VIP Fund		10/21/2019		—		—		—		2.70%
MSCI ACWI Utilities Index				—		—		—		2.49%

*	Since inception returns are not annualized and represent cumulative total returns.

Performance quoted represents past performance and does not guarantee or predict future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. The Fund’s fees and expenses are detailed in the Financial Highlights section of this report. Fees and expenses are factored into the net asset value of Fund shares and any performance numbers we release. Total return figures include the effect of expense limitations in effect during the periods shown, if applicable; without such limitations, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains. The return figures shown do not reflect the deduction of taxes that a contract owner/policyholder may pay on redemption units. The actual total returns for owners of variable annuity contracts or variable life insurance policies that provide for investment in the Fund will be lower to reflect separate account and contract/policy charges. Current andmonth-end performance information, which may be lower or higher than that cited, is available by1-888-GUARDIAN(1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.


4

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return*	$1,000.00		$1,027.00		$2.06		1.03%
Based on Hypothetical Return (5% Return Before Expenses)**	$1,000.00		$1,020.01		$5.24		1.03%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 72/365 (to reflect the period from October 21, 2019 (commencement of operations) through December 31, 2019).

**	Expenses (hypothetical expenses if the Fund had been in existence from 7/1/2019) are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND


December 31, 2019	Shares		Value
Common Stocks – 98.5%

Bermuda – 4.6%

CK Infrastructure Holdings Ltd.		548,500	$	3,911,775


				3,911,775

Brazil – 2.4%

Cia de Saneamento do Parana		81,800		2,064,653


				2,064,653

Cayman Islands – 2.4%

ENN Energy Holdings Ltd.		186,900		2,043,501


				2,043,501

China – 5.1%

China Longyuan Power Group Corp. Ltd., Class H		6,910,000		4,374,758


				4,374,758

France – 4.6%

Engie S.A.		244,521		3,951,457


				3,951,457

Germany – 2.6%

E.ON SE		204,270		2,184,644


				2,184,644

Italy – 7.1%

Enel S.p.A.		525,083		4,177,248

Italgas S.p.A.		306,045		1,871,862


				6,049,110

Japan – 3.3%

The Kansai Electric Power Co., Inc.		146,400		1,692,889

Tokyo Gas Co. Ltd.		44,100		1,069,926


				2,762,815

Spain – 6.3%

Iberdrola S.A.		521,623		5,372,216


				5,372,216

United Kingdom – 4.9%

National Grid PLC		334,932		4,209,068


				4,209,068

United States – 55.2%

AES Corp.		171,067		3,404,233

Avangrid, Inc.		26,374		1,349,294

Black Hills Corp.		30,765		2,416,283

Duke Energy Corp.		76,591		6,985,865

Edison International		55,459		4,182,163

Eversource Energy		40,421		3,438,615

Exelon Corp.		90,515		4,126,579

FirstEnergy Corp.		34,727		1,687,732

NextEra Energy, Inc.		16,200		3,922,992

NRG Energy, Inc.		99,755		3,965,261

PPL Corp.		56,399		2,023,596

Sempra Energy		23,980		3,632,491

UGI Corp.		58,707		2,651,208


December 31, 2019	Shares		Value

United States(continued)

Xcel Energy, Inc.		51,624	$	3,277,608


				47,063,920

Total Common Stocks (Cost $82,045,487)				83,987,917

	Principal Amount		Value
Short–Term Investment – 1.4%
Repurchase Agreements – 1.4%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $1,221,008, due 1/2/2020⁽¹⁾	$	1,221,000		1,221,000

Total Repurchase Agreements (Cost $1,221,000)				1,221,000

Total Investments – 99.9% (Cost $83,266,487)				85,208,917

Assets in excess of other liabilities – 0.1%				98,216

Total Net Assets – 100.0%			$	85,307,133

⁽¹⁾	The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		2.75%		9/15/2021	$	1,215,000	$	1,248,050


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

SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND


	Valuation Inputs
Investments in Securities	Level 1		Level 2			Level 3		Total
Common Stocks
Bermuda	$	—	$	3,911,775	*	$	—	$	3,911,775
Brazil		—		2,064,653	*		—		2,064,653
Cayman Islands		—		2,043,501	*		—		2,043,501
China		—		4,374,758	*		—		4,374,758
France		—		3,951,457	*		—		3,951,457
Germany		—		2,184,644	*		—		2,184,644
Italy		—		6,049,110	*		—		6,049,110
Japan		—		2,762,815	*		—		2,762,815
Spain		—		5,372,216	*		—		5,372,216
United Kingdom		—		4,209,068	*		—		4,209,068
United States		47,063,920		—			—		47,063,920
Repurchase Agreements		—		1,221,000			—		1,221,000
Total	$	47,063,920	$	38,144,997		$	—	$	85,208,917

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


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

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	85,208,917

Cash		214

Dividends/interest receivable		212,172

Reimbursement receivable from adviser		34,362

Prepaid expenses		3,939


Total Assets		85,459,604


Liabilities

Investment advisory fees payable		52,159

Accrued audit fees		23,684

Distribution fees payable		17,863

Accrued custodian and accounting fees		16,491

Payable for fund shares redeemed		13,706

Accrued administrative fees		11,865

Accrued shareholder reports fees		10,008

Accrued trustees’ and officers’ fees		1,156

Accrued expenses and other liabilities		5,539


Total Liabilities		152,471


Total Net Assets	$	85,307,133


Net Assets Consist of:

Paid-in capital	$	83,102,420

Distributable earnings		2,204,713


Total Net Assets	$	85,307,133


Investments, at Cost	$	83,266,487


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		8,309,512

Net Asset Value Per Share		$10.27


Statement of Operations For the Period Ended December 31, 2019¹
Investment Income

Dividends	$	407,227

Interest		883


Total Investment Income		408,110


Expenses

Investment advisory fees		121,535

Distribution fees		41,621

Professional fees		33,492

Custodian and accounting fees		16,491

Shareholder reports		15,571

Administrative fees		11,865

Trustees’ and officers’ fees		5,620

Transfer agent fees		3,089

Other expenses		1,979


Total Expenses		251,263

Less: Fees waived		(79,782	)


Total Expenses, Net		171,481


Net Investment Income/(Loss)		236,629


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

Net realized gain/(loss) from investments		88,562

Net realized gain/(loss) from foreign currency transactions		(64,919	)

Net change in unrealized appreciation/(depreciation) on investments		1,942,430

Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		2,011


Net Gain on Investments and Foreign Currency Transactions		1,968,084


Net Increase in Net Assets Resulting From Operations	$	2,204,713

¹	Commenced operations on October 21, 2019.


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

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND


Statement of Changes in Net Assets

	For the Period Ended 12/31/19¹

Operations

Net investment income/(loss)	$	236,629

Net realized gain/(loss) from investments and foreign currency transactions		23,643

Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		1,944,441


Net Increase in Net Assets Resulting from Operations		2,204,713


Capital Share Transactions

Proceeds from sales of shares²		87,564,831

Cost of shares redeemed		(4,462,411	)


Net Increase in Net Assets Resulting from Capital Share Transactions		83,102,420


Net Increase in Net Assets		85,307,133


Net Assets

Beginning of period		—


End of period	$	85,307,133


Other Information:

Shares

Sold		8,756,559

Redeemed		(447,047	)


Net Increase		8,309,512

¹	Commenced operations on October 21, 2019.

²	Includes in-kind subscriptions of $52,388,634. 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.				9

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND


Financial Highlights
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain		Total Operations		Net Asset Value, End of Period		Total Return^(2),(3)

Period Ended 12/31/19⁽⁵⁾	$	10.00	$	0.03	$	0.24	$	0.27	$	10.27		2.70%


10				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),(4)		Gross Ratio of Expenses to Average Net Assets⁽³⁾		Net Ratio of Net Investment Income to Average Net Assets^(3),(4)		Gross Ratio of Net Investment Income to Average Net Assets⁽³⁾		Portfolio Turnover Rate⁽³⁾

$	85,307		0.89%		1.37%		1.56%		1.08%		50%

⁽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⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. Certainnon-recurring fees (i.e., audit fees) are not annualized.

⁽⁴⁾	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.

⁽⁵⁾	Commenced operations on October 21, 2019.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen 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


12

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)

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. Certainnon-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 period ended December 31, 2019, the Fund did not hold any derivatives.


				13

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense LimitationUnder the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.73% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2020 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 1.03% 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, 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 period ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $79,782.


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP 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 period ended December 31, 2019, the Fund paid distribution fees in the amount of $41,621 to PAS.

PAS has directed that certain payments under the12b-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 and in-kind transactions) amounted to $71,927,238 and $42,280,196, respectively, for the period ended December 31, 2019. During the period ended December 31, 2019, there were no purchases or sales of U.S. government securities.

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a $10 million committed revolving credit facility from State Street Bank and Trust Company for


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is calculated based on the higher of the dailyone-month LIBOR rate and the Federal Funds rate plus 1.25% at the time of borrowing. 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 9, 2020. The Fund did not utilize the credit facility during the period ended December 31, 2019.

7. Indemnifications


16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of Guardian Global Utilities VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Global Utilities VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations, changes in its net assets, and the financial highlights for the period from October 21, 2019 (commencement of operations) through December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trustsince 2016.


				17

SUPPLEMENTAL INFORMATION(UNAUDITED)

Approval of Investment Advisory andSub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 27-28, 2018 (the “Meeting”), the Board considered and approved the proposed investment management agreement (the “Management Agreement”) between the Trust, on behalf of Guardian Small Cap Core VIP Fund, Guardian Global Utilities VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund, and Guardian U.S. Government Securities VIP Fund (the “New Funds”), and Park Avenue Institutional Advisers LLC (the “Manager”). The Board also considered and approved the proposedsub-advisory agreements (the“Sub-advisory Agreements,” collectively with the Management Agreement, the “Agreements”) between the Manager and ClearBridge Investments LLC and Wellington Management Company LLP (the“Sub-advisers”), investment advisory firms engaged to serve assub-advisers to Guardian Small Cap Core VIP Fund and Guardian Global Utilities VIP Fund, respectively. The Trustees who are not parties to the Agreements or “interested persons” (as defined in the 1940 Act) of a party to the Agreements (the “Independent Trustees”) unanimously approved the Agreements for an initial term of two years.

meeting held on November 28-29, 2017, the Trustees received presentations from the Manager and eachSub-adviser regarding the services to be rendered to, and the proposed investment strategies for, the New Funds. The Trustees received written responses from the Manager and eachSub-adviser 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 presentations and discussed the New Funds at a special telephonic Board meeting held on February 12, 2018, and the Independent Trustees discussed the New Funds with independent legal counsel in advance of the Meeting. The Trustees also received materials and information regarding the legal standards applicable to their consideration of the Agreements and the process and criteria used by the Manager to identify and select theSub-advisers for approval by the Board and to propose that Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund, and Guardian U.S. Government Securities VIP Fund would be managed directly by the Manager without asub-adviser.


18

SUPPLEMENTAL INFORMATION(UNAUDITED)

economies of scale may in the future exist for a New Fund, and the extent to which a New Fund may benefit from future economies of scale; and (v) any other benefits anticipated to be derived by the Manager or theSub-advisers (or their respective affiliates) from their relationships with the New Funds.

Nature, Extent and Quality of Services

Investment Performance

The New Funds had not commenced operations prior to the Meeting. Accordingly, the New Funds did not yet


				19

SUPPLEMENTAL INFORMATION(UNAUDITED)

Costs and Profitability

Economies of Scale


20

SUPPLEMENTAL INFORMATION(UNAUDITED)

earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on anticipated asset levels.

Ancillary Benefits

Conclusion


				21

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


22

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


				23

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. The Fund’sForm N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s FormN-PORT information is also available, without charge, upon request, by calling toll-free1-888-GUARDIAN(1-888-482-7342) or by visiting our website at http://guardianvpt.onlineprospectus.net/
GuardianVPT/Prospectuses.


24

LOGO

The Guardian Life Insurance Company of America New York, NY10001-2159

PUB10537

Guardian Variable

Products Trust

2019

Annual Report

All Data as of December 31, 2019

Guardian U.S. Government Securities VIP Fund

Important Notice

LOGO


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

TABLE OF CONTENTS

Guardian U.S. Government Securities VIP Fund



Fund Commentary			1

Fund Characteristics			3

Fund Performance			4

Understanding Your Fund’s Expenses			5

Financial Information

Schedule of Investments			6

Statement of Assets and Liabilities			9

Statement of Operations			9

Statement of Changes in Net Assets			10

Financial Highlights			12

Notes to Financial Statements			14

Report of Independent Registered Public Accounting Firm			20

Supplemental Information

Approval of Investment Advisory andSub-advisory Agreements			21

Trustees and Officers Information Table			25

Portfolio Holdings and Proxy Voting Procedures			27

GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, INVESTMENT ADVISER (unaudited)

Highlights

•

Guardian U.S. Government Securities VIP Fund (the “Fund”) returned 0.00%, outperforming its benchmark, the Bloomberg Barclays U.S. Intermediate Government Bond Index¹(the “Index”), for the period between its inception on October 21, 2019 and December 31, 2019. The Index returned-0.05% for the period.

•

The Fund’s outperformance relative to the Index was primarily due to its duration, which was longer than the Index’s, and its allocation to agency residential mortgage-backed securities (“RMBS”).

Market Overview

While these concerns caused bursts of anxiety, investors mostly took comfort from central bank support, steady (if lackluster) economic growth, extremely low unemployment, and strong consumer spending. Extraordinary amounts of capital flowed into government bond markets, driving the global amount of negative-yielding debt to a peak of $17 trillion in May, and creating demand for assets in any sector that offered positive nominal yields.

The Standard & Poor’s 500^® Index² returned 31.49% for the year. In fixed income, the U.S.10-year Treasury returned 8.9%.

Despite the inversion of the U.S. Treasury yield curve, which has since resolved, most economists are not forecasting a recession within the year given the very low unemployment rate and generally positive, if diminished, economic momentum. The Fed is estimating 2020 economic growth at or slightly below 2.0% and inflation slightly below its 2.0% target. Unemployment, most recently at 3.5%, is expected to remain below 4.0%.

Portfolio Review

In a period when longer-maturity securities outperformed, the Fund benefitted from having a duration longer than the Index. The Fund’s heavily overweight allocation tonon-Treasury sectors, particularly RMBS, also had a strongly positive impact on relative performance. Exposures to collateralized loan obligations and asset-backed securities contributed to relative performance as well.

The Fund’s allocation to agency andnon-agency commercial mortgage-backed securities detracted from relative performance, as did a modest allocation to investment grade corporate bonds.

Outlook

We believe that while the Fed’s renewed focus on supporting economic growth may bear fruit slowly for the U.S. economy, it had a meaningful impact on securities markets throughout 2019. For the time being, investors appear wary but reassured that they will be

The Bloomberg Barclays U.S. Intermediate Government Bond Index (the “Index”) measures the performance of U.S. Dollar denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.


				1

GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

somewhat protected by accommodative monetary policy, which helps soothe credit market volatility. We believe that much will continue to depend on whether investors view the Fed and its peers as both committed to supporting growth and capable of doing so. However, risks appear to be growing as the current expansion, already the longest ever, continues to age. We would

note that a market leaning too heavily on central bank support could be fragile if the Fed proves unwilling or unable to prevent a downturn. We continue to view global growth concerns, domestic politics, trade tensions, and energy prices as key potential catalysts for shifts in risk.

As with all mutual funds, the value of an investment in the Fund could decline, and you could lose money. Diversification does not guarantee profit or protect against loss, and there can be no assurance that the Fund will achieve its investment objective. Bond funds are subject to interest rate risk, credit risk, and prepayment risk. When interest rates rise, bond prices generally fall, and when interest rates fall, bond prices generally rise. In a lower interest rate environment, the risk that bond prices may fall when interest rates rise is potentially greater. U.S. government securities may or may not be backed by the full faith and credit of the U.S. government and are subject to the risks associated with fixed income investments, particularly interest rate risk and credit risk. The Fund is subject to the risk that the U.S. government will not make timely payments on its debt or provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if those entities are not able to meet their financial obligations. Derivative transactions can create leverage and may be highly volatile. It is possible that a derivative transaction will result in a loss greater than the principal amount invested and the Fund may not be able to close out a derivative transaction at a favorable time or price. The value of a debt security is affected by changes in interest rates and is subject to any credit risk of the issuer or guarantor of the security. Investing in a more limited number of issuers and sectors can be subject to greater market fluctuation. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. Fund holdings will vary.


2

GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

Fund Characteristics (unaudited)


Total Net Assets: $270,003,319

Bond Sector Allocation¹

As of December 31, 2019

Bond Quality Allocation²

As of December 31, 2019


				3

GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND



Top Ten Holdings¹ As of December 31, 2019

Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Note		1.500%		9/30/2024		22.88%
U.S. Treasury Note		1.500%		9/30/2021		7.62%
Federal Home Loan Bank		2.375%		9/10/2021		5.81%
Federal National Mortgage Association		3.500%		7/1/2049		4.69%
Freddie Mac Multifamily Structured Pass-Through Certificates		2.745%		1/25/2026		3.24%
Federal National Mortgage Association		3.500%		3/1/2034		3.20%
Federal National Mortgage Association		3.000%		9/1/2049		3.16%
Federal National Mortgage Association		3.500%		10/1/2049		2.62%
CGRBS Commercial Mortgage Trust		3.584%		3/13/2035		2.51%
Federal National Mortgage Association		4.000%		5/1/2049		2.38%
Total						58.11%

1	Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell individual securities. Cash includes short-term investments and net other assets and liabilities.

The Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies’ independent ratings of individual securities are aggregated by Barclays, and market weights are reported using Standard & Poor’s letter rating conventions. Rating methodology uses the middle rating of Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services, and Fitch Ratings. When a rating from only two of the rating agencies is available, the lower rating is used. Credit quality ratings assigned by a rating agency are subject to change periodically and are not absolute standards of credit quality. Rating agencies may fail to make timely changes in credit ratings, and an issuer’s current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the Fund, Park Avenue Institutional Advisers LLC develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agency ratings.

Fund Performance (unaudited)



Average Annual Total Returns As of December 31, 2019

	Inception Date		1 Year		5 Year		10 Year		Since Inception*
Guardian U.S. Government Securities VIP Fund		10/21/2019		—		—		—		0.00%
Bloomberg Barclays U.S. Intermediate Government Bond Index				—		—		—		-0.05%

*	Since inception returns are not annualized and represent cumulative total returns.


4

UNDERSTANDING YOUR FUND’S EXPENSES(UNAUDITED)

By investing in the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including, as applicable, investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. The example below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Expenses based on actual return

Expenses based on hypothetical 5% return for comparison purposes



	Beginning Account Value 7/1/19	Ending Account Value 12/31/19		Expenses Paid During Period 7/1/19-12/31/19		Expense Ratio During Period 7/1/19-12/31/19
Based on Actual Return*	$ 1,000.00		$1,000.00		$1.48		0.75%
Based on Hypothetical Return (5% Return Before Expenses)**	$ 1,000.00		$1,021.43		$3.82		0.75%

*	Expenses are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 72/365 (to reflect the period from October 21, 2019 (commencement of operations) through December 31, 2019).

**	Expenses (hypothetical expenses if the Fund had been in existence from 7/1/2019) are equal to the Fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period).


				5

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND


December 31, 2019	Principal Amount		Value
Agency Mortgage–Backed Securities – 40.2%

Fannie Mae ACES 2015-M17 A2 3.031% due 11/25/2025⁽¹⁾⁽²⁾	$	3,300,000	$	3,404,778

Federal National Mortgage Association 3.00% due 9/1/2049		8,399,214		8,521,575
3.00% due 10/1/2049		2,963,098		3,006,460
3.00% due 11/1/2049		5,958,620		6,044,840
3.50% due 3/1/2034		8,346,840		8,645,833
3.50% due 7/1/2049		12,311,647		12,653,933
3.50% due 8/1/2049		5,723,908		5,885,851
3.50% due 10/1/2049		6,883,553		7,084,629
4.00% due 12/1/2048		4,955,004		5,154,880
4.00% due 5/1/2049		6,192,188		6,434,348

Freddie Mac Multifamily Structured Pass-Through Certificates K026 A2 2.51% due 11/25/2022		2,865,000		2,904,683
K030 A2 3.25% due 4/25/2023⁽¹⁾⁽²⁾		5,000,000		5,178,369
K032 A2 3.31% due 5/25/2023⁽¹⁾⁽²⁾		2,490,000		2,590,224
K035 A2 3.458% due 8/25/2023⁽¹⁾⁽²⁾		4,000,000		4,187,702
K054 A2 2.745% due 1/25/2026		8,500,000		8,750,826
K058 A2 2.653% due 8/25/2026		1,500,000		1,537,001
K064 A2 3.224% due 3/25/2027		5,500,000		5,820,704
K066 A2 3.117% due 6/25/2027		6,000,000		6,311,964
K073 A2 3.35% due 1/25/2028		4,277,000		4,566,443


Total Agency Mortgage–Backed Securities(Cost $108,814,702)				108,685,043
Asset–Backed Securities – 9.3%

Ally Master Owner Trust 2017-3 A2 2.04% due 6/15/2022		740,000		739,882

American Express Credit Account Master Trust 2019-1 A 2.87% due 10/15/2024		2,600,000		2,656,478

AmeriCredit Automobile Receivables Trust 2017-1 C 2.71% due 8/18/2022		1,250,000		1,257,551

BA Credit Card Trust 2018-A1 A1 2.70% due 7/17/2023		2,500,000		2,524,633

BlueMountain CLO Ltd. 2014-2A BR2 3.716% (LIBOR 3 Month + 1.75%) due 10/20/2030⁽¹⁾⁽³⁾		600,000		597,155


December 31, 2019	Principal Amount		Value
Asset–Backed Securities(conitinued)

BMW Vehicle Lease Trust 2018-1 A4 3.36% due 3/21/2022	$	1,625,000	$	1,648,674

CarMax Auto Owner Trust 2016-3 A4 1.60% due 1/18/2022		1,250,000		1,247,118

Chase Issuance Trust 2012-A7 A7 2.16% due 9/15/2024		1,170,000		1,178,053

Citibank Credit Card Issuance Trust 2014-A1 A1 2.88% due 1/23/2023		2,050,000		2,070,969

CNH Equipment Trust 2017-B A4 2.17% due 4/17/2023		1,000,000		1,001,699

Discover Card Execution Note Trust 2015-A4 A4 2.19% due 4/17/2023		1,000,000		1,002,781

Ford Credit Auto Owner Trust 2016-2 A 2.03% due 12/15/2027⁽³⁾		700,000		700,113

GM Financial Automobile Leasing Trust 2019-1 A3 2.98% due 12/20/2021		621,000		626,477

GM Financial Consumer Automobile 2017-1A A4 2.06% due 5/16/2023⁽³⁾		2,100,000		2,101,228

Hyundai Auto Receivables Trust 2019-A A3 2.66% due 6/15/2023		1,152,000		1,164,374

Toyota Auto Receivables Owner Trust 2018-A A3 2.35% due 5/16/2022		1,300,388		1,303,788

Verizon Owner Trust 2019-A A1A 2.93% due 9/20/2023		1,345,000		1,366,994

Volkswagen Auto Loan Enhanced Trust 2018-1 A4 3.15% due 7/22/2024		700,000		715,382

Voya CLO Ltd. 2016-3A A3R 3.753% (LIBOR 3 Month + 1.75%) due 10/18/2031⁽¹⁾⁽³⁾		1,200,000		1,195,128


Total Asset–Backed Securities (Cost $25,077,825)				25,098,477
Non–Agency Mortgage–Backed Securities – 12.2%

Aventura Mall Trust 2013-AVM A 3.743% due 12/5/2032^(1)(2)(3)		1,240,000		1,248,696
2013-AVM B 3.743% due 12/5/2032^(1)(2)(3)		2,610,000		2,627,636


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

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND


December 31, 2019	Principal Amount		Value
Non–Agency Mortgage–Backed Securities(conitinued)

BAMLL Commercial Mortgage Securities Trust 2015-200P A 3.218% due 4/14/2033⁽³⁾	$	1,450,000	$	1,503,423

CGRBS Commercial Mortgage Trust 2013-VN05 A 3.369% due 3/13/2035⁽³⁾		2,000,000		2,067,103
2013-VN05 B 3.584% due 3/13/2035^(1)(2)(3)		6,500,000		6,770,010

Commercial Mortgage Trust 2013-WWP B 3.726% due 3/10/2031⁽³⁾		3,075,000		3,219,496
2013-WWP D 3.898% due 3/10/2031⁽³⁾		1,397,000		1,468,643

Four Times Square Trust Commercial MortgagePass-Through Certificates 2006-4TS C 5.452% due 12/13/2028⁽³⁾		2,500,000		2,557,788

GS Mortgage Securities Trust 2013-GC16 A4 4.271% due 11/10/2046		1,410,000		1,503,386

Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5 AS 3.792% due 8/15/2045		1,000,000		1,032,616
2013-C9 A4 3.102% due 5/15/2046		791,000		810,613

OBP Depositor LLC Trust 2010-OBP A 4.646% due 7/15/2045⁽³⁾		5,035,000		5,030,766

Vornado DP LLC Trust 2010-VNO C 5.28% due 9/13/2028⁽³⁾		1,890,000		1,901,376

WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		1,000,000		1,065,532


Total Non–Agency Mortgage–Backed Securities (Cost $32,932,460)				32,807,084
U.S. Government Agencies – 5.8%

Federal Home Loan Bank 2.375% due 9/10/2021		15,500,000		15,700,768


Total U.S. Government Agencies (Cost $15,685,399)				15,700,768


December 31, 2019	Principal Amount		Value
U.S. Government Securities – 31.4%

U.S. Treasury Note 1.375% due 10/15/2022	$	2,500,000	$	2,484,765
1.50% due 9/30/2021		20,600,000		20,568,617
1.50% due 9/30/2024		62,300,000		61,781,645


Total U.S. Government Securities (Cost $85,075,082)				84,835,027
Short–Term Investment – 0.7%
Repurchase Agreements – 0.7%

Fixed Income Clearing Corp., 0.12%, dated 12/31/2019, proceeds at maturity value of $1,909,013, due 1/2/2020⁽⁴⁾		1,909,000		1,909,000


Total Repurchase Agreements (Cost $1,909,000)				1,909,000

Total Investments⁽⁵⁾ – 99.6% (Cost $269,494,468)				269,035,399

Assets in excess of other liabilities⁽⁶⁾ – 0.4%				967,920

Total Net Assets – 100.0%			$	270,003,319

⁽¹⁾	Variable rate securities, which may includestep-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2019.

⁽²⁾	Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽³⁾

Securities that may be resold in transactions, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2019, the aggregate market value of these securities amounted to $32,988,561, representing 12.2% 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.

⁽⁴⁾ The table below presents collateral for repurchase agreements.


Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Note		2.75%		9/15/2021	$	1,900,000	$	1,951,684

⁽⁵⁾	Securities are segregated to cover anticipated or existing derivative positions or to be announced securities (TBA).

⁽⁶⁾	Assets in excess of other liabilities include net unrealized depreciation on futures contracts as follows:

Open futures contracts at December 31, 2019:


Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Depreciation
U.S.2-Year Treasury Note		March 2020		73		Long	$	15,754,571	$	15,731,500	$	(23,071	)
U.S. Ultra10-Year Treasury Note		March 2020		175		Long		24,925,725		24,623,046		(302,679	)
Total							$	40,680,296	$	40,354,546	$	(325,750	)

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation
U.S. Long Bond		March 2020		5		Short	$	(797,559)	$	(779,531)	$	18,028


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

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

Legend:

CLO — Collateralized Loan Obligation

LIBOR — London Interbank Offered Rate


	Valuation Inputs
Investments in Securities	Level 1			Level 2		Level 3		Total
Agency Mortgage–Backed Securities	$	—		$	108,685,043	$	—	$	108,685,043
Asset–Backed Securities		—			25,098,477		—		25,098,477
Non–Agency Mortgage–Backed Securities		—			32,807,084		—		32,807,084
U.S. Government Agencies		—			15,700,768		—		15,700,768
U.S. Government Securities		—			84,835,027		—		84,835,027
Repurchase Agreements		—			1,909,000		—		1,909,000
Total	$	—		$	269,035,399	$	—	$	269,035,399
Other Financial Instruments
Futures Contracts
Assets	$	18,028		$	—	$	—	$	18,028
Liabilities		(325,750	)		—		—		(325,750	)
Total	$	(307,722	)	$	—	$	—	$	(307,722	)


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

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND


Statement of Assets and Liabilities As of December 31, 2019
Assets

Investments, at value	$	269,035,399

Interest receivable		892,549

Cash deposits with brokers for futures contracts		350,889

Reimbursement receivable from adviser		43,562

Receivable for fund shares subscribed		2,857

Prepaid expenses		31,592


Total Assets		270,356,848


Liabilities

Investment advisory fees payable		108,575

Distribution fees payable		57,753

Due to custodian		43,598

Payable for fund shares redeemed		41,575

Accrued audit fees		25,659

Payable for variation margin on futures contracts		22,529

Accrued custodian and accounting fees		13,814

Accrued trustees’ and officers’ fees		3,046

Accrued expenses and other liabilities		36,980


Total Liabilities		353,529


Total Net Assets	$	270,003,319


Net Assets Consist of:

Paid-in capital	$	270,057,668

Distributable loss		(54,349	)


Total Net Assets	$	270,003,319

Investments, at Cost	$	269,494,468


Pricing of Shares

Shares of Beneficial Interest Outstanding with No Par Value		27,004,296

Net Asset Value Per Share		$10.00


Statement of Operations For the Period Ended December 31, 2019¹
Investment Income

Interest	$	1,072,444


Total Investment Income		1,072,444


Expenses

Investment advisory fees		253,244

Distribution fees		134,704

Professional fees		43,465

Shareholder reports		21,051

Trustees’ and officers’ fees		17,647

Custodian and accounting fees		13,814

Administrative fees		11,865

Transfer agent fees		3,214

Other expenses		6,216


Total Expenses		505,220

Less: Fees waived		(101,107	)


Total Expenses, Net		404,113


Net Investment Income/(Loss)		668,331


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

Net realized gain/(loss) from investments		78,462

Net realized gain/(loss) from futures contracts		(34,351	)

Net change in unrealized appreciation/(depreciation) on investments		(459,069	)

Net change in unrealized appreciation/(depreciation) on futures contracts		(307,722	)


Net Loss on Investments and Derivative Contracts		(722,680	)


Net Decrease in Net Assets Resulting From Operations	$	(54,349	)

¹	Commenced operations on October 21, 2019.


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

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND


Statement of Changes in Net Assets

	For the Period Ended 12/31/19¹

Operations

Net investment income/(loss)	$	668,331

Net realized gain/(loss) from investments and derivative contracts		44,111

Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(766,791	)


Net Decrease in Net Assets Resulting from Operations		(54,349	)


Capital Share Transactions

Proceeds from sales of shares		278,197,027

Cost of shares redeemed		(8,139,359	)


Net Increase in Net Assets Resulting from Capital Share Transactions		270,057,668


Net Increase in Net Assets		270,003,319


Net Assets

Beginning of period		—


End of period	$	270,003,319


Other Information:

Shares

Sold		27,818,594

Redeemed		(814,298	)


Net Increase		27,004,296

¹	Commenced operations on October 21, 2019.


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

This Page Intentionally Left Blank


				11

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND


Financial Highlights
	Per Share Operating Performance
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Loss			Total Operations		Net Asset Value, End of Period		Total Return⁽²⁾

Period Ended 12/31/19⁽⁵⁾	$	10.00	$	0.02	$	(0.02	)	$	0.00	$	10.00		0.00%


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

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND



Ratios/Supplemental Data

Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets^(3),(4)		Gross Ratio of Expenses to Average Net Assets⁽³⁾		Net Ratio of Net Investment Income to Average Net Assets^(3),(4)		Gross Ratio of Net Investment Income to Average Net Assets⁽³⁾		Portfolio Turnover Rate⁽³⁾

$	270,003		0.70%		0.89%		1.29%		1.10%		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⁾	Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. Certainnon-recurring fees (i.e., audit fees) are not annualized.

⁽⁴⁾	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.

⁽⁵⁾	Commenced operations on October 21, 2019.


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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

December 31, 2019

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 anopen-end management investment company. The Trust currently has sixteen series. Guardian U.S. Government Securities VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The Fund seeks total return with an emphasis on current income as well as capital appreciation.

2. Significant Accounting Policies


14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

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

•

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

•

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

InvestmentsInvestments 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


				15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

d. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments (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, or (iii) 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 enters into credit default swaps primarily for asset allocation and risk exposure management. There were no credit default swaps held as of December 31, 2019.

e. Options Transactions The Fund can write (sell) put and call options on securities and indexes to earn premiums, for hedging purposes, for risk management purposes or otherwise as part of its investment strategies. In writing options, the Fund is required to deposit with the broker or counterparty, either in cash or securities, an amount equal to a percentage of the face value of the options. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the written option. These liabilities, if any, are reflected as written options, at value, in the Fund’s Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing or selling a security at a price different from its current market value. There were no options transactions as of December 31, 2019.

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


16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.47% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2020 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 0.75% 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 period ended December 31, 2019, Park Avenue waived fees and/or paid Fund expenses in the amount of $101,107.

PAS has directed that certain payments under the12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

5. Investments



	Other Investments		U.S. Government and Agency Obligations
Purchases	$	76,279,703	$	278,490,419
Sales		18,214,890		65,911,756

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


				17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

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.

e. Securities Purchased on a When-Issued or Delayed-Delivery Basis The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

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

and are noted, if any, in the Fund’s Schedule of Investments. As of December 31, 2019, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.


18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the head of the UK Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Regulators and industry working groups have suggested alternative reference rates, but global consensus is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. As such, the transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund’s performance or NAV. In addition, the alternative reference rate may be an ineffective substitute resulting in prolonged adverse market conditions for the Fund.

As of December 31, 2019, 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	$	18,028

Liability Derivatives
Futures Contracts¹	$	(325,750	)

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 Statements of Assets and Liabilities.

Transactions in derivative investments for the period ended December 31, 2019 were as follows:



	Interest Rate Contracts

Net Realized Gain (Loss)
Futures Contracts¹	$	(34,351	)

Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts²	$	(307,722	)

Average Number of Notional Amounts
Futures Contracts³		236

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.

6. Temporary Borrowings

7. Indemnifications


				19

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Guardian Variable Products Trust and Shareholders of

Guardian U.S. Government Securities VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian U.S. Government Securities VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2019, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations, changes in its net assets, and the financial highlights for the period from October 21, 2019 (commencement of operations) through December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

New York, New York

February 20, 2020

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 2016.


20

SUPPLEMENTAL INFORMATION(UNAUDITED)

Approval of Investment Advisory andSub-advisory Agreements

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

At a meeting of the Board of Trustees (the “Board”) of Guardian Variable Products Trust (the “Trust”) held on March 27—28, 2018 (the “Meeting”), the Board considered and approved the proposed investment management agreement (the “Management Agreement”) between the Trust, on behalf of Guardian Small Cap Core VIP Fund, Guardian Global Utilities VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Total Return Bond VIP Fund, and Guardian U.S. Government Securities VIP Fund (the “New Funds”), and Park Avenue Institutional Advisers LLC (the “Manager”). The Board also considered and approved the proposedsub-advisory agreements (the“Sub-advisory Agreements,” collectively with the Management Agreement, the “Agreements”) between the Manager and ClearBridge Investments LLC and Wellington Management Company LLP (the“Sub-advisers”), investment advisory firms engaged to serve assub-advisers to Guardian Small Cap Core VIP Fund and Guardian Global Utilities VIP Fund, respectively. The Trustees who are not parties to the Agreements or “interested persons” (as defined in the 1940 Act) of a party to the Agreements (the “Independent Trustees”) unanimously approved the Agreements for an initial term of two years.


				21

SUPPLEMENTAL INFORMATION(UNAUDITED)

Nature, Extent and Quality of Services

Sub-advisory Agreements and the range of investment advisory services to be provided by theSub-advisers under the oversight of the Manager and theSub-advisers’ experience with managing other funds that are series of the Trust. In evaluating these investment advisory services, the Trustees considered, among other things, theSub-advisers’ investment philosophies, styles and/or processes and approach to managing risk. The Trustees also considered information regarding funds or accounts managed by theSub-advisers with similar strategies as the applicable New Fund, including performance and portfolio characteristics, when available. The Trustees received and evaluated information regarding the background, education, expertise and/or experience of the investment professionals that would serve as portfolio managers for these New Funds and the capabilities, resources and reputations of theSub-advisers.

Investment Performance


22

SUPPLEMENTAL INFORMATION(UNAUDITED)

respect to funds or accounts managed by the Manager andSub-advisers (or their affiliates) with similar investment strategies as the New Funds, and comparisons to relevant benchmarks and peer groups, when available. The Trustees concluded that the historical performance records available, viewed together with the other relevant factors and information considered by the Trustees, supported a decision to approve each Agreement. The Trustees also concluded that it was appropriate to revisit the New Funds’ investment performance in connection with future reviews of the Agreements.

Costs and Profitability

The Trustees received comparative information relating to each New Fund’s anticipated operating expense ratios and the actual operating expense ratios of a peer group of funds. In this regard, the Board noted that the New Funds’ anticipated operating expense ratios within the following quintiles: the first quintile for Guardian Small Cap Core VIP Fund and Guardian Global Utilities VIP Fund; and the second quintile for Guardian U.S. Government Securities VIP Fund, Guardian Total Return

Bond VIP Fund and Guardian Multi-Sector Bond VIP Fund. The Trustees considered estimates of the New Funds’ projected asset levels and the Manager’s commitment to initially limit each New Fund’s operating expenses through an expense limitation agreement with the Trust. Although the Board recognized that the comparisons between the proposed management fees and anticipated operating expenses of the New Funds and those of identified peer funds are imprecise, given different terms of agreements and variations in fund strategies, the Trustees found that the comparative information supported their consideration and approval of the proposed management fees and evaluation of the anticipated operating expenses.

Economies of Scale

The New Funds had not commenced operations prior to the Meeting. As a result, no specific information was available concerning the possible effect that asset growth and economies of scale would have on a New Fund’s expenses. The Trustees concluded that it was appropriate to revisit potential economies of scale in connection with future reviews of the Agreements or earlier, if appropriate, and that they were satisfied with the extent to which economies of scale would be shared for the benefit of shareholders based on anticipated asset levels.


				23

SUPPLEMENTAL INFORMATION(UNAUDITED)

Ancillary Benefits

the Funds’ status under the tax laws as disregarded entities. In addition, the Trustees considered the potential benefits, other thansub-advisory fees, that theSub-advisers and their affiliates may receive because of their relationships with the New Funds, including the potential increased ability to use soft dollars consistent with Trust policies and other benefits from increases in assets under management. The Trustees concluded that benefits that may accrue to the Manager and its affiliates are reasonable and the benefits that may accrue to theSub-advisers and their affiliates are consistent with those expected for asub-adviser to a mutual fund such as the applicable New Fund.

Conclusion


24

SUPPLEMENTAL INFORMATION(UNAUDITED)

Trustees and Officers Information Table

The following table provides information about the Trustees of the Trust.



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Independent Trustees

Bruce W. Ferris³ (born 1955)	Trustee	Retired (since 2015); President and CEO, Prudential Annuities Distributors, Inc. (2013–2015); Director/Trustee, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc. (2013–2015); Senior Vice President, Prudential Annuities (2008–2015).	16	None.

Theda R. Haber³ (born 1954)	Trustee	Adjunct Assistant Professor of Law, UC Hastings College of Law (since 2013); Member of the Board of Directors, Fairholme Trust Company, LLC (2015–2019); Attorney, Law Office of Theda R. Haber (since 2014); Visiting Professor of Law, UC Davis School of Law (since 2014); Consultant, Haber & Associates LLC (financial services industry), (2012–2017); Advisory Council Chair, Vice Chair, and Member, Advisory Council on Employee Welfare and Pension Benefit Plans (ERISA Advisory Council), U.S. Department of Labor (2009–2011); Managing Director and General Counsel, BlackRock Institutional Trust Company, N.A. (2009–2011); Deputy Global General Counsel, Barclays Global Investors (2006–2009); Managing Director, Barclays Global Investors (1998–2006).	16	None.

Marshall Lux³ (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	16	None.

Lisa K. Polsky³ (born 1956)	Trustee	Board Member, MFA Financial, Inc. (real estate investment trust) (since 2020); Advisor, SMBC Americas (financial services) (since 2020); Senior Risk Advisor, AQR (investment management) (2016–2019); Senior Risk Advisor, Ultra Capital (venture capital) (2016–2019); Board Member, DB USA Corporation (Deutsche Bank Intermediate Holding Company) (financial services) (since 2016); Chief Risk Officer, CIT Group Inc. (financial services) (2010–2015); Board Member and Chair of Audit Committee, Piper Jaffray (investment bank) (2007–2016).	16	None.

John Walters³ (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (since 2015); Board Member, Stadion Money Management LLC (investment adviser) (since 2011); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	16	Trustee, USAA Mutual Funds Trust, (One registered investment company offering 47 individual funds) (since 2019).


				25

SUPPLEMENTAL INFORMATION(UNAUDITED)



Name and Year of Birth	Term of Office, Position(s) Held and Length of Service¹	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustees²	Other Directorships Held by Trustee
Interested Trustees

Dominique Baede⁴ (born 1970)	Trustee (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.	16	None.

Michael Ferik⁴ (born 1972)	Chairman and Trustee (Since December 2019)	Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America (since 2020); Executive Vice President and Chief Financial Officer, The Guardian Life Insurance Company of America (2017–2019); Executive Vice President, Individual Markets, The Guardian Life Insurance Company of America prior thereto.	16	None.

¹	Except as otherwise noted, each Trustee began service in such capacity in 2016 and serves until his or her successor is elected and qualified or until his or her resignation, death or removal. The business address of each Trustee is 10 Hudson Yards, New York, New York 10001.

²	The Trust currently consists of 16 separate Funds.

³	Member of the Audit Committee of the Trust.

⁴	Each of Dominique Baede and Michael Ferik is considered to be an “interested person” of the Trust within the meaning of the 1940 Act because of their affiliation with The Guardian Life Insurance Company of America and/or its affiliates.



Name and Year of Birth	Position(s) Held and Length of Service⁵	Principal Occupation(s) During Past Five Years

Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Vice President, Head of Product, Life, Annuity and Inforce, The Guardian Life Insurance Company of America (since 2019); Managing Director, Product Management Group, AXA Equitable (insurance company) prior thereto.

John H. Walter (born 1962)	Senior Vice President, Treasurer, and Principal Financial and Accounting Officer	Vice President, Director of Finance, Corporate Finance, The Guardian Life Insurance Company of America.

Harris Oliner (born 1971)	Senior Vice President and Secretary	Senior Vice President, Corporate Secretary, The Guardian Life Insurance Company of America (since 2015); Senior Vice President, Deputy General Counsel, Corporate Secretary, Voya Financial, Inc. prior thereto.

Richard T. Potter (born 1954)	Senior Vice President and Chief Legal Officer	Vice President and Equity Counsel, The Guardian Life Insurance Company of America.

Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Second Vice President, Mutual Fund Chief Compliance Officer, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley (2015–2017); Vice President, Morgan Stanley prior thereto.

Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Assistant Vice President (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America/Park Avenue Securities LLC; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. (2011–2014).

Kathleen M. Moynihan (born 1966)	Senior Counsel	Second Vice President, Counsel (since 2019), The Guardian Life Insurance Company of America; Senior Counsel prior thereto.

Maria Nydia Morrison (born 1958)	Fund Controller	Mutual Fund Controller, The Guardian Life Insurance Company of America (since 2015); Chief Financial Officer/Assistant Operating Officer, St. Francis De Assisi Montessori School (Plaridel, Bulacan), Inc. (Philippines) prior thereto.

Sonya L. Crosswell (born 1977)	Assistant Secretary	Assistant Vice President, Assistant Corporate Secretary and Secretary Pro Tem, The Guardian Life Insurance Company of America.

⁵	Unless otherwise indicated, the Officers each began service in such capacity in 2016 and hold office for an indefinite term or until their successors shall have been elected and qualified. The business address of each Officer is 10 Hudson Yards, New York, New York 10001.


26

SUPPLEMENTAL INFORMATION(UNAUDITED)

Portfolio Holdings and Proxy Voting Procedures


				27

LOGO

The Guardian Life Insurance Company of America New York, NY10001-2159

PUB10527

Item 2.

Code of Ethics.

The registrant, as of the end of the period covered by this report, has adopted a code of ethics, as defined in this Item 2, that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments or waivers granted with respect to the Code of Ethics during the fiscal year ended December 31, 2019.

Item 3.

Audit Committee Financial Expert.

The registrant’s board of trustees has determined that Lisa Polsky is an audit committee financial expert serving on its audit committee. This individual is “independent,” as defined by this Item 3.

Item 4.

Principal Accountant Fees and Services.

(a)-(d)

Fees for services rendered to the registrant by its principal accountant.


			Audit-
Fiscal Year Ended	Audit Fees*		Related Fees		Tax Fees		All Other Fees
December 31, 2019	$	475,000	$	—	$	—	$	—
December 31, 2018	$	341,500	$	—	$	—	$	—

*	Fees are exclusive ofout-of-pocket expenses.

(e)(1) The registrant’s Audit Committee is required to approve at least annually all audit and non-audit services that are required to bepre-approved under paragraph (c)(7) of Rule 2-01 of RegulationS-X. In addition, pursuant to the registrant’s Audit CommitteePre-Approval Procedures, the chair of the Audit Committee, or one or more designated members of the Audit Committee, is authorized topre-approve a proposednon-audit service, or a proposed material change in the nature or cost of any previously approvednon-audit service, between meetings of the Audit Committee. Any such action shall be presented for ratification by the Audit Committee not later than its next regularly scheduled meeting.

(e)(2) With respect to the services described in (b) - (d) of this item relating to the Audit-Related Fees, Tax Fees and All Other Fees disclosed above, 0% were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of RegulationS-X.

(f) Not applicable.

(g) Not applicable.

(h) Not applicable.

Item 5.

Audit Committee of Listed registrants.

Not applicable to the registrant.

Item 6.

Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

(b) None.

Item 7.

Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.

Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.

Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.

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, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c) (2)(iv) of RegulationS-K (as required by Item 22(b)(15) of Schedule 14A) or this Item.

Item 11.

Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR270.30a-3(c)) are effective, as of a date within 90 days of the filing date of this FormN-CSR, to provide reasonable assurance that the information required to be disclosed by the registrant on FormN-CSR is recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item

12. Disclosure of Securities Lending Activitiesfor Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.

Exhibits.



		(a)(1)		Code of ethics that is the subject of disclosure required by Item 2 is attached hereto.

		(a)(2)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of theSarbanes-Oxley Act of 2002 are attached hereto.

		(a)(3)		Not applicable.

		(a)(4)		There was no change in the registrant’s independent public accountant during the reporting period.

		(b)		Certification pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		Guardian Variable Products Trust

By (Signature and Title)*		/s/ Dominique Baede
		Dominique Baede, President
		(Principal Executive Officer)

Date: March 4, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)*		/s/ Dominique Baede
		Dominique Baede, President
		(Principal Executive Officer)

Date: March 4, 2020


By (Signature and Title)*		/s/ John H Walter
		John H Walter, Treasurer
		(Principal Financial and Accounting Officer)

Date: March 4, 2020

Potential Recoupment Amounts
Expiring

Total Potential
Recoupment
Amounts