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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23148

Guardian Variable Products Trust

(Exact name of registrant as specified in charter)

10 Hudson Yards New York, N.Y. 10001

(Address of principal executive offices) (Zip code)

Dominique Baede

President

Guardian Variable Products Trust

10 Hudson Yards

New York, N.Y. 10001

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

Item 1. Reports to Stockholders.

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 is filed herewith.

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Core Fixed Income VIP Fund

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

TABLE OF CONTENTS

Guardian Core Fixed Income VIP Fund

Fund Commentary	1
Fund Characteristics	2
Fund Performance	4
Understanding Your Fund’s Expenses	5
Financial Information
Schedule of Investments	6
Statement of Assets and Liabilities	12
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	23
Supplemental Information
Trustees and Officers Information Table	24
Portfolio Holdings and Proxy Voting Procedures	27

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of Park Avenue Institutional Advisers LLC as of the date of this report and are subject to change without notice. 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 CORE FIXED INCOME VIP FUND

FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, MANAGER (UNAUDITED)

Highlights

• Guardian Core Fixed Income VIP Fund (the “Fund”) returned -3.90% for the period from the Fund’s inception¹ to December 31, 2022, underperforming its benchmark, the Bloomberg US Aggregate Bond Index² (the “Index”).

• The Index returned -3.30% for the same period.

• The Fund’s underperformance relative to the Index was primarily due to its allocation to Treasury Inflation-Protected Securities (“TIPS”) and exchange-traded fund (“ETF”) investments. The Fund’s allocation to investment grade fixed income investments also detracted from its relative performance, while the Fund’s average duration and yield curve positioning were contributors to the Fund’s relative performance.³

Market Overview

Throughout 2022 the U.S. Federal Reserve (the “Fed”) significantly increased interest rates in response to a rapidly increasing inflation environment. The Standard & Poor’s 500^® Index⁴ (the “S&P 500 Index”), returned -18.11% for the year. Nearly every segment of the fixed-income market experienced declines. For example, the Bloomberg US Corporate High Yield Bond Index⁵ (the “High Yield Index”) returned -11.19% for the year. Leveraged loans outperformed most major fixed-income indexes but were still negative, returning -0.60%. The 10-year Treasury returned -16.5% for the year.

With inflation above 7% all year, the Fed’s main goal has been to decrease inflation while not sparking a recession. The Fed increased the Fed funds rate seven times in 2022, from 0.25-0.50% in March to 4.25-4.50% in December, the most rapid pace of interest rate hikes in recent history.

Portfolio Review

The Fund’s allocation to TIPS and ETFs was the chief contributor to the Fund’s underperformance relative to

the Index. Asset allocation within investment grade fixed-income investments also detracted from performance. The Fund’s average duration and yield curve positioning added to the Fund’s relative performance.

With respect to the Fund’s investment grade allocation, 2022 began with a cautious view on spreads given the expectation for the Fed to begin to withdraw accommodation and tighten financial conditions. As spreads widened through the year to more historically attractive levels, and in anticipation of some moderation to inflation, we moderately increased the Fund’s risk exposure within the investment grade allocation to take advantage of expected tightening of spreads. The overweight to the banking sector relative to the Index contributed to the Fund’s relative performance.

In addition, given uncertainty about rising interest rates, the potential for rate volatility and the Fed no longer reinvesting mortgage-backed securities proceeds, we found mortgage-backed securities less appealing.

In the second half of the year, we also utilized yield curve flatteners to take advantage of differences in yield spread between the 2-year and 10-year Treasuries. In addition, to help manage inflation risk, we made an allocation to TIPS at inception and maintained that allocation throughout the year.

Outlook

As we enter 2023, we remain in a relatively high inflation, low growth environment. Although we have a more optimistic outlook on the market than the Fed, we also believe that an economic recession in 2023 is likely. Historically, spreads widen into a recession, therefore we are proceeding with caution in anticipation of heightened credit risk in 2023. However, we believe ample cash is waiting to be deployed, which can mitigate spread widening. Finally, we believe the yield curve may get flatter before it steepens positively. Overall, we continue to remain defensive in our investment approach.

¹ Fund inception date: May 2, 2022.

² 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.

³ Duration is a measure of a bond price’s sensitivity to changes in interest rates. Yield curve positioning represents the relationship between the interest rates of bonds having the same credit quality but different maturity dates.

⁴ The S&P 500 Index is an unmanaged market-capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.

⁵ The High Yield Index is generally considered to be representative of the investable universe of the U.S. dollar–denominated high-yield debt market. You may not invest in the High Yield Index and, unlike the Fund, the High Yield Index does not incur fees or expenses.

1

GUARDIAN CORE FIXED INCOME VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $449,804,885

Bond Sector Allocation¹

As of December 31, 2022

Bond Quality Allocation²

As of December 31, 2022

2

GUARDIAN CORE FIXED INCOME VIP FUND

Top Ten Holdings1 As of December 31, 2022
Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Note		1.625%		8/15/2029		21.61%
U.S. Treasury Bond		2.375%		2/15/2042		9.75%
Vanguard Short-Term Inflation-Protected Securities ETF		—		—		4.61%
U.S. Treasury Bond		2.250%		2/15/2052		4.53%
U.S. Treasury Note		2.625%		7/31/2029		3.90%
Federal National Mortgage Association		3.000%		5/1/2052		1.93%
Federal Home Loan Mortgage Corp.		3.500%		6/1/2052		1.37%
Microsoft Corp.		3.300%		2/6/2027		1.22%
JPMorgan Chase & Co.		4.203%		7/23/2029		1.20%
Federal National Mortgage Association		4.000%		6/1/2052		1.05%
Total						51.17%

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 Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies’ independent ratings of individual securities are aggregated by Bloomberg, 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.

3

GUARDIAN CORE FIXED INCOME VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception*
Guardian Core Fixed Income VIP Fund		5/2/2022		—		—		—		-3.90%
Bloomberg US Aggregate Bond Index				—		—		—		-3.30%

* 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-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, if any, 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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	970.70	$	2.48		0.50%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,022.69	$	2.55		0.50%

* 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 the one-half year period).

5

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Agency Mortgage–Backed Securities – 6.8%
Federal Home Loan Mortgage Corp. 3.00% due 3/1/2052	$	2,845,833	$	2,501,360
3.50% due 6/1/2052		6,757,014		6,140,448
4.00% due 10/1/2037		474,657		462,752
4.00% due 6/1/2052		3,229,368		3,029,436
4.50% due 9/1/2052		490,629		472,757
Federal National Mortgage Association 3.00% due 5/1/2052		9,867,532		8,671,168
3.50% due 6/1/2052		5,041,820		4,581,738
4.00% due 6/1/2052		5,023,940		4,712,817
Total Agency Mortgage–Backed Securities (Cost $32,719,437)				30,572,476
Asset–Backed Securities – 16.3%
Aligned Data Centers Issuer LLC 2021-1A A2 1.937% due 8/15/2046(1)		2,016,000		1,715,951
Ally Auto Receivables Trust 2022-1 A3 3.31% due 11/15/2026		3,850,000		3,748,604
AmeriCredit Automobile Receivables Trust 2020-3 C 1.06% due 8/18/2026		2,625,000		2,465,444
Anchorage Capital CLO 21 Ltd. 2021-21A B 5.993% (LIBOR 3 Month + 1.75%)     due 10/20/2034(1)(2)(3)		1,750,000		1,665,825
Ares XXVII CLO Ltd. 2013-2A BR2 6.024% (LIBOR 3 Month + 1.65%)     due 10/28/2034(1)(2)(3)		2,000,000		1,929,820
Ares XXVIIIR CLO Ltd. 2018-28RA A2 5.479% (LIBOR 3 Month + 1.40%)     due 10/17/2030(1)(2)(3)		2,400,000		2,278,560
BA Credit Card Trust 2020-A1 A1 0.34% due 5/15/2026		3,850,000		3,675,843
Battery Park CLO II Ltd. 2022-1A A1 6.39% (SOFR + 2.21%)     due 10/20/2035(1)(2)		3,550,000		3,539,350
Benefit Street Partners CLO XVI Ltd. 2018-16A BR 5.629% (LIBOR 3 Month + 1.55%)     due 1/17/2032(1)(2)(3)		2,800,000		2,673,720
Canyon Capital CLO Ltd. 2022-1A B 5.779% (SOFR + 1.85%)     due 4/15/2035(1)(2)		2,000,000		1,914,174

December 31, 2022	Principal Amount		Value
Asset–Backed Securities (continued)
CarMax Auto Owner Trust 2020-4 B 0.85% due 6/15/2026	$	2,200,000	$	2,027,510
Dryden 80 CLO Ltd. 2019-80A AR 5.114% (SOFR + 1.25%)     due 1/17/2033(1)(2)		3,350,000		3,248,160
Dryden Senior Loan Fund 2017-47A CR 6.129% (LIBOR 3 Month + 2.05%)     due 4/15/2028(1)(2)(3)		2,100,000		2,031,540
Exeter Automobile Receivables Trust 2022-2A A3 2.80% due 11/17/2025		2,450,000		2,427,024
Ford Credit Auto Owner Trust 2020-1 A 2.04% due 8/15/2031(1)		2,400,000		2,240,260
GM Financial Automobile Leasing Trust 2022-2 A3 3.42% due 6/20/2025		2,760,000		2,698,659
GM Financial Consumer Automobile Receivables Trust 2020-4 A4 0.50% due 2/17/2026		3,579,000		3,342,156
Hertz Vehicle Financing III LLC 2022-3A A 3.37% due 3/25/2025(1)		2,140,000		2,085,618
Hyundai Auto Lease Securitization Trust 2022-B A3 3.35% due 6/16/2025(1)		2,800,000		2,743,911
Hyundai Auto Receivables Trust 2022-A A3 2.22% due 10/15/2026		2,650,000		2,531,086
Jamestown CLO XI Ltd. 2018-11A A2 5.711% (LIBOR 3 Month + 1.70%)     due 7/14/2031(1)(2)(3)		2,800,000		2,688,840
Master Credit Card Trust 2021-1A A 0.53% due 11/21/2025(1)		3,120,000		2,931,053
Neuberger Berman Loan Advisers CLO 26 Ltd. 2017-26A BR 5.594% (LIBOR 3 Month + 1.40%)     due 10/18/2030(1)(2)(3)		1,050,000		1,017,497
OHA Credit Partners XIV Ltd. 2017-14A B 5.778% (LIBOR 3 Month + 1.50%)     due 1/21/2030(1)(2)(3)		2,000,000		1,915,200
Santander Drive Auto Receivables Trust 2022-3 A3 3.40% due 12/15/2026		2,800,000		2,746,991

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Asset–Backed Securities (continued)
Toyota Auto Loan Extended Note Trust 2021-1A A 1.07% due 2/27/2034(1)	$	2,175,000	$	1,926,584
Verizon Owner Trust 2020-C A 0.41% due 4/21/2025		2,091,419		2,053,121
Volkswagen Auto Lease Trust 2020-A A4 0.45% due 7/21/2025		2,400,000		2,358,977
Voya CLO Ltd. 2015-3A A3R 5.943% (LIBOR 3 Month + 1.70%)     due 10/20/2031(1)(2)(3)		2,000,000		1,920,448
World Omni Auto Receivables Trust 2021-B A4 0.69% due 6/15/2027		2,800,000		2,557,314
Total Asset–Backed Securities (Cost $75,006,284)				73,099,240
Corporate Bonds & Notes – 23.3%
Aerospace & Defense – 0.3%
Boeing Co. 5.15% due 5/1/2030		900,000		880,344
Northrop Grumman Corp. 5.25% due 5/1/2050		600,000		595,764
				1,476,108
Agriculture – 0.2%
Philip Morris International, Inc. 5.75% due 11/17/2032		1,000,000		1,025,990
				1,025,990
Beverages – 0.5%
Anheuser-Busch InBev Worldwide, Inc. 4.50% due 6/1/2050		1,000,000		882,520
PepsiCo, Inc. 1.95% due 10/21/2031		1,600,000		1,296,016
				2,178,536
Commercial Banks – 3.9%
Bank of America Corp. 4.271% (4.271% fixed rate until 7/23/2028; LIBOR 3 Month + 1.31% thereafter)     due 7/23/2029(2)(3)		3,900,000		3,651,102
Barclays PLC 7.385% (7.385% fixed rate until 11/2/2027; H15T1Y + 3.30% thereafter)     due 11/2/2028(2)		2,100,000		2,188,221
Goldman Sachs Group, Inc. 4.223% (4.223% fixed rate until 5/1/2028; LIBOR 3 Month + 1.30% thereafter)     due 5/1/2029(2)(3)		2,200,000		2,053,326
JPMorgan Chase & Co. 4.203% (4.203% fixed rate until 7/23/2028; LIBOR 3 Month + 1.26% thereafter)     due 7/23/2029(2)(3)		5,800,000		5,414,764

December 31, 2022	Principal Amount		Value
Commercial Banks (continued)
Mitsubishi UFJ Financial Group, Inc. 5.354% (5.354% fixed rate until 9/13/2027; H15T1Y + 1.90% thereafter)     due 9/13/2028(2)	$	500,000	$	495,905
Morgan Stanley 3.772% (3.772% fixed rate until 1/24/2028; LIBOR 3 Month + 1.14% thereafter)     due 1/24/2029(2)(3)		3,200,000		2,935,264
6.342% (6.342% fixed rate until 10/18/2032; SOFR + 2.56% thereafter)     due 10/18/2033(2)		600,000		629,676
				17,368,258
Commercial Services – 0.3%
S&P Global, Inc. 2.90% due 3/1/2032(1)		1,800,000		1,541,538
				1,541,538
Computers – 0.1%
Apple, Inc. 2.65% due 2/8/2051		800,000		535,896
				535,896
Cosmetics & Personal Care – 0.8%
Estee Lauder Cos., Inc. 2.60% due 4/15/2030		1,000,000		862,680
GSK Consumer Healthcare Capital U.S. LLC 3.625% due 3/24/2032		3,000,000		2,644,920
				3,507,600
Diversified Financial Services – 1.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.45% due 10/29/2026		2,300,000		2,011,281
3.00% due 10/29/2028		550,000		462,303
Capital One Financial Corp. 4.927% (4.927% fixed rate until 5/10/2027; SOFR + 2.06% thereafter)     due 5/10/2028(2)		2,100,000		2,034,669
				4,508,253
Electric – 1.4%
Alabama Power Co. 3.94% due 9/1/2032		1,000,000		920,440
Consumers Energy Co. 3.60% due 8/15/2032		700,000		638,848
4.20% due 9/1/2052		600,000		516,084
Duke Energy Corp. 3.50% due 6/15/2051		500,000		352,280
NextEra Energy Capital Holdings, Inc. 5.00% due 7/15/2032		700,000		691,516
Pacific Gas and Electric Co. 3.50% due 8/1/2050		900,000		568,962
3.75% due 7/1/2028		1,100,000		980,375
PacifiCorp 5.35% due 12/1/2053		900,000		903,510

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Electric (continued)
Wisconsin Public Service Corp. 2.85% due 12/1/2051	$	800,000	$	516,840
				6,088,855
Electronics – 0.5%
Honeywell International, Inc. 1.75% due 9/1/2031		2,200,000		1,747,680
5.00% due 2/15/2033		500,000		510,700
				2,258,380
Entertainment – 0.2%
Warnermedia Holdings, Inc. 4.279% due 3/15/2032(1)		1,200,000		992,868
				992,868
Environmental Control – 0.4%
Waste Management, Inc. 4.15% due 4/15/2032		2,100,000		2,000,166
				2,000,166
Food – 0.7%
Kraft Heinz Foods Co. 3.75% due 4/1/2030		1,700,000		1,552,933
Kroger Co. 1.70% due 1/15/2031		1,800,000		1,393,254
				2,946,187
Healthcare-Products – 0.6%
Abbott Laboratories 4.75% due 11/30/2036		2,500,000		2,484,425
				2,484,425
Healthcare-Services – 0.3%
UnitedHealth Group, Inc. 2.30% due 5/15/2031		1,700,000		1,418,735
				1,418,735
Insurance – 0.6%
Athene Holding Ltd. 3.50% due 1/15/2031		900,000		744,615
Hartford Financial Services Group, Inc. 2.80% due 8/19/2029		1,900,000		1,628,300
MetLife, Inc. 4.55% due 3/23/2030		400,000		394,804
				2,767,719
Machinery-Diversified – 0.9%
John Deere Capital Corp. 4.35% due 9/15/2032		4,200,000		4,098,780
				4,098,780
Media – 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital 2.25% due 1/15/2029		400,000		321,704
Comcast Corp. 1.95% due 1/15/2031		1,200,000		971,256
2.887% due 11/1/2051		400,000		258,948
				1,551,908

December 31, 2022	Principal Amount		Value
Miscellaneous Manufacturing – 0.4%
Parker-Hannifin Corp. 4.25% due 9/15/2027	$	700,000	$	681,247
4.50% due 9/15/2029		1,100,000		1,059,388
				1,740,635
Oil & Gas – 1.6%
BP Capital Markets America, Inc. 3.06% due 6/17/2041		200,000		149,244
3.633% due 4/6/2030		2,700,000		2,480,463
Cenovus Energy, Inc. 2.65% due 1/15/2032		900,000		719,946
3.75% due 2/15/2052		700,000		495,488
Marathon Oil Corp. 4.40% due 7/15/2027		2,500,000		2,391,475
Valero Energy Corp. 2.80% due 12/1/2031		1,300,000		1,064,609
				7,301,225
Pharmaceuticals – 1.6%
AbbVie, Inc. 4.25% due 11/21/2049		800,000		676,072
Bristol Myers Squibb Co. 2.95% due 3/15/2032		3,300,000		2,886,939
CVS Health Corp. 2.125% due 9/15/2031		3,100,000		2,464,841
Pfizer, Inc. 1.75% due 8/18/2031		1,300,000		1,048,112
				7,075,964
Pipelines – 0.5%
ONEOK, Inc. 6.10% due 11/15/2032		2,200,000		2,213,266
				2,213,266
Real Estate Investment Trusts (REITs) – 1.2%
AvalonBay Communities, Inc. 5.00% due 2/15/2033		1,300,000		1,287,481
Essex Portfolio LP 1.70% due 3/1/2028		2,000,000		1,671,480
Prologis LP 2.25% due 4/15/2030		2,100,000		1,760,136
Simon Property Group LP 2.20% due 2/1/2031		800,000		633,088
				5,352,185
Retail – 1.0%
AutoZone, Inc. 3.75% due 6/1/2027		1,600,000		1,527,808
Home Depot, Inc. 3.25% due 4/15/2032		1,800,000		1,606,194
O’Reilly Automotive, Inc. 4.70% due 6/15/2032		1,400,000		1,361,178
				4,495,180
Semiconductors – 0.5%
Broadcom, Inc. 4.15% due 4/15/2032(1)		2,000,000		1,762,540

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Semiconductors (continued)
NXP BV / NXP Funding LLC / NXP USA, Inc. 2.65% due 2/15/2032	$	400,000	$	314,464
				2,077,004
Software – 2.2%
Microsoft Corp. 2.921% due 3/17/2052		900,000		641,340
3.30% due 2/6/2027		5,700,000		5,496,966
3.50% due 2/12/2035		2,500,000		2,274,825
Oracle Corp. 6.25% due 11/9/2032		1,000,000		1,053,690
6.90% due 11/9/2052		300,000		325,305
				9,792,126
Telecommunications – 1.3%
AT&T, Inc. 2.55% due 12/1/2033		1,600,000		1,235,888
T-Mobile USA, Inc. 2.70% due 3/15/2032		1,300,000		1,055,860
3.40% due 10/15/2052		500,000		340,995
3.50% due 4/15/2031		1,000,000		868,990
Verizon Communications, Inc. 2.355% due 3/15/2032		2,500,000		1,990,900
Vodafone Group PLC 4.375% due 5/30/2028		300,000		294,629
				5,787,262
Total Corporate Bonds & Notes (Cost $107,680,539)				104,585,049
Non–Agency Mortgage–Backed Securities – 7.0%
Benchmark Mortgage Trust 2018-B3 AS 4.195% due 4/10/2051(2)(4)		2,550,000		2,341,387
Citigroup Commercial Mortgage Trust 2014-GC23 AS 3.863% due 7/10/2047		2,750,000		2,610,018
Commercial Mortgage Trust 2017-COR2 A3 3.51% due 9/10/2050		2,920,000		2,680,735
2019-GC44 AM 3.263% due 8/15/2057		2,415,000		2,014,038
DBGS Mortgage Trust 2018-C1 AM 4.611% due 10/15/2051(2)(4)		2,400,000		2,250,343
DBUBS Mortgage Trust 2017-BRBK A 3.452% due 10/10/2034(1)		1,760,000		1,656,802
Freddie Mac STACR REMIC Trust 2021-DNA7 M2 5.728% due 11/25/2041(1)(2)(4)		2,200,000		2,066,333
2021-HQA4 M1 4.878% due 12/25/2041(1)(2)(4)		1,502,207		1,425,261
2022-DNA1 M1A 4.928% due 1/25/2042(1)(2)(4)		1,321,412		1,287,105
2022-HQA3 M1A 6.228% due 8/25/2042(1)(2)(4)		2,680,819		2,669,819

December 31, 2022	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
Hilton USA Trust 2016-HHV A 3.719% due 11/5/2038(1)	$	1,875,000	$	1,698,327
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 AS 3.456% due 5/15/2046		2,190,000		2,162,242
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A4 3.718% due 12/15/2048		3,120,000		2,963,857
2018-C43 A4 4.012% due 3/15/2051(2)(4)		3,000,000		2,822,888
WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		975,000		945,294
Total Non–Agency Mortgage–Backed Securities (Cost $33,004,791)				31,594,449
U.S. Government Securities – 39.8%
U.S. Treasury Bond 2.25% due 2/15/2052		29,000,000		20,390,625
2.375% due 2/15/2042		57,000,000		43,863,281
U.S. Treasury Note 1.625% due 8/15/2029		111,850,000		97,222,117
2.625% due 7/31/2029		19,000,000		17,539,375
Total U.S. Government Securities (Cost $196,267,165)				179,015,398
	Shares		Value
Exchange–Traded Funds – 4.6%
Vanguard Short-Term Inflation-Protected Securities ETF		443,800		20,729,898
Total Exchange–Traded Funds (Cost $22,435,142)				20,729,898
	Principal Amount		Value
Short–Term Investments – 1.1%
U.S. Treasury Bills – 0.2%
U.S. Treasury Bill 3.566% due 2/2/2023	$	1,000,000		996,837
Total U.S. Treasury Bills (Cost $996,650)				996,837

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Repurchase Agreements – 0.9%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $3,822,793, due 1/3/2023(5)	$	3,822,250	$	3,822,250
Total Repurchase Agreements (Cost $3,822,250)				3,822,250
Total Investments – 98.8% (Cost $471,932,258)				444,415,597
Assets in excess of other liabilities – 1.2%				5,389,288
Total Net Assets – 100.0%			$	449,804,885

⁽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, 2022, the aggregate market value of these securities amounted to $55,567,104, representing 12.4% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾  Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

⁽³⁾  The London Interbank Offered Rate (“LIBOR”) is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund’s investments.

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

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	5,337,700	$	3,898,727

Open futures contracts at December 31, 2022:

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation/ (Depreciation)
U.S. 2-Year Treasury Note		March 2023		572		Long	$	117,168,727		$	117,304,688		$	135,961
U.S. 10-Year Treasury Note		March 2023		153		Long		17,227,808			17,181,422			(46,386	)
Total							$	134,396,535		$	134,486,110		$	89,575
Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation/ (Depreciation)
U.S. 5-Year Treasury Note		March 2023		653		Short	$	(70,414,862	)	$	(70,478,086	)	$	(63,224	)
U.S. Long Bond		March 2023		1		Short		(125,325	)		(125,344	)		(19	)
U.S. Ultra 10-Year Treasury Note		March 2023		118		Short		(13,980,074	)		(13,957,188	)		22,886
U.S. Ultra Bond		March 2023		12		Short		(1,618,081	)		(1,611,750	)		6,331
Total							$	(86,138,342	)	$	(86,172,368	)	$	(34,026	)

Legend:

CLO — Collateralized Loan Obligation

H15T1Y — 1-year Constant Maturity Treasury Rate

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

The following is a summary of the inputs used as of December 31, 2022 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
Agency Mortgage–Backed Securities	$	—	$	30,572,476	$	—	$	30,572,476
Asset–Backed Securities		—		73,099,240		—		73,099,240
Corporate Bonds & Notes		—		104,585,049		—		104,585,049
Non–Agency Mortgage–Backed Securities		—		31,594,449		—		31,594,449
U.S. Government Securities		—		179,015,398		—		179,015,398
Exchange–Traded Funds		20,729,898		—		—		20,729,898
U.S. Treasury Bills		—		996,837		—		996,837
Repurchase Agreements		—		3,822,250		—		3,822,250
Total	$	20,729,898	$	423,685,699	$	—	$	444,415,597
Other Financial Instruments
Futures Contracts
Assets	$	165,178	$	—	$	—	$	165,178
Liabilities		(109,629)		—		—		(109,629	)
Total	$	55,549	$	—	$	—	$	55,549

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

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	444,415,597
Interest receivable		3,382,234
Cash deposits with brokers for futures contracts		1,204,060
Receivable for variation margin on futures contracts		1,129,418
Receivable for fund shares subscribed		12,965
Reimbursement receivable from adviser		7,673
Prepaid expenses		15,289
Total Assets		450,167,236
Liabilities
Investment advisory fees payable		168,032
Payable for fund shares redeemed		112,096
Accrued audit fees		25,096
Accrued administrative fees		20,849
Accrued custodian and accounting fees		10,794
Accrued trustees’ and officers’ fees		1,363
Accrued expenses and other liabilities		24,121
Total Liabilities		362,351
Total Net Assets	$	449,804,885
Net Assets Consist of:
Paid-in capital	$	469,066,195
Distributable loss		(19,261,310	)
Total Net Assets	$	449,804,885
Investments, at Cost	$	471,932,258
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		46,790,157
Net Asset Value Per Share		$9.61

Statement of Operations For the Period Ended December 31, 20221
Investment Income
Dividends	$	1,220,445
Interest		11,284,870
Total Investment Income		12,505,315
Expenses
Investment advisory fees		1,379,666
Professional fees		85,753
Trustees’ and officers’ fees		75,252
Administrative fees		46,374
Custodian and accounting fees		38,158
Transfer agent fees		14,705
Shareholder reports		13,648
Other expenses		18,336
Total Expenses		1,671,892
Less: Fees waived		(72,653	)
Total Expenses, Net		1,599,239
Net Investment Income/(Loss)		10,906,076
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		(4,471,884	)
Net realized gain/(loss) from futures contracts		1,765,610
Net change in unrealized appreciation/(depreciation) on investments		(27,516,661	)
Net change in unrealized appreciation/(depreciation) on futures contracts		55,549
Net Loss on Investments and Derivative Contracts		(30,167,386	)
Net Decrease in Net Assets Resulting From Operations	$	(19,261,310	)

¹  Commenced operations on May 2, 2022.

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

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND

Statement of Changes in Net Assets
	For the Period Ended 12/31/221
Operations
Net investment income/(loss)	$	10,906,076
Net realized gain/(loss) from investments and derivative contracts		(2,706,274	)
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(27,461,112	)
Net Decrease in Net Assets Resulting from Operations		(19,261,310	)
Capital Share Transactions
Proceeds from sales of shares		524,761,918
Cost of shares redeemed		(55,695,723	)
Net Increase in Net Assets Resulting from Capital Share Transactions		469,066,195
Net Increase in Net Assets		449,804,885
Net Assets
Beginning of period		—
End of period	$	449,804,885
Other Information:
Shares
Sold		52,488,133
Redeemed		(5,697,976	)
Net Increase		46,790,157

¹  Commenced operations on May 2, 2022.

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

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND

The Financial Highlights table is intended to help you understand the Fund’s financial performance for the past 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 Loss		Total Operations		Net Asset Value, End of Period		Total Return(2),(3)
Period Ended 12/31/22(5)	$	10.00	$	0.22	$	(0.61)	$	(0.39)	$	9.61		(3.90)%

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

FINANCIAL INFORMATION — GUARDIAN CORE FIXED INCOME VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)	Net Ratio of Expenses to Average Net Assets(3),(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)
$449,805		0.50%		0.52%		3.41%		3.39%		90%

⁽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. Certain non-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 May 2, 2022.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

December 31, 2022

1. Organization

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

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

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

2. Significant Accounting Policies

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

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

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

Exchange-traded financial futures contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. 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.

16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

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

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

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

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

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

The FASB requires reporting entities to make disclosures about purchases, sales, issuances and settlements of Level 3 securities on a gross basis. For the period ended December 31, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

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

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

17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

c. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

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

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

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. 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. There were no credit default swaps held as of December 31, 2022.

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, 2022.

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

g. Allocation of Income and Expenses Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be

18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE 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 Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.45% of the first $300 million, and 0.40% in excess of $300 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Fund has no sub-adviser.

Park Avenue has contractually agreed through April 30, 2023 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 0.50% 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, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $72,653.

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

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-

level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the period ended December 31, 2022, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	456,384,622	$	432,756,559
Sales		219,557,230		200,455,699

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

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

19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

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, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

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

g. Mortgage- and Asset-Backed Securities The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing 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. Disclosures About Derivative Instruments and Hedging Activities The Fund entered into U.S. Treasury futures contracts for the period ended December 31, 2022 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

20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

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, 2022, 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	$	165,178
Liability Derivatives
Futures Contracts1	$	(109,629	)

¹  Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative investments for the period ended December 31, 2022 were as follows:

	Interest Rate Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	1,765,610
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts2	$	55,549
Average Number of Notional Amounts
Futures Contracts3		1,427

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

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the period ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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.

21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE FIXED INCOME VIP FUND

8. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

22

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Guardian Core Fixed Income VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Core Fixed Income VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period May 2, 2022 (commencement of operations) through December 31, 2022 (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, 2022, and the results of its operations, changes in its net assets and the financial highlights for the period May 2, 2022 (commencement of operations) through December 31, 2022 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, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

25

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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)

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

27

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

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

PUB11740

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Core Plus Fixed Income VIP Fund

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	4
Fund Performance	6
Understanding Your Fund’s Expenses	7
Financial Information
Schedule of Investments	8
Statement of Assets and Liabilities	18
Statement of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	29
Supplemental Information
Trustees and Officers Information Table	30
Portfolio Holdings and Proxy Voting Procedures	33

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 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 -14.25% for the 12 months ended December 31, 2022, underperforming its benchmark, the Bloomberg US Aggregate Bond Index¹ (the “Index”).

• The Index returned -13.01% for the same period.

• The Fund’s underweight position to duration relative to the Index was the largest contributor to relative performance. The largest detractor from relative performance over the period was an overweight to high yield fixed-income investments. The portfolio’s allocation to structured products also detracted from the Fund’s relative performance, while its underweight to agency mortgage-backed securities contributed to the Fund’s relative performance. Also detracting from the Fund’s relative performance was security selection within commercial mortgage-backed securities and investment-grade corporate bonds and the Fund’s allocation to securitized products,

Market Overview

The 12-month period ended December 31, 2022 introduced meaningful headwinds for U.S. markets that led to selloffs in virtually all asset classes. The major risks over the period proved to be inflationary pressures, which reached multi-decade highs, and the most rapid pace of interest rate hiking implemented in history by the U.S. Federal Reserve (the “Fed”). Rates spiked across the U.S. yield curve as a result, with U.S. Treasury yields at almost all maturities reaching their highest levels in years. Other notable challenges for markets during the period included supply chain dislocations and labor shortages influenced in part by the Omicron variant of COVID-19, as well as escalating geopolitical tensions headlined by Russia’s invasion of Ukraine.

The surge in interest rates over the year caused softness in both major fixed-income and equity indices. Equities fared the worst amid the sell-off, with the Standard & Poor’s 500^® Index² (the “S&P 500 Index”) experiencing its worst performing years since the global financial crisis of 2008 (the “Financial Crisis”). The tech-heavy Nasdaq Composite Index³ also logged its worst performing year since 2008 as growth-related stocks in the semiconductor and software sectors suffered in the face of inflationary pressures. Within fixed income, higher interest rates caused underperformance in

longer duration bonds. These included U.S. Treasuries⁴ and investment grade bonds⁵, which returned -12.46% and -15.76% over the period, respectively. Lower quality assets outperformed their higher quality counterparts despite increased recessionary fears in the U.S. economy given their more limited sensitivity to rate volatility. Notably, high yield bonds⁶ and leveraged loans⁷ returned -11.21% and -1.06% over the period, respectively, outperforming investment grade corporates. Leveraged loans in particular were able to significantly outperform relative to other assets given their insulation from rate volatility due to their floating-rate coupons.

Inflationary concerns began to take focus towards the end of 2021 before becoming a dominant headline. Headline consumer price index (“CPI”)⁸ readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate intensified into the beginning of the year and continued throughout the first half of 2022, with CPI peaking at 9.1% year-over-year in June 2022. Looking closer, in our view the surge in prices was due primarily to an imbalance between supply and demand dynamics across multiple industries, led initially by energy, food, and used cars.

Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June 2022. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia’s invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint, as Russia had been a large exporter of oil and certain minerals. Various sanctions were imposed on Russia from Western nations in response to their aggression towards Ukraine, which contributed to surging prices. Notably, crude oil reached over $100 per barrel during 2022, the highest value since 2014.

The period also saw the Fed pivot towards a much more hawkish stance on monetary policy given the surge in inflation. After remaining mostly consistent in its messaging around expectations that price pressures would be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (“bps”) hike in the federal funds rate at the March 2022 Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes followed in the

1

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

succeeding months, one of 50 bps, and four consecutive hikes of 75 bps, as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2022. Bond yields shot up in anticipation of this aggressive policy, leading to a bearish curve flattening trend and ultimately periods of brief but significant yield curve inversion, with the spread between the two-year and 10-year Treasury yields hitting its most negative level in more than 40 years.

Key macroeconomic indicators trended lower throughout the period. Most notably, the U.S. reported a real gross domestic product decline of -1.6% in the first quarter of 2022 and -0.9% in the second quarter of 2022 before returning to growth in the third quarter of 2022. This led to worries of an impending recession which resulted in consumer sentiment dropping to levels worse than during the height of the COVID-19 pandemic and the Financial Crisis.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. One of the most positive developments, in our view, seemed to be the traction behind the peak inflation narrative, which gained momentum in the fourth quarter of 2022 from lower-than-expected CPI prints in both October and November 2022. In addition, energy prices retracted from their multi-year highs, rent prices began to stabilize, and wage growth showed signs of softening. Job growth also remained strong in the period, and the U.S. national unemployment rate continued to hover around pre-COVID lows. Companies also cited relatively stable demand in both second and third quarter 2022 earnings seasons as consumers remained resilient despite higher prices. Separately, labor shortages eased, and supply chain frictions moderated, providing added benefits for companies managing generally higher input costs.

Portfolio Review

The Fund’s underweight position to duration relative to the benchmark, or lower sensitivity of the portfolio’s bond holdings to changes in interest rates relative to the benchmark, was the largest contributor to relative performance as bonds with short- to intermediate-term yields sold off and interest rate sensitive bonds were negatively affected.

The largest detractor from relative performance over the period was an overweight to high yield fixed-income

investments, which underperformed the broader Index on a duration-adjusted basis, as investors weighed the risks of owning lower quality companies amidst rising interest rates and higher financing costs.

In general, the portfolio’s allocation to structured products also detracted from the Fund’s relative performance. However, the portfolio’s underweight to agency mortgage-backed securities to start the year, and subsequent aggressive addition as relative valuations became compelling, contributed to the Fund’s relative performance. Also detracting from the Fund’s relative performance was security selection within commercial mortgage-backed securities and investment-grade corporate bonds.

Another detractor from the Fund’s relative performance was its allocation to securitized products, including collateralized loan obligations and commercial mortgage-backed securities. Securitized credit underperformed the broader Index, as increased market volatility and liquidity concerns acted as headwinds to the asset class.

Outlook

We believe the type of volatility currently being experienced in the fixed-income markets, driven by macro uncertainty, creates an opportunity for active sector rotation for managers who have the flexibility of a multi-sector approach. Given current valuations and the high degree of uncertainty in the macro environment, we remain cautious and prudent with respect to the type of credit risk we are taking and continue to focus on a higher credit quality and liquidity portfolio profile. We believe we are in a favorable position increase the Fund’s exposure to risk sectors amid periods of spread widening.

With yields on investment-grade corporate bonds historically high, it has also put the breakeven rate (the amount a bond’s yield can increase over the course of a year without losing money from a total return perspective) at a decade high as well. We believe that this creates an extraordinary asymmetry in the investor’s favor and may benefit investment-grade corporate bond investors in 2023.

The landscape for high-quality fixed income looks much different than a year ago; the yields on investment-grade corporate bonds ended 2022 higher than where the high yield market started the year; and we’re excited about the prospects for investment-grade bonds in

2

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

2023, as we put 2022 in the rearview mirror. We believe strong corporate balance sheets can withstand this scale of global quantitative tightening, but we also

believe it is prudent for corporate bond investors to be positioned up in quality, up in liquidity, and down in cyclicality to mitigate the risk of an economic downturn.

¹ The Index is an index of U.S dollar-denominated, investment-grade U.S. government and corporate securities, 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.

² 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.

³ The Nasdaq Composite Index (NASDAQ) is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange.

⁴ As represented by the U.S. Treasury component of the Bloomberg U.S. Government Index as of 12/31/2022.

⁵ As represented by the Bloomberg US Corp Investment Grade Index as of 12/31/2022.

⁶ As represented by the ICE BofA U.S. High Yield Constrained Index as of 12/31/2022.

⁷ As represented by the Credit Suisse Leveraged Loan Index as of 12/31/2022.

⁸ The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

3

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $253,132,994

Bond Sector Allocation¹

As of December 31, 2022

Bond Quality Allocation²

As of December 31, 2022

4

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Top Ten Holdings1 As of December 31, 2022
Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Bond		3.000%		8/15/2052		2.86%
U.S. Treasury Note		3.875%		11/30/2027		2.17%
Federal Home Loan Bank		4.320%		1/3/2023		2.05%
Federal National Mortgage Association		2.500%		8/1/2050		1.89%
Government National Mortgage Association		3.000%		2/21/2053		1.76%
U.S. Treasury Note		3.875%		11/30/2029		1.68%
BAMLL Commercial Mortgage Securities Trust		3.534%		3/10/2037		1.39%
International Bank for Reconstruction & Development		3.829%		1/13/2023		1.28%
Government National Mortgage Association		6.000%		2/21/2053		1.25%
Government National Mortgage Association		4.500%		2/21/2053		1.15%
Total						17.48%

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 Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies’ independent ratings of individual securities are aggregated by Bloomberg, 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.

5

GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Core Plus Fixed Income VIP Fund		9/1/2016		-14.25%		-0.30%		—		-0.11%
Bloomberg US Aggregate Bond Index				-13.01%		0.02%		—		0.08%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

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 US Aggregate Bond 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

6

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	969.70	$	3.97		0.80%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,021.17	$	4.08		0.80%

* 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 the one-half year period).

7

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Agency Mortgage–Backed Securities – 27.0%
Federal Home Loan Mortgage Corp. 2.50% due 11/1/2050	$	717,731	$	615,266
2.50% due 7/1/2051		901,538		771,477
3.50% due 2/1/2046		522,387		491,227
4.50% due 8/1/2052		1,302,820		1,272,703
5.00% due 7/1/2052		576,039		577,764
5.00% due 8/1/2052		1,308,616		2,176,337
Federal National Mortgage Association 2.00% due 6/1/2051		1,191,052		973,557
2.50% due 8/1/2050		5,542,718		4,782,450
2.50% due 9/1/2050		2,847,436		2,454,056
2.50% due 1/1/2051		1,252,297		1,078,353
2.50% due 6/1/2051		850,884		728,559
2.50% due 8/1/2051		301,544		259,765
2.50% due 9/1/2051		433,637		372,381
2.50% due 12/1/2051		2,671,029		2,289,595
2.50% due 5/1/2052		560,777		476,514
3.00% due 12/1/2048		2,058,785		1,849,970
3.00% due 1/1/2051		568,169		507,408
3.50% due 7/1/2045		596,635		553,172
3.50% due 9/1/2051		256,846		237,633
3.50% due 4/1/2052		1,070,873		984,962
4.00% due 5/1/2052		1,074,996		1,025,925
4.00% due 6/1/2052		1,129,178		1,069,189
5.00% due 7/1/2052		789,851		793,519
5.00% due 8/1/2052		1,192,099		1,189,822
Freddie Mac Multifamily Structured Pass-Through Certificates K149 A2 3.53% due 8/25/2032(1)(2)		440,000		406,506
K145 A2 2.58% due 5/25/2032		1,186,000		1,013,577
K150 A2 3.71% due 9/25/2032(1)(2)		640,000		599,934
KG07 A2 3.123% due 8/25/2032(1)(2)		1,146,000		1,022,925
Government National Mortgage Association 3.00% due 2/21/2053(3)		5,001,000		4,453,060
3.50% due 1/1/2053(3)		775,000		711,479
4.00% due 1/1/2053(3)		2,594,000		2,453,805
4.50% due 1/1/2053(3)		329,000		319,011
4.50% due 2/21/2053(3)		3,015,000		2,923,869
5.00% due 1/23/2053(3)		651,000		644,741
5.00% due 2/21/2053(3)		2,197,000		2,175,285
5.50% due 1/23/2053(3)		195,000		195,983
5.50% due 2/21/2053(3)		2,823,000		2,834,659
6.00% due 2/21/2053(3)		3,113,000		3,153,905
Uniform Mortgage-Backed Security 2.00% due 2/13/2053(3)		1,560,000		1,272,029
3.00% due 2/14/2052(3)		1,786,000		1,569,067
3.00% due 1/1/2053(3)		3,024,000		2,654,779
3.50% due 1/1/2053(3)		691,000		627,952
4.00% due 2/16/2038(3)		653,000		636,726
4.00% due 2/13/2053(3)		1,482,000		1,390,457
4.50% due 2/16/2038(3)		2,167,000		2,153,747
4.50% due 1/1/2053(3)		1,364,000		1,314,316
5.00% due 1/17/2038(3)		2,179,000		2,189,554
5.00% due 2/16/2038(3)		150,000		150,054

December 31, 2022	Principal Amount		Value
Agency Mortgage–Backed Securities (continued)
6.00% due 1/12/2053(3)	$	782,000	$	794,137
6.00% due 2/13/2053(3)		517,000		524,527
6.50% due 1/12/2053(3)		1,541,000		1,578,631
6.50% due 2/13/2053(3)		895,000		915,460
Total Agency Mortgage–Backed Securities (Cost $69,706,234)				68,211,779
Asset–Backed Securities – 19.6%
American Express Credit Account Master Trust 2022-3 A 3.75% due 8/15/2027		640,000		625,887
Apidos CLO XXVI 2017-26A A2R 5.694% (LIBOR 3 Month + 1.50%)     due 7/18/2029(1)(4)(5)		280,000		268,856
Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 E 7.268% (LIBOR 1 Month + 2.95%)     due 5/15/2036(1)(4)(5)		170,000		150,340
Ares XL CLO Ltd. 2016-40A A1RR 4.949% (LIBOR 3 Month + 0.87%)     due 1/15/2029(1)(4)(5)		359,512		354,515
Avant Loans Funding Trust 2022-REV1 A 6.54% due 9/15/2031(4)		1,310,000		1,303,548
Avid Automobile Receivables Trust 2019-1 D 4.03% due 7/15/2026(4)		2,290,000		2,262,440
2021-1 E 3.39% due 4/17/2028(4)		830,000		758,726
Avis Budget Rental Car Funding AESOP LLC 2019-3A A 2.36% due 3/20/2026(4)		1,545,000		1,446,433
2020-2A A 2.02% due 2/20/2027(4)		1,750,000		1,582,679
BA Credit Card Trust 2022-A2 A2 5.00% due 4/17/2028		1,290,000		1,303,041
Bain Capital Credit CLO 2019-2A AR 5.179% (LIBOR 3 Month + 1.10%)     due 10/17/2032(1)(4)(5)		880,000		856,680
Barings CLO Ltd. 2019-3A A1R 5.313% (LIBOR 3 Month + 1.07%)     due 4/20/2031(1)(4)(5)		1,000,000		976,600
Carlyle U.S. CLO Ltd. 2021-1A A1 5.219% (LIBOR 3 Month + 1.14%)     due 4/15/2034(1)(4)(5)		1,400,000		1,356,460
CIFC Funding Ltd. 2021-1A A1 5.468% (LIBOR 3 Month + 1.11%)     due 4/25/2033(1)(4)(5)		1,330,000		1,303,400
2021-4A A 5.129% (LIBOR 3 Month + 1.05%)     due 7/15/2033(1)(4)(5)		1,000,000		974,900

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Asset–Backed Securities (continued)
CPS Auto Receivables Trust 2020-C C 1.71% due 8/17/2026(4)	$	112,130	$	111,572
Discover Card Execution Note Trust 2022-A3 A3 3.56% due 7/15/2027		945,000		916,006
Drive Auto Receivables Trust 2020-2 C 2.28% due 8/17/2026		1,193,615		1,184,046
Dryden Senior Loan Fund 2017-47A BR 5.549% (LIBOR 3 Month + 1.47%)     due 4/15/2028(1)(4)(5)		1,010,000		970,812
Exeter Automobile Receivables Trust 2020-2A E 7.19% due 9/15/2027(4)		1,100,000		1,106,782
2022-2A B 3.65% due 10/15/2026		1,020,000		995,362
First Investors Auto Owner Trust 2021-1A E 3.35% due 4/15/2027(4)		600,000		551,265
Flagship Credit Auto Trust 2018-3 E 5.28% due 12/15/2025(4)		725,000		707,819
2021-1 A 0.31% due 6/16/2025(4)		68,019		67,691
2022-3 A3 4.55% due 4/15/2027(4)		950,000		935,319
GM Financial Automobile Leasing Trust 2022-2 A2 2.93% due 10/21/2024		1,283,213		1,267,768
Hertz Vehicle Financing III LP 2021-2A A 1.68% due 12/27/2027(4)		910,000		789,973
HGI CRE CLO Ltd. 2021-FL1 C 6.026% (LIBOR 1 Month + 1.70%)     due 6/16/2036(1)(4)(5)		550,000		515,619
Lending Funding Trust 2020-2A A 2.32% due 4/21/2031(4)		936,000		817,701
Lendmark Funding Trust 2021-1A A 1.90% due 11/20/2031(4)		750,000		631,574
LoanCore Issuer Ltd. 2022-CRE7 A 5.358% (SOFR30A + 1.55%)     due 1/17/2037(1)(4)		680,000		657,740
Logan CLO I Ltd. 2021-1A A 5.403% (LIBOR 3 Month + 1.16%)     due 7/20/2034(1)(4)(5)		530,000		514,471
Marble Point CLO XVII Ltd. 2020-1A A 5.543% (LIBOR 3 Month + 1.30%)     due 4/20/2033(1)(4)(5)		613,030		600,769
Marlette Funding Trust 2020-2A D 4.65% due 9/16/2030(4)		1,060,000		1,032,829

December 31, 2022	Principal Amount		Value
Asset–Backed Securities (continued)
ME Funding LLC 2019-1 A2 6.448% due 7/30/2049(4)	$	1,088,340	$	1,056,667
Mountain View CLO LLC 2017-1A AR 5.169% (LIBOR 3 Month + 1.09%)     due 10/16/2029(1)(4)(5)		524,741		516,922
Neuberger Berman Loan Advisers CLO 35 Ltd. 2019-35A A1 5.567% (LIBOR 3 Month + 1.34%)     due 1/19/2033(1)(4)(5)		1,000,000		980,000
NextGear Floorplan Master Owner Trust 2020-1A A1 5.118% (LIBOR 1 Month + 0.80%)     due 2/15/2025(1)(4)(5)		2,450,000		2,447,526
OCP CLO Ltd. 2019-16A AR 4.909% (LIBOR 3 Month + 1.00%)     due 4/10/2033(1)(4)(5)		790,000		770,171
Octagon Investment Partners XVII Ltd. 2013-1A A1R2 5.358% (LIBOR 3 Month + 1.00%)     due 1/25/2031(1)(4)(5)		365,000		358,649
Rad CLO 7 Ltd. 2020-7A A1 5.279% (LIBOR 3 Month + 1.20%)     due 4/17/2033(1)(4)(5)		750,000		732,675
Santander Consumer Auto Receivables Trust 2020-BA D 2.14% due 12/15/2026(4)		1,475,000		1,396,676
Santander Drive Auto Receivables Trust 2020-2 D 2.22% due 9/15/2026		816,000		793,465
2021-1 C 0.75% due 2/17/2026		1,516,280		1,489,961
2022-5 C 4.74% due 10/16/2028		970,000		935,598
2022-6 C 4.96% due 11/15/2028		1,080,000		1,043,933
SCF Equipment Leasing LLC 2019-2A B 2.76% due 8/20/2026(4)		797,000		761,458
2021-1A C 1.54% due 10/21/2030(4)		1,000,000		850,384
2021-1A D 1.93% due 9/20/2030(4)		750,000		630,441
SEB Funding LLC 2021-1A A2 4.969% due 1/30/2052(4)		812,963		688,314
Signal Peak CLO 8 Ltd. 2020-8A A 5.513% (LIBOR 3 Month + 1.27%)     due 4/20/2033(1)(4)(5)		1,003,948		979,853
Sunrun Demeter Issuer LLC 2021-2A A 2.27% due 1/30/2057(4)		475,742		334,543

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Asset–Backed Securities (continued)
TCW CLO Ltd. 2022-1A A1 5.40% (SOFR + 1.34%)     due 4/22/2033(1)(4)	$	750,000	$	730,200
Towd Point Asset Trust 2018-SL1 A 4.989% (LIBOR 1 Month + 0.60%)     due 1/25/2046(1)(4)(5)		124,902		124,220
Verizon Master Trust 2022-7 A1A 5.23% due 11/22/2027		1,290,000		1,296,832
Westlake Automobile Receivables Trust 2020-3A E 3.34% due 6/15/2026(4)		750,000		718,344
Total Asset–Backed Securities (Cost $51,842,827)				49,536,455
Corporate Bonds & Notes – 41.3%
Aerospace & Defense – 0.3%
Bombardier, Inc. 6.00% due 2/15/2028(4)		284,000		263,075
TransDigm, Inc. 4.625% due 1/15/2029		288,000		253,256
6.375% due 6/15/2026		255,000		248,502
				764,833
Agriculture – 1.0%
BAT Capital Corp. 3.222% due 8/15/2024		657,000		633,966
Cargill, Inc. 4.00% due 6/22/2032(4)		715,000		657,307
MHP Lux SA 6.25% due 9/19/2029(4)(6)		475,000		223,245
Philip Morris International, Inc. 5.625% due 11/17/2029		592,000		603,443
Viterra Finance BV 4.90% due 4/21/2027(4)		398,000		376,412
				2,494,373
Airlines – 0.6%
American Airlines, Inc. 11.75% due 7/15/2025(4)		236,000		253,844
British Airways Pass-Through Trust 2020-1 A 4.25% due 11/15/2032(4)		564,062		510,837
Delta Air Lines, Inc. 7.00% due 5/1/2025(4)		717,000		733,326
				1,498,007
Apparel – 0.1%
Levi Strauss & Co. 3.50% due 3/1/2031(4)		331,000		263,953
				263,953
Auto Manufacturers – 0.3%
Ford Motor Co. 3.25% due 2/12/2032		848,000		638,163
				638,163

December 31, 2022	Principal Amount		Value
Beverages – 0.1%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. 4.70% due 2/1/2036	$	394,000	$	373,106
				373,106
Biotechnology – 0.1%
Baxalta, Inc. 4.00% due 6/23/2025		175,000		170,557
				170,557
Building Materials – 0.1%
Standard Industries, Inc. 4.375% due 7/15/2030(4)		306,000		250,648
				250,648
Chemicals – 0.5%
CVR Partners LP / CVR Nitrogen Finance Corp. 6.125% due 6/15/2028(4)		396,000		355,889
International Flavors & Fragrances, Inc. 1.23% due 10/1/2025(4)		962,000		851,293
				1,207,182
Coal – 0.1%
SunCoke Energy, Inc. 4.875% due 6/30/2029(4)		309,000		263,827
				263,827
Commercial Banks – 10.1%
ABN AMRO Bank NV 3.324% (3.324% fixed rate until 12/13/2031; H15T5Y + 1.90% thereafter)     due 3/13/2037(1)(4)		400,000		290,544
Bank of America Corp. 1.658% (1.658% fixed rate until 3/11/2026; SOFR + 0.91% thereafter)     due 3/11/2027(1)		1,693,000		1,496,798
2.087% (2.087% fixed rate until 6/14/2028; SOFR + 1.06% thereafter)     due 6/14/2029(1)		821,000		692,325
2.687% (2.687% fixed rate until 4/22/2031; SOFR + 1.32% thereafter)     due 4/22/2032(1)		350,000		281,043
3.593% (3.593% fixed rate until 7/21/2027; LIBOR 3 Month + 1.37% thereafter)     due 7/21/2028(1)(5)		1,125,000		1,037,813
BankUnited, Inc. 5.125% due 6/11/2030		613,000		568,447
BNP Paribas SA 4.375% (4.375% fixed rate until 3/1/2028; 5 Year USD Swap + 1.48% thereafter)     due 3/1/2033(1)(4)		599,000		531,529
Citigroup, Inc. 3.887% (3.887% fixed rate until 1/10/2027; LIBOR 3 Month + 1.56% thereafter)     due 1/10/2028(1)(5)		712,000		666,453

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Commercial Banks (continued)
3.98% (3.98% fixed rate until 3/20/2029; LIBOR 3 Month + 1.34% thereafter)     due 3/20/2030(1)(5)	$	2,518,000	$	2,275,769
4.14% (4.14% fixed rate until 5/24/2024; SOFR + 1.37% thereafter)     due 5/24/2025(1)		287,000		282,709
Danske Bank A/S 3.773% (3.773% fixed rate until 3/28/2024; H15T1Y + 1.45% thereafter)     due 3/28/2025(1)(4)		1,030,000		997,359
4.375% due 6/12/2028(4)		200,000		184,678
Goldman Sachs Group, Inc. 2.383% (2.383% fixed rate until 7/21/2031; SOFR + 1.25% thereafter)     due 7/21/2032(1)		1,000,000		778,110
JPMorgan Chase & Co. 2.963% (2.963% fixed rate until 1/25/2032; SOFR + 1.26% thereafter)     due 1/25/2033(1)		707,000		576,749
3.54% (3.54% fixed rate until 5/1/2027; LIBOR 3 Month + 1.38% thereafter)     due 5/1/2028(1)(5)		1,002,000		926,519
3.782% (3.782% fixed rate until 2/1/2027; LIBOR 3 Month + 1.34% thereafter)     due 2/1/2028(1)(5)		1,065,000		997,777
Macquarie Bank Ltd. 3.624% due 6/3/2030(4)		203,000		164,795
Macquarie Group Ltd. 2.691% (2.691% fixed rate until 6/23/2031; SOFR + 1.44% thereafter)     due 6/23/2032(1)(4)		968,000		744,789
4.654% (4.654% fixed rate until 3/27/2028; LIBOR 3 Month + 1.73% thereafter)     due 3/27/2029(1)(4)(5)		963,000		904,074
Morgan Stanley 2.239% (2.239% fixed rate until 7/21/2031; SOFR + 1.18% thereafter)     due 7/21/2032(1)		500,000		384,390
2.484% (2.484% fixed rate until 9/16/2031; SOFR + 1.36% thereafter)     due 9/16/2036(1)		542,000		395,378
4.431% (4.431% fixed rate until 1/23/2029; LIBOR 3 Month + 1.63% thereafter)     due 1/23/2030(1)(5)		1,893,000		1,771,545
Royal Bank of Canada 6.00% due 11/1/2027		667,000		695,634
Santander UK Group Holdings PLC 3.373% (3.373% fixed rate until 1/5/2023; LIBOR 3 Month + 1.08% thereafter)     due 1/5/2024(1)(5)		877,000		877,000

December 31, 2022	Principal Amount		Value
Commercial Banks (continued)
State Street Corp. 4.164% (4.164% fixed rate until 8/4/2032; SOFR + 1.73% thereafter)     due 8/4/2033(1)	$	469,000	$	434,196
Toronto-Dominion Bank 4.456% due 6/8/2032		300,000		286,017
U.S. Bancorp 4.967% (4.967% fixed rate until 7/22/2032; SOFR + 2.11% thereafter)     due 7/22/2033(1)		1,057,000		1,005,556
UBS AG 5.125% due 5/15/2024		872,000		860,368
Wells Fargo & Co. 2.188% (2.188% fixed rate until 4/30/2025; SOFR + 2.00% thereafter)     due 4/30/2026(1)		652,000		607,247
2.393% (2.393% fixed rate until 6/2/2027; SOFR + 2.10% thereafter)     due 6/2/2028(1)		2,093,000		1,849,082
3.35% (3.35% fixed rate until 3/2/2032; SOFR + 1.50% thereafter)     due 3/2/2033(1)		674,000		568,748
3.584% (3.584% fixed rate until 5/22/2027; LIBOR 3 Month + 1.31% thereafter)     due 5/22/2028(1)(5)		976,000		905,728
Westpac Banking Corp. 2.894% (2.894% fixed rate until 2/4/2025; H15T5Y + 1.35% thereafter)     due 2/4/2030(1)		484,000		443,876
				25,483,045
Commercial Services – 0.7%
Adani Ports & Special Economic Zone Ltd. 4.00% due 7/30/2027		680,000		594,653
Global Payments, Inc. 4.00% due 6/1/2023		940,000		934,181
United Rentals North America, Inc. 4.00% due 7/15/2030		313,000		267,897
				1,796,731
Cosmetics & Personal Care – 0.1%
GSK Consumer Healthcare Capital U.S. LLC 3.625% due 3/24/2032		295,000		260,084
				260,084
Diversified Financial Services – 3.2%
Aircastle Ltd. 2.85% due 1/26/2028(4)		600,000		491,682
Ally Financial, Inc. 8.00% due 11/1/2031		455,000		470,884

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Diversified Financial Services (continued)
American Express Co. 4.42% (4.42% fixed rate until 8/3/2032; SOFR + 1.76% thereafter)     due 8/3/2033(1)	$	400,000	$	380,092
Aviation Capital Group LLC 1.95% due 1/30/2026(4)		408,000		355,348
5.50% due 12/15/2024(4)		982,000		963,401
Avolon Holdings Funding Ltd. 2.125% due 2/21/2026(4)		1,255,000		1,082,626
4.25% due 4/15/2026(4)		643,000		583,413
CPPIB Capital, Inc. 4.818% (SOFR + 1.25%)     due 4/4/2025(1)(4)		2,000,000		2,033,260
Intercontinental Exchange, Inc. 4.00% due 9/15/2027		1,350,000		1,306,192
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 4.50% due 3/15/2027(4)		329,000		312,708
4.875% due 4/15/2045(4)		198,000		161,748
				8,141,354
Electric – 3.7%
AEP Transmission Co. LLC 4.50% due 6/15/2052		599,000		534,134
AES Corp. 3.95% due 7/15/2030(4)		578,000		511,293
Alfa Desarrollo SpA 4.55% due 9/27/2051(4)		493,196		377,492
Ausgrid Finance Pty. Ltd. 4.35% due 8/1/2028(4)		580,000		536,929
Calpine Corp. 5.125% due 3/15/2028(4)		302,000		270,329
Constellation Energy Generation LLC 6.25% due 10/1/2039		485,000		497,658
Consumers Energy Co. 4.20% due 9/1/2052		286,000		246,000
Duke Energy Corp. 4.50% due 8/15/2032		961,000		906,242
Indianapolis Power & Light Co. 5.65% due 12/1/2032(4)		821,000		844,087
Minejesa Capital BV 4.625% due 8/10/2030(4)		730,000		642,590
NextEra Energy Capital Holdings, Inc. 4.255% due 9/1/2024		31,000		30,632
5.00% due 7/15/2032		291,000		287,473
NRG Energy, Inc. 3.875% due 2/15/2032(4)		324,000		244,257
4.45% due 6/15/2029(4)		280,000		247,674
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 3.00% due 6/30/2030(4)		504,000		415,467
Public Service Electric & Gas Co. 4.90% due 12/15/2032		464,000		466,905
Southern Co. 4.475% due 8/1/2024		1,156,000		1,142,001

December 31, 2022	Principal Amount		Value
Electric (continued)
Vistra Operations Co. LLC 3.55% due 7/15/2024(4)	$	841,000	$	807,436
4.375% due 5/1/2029(4)		293,000		252,625
				9,261,224
Energy-Alternate Sources – 0.1%
TerraForm Power Operating LLC 5.00% due 1/31/2028(4)		270,000		242,997
				242,997
Entertainment – 0.2%
Jacobs Entertainment, Inc. 6.75% due 2/15/2029(4)		303,000		275,548
Warnermedia Holdings, Inc. 3.428% due 3/15/2024(4)		333,000		323,290
				598,838
Environmental Control – 0.1%
Madison IAQ LLC 4.125% due 6/30/2028(4)		303,000		252,605
				252,605
Food – 0.1%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 3.50% due 3/15/2029(4)		336,000		281,746
				281,746
Gas – 0.9%
CenterPoint Energy Resources Corp. 4.40% due 7/1/2032		682,000		657,339
National Fuel Gas Co. 5.50% due 1/15/2026		554,000		552,560
NiSource, Inc. 2.95% due 9/1/2029		525,000		457,023
ONE Gas, Inc. 1.10% due 3/11/2024		260,000		249,460
Southwest Gas Corp. 4.05% due 3/15/2032		413,000		363,518
				2,279,900
Healthcare-Products – 0.7%
GE HealthCare Technologies, Inc. 5.65% due 11/15/2027(4)		738,000		750,236
Medline Borrower LP 3.875% due 4/1/2029(4)		330,000		266,053
PerkinElmer, Inc. 0.85% due 9/15/2024		750,000		695,542
				1,711,831
Healthcare-Services – 2.1%
Centene Corp. 2.45% due 7/15/2028		286,000		240,952
3.375% due 2/15/2030		534,000		452,143
4.25% due 12/15/2027		419,000		393,462
Elevance Health, Inc. 2.25% due 5/15/2030		212,000		176,193
2.875% due 9/15/2029		738,000		649,233
5.50% due 10/15/2032		606,000		622,380

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Healthcare-Services (continued)
Humana, Inc. 1.35% due 2/3/2027	$	788,000	$	681,132
5.875% due 3/1/2033		770,000		799,437
Tenet Healthcare Corp. 6.25% due 2/1/2027(4)		273,000		260,740
UnitedHealth Group, Inc. 4.00% due 5/15/2029		397,000		379,842
5.25% due 2/15/2028		626,000		641,932
				5,297,446
Insurance – 0.7%
Assurant, Inc. 2.65% due 1/15/2032		313,000		232,903
First American Financial Corp. 2.40% due 8/15/2031		474,000		347,703
GA Global Funding Trust 3.85% due 4/11/2025(4)		898,000		861,254
Metropolitan Life Global Funding I 4.05% due 8/25/2025(4)		452,000		442,820
				1,884,680
Internet – 1.2%
Amazon.com, Inc. 4.70% due 12/1/2032		1,920,000		1,914,701
Netflix, Inc. 6.375% due 5/15/2029		893,000		925,907
Prosus NV 3.257% due 1/19/2027(4)		340,000		306,677
				3,147,285
Iron & Steel – 0.1%
United States Steel Corp. 6.875% due 3/1/2029		265,000		257,519
				257,519
Leisure Time – 0.2%
Life Time, Inc. 5.75% due 1/15/2026(4)		286,000		266,592
Royal Caribbean Cruises Ltd. 8.25% due 1/15/2029(4)		134,000		134,756
				401,348
Machinery-Diversified – 0.4%
nVent Finance Sarl 4.55% due 4/15/2028		1,112,000		1,027,143
				1,027,143
Media – 1.4%
AMC Networks, Inc. 4.25% due 2/15/2029		321,000		200,291
CCO Holdings LLC / CCO Holdings Capital Corp. 4.50% due 5/1/2032		477,000		379,835
Charter Communications Operating LLC / Charter Communications Operating Capital 2.25% due 1/15/2029		624,000		501,858
Comcast Corp. 5.50% due 11/15/2032		1,480,000		1,546,126

December 31, 2022	Principal Amount		Value
Media (continued)
FactSet Research Systems, Inc. 3.45% due 3/1/2032	$	449,000	$	379,778
Time Warner Cable Enterprises LLC 8.375% due 7/15/2033		331,000		369,479
Time Warner Cable LLC 7.30% due 7/1/2038		288,000		288,239
				3,665,606
Mining – 1.1%
Alcoa Nederland Holding BV 4.125% due 3/31/2029(4)		335,000		296,773
6.125% due 5/15/2028(4)		414,000		407,715
Anglo American Capital PLC 4.00% due 9/11/2027(4)		1,300,000		1,231,243
FMG Resources August 2006 Pty. Ltd. 4.375% due 4/1/2031(4)		330,000		278,956
Glencore Funding LLC 4.875% due 3/12/2029(4)		594,000		570,834
				2,785,521
Oil & Gas – 2.8%
California Resources Corp. 7.125% due 2/1/2026(4)		258,000		246,114
Callon Petroleum Co. 8.00% due 8/1/2028(4)		285,000		270,508
Comstock Resources, Inc. 6.75% due 3/1/2029(4)		331,000		298,843
Continental Resources, Inc. 5.75% due 1/15/2031(4)		1,475,000		1,377,930
Diamondback Energy, Inc. 3.125% due 3/24/2031		1,006,000		836,348
3.50% due 12/1/2029		314,000		276,188
EQT Corp. 7.00% due 2/1/2030		1,311,000		1,358,642
Laredo Petroleum, Inc. 9.50% due 1/15/2025		288,000		285,555
Occidental Petroleum Corp. 6.625% due 9/1/2030		778,000		803,900
Ovintiv, Inc. 6.50% due 2/1/2038		498,000		495,630
Petroleos Mexicanos 6.70% due 2/16/2032		1,216,000		957,308
				7,206,966
Pharmaceuticals – 1.9%
AbbVie, Inc. 3.20% due 11/21/2029		692,000		625,748
Cigna Corp. 2.40% due 3/15/2030		1,298,000		1,090,151
4.375% due 10/15/2028		129,000		124,698
CVS Health Corp. 1.75% due 8/21/2030		641,000		505,441
3.25% due 8/15/2029		1,801,000		1,615,299
Option Care Health, Inc. 4.375% due 10/31/2029(4)		325,000		286,926
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% due 4/30/2028(4)		321,000		284,220
Owens & Minor, Inc. 6.625% due 4/1/2030(4)		300,000		257,967
				4,790,450

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Pipelines – 1.9%
Cheniere Energy Partners LP 3.25% due 1/31/2032	$	344,000	$	274,454
CNX Midstream Partners LP 4.75% due 4/15/2030(4)		326,000		269,136
Eastern Gas Transmission & Storage, Inc. 3.00% due 11/15/2029		428,000		371,110
EIG Pearl Holdings Sarl 3.545% due 8/31/2036(4)		1,066,000		896,868
Galaxy Pipeline Assets Bidco Ltd. 3.25% due 9/30/2040(4)		1,030,000		796,808
Kinder Morgan Energy Partners LP 4.25% due 9/1/2024		643,000		632,815
NGPL PipeCo LLC 3.25% due 7/15/2031(4)		830,000		677,670
Sabine Pass Liquefaction LLC 5.625% due 3/1/2025		696,000		697,997
Venture Global Calcasieu Pass LLC 4.125% due 8/15/2031(4)		317,000		270,265
				4,887,123
Real Estate Investment Trusts (REITs) – 1.1%
American Tower Corp. 2.40% due 3/15/2025		448,000		421,913
2.95% due 1/15/2025		235,000		224,467
3.80% due 8/15/2029		579,000		528,320
Crown Castle, Inc. 3.30% due 7/1/2030		800,000		701,384
EPR Properties 4.95% due 4/15/2028		604,000		513,521
VICI Properties LP / VICI Note Co., Inc. 5.625% due 5/1/2024(4)		474,000		470,587
				2,860,192
Retail – 0.4%
Bayer Corp. 6.65% due 2/15/2028(4)		343,000		352,076
Macy’s Retail Holdings LLC 5.875% due 4/1/2029(4)		278,000		247,378
Murphy Oil USA, Inc. 3.75% due 2/15/2031(4)		353,000		292,365
				891,819
Semiconductors – 0.7%
Advanced Micro Devices, Inc. 3.924% due 6/1/2032		560,000		522,547
4.393% due 6/1/2052		488,000		433,944
Broadcom, Inc. 4.15% due 4/15/2032(4)		603,000		531,406
Entegris, Inc. 3.625% due 5/1/2029(4)		307,000		246,899
				1,734,796
Software – 0.6%
Oracle Corp. 2.875% due 3/25/2031		915,000		761,618
6.25% due 11/9/2032		281,000		296,087
Workday, Inc. 3.80% due 4/1/2032		593,000		525,499
				1,583,204

December 31, 2022	Principal Amount		Value
Telecommunications – 1.6%
AT&T, Inc. 4.30% due 2/15/2030	$	461,000	$	434,871
Frontier Communications Holdings LLC 5.00% due 5/1/2028(4)		312,000		272,005
Sprint Capital Corp. 6.875% due 11/15/2028		689,000		716,457
8.75% due 3/15/2032		212,000		252,223
T-Mobile USA, Inc. 2.625% due 2/15/2029		319,000		270,652
3.50% due 4/15/2025		391,000		376,650
3.875% due 4/15/2030		1,264,000		1,148,483
Verizon Communications, Inc. 2.355% due 3/15/2032		662,000		527,190
				3,998,531
Total Corporate Bonds & Notes (Cost $113,955,394)				104,654,633
Municipals – 0.5%
Foothill-Eastern Transportation Corridor Agency 4.094% due 1/15/2049		361,000		276,102
New Jersey Transportation Trust Fund Authority 4.131% due 6/15/2042		605,000		487,620
New York City Transitional Finance Authority B-3 1.95% due 8/1/2034		330,000		234,908
Regents of the University of California Medical Center Pooled Revenue 3.006% due 5/15/2050		205,000		135,634
Total Municipals (Cost $1,561,422)				1,134,264
Non–Agency Mortgage–Backed Securities – 9.1%
Angel Oak Mortgage Trust 2020-1 A1 2.466% due 12/25/2059(1)(2)(4)		37,418		34,795
BAMLL Commercial Mortgage Securities Trust 2013-WBRK A 3.534% due 3/10/2037(1)(2)(4)		3,900,000		3,519,857
BBCMS Mortgage Trust 2019-BWAY A 5.274% due 11/15/2034(1)(2)(4)		365,000		350,988
2019-BWAY B 5.628% due 11/15/2034(1)(2)(4)		160,000		151,166
BHMS 2018-ATLS A 5.568% due 7/15/2035(1)(2)(4)		560,000		540,862
2018-ATLS C 6.218% due 7/15/2035(1)(2)(4)		320,000		301,122
2018-ATLS D 6.568% due 7/15/2035(1)(2)(4)		1,110,000		1,032,741
BRAVO Residential Funding Trust 2021-NQM2 A1 0.97% due 3/25/2060(1)(2)(4)		902,913		830,398

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
BX Trust 2018-GW A 5.118% due 5/15/2035(1)(2)(4)	$	987,000	$	961,707
Commercial Mortgage Trust 2015-PC1 C 4.293% due 7/10/2050(1)(2)		375,000		333,115
Connecticut Avenue Securities Trust 2021-R01 1M2 5.478% due 10/25/2041(1)(2)(4)		430,000		421,075
Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1 1.616% due 4/25/2065(1)(2)(4)		62,190		59,711
Deephaven Residential Mortgage Trust 2021-3 A1 1.194% due 8/25/2066(1)(2)(4)		629,569		511,915
Fannie Mae Connecticut Avenue Securities 2021-R02 2M2 5.928% due 11/25/2041(1)(2)(4)		420,000		390,873
Freddie Mac STACR REMIC Trust 2021-DNA3 M2 6.028% due 10/25/2033(1)(2)(4)		655,000		642,396
2021-DNA6 M2 5.428% due 10/25/2041(1)(2)(4)		739,000		695,597
2021-DNA7 M2 5.728% due 11/25/2041(1)(2)(4)		540,000		507,191
2021-HQA4 M1 4.878% due 12/25/2041(1)(2)(4)		617,997		586,342
Freddie Mac Structured Agency Credit Risk Debt Note 2022-HQA2 M1A 6.578% due 7/25/2042(1)(2)(4)		792,705		793,959
Great Wolf Trust 2019-WOLF A 5.352% due 12/15/2036(1)(2)(4)		1,028,000		997,605
GS Mortgage Securities Corp. II 2012-BWTR A 2.954% due 11/5/2034(4)		1,273,000		1,106,382
GS Mortgage Securities Corp. Trust 2018-RIVR A 5.268% due 7/15/2035(1)(2)(4)		437,247		416,422
2021-ROSS G 8.968% due 5/15/2026(1)(2)(4)		660,000		566,491
2022-ECI A 6.531% due 8/15/2039(1)(2)(4)		860,000		853,924
JP Morgan Chase Commercial Mortgage Securities Trust 2018-MINN A 5.588% due 11/15/2035(1)(2)(4)		339,000		332,135
2020-MKST E 6.818% due 12/15/2036(1)(2)(4)		570,000		430,878
JPMBB Commercial Mortgage Securities Trust 2015-C30 C 4.23% due 7/15/2048(1)(2)		340,000		294,337

December 31, 2022	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
KIND Trust 2021-KIND D 6.618% due 8/15/2038(1)(2)(4)	$	585,766	$	535,959
Ready Capital Mortgage Financing LLC 2021-FL6 C 6.289% due 7/25/2036(1)(2)(4)		1,280,000		1,196,956
2022-FL8 A 5.594% due 1/25/2037(1)(2)(4)		1,060,000		1,028,345
Starwood Mortgage Residential Trust 2020-3 A1 1.486% due 4/25/2065(1)(2)(4)		206,433		188,259
Verus Securitization Trust 2020-1 A1 2.417% due 1/25/2060(1)(2)(4)		68,328		64,072
2020-5 A1 1.218% due 5/25/2065(1)(2)(4)		288,605		254,639
Vista Point Securitization Trust 2020-2 A1 1.475% due 4/25/2065(1)(2)(4)		152,582		134,064
WFLD Mortgage Trust 2014-MONT A 3.755% due 8/10/2031(1)(2)(4)		2,000,000		1,891,494
Total Non–Agency Mortgage–Backed Securities  (Cost $24,729,629)				22,957,772
Foreign Government – 3.1%
Export Development Canada 0.52% due 5/26/2024(4)	USD	600,000		565,020
Export Finance & Insurance Corp.  4.625% due 10/26/2027(4)	USD	668,000		675,562
Japan Bank for International Cooperation 3.875% due 9/16/2025	USD	938,000		917,786
Japan International Cooperation Agency 3.25% due 5/25/2027	USD	718,000		678,438
Kommunalbanken AS 5.306% due 6/17/2026(1)(4)	USD	1,170,000		1,190,955
Nigeria Government International Bond 7.143% due 2/23/2030(4)	USD	375,000		288,574
Panama Government International Bond 2.252% due 9/29/2032	USD	833,000		620,135
Province of Ontario Canada 3.10% due 5/19/2027	USD	1,404,000		1,333,280
Senegal Government International Bond 6.25% due 5/23/2033(4)	USD	290,000		240,184
Sri Lanka Government International Bond 5.875% due 7/25/2022(4)(6)	USD	200,000		63,776
Svensk Exportkredit AB 4.625% due 11/28/2025		USD 1,264,000		1,266,136
Total Foreign Government (Cost $8,169,374)				7,839,846

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

December 31, 2022	Principal Amount		Value
Supranational Bonds – 1.6%
Inter American Investment Corp. 2.625% due 4/22/2025	$	838,000	$	803,282
International Bank for Reconstruction & Development 3.829% (SOFR + 0.13%)     due 1/13/2023(1)		3,248,000		3,248,097
Total Supranational Bonds (Cost $4,084,249)				4,051,379
U.S. Government Agencies – 2.0%
Federal Home Loan Bank 4.32% due 1/3/2023		5,180,000		5,180,000
Total U.S. Government Agencies (Cost $5,180,000)				5,180,000
U.S. Government Securities – 8.3%
U.S. Treasury Bond
2.00% due 11/15/2041		970,000		697,642
3.00% due 8/15/2052		8,689,000		7,245,812
4.00% due 11/15/2042		965,000		951,731
U.S. Treasury Note
3.875% due 11/30/2027		5,507,000		5,487,209
3.875% due 11/30/2029		4,266,000		4,249,336
4.375% due 10/31/2024		2,457,000		2,450,954
Total U.S. Government Securities (Cost $21,167,168)				21,082,684

December 31, 2022	Principal Amount		Value
Short–Term Investments – 1.0%
Repurchase Agreements – 1.0%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $2,641,456, due 1/3/2023(7)	$	2,641,081	$	2,641,081
Total Repurchase Agreements (Cost $2,641,081)				2,641,081
Total Investments – 113.5% (Cost $303,037,378)				287,289,893
Liabilities in excess of other assets – (13.5)%				(34,156,899	)
Total Net Assets – 100.0%			$	253,132,994

⁽¹⁾  Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

⁽²⁾  Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽³⁾ TBA — To be announced.

⁽⁴⁾ Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $98,791,542, representing 39.0% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽⁵⁾ The London Interbank Offered Rate (“LIBOR”) is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund’s investments.

⁽⁶⁾  The table below presents securities deemed illiquid by the investment adviser.

Security	Principal Amount		Cost		Value		Acquisition Date		% of Fund’s Net Assets
MHP Lux SA	$	475,000	$	434,169	$	223,245		9/12/2019 – 3/31/2020		0.09%
Sri Lanka Government International Bond		200,000		200,000		63,776		12/11/2020		0.03%

⁽⁷⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	3,688,200	$	2,693,911

Open futures contracts at December 31, 2022:

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. 2-Year Treasury Note		March 2023		28		Long	$	5,735,650	$	5,742,187	$	6,537
U.S. 10-Year Treasury Note		March 2023		47		Long		5,363,375		5,277,953		(85,422	)
U.S. Long Bond		March 2023		149		Long		18,907,754		18,676,219		(231,535	)
U.S. Ultra Bond		March 2023		76		Long		10,565,845		10,207,750		(358,095	)
Total							$	40,572,624	$	39,904,109	$	(668,515	)

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation
U.S. Ultra 10-Year Treasury Note		March 2023		122		Short	$	(14,518,790)	$	(14,430,313)	$	88,477

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

SCHEDULE OF INVESTMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Legend:

CLO — Collateralized Loan Obligation

H15T1Y — 1-year Constant Maturity Treasury Rate

H15T5Y — 5-year Constant Maturity Treasury Rate

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-Day Average

The following is a summary of the inputs used as of December 31, 2022 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
Agency Mortgage–Backed Securities	$	—		$	68,211,779	$	—	$	68,211,779
Asset–Backed Securities		—			49,536,455		—		49,536,455
Corporate Bonds & Notes		—			104,654,633		—		104,654,633
Municipals		—			1,134,264		—		1,134,264
Non–Agency Mortgage–Backed Securities		—			22,957,772		—		22,957,772
Foreign Government		—			7,839,846		—		7,839,846
Supranational Bonds		—			4,051,379		—		4,051,379
U.S. Government Agencies		—			5,180,000		—		5,180,000
U.S. Government Securities		—			21,082,684		—		21,082,684
Repurchase Agreements		—			2,641,081		—		2,641,081
Total	$	—		$	287,289,893	$	—	$	287,289,893
Other Financial Instruments
Futures Contracts
Assets	$	95,014		$	—	$	—	$	95,014
Liabilities		(675,052	)		—		—		(675,052	)
Total	$	(580,038	)	$	—	$	—	$	(580,038	)

The accompanying notes are an integral part of these financial statements. 17

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	287,289,893
Cash		15,433
Receivable for investments sold		56,246,899
Interest receivable		2,004,054
Cash deposits with brokers for futures contracts		1,016,757
Prepaid expenses		8,703
Total Assets		346,581,739
Liabilities
Payable for investments purchased		93,087,668
Investment advisory fees payable		98,577
Payable for fund shares redeemed		77,017
Payable for variation margin on futures contracts		63,275
Distribution fees payable		54,765
Accrued audit fees		25,096
Accrued custodian and accounting fees		11,752
Accrued trustees’ and officers’ fees		776
Accrued expenses and other liabilities		29,819
Total Liabilities		93,448,745
Total Net Assets	$	253,132,994
Net Assets Consist of:
Paid-in capital	$	246,973,974
Distributable earnings		6,159,020
Total Net Assets	$	253,132,994
Investments, at Cost	$	303,037,378
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		25,485,877
Net Asset Value Per Share		$9.93

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Interest	$	9,329,909
Total Investment Income		9,329,909
Expenses
Investment advisory fees		1,280,899
Distribution fees		713,300
Custodian and accounting fees		85,273
Professional fees		67,669
Trustees’ and officers’ fees		67,396
Administrative fees		43,355
Transfer agent fees		14,354
Shareholder reports		10,817
Other expenses		14,565
Total Expenses		2,297,628
Net Investment Income/(Loss)		7,032,281
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		(26,136,330	)
Net realized gain/(loss) from futures contracts		(8,935,773	)
Net change in unrealized appreciation/(depreciation) on investments		(17,199,615	)
Net change in unrealized appreciation/(depreciation) on futures contracts		(838,377	)
Net Loss on Investments and Derivative Contracts		(53,110,095	)
Net Decrease in Net Assets Resulting From Operations	$	(46,077,814	)

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

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	7,032,281		$	5,087,549
Net realized gain/(loss) from investments and derivative contracts		(35,072,103	)		3,205,907
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(18,037,992	)		(8,437,007	)
Net Decrease in Net Assets Resulting from Operations		(46,077,814	)		(143,551	)
Capital Share Transactions
Proceeds from sales of shares		4,039,995			69,750,403
Cost of shares redeemed		(50,161,423	)		(66,101,532	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(46,121,428	)		3,648,871
Net Increase/(Decrease) in Net Assets		(92,199,242	)		3,505,320
Net Assets
Beginning of year		345,332,236			341,826,916
End of year	$	253,132,994		$	345,332,236
Other Information:
Shares
Sold		407,441			6,056,937
Redeemed		(4,754,295	)		(5,734,000	)
Net Increase/(Decrease)		(4,346,854	)		322,937

The accompanying notes are an integral part of these financial statements. 19

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

The Financial Highlights table is intended to help you understand the Fund’s financial performance for the past 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 12/31/22	$	11.58	$	0.26	$	(1.91)	$	(1.65)	$	9.93		(14.25)%
Year Ended 12/31/21		11.58		0.16		(0.16)		0.00		11.58		0.00%
Year Ended 12/31/20		10.78		0.24		0.56		0.80		11.58		7.42%
Year Ended 12/31/19		9.95		0.26		0.57		0.83		10.78		8.34%
Year Ended 12/31/18		10.08		0.26		(0.39)		(0.13)		9.95		(1.29)%

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

FINANCIAL INFORMATION — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3)		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets(3)		Gross Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	253,133		0.81%		0.81%		2.46%		2.46%		198%
	345,332		0.80%		0.80%		1.42%		1.42%		181%
	341,827		0.80%		0.83%		2.12%		2.09%		183%
	350,049		0.79%		0.84%		2.53%		2.48%		211%
	355,070		0.79%		0.87%		2.60%		2.52%		543%

⁽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.

The accompanying notes are an integral part of these financial statements. 21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Core Plus Fixed Income VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The 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 income and capital appreciation to produce a high total return.

2. Significant Accounting Policies

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

a. Investment Valuations The Board of Trustees has designated Park Avenue Institutional Advisers LLC (“Park Avenue”) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

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

Exchange-traded financial futures contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. 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.

22

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).

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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

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

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

c. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either

23

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

d. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments for hedging and non-hedging purposes. The Fund may also invest in derivatives to seek to manage portfolio duration, as a substitute for holding, or to adjust exposure to, the underlying asset on which the derivative is based, or for cash management or portfolio management 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. There were no credit default swaps held as of December 31, 2022.

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, 2022.

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

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

24

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

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, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.81% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with Lord, Abbett & Co. LLC (“Lord Abbett”). Lord Abbett is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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, 2022, the Fund paid distribution fees in the amount of $713,300 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments 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, 2022, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	137,093,685	$	386,136,495
Sales		139,163,699		398,149,994

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.

25

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

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

d. Securities Purchased on a When-Issued or Delayed-Delivery Basis The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

e. 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, 2022, the Fund held two illiquid securities.

f. Below Investment Grade Securities The Fund may invest in below investment grade securities (i.e. lower-quality, “junk” debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of

investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

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

26

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

i. Disclosures About Derivative Instruments and Hedging Activities The Fund entered into U.S. Treasury futures contracts for the year ended December 31, 2022 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 for hedging and non-hedging purposes. The Fund may also invest in derivatives to seek to manage portfolio duration, as a substitute for holding, or to adjust exposure to, the underlying asset on which the derivative is based, or for cash management or portfolio management purposes. 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, 2022, 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	$	95,014
Liability Derivatives
Futures Contracts1	$	(675,052	)

¹  Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative investments for the year ended December 31, 2022 were as follows:

	Interest Rate Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	(8,935,773	)
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts2	$	(838,377	)
Average Number of Notional Amounts
Futures Contracts3		415

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

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds

27

NOTES TO FINANCIAL STATEMENTS — GUARDIAN CORE PLUS FIXED INCOME VIP FUND

Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

28

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, of Guardian 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 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.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

29

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019).

30

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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

31

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

32

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

33

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.

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

PUB8167

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Diversified Research VIP Fund

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	2
Fund Performance	3
Understanding Your Fund’s Expenses	4
Financial Information
Schedule of Investments	5
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	21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 DIVERSIFIED RESEARCH VIP FUND

FUND COMMENTARY OF

PUTNAM INVESTMENT MANAGEMENT, LLC, SUB-ADVISER

(UNAUDITED)

Highlights

• Guardian Diversified Research VIP Fund (the “Fund”) returned -17.73% for the 12 months ended December 31, 2022, outperforming its benchmark, the Standard & Poor’s 500^® Index¹ (the “Index”). The Fund’s outperformance relative to the Index was due to both sector allocation and security selection. Modest underweights to the communication services and information technology sectors proved additive as did selections within the industrials, health care, real estate and materials sectors.

• The Index returned -18.11% for the period. The top performing sector within the Index was energy, followed by the utilities sector. All other sectors posted negative returns. The communication services and consumer discretionary sectors were the worst performing sectors within the Index.

Market Overview

Equity markets had a very challenging 2022, with all three major U.S. indexes logging their biggest declines since 2008. Conditions were particularly difficult for growth stocks and the technology sector. And while stocks had a miserable year, bonds fared even worse. Inflation, interest rate hikes and a strong U.S. dollar left bonds unattractive to investors. Value stocks significantly outperformed growth stocks. The energy (+65%) and utilities (+1.8%) sectors delivered the only positive results for the year.

Throughout the year, financial markets were challenged by multiple, converging risks in the macroeconomy. High inflation, rising interest rates, and the Russia-Ukraine war contributed to a risk-averse investing environment. China’s zero-Covid-19 policy also caused periodic lockdowns, worsening supply chain issues. New U.S. trade restrictions on China’s technology sector also stoked global growth concerns. In the U.S., combating inflation remained a top priority of the U.S. Federal Reserve (the “Fed”). As inflation reached 40-year highs, the Fed began raising interest rates for the first time since 2018. It was the start of its most rapid pace of interest rate increases since the early 1980s, according to The Wall Street Journal. This more hawkish Fed delivered four consecutive interest-rate hikes of 0.75%. Toward the close of 2022, stocks were lifted by some positive earnings reports as well as data that showed the pace of inflation was easing. However, concerns about a possible recession persisted.

Portfolio Review

The Fund’s outperformance relative to the Index was due to both sector allocation and security selection. The Fund’s underweight to communication services and information technology, the two worst performing sectors in the Index, proved additive to relative results as did the Fund’s slight overweight to the energy sector, which was up over +65% for the year. Selections within the industrials, health care, real estate and materials sectors were favorable but were somewhat offset by positions within the information technology and utilities sectors.

Outlook

We believe that most investors are happy to say goodbye to 2022, a very challenging year for financial markets and all asset classes. And while the year has come to an end, in our view stock market volatility probably has not. Equity investors may not find relief until inflation eases, economic growth slows further, and central banks become less hawkish.

From an inflation perspective, we have seen loosening in a lot of economic segments. Commodity prices are below their highs, supply chains are easing, inventories of goods are piling up, and the U.S. housing market is slowing. Also, there has been a significant negative-wealth effect from the drop in asset prices, which should reduce demand across the global economy. These are all deflationary forces. However, we believe it will take some time before these deflationary forces are reflected in macroeconomic data.

Some data — such as the U.S. Consumer Price Index² (CPI) — provide evidence of success in efforts to tame inflation. However, inflation is still very high, and it has persisted longer than expected. In addition, the Fed seems intent on raising interest rates and keeping them higher for longer than most investors anticipated. We believe that a change in the Fed’s approach to raising interest rates hinges on further easing of inflation and an increase in unemployment.

We believe there are reasons for optimism as we enter 2023, given the cyclical nature of the market and the opportunities that that presents. Sectors and industries that were devastated two years ago are now thriving. Using our fundamental research, we understand how businesses are dealing with macroeconomic challenges, which companies may be best positioned to weather their impact, and which companies may rebound as conditions shift in the year ahead.

¹ The 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.

²  The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

1

GUARDIAN DIVERSIFIED RESEARCH VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $141,042,386

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
Microsoft Corp.		5.74%
Apple, Inc.		4.13%
Alphabet, Inc., Class A		3.64%
Amazon.com, Inc.		2.72%
Exxon Mobil Corp.		2.57%
Mastercard, Inc., Class A		2.33%
Home Depot, Inc.		2.19%
Oracle Corp.		2.17%
UnitedHealth Group, Inc.		2.14%
Procter & Gamble Co.		1.99%
Total		29.62%

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.

2

GUARDIAN DIVERSIFIED RESEARCH VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Diversified Research VIP Fund		9/1/2016		-17.73%		8.97%		—		11.06%
Standard & Poor’s 500® Index				-18.11%		9.42%		—		11.44%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

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.

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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

3

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,028.00	$	4.91		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 the one-half year period).

4

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 98.4%
Aerospace & Defense – 2.1%
Boeing Co.(1)		1,011	$	192,585
Northrop Grumman Corp.		2,389		1,303,462
Raytheon Technologies Corp.		13,816		1,394,311
				2,890,358
Air Freight & Logistics – 0.3%
FedEx Corp.		2,828		489,810
				489,810
Airlines – 0.3%
Southwest Airlines Co.(1)		13,485		454,040
				454,040
Automobiles – 0.9%
General Motors Co.		6,480		217,987
Tesla, Inc.(1)		8,766		1,079,796
				1,297,783
Banks – 2.4%
Bank of America Corp.		39,603		1,311,652
Citigroup, Inc.		42,953		1,942,764
Silvergate Capital Corp., Class A(1)		6,583		114,544
				3,368,960
Beverages – 3.0%
Coca-Cola Co.		26,985		1,716,516
Constellation Brands, Inc., Class A		705		163,384
PepsiCo, Inc.		12,808		2,313,893
				4,193,793
Biotechnology – 1.8%
AbbVie, Inc.		5,664		915,359
Alkermes PLC(1)		17,965		469,426
Ascendis Pharma A/S, ADR(1)		4,416		539,326
Biogen, Inc.(1)		1,635		452,764
Regeneron Pharmaceuticals, Inc.(1)		278		200,574
				2,577,449
Building Products – 0.8%
Johnson Controls International PLC		18,460		1,181,440
				1,181,440
Capital Markets – 3.6%
Charles Schwab Corp.		16,921		1,408,842
GoGreen Investments Corp.(1)		22,514		236,397
Goldman Sachs Group, Inc.		6,468		2,220,982
KKR & Co., Inc.		20,352		944,740
Quilter PLC (United Kingdom)(2)		272,461		305,203
				5,116,164
Chemicals – 2.4%
Corteva, Inc.		10,730		630,710
DuPont de Nemours, Inc.		14,164		972,075
Eastman Chemical Co.		4,869		396,531
Linde PLC		550		179,399
PPG Industries, Inc.		3,626		455,933
Sherwin-Williams Co.		3,126		741,894
				3,376,542

December 31, 2022	Shares		Value
Construction Materials – 0.3%
CRH PLC, ADR		8,968	$	356,837
				356,837
Containers & Packaging – 0.5%
Avery Dennison Corp.		2,040		369,240
Berry Global Group, Inc.		4,745		286,740
				655,980
Diversified Financial Services – 1.0%
Apollo Global Management, Inc.		21,584		1,376,843
				1,376,843
Electric Utilities – 3.0%
Constellation Energy Corp.		1,874		161,557
Exelon Corp.		24,788		1,071,585
NextEra Energy, Inc.		11,178		934,481
NRG Energy, Inc.		56,733		1,805,244
PG&E Corp.(1)		18,741		304,729
				4,277,596
Electrical Equipment – 0.6%
Emerson Electric Co.		8,340		801,140
				801,140
Electronic Equipment, Instruments & Components – 1.2%
CDW Corp.		7,388		1,319,349
Vontier Corp.		22,660		438,018
				1,757,367
Energy Equipment & Services – 0.6%
Diamond Offshore Drilling, Inc.(1)		79,938		831,355
				831,355
Entertainment – 1.0%
Netflix, Inc.(1)		2,109		621,902
Sea Ltd., ADR(1)		3,666		190,742
Walt Disney Co.(1)		6,491		563,938
				1,376,582
Equity Real Estate Investment Trusts (REITs) – 0.9%
Gaming and Leisure Properties, Inc.		21,226		1,105,662
Vornado Realty Trust		9,792		203,772
				1,309,434
Food & Staples Retailing – 1.8%
BJ’s Wholesale Club Holdings, Inc.(1)		2,023		133,842
Costco Wholesale Corp.		1,864		850,916
Walmart, Inc.		11,293		1,601,234
				2,585,992
Food Products – 0.2%
McCormick & Co., Inc.		4,225		350,210
				350,210
Health Care Equipment & Supplies – 2.3%
Abbott Laboratories		6,541		718,136
Becton Dickinson and Co.		2,186		555,900
Boston Scientific Corp.(1)		18,730		866,637
Dexcom, Inc.(1)		3,757		425,443
Intuitive Surgical, Inc.(1)		2,276		603,937

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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

December 31, 2022	Shares		Value
Health Care Equipment & Supplies (continued)
Medtronic PLC		1,525	$	118,523
				3,288,576
Health Care Providers & Services – 5.3%
Cigna Corp.		7,430		2,461,856
Elevance Health, Inc.		499		255,972
Humana, Inc.		929		475,825
McKesson Corp.		3,385		1,269,781
UnitedHealth Group, Inc.		5,701		3,022,556
				7,485,990
Hotels, Restaurants & Leisure – 2.2%
Aramark		8,582		354,780
Booking Holdings, Inc.(1)		574		1,156,771
Chipotle Mexican Grill, Inc.(1)		423		586,908
Hilton Worldwide Holdings, Inc.		5,363		677,668
Penn Entertainment, Inc.(1)		9,327		277,012
				3,053,139
Household Durables – 0.9%
PulteGroup, Inc.		26,527		1,207,774
				1,207,774
Household Products – 2.0%
Procter & Gamble Co.		18,555		2,812,196
				2,812,196
Industrial Conglomerates – 1.1%
General Electric Co.		2,847		238,550
Honeywell International, Inc.		5,806		1,244,226
				1,482,776
Insurance – 3.0%
AIA Group Ltd. (Hong Kong)		66,600		733,733
Assured Guaranty Ltd.		26,951		1,677,969
AXA SA (France)		26,776		746,267
Prudential PLC (United Kingdom)		75,715		1,024,623
				4,182,592
Interactive Media & Services – 4.4%
Alphabet, Inc., Class A(1)		58,202		5,135,162
Meta Platforms, Inc., Class A(1)		8,620		1,037,331
				6,172,493
Internet & Direct Marketing Retail – 2.7%
Amazon.com, Inc.(1)		45,580		3,828,720
				3,828,720
IT Services – 3.7%
Adyen NV (Netherlands)(1)(2)		219		303,056
Mastercard, Inc., Class A		9,456		3,288,135
PayPal Holdings, Inc.(1)		4,534		322,911
Visa, Inc., Class A		6,512		1,352,933
				5,267,035
Life Sciences Tools & Services – 2.3%
Avantor, Inc.(1)		16,096		339,465
Bio-Rad Laboratories, Inc., Class A(1)		987		415,023
Danaher Corp.		3,940		1,045,755

December 31, 2022	Shares		Value
Life Sciences Tools & Services (continued)
Illumina, Inc.(1)		385	$	77,847
Thermo Fisher Scientific, Inc.		2,410		1,327,163
				3,205,253
Machinery – 1.6%
Deere & Co.		1,155		495,218
Ingersoll Rand, Inc.		11,020		575,795
Otis Worldwide Corp.		15,991		1,252,255
				2,323,268
Media – 0.4%
Charter Communications, Inc., Class A(1)		1,477		500,851
				500,851
Metals & Mining – 0.6%
Agnico Eagle Mines Ltd. (Canada)		9,201		478,126
Alamos Gold, Inc., Class A		36,632		370,349
				848,475
Multi-Utilities – 0.4%
Ameren Corp.		5,556		494,040
				494,040
Multiline Retail – 0.6%
Target Corp.		5,410		806,306
				806,306
Oil, Gas & Consumable Fuels – 5.3%
Cenovus Energy, Inc. (Canada)		102,996		1,998,292
ConocoPhillips		8,535		1,007,130
Exxon Mobil Corp.		32,892		3,627,988
Shell PLC (Netherlands)		31,500		895,158
				7,528,568
Pharmaceuticals – 4.5%
4Front Ventures Corp.(1)		591,108		138,024
Eli Lilly and Co.		3,960		1,448,727
Innoviva, Inc.(1)		43,796		580,297
Johnson & Johnson		9,542		1,685,594
Merck & Co., Inc.		14,378		1,595,239
Pfizer, Inc.		16,634		852,326
Zoetis, Inc.		655		95,990
				6,396,197
Road & Rail – 1.9%
CSX Corp.		13,492		417,982
Union Pacific Corp.		10,595		2,193,907
				2,611,889
Semiconductors & Semiconductor Equipment – 4.7%
Advanced Micro Devices, Inc.(1)		27,703		1,794,323
Applied Materials, Inc.		12,339		1,201,572
Enphase Energy, Inc.(1)		440		116,582
NVIDIA Corp.		15,518		2,267,801
QUALCOMM, Inc.		11,813		1,298,721
				6,678,999

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

SCHEDULE OF INVESTMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

December 31, 2022		Shares		Value
Software – 9.6%
Intuit, Inc.	��		3,392	$	1,320,234
Microsoft Corp.			33,760		8,096,323
Oracle Corp.			37,429		3,059,447
Salesforce, Inc.(1)			8,278		1,097,580
					13,573,584
Specialty Retail – 3.2%
Bath & Body Works, Inc.			3,582		150,946
CarMax, Inc.(1)			3,916		238,445
Home Depot, Inc.			9,756		3,081,530
O’Reilly Automotive, Inc.(1)			857		723,334
TJX Cos., Inc.			3,907		310,997
Warby Parker, Inc., Class A(1)			3,426		46,217
					4,551,469
Technology Hardware, Storage & Peripherals – 4.1%
Apple, Inc.			44,871		5,830,089
					5,830,089
Textiles, Apparel & Luxury Goods – 0.6%
Levi Strauss & Co., Class A			9,901		153,664
Lululemon Athletica, Inc.(1)			570		182,617
NIKE, Inc., Class B			4,140		484,421
					820,702
Tobacco – 0.2%
Altria Group, Inc.			6,579		300,726
					300,726
Trading Companies & Distributors – 0.5%
United Rentals, Inc.(1)			1,813		644,377
					644,377
Wireless Telecommunication Services – 1.6%
T-Mobile US, Inc.(1)			16,029		2,244,060
					2,244,060
Total Common Stocks (Cost $116,744,116)					138,765,819
Exchange–Traded Funds – 0.7%
SPDR S&P 500 ETF Trust			2,753		1,052,830
Total Exchange–Traded Funds (Cost $1,034,857)					1,052,830

December 31, 2022	Principal Amount		Value
Short–Term Investments – 1.0%
Repurchase Agreements – 1.0%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,339,051, due 1/3/2023(3)	$	1,338,860	$	1,338,860
Total Repurchase Agreements (Cost $1,338,860)				1,338,860
Total Investments – 100.1% (Cost $119,117,833)				141,157,509
Liabilities in excess of other assets – (0.1)%				(115,123	)
Total Net Assets – 100.0%			$	141,042,386

⁽¹⁾  Non–income–producing security.

⁽²⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $608,259, 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 Bond		2.375%		5/15/2051	$	1,869,700	$	1,365,654

Legend:

ADR — American Depositary Receipt

The following is a summary of the inputs used as of December 31, 2022 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	$	134,757,779	$	4,008,040	*	$	—	$	138,765,819
Exchange–Traded Funds		1,052,830		—			—		1,052,830
Repurchase Agreements		—		1,338,860			—		1,338,860
Total	$	135,810,609	$	5,346,900		$	—	$	141,157,509

* 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 DIVERSIFIED RESEARCH VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	141,157,509
Dividends/interest receivable		83,103
Foreign tax reclaims receivable		15,551
Reimbursement receivable from adviser		1,255
Prepaid expenses		4,837
Total Assets		141,262,255
Liabilities
Investment advisory fees payable		73,794
Payable for fund shares redeemed		35,384
Distribution fees payable		30,748
Payable for investments purchased		28,614
Accrued audit fees		20,476
Accrued custodian and accounting fees		9,987
Foreign currency overdraft		2,514
Accrued trustees’ and officers’ fees		383
Accrued expenses and other liabilities		17,969
Total Liabilities		219,869
Total Net Assets	$	141,042,386
Net Assets Consist of:
Paid-in capital	$	50,845,662
Distributable earnings		90,196,724
Total Net Assets	$	141,042,386
Investments, at Cost	$	119,117,833
Foreign Currency Overdraft, at Cost	$	2,516
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		7,254,031
Net Asset Value Per Share		$19.44

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	2,357,844
Interest		5,687
Withholding taxes on foreign dividends		(15,221	)
Total Investment Income		2,348,310
Expenses
Investment advisory fees		945,334
Distribution fees		393,889
Professional fees		57,956
Custodian and accounting fees		57,557
Trustees’ and officers’ fees		37,203
Administrative fees		30,689
Transfer agent fees		14,511
Shareholder reports		6,431
Other expenses		8,852
Total Expenses		1,552,422
Less: Fees waived		(39,888	)
Total Expenses, Net		1,512,534
Net Investment Income/(Loss)		835,776
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		7,408,498
Net realized gain/(loss) from foreign currency transactions		(2,011	)
Net change in unrealized appreciation/(depreciation) on investments		(41,222,802	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(897	)
Net Loss on Investments and Foreign Currency Transactions		(33,817,212	)
Net Decrease in Net Assets Resulting From Operations	$	(32,981,436	)

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

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	835,776		$	699,971
Net realized gain/(loss) from investments and foreign currency transactions		7,406,487			29,242,773
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(41,223,699	)		13,235,481
Net Increase/(Decrease) in Net Assets Resulting from Operations		(32,981,436	)		43,178,225
Capital Share Transactions
Proceeds from sales of shares		7,356,435			1,509,582
Cost of shares redeemed		(25,374,417	)		(46,030,409	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(18,017,982	)		(44,520,827	)
Net Decrease in Net Assets		(50,999,418	)		(1,342,602	)
Net Assets
Beginning of year		192,041,804			193,384,406
End of year	$	141,042,386		$	192,041,804
Other Information:
Shares
Sold		359,038			72,249
Redeemed		(1,232,800	)		(2,098,434	)
Net Decrease		(873,762	)		(2,026,185	)

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

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH 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 12/31/22	$	23.63	$	0.11	$	(4.30)	$	(4.19)	$	19.44		(17.73)%
Year Ended 12/31/21		19.05		0.08		4.50		4.58		23.63		24.04%
Year Ended 12/31/20		15.85		0.08		3.12		3.20		19.05		20.19%
Year Ended 12/31/19		11.84		0.11		3.90		4.01		15.85		33.87%
Year Ended 12/31/18		12.65		0.09		(0.90)		(0.81)		11.84		(6.40)%

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

FINANCIAL INFORMATION — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3)		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets(3)		Gross Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	141,042		0.96%		0.99%		0.53%		0.50%		45%
	192,042		0.95%		0.95%		0.36%		0.36%		44%
	193,384		1.01%		1.02%		0.52%		0.51%		76%
	196,050		1.01%		1.03%		0.77%		0.75%		88%
	148,193		1.02%		1.09%		0.68%		0.61%		88%

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

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

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

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Diversified Research VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The 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 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.

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

12

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 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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 DIVERSIFIED RESEARCH VIP FUND

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

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

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

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

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

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

3. Transactions with Affiliates

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

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.96% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $39,888.

Park Avenue has entered into a Sub-Advisory Agreement with Putnam Investment Management LLC (“Putnam”). Putnam is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP 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, 2022, the Fund paid distribution fees in the amount of $393,889 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $69,816,090 and $84,837,033, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

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

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, 2022, the Fund did not hold any restricted, other than 144A restricted securities or illiquid securities.

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN DIVERSIFIED RESEARCH VIP FUND

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

16

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, of Guardian Diversified Research VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 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.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

20

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

21

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.

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

PUB8168

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Global Utilities VIP Fund

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	2
Fund Performance	3
Understanding Your Fund’s Expenses	4
Financial Information
Schedule of Investments	5
Statement of Assets and Liabilities	7
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	10
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	17
Supplemental Information
Trustees and Officers Information Table	18
Portfolio Holdings and Proxy Voting Procedures	21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 GLOBAL UTILITIES VIP FUND

FUND COMMENTARY OF WELLINGTON MANAGEMENT COMPANY LLP, SUB-ADVISER

(UNAUDITED)

Highlights

• Guardian Global Utilities VIP Fund (the “Fund”) returned -0.96% for the 12 months ended December 31, 2022, outperforming its benchmark, the MSCI^® ACWI Utilities Index¹ (the “Index”). The Fund’s outperformance relative to the Index was driven by strong security selection in electric utilities, multi-utilities and independent power producers. Investment allocation within the utilities sector also contributed to relative results.

• The Index returned -4.66% for the same period. Within the Index, industrial conglomerates, electric utilities, and multi-utilities had the strongest absolute performance while water utilities, renewable electricity providers and gas utilities had the weakest returns during the period.

Market Overview

Global equities declined in 2022 as markets were rattled by slowing global-economic growth, increased inflation, rising interest rates, and COVID-19 resurgences in some countries. Equities opened the year lower as volatility spiked sharply, driven by rising geopolitical instability and tighter monetary policy to address accelerating inflation. Russia’s large-scale military attack on Ukraine forced over four million people to flee Ukraine as fighting intensified and living conditions deteriorated rapidly in many cities. The U.S. and the North Atlantic Treaty Organization (NATO) allies imposed severe economic sanctions on Russia, largely cutting off the Russian economy from global financial markets and limiting the ability of the Russian central bank to take counteractive measures. Stocks rallied in the fourth quarter of 2022 as investors were encouraged by milder inflation, which provided greater scope for some major central banks to slow their pace of interest-rate hikes. However, market sentiment was dented by anxiety about tighter central bank policies amid weakening global economic growth and cautious corporate commentary that added to signs of recession. Global equities fell in the third quarter of 2022 as risk-off sentiment was driven by higher inflation, rising interest rates, geopolitical turmoil, and growing signs of a global economic slowdown. The U.S. Federal Reserve (the “Fed”) increased its target interest rate by 150 basis

points (“bps”) over the quarter in an effort to rein in decades-high inflation. The European Central Bank ended its negative interest-rate policy, raising rates by 125 bps over the quarter. Global equities fell sharply in the second quarter of 2022, with continued elevated volatility as investors grew increasingly concerned about the economic toll of persistent geopolitical instability, soaring inflation, and constrained supply chains. Energy prices continued to rise as the ongoing crisis in Ukraine severely pressured oil and natural gas supplies.

Portfolio Review

Stock selection was the primary driver of the Fund’s relative outperformance during the period. Strong selection in electric utilities, multi-utilities and independent power producers was only partially offset by weaker selection in renewable electricity and gas utilities. Investment allocation within the utilities sector, a fall out of our bottom-up stock selection process, contributed to the Fund’s relative results. Our overweight allocations to independent power producers and renewable electricity providers and our underweight allocation to the water utilities contributed positively to the Fund’s relative performance during the period. This was offset by a modestly negative result from the Fund’s overweight to electric utilities.

Outlook

We believe the Fund’s performance should be viewed over a multi-year period, and not over shorter time horizons. Similar to the third quarter of 2022, utilities as a sector did not participate in the fourth-quarter equity rally to the extent that we would have expected. Importantly, in our view the underlying fundamentals of these businesses are largely unchanged, and we believe their forward-looking returns are very attractive relative to history. Our primary valuation metric, intrinsic return, is a measure of annualized value creation, which we believe serves as a proxy for annualized prospective return potential. Intrinsic return equals the combination of free cash flow plus the net present value of growth investments, plus the net present value of pricing power. While market fluctuations can distort short-term returns, using this valuation metric helps us to select companies that we believe have long-term investment potential.

¹ The Index measures the performance of large- and mid-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

Fund Characteristics (unaudited)

Total Net Assets: $64,330,971

Geographic Region Allocation¹

As of December 31, 2022

Top Ten Holdings1 As of December 31, 2022
Holding	Country	% of Total Net Assets
Duke Energy Corp.	United States		7.23%
AES Corp.	United States		6.31%
NextEra Energy, Inc.	United States		5.76%
Iberdrola SA	Spain		4.85%
Engie SA	France		4.72%
Atmos Energy Corp.	United States		4.64%
American Electric Power Co., Inc.	United States		4.60%
Southern Co.	United States		4.52%
Sempra Energy	United States		4.52%
FirstEnergy Corp.	United States		4.35%
Total			51.50%

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

GUARDIAN GLOBAL UTILITIES VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Global Utilities VIP Fund		10/21/2019		-0.96%		—		—		6.77%
MSCI® ACWI Utilities Index				-4.66%		—		—		3.41%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Global Utilities VIP Fund and the MSCI^® ACWI Utilities 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

3

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,045.80	$	5.31		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 184/365 (to reflect the one-half year period).

4

SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

December 31, 2022	Shares			Value
Common Stocks – 99.3%
Bermuda – 2.9%
CK Infrastructure Holdings Ltd.		358,000		$	1,873,882
					1,873,882
Brazil – 2.1%
Cia de Saneamento Basico do Estado de Sao Paulo		125,500			1,342,579
					1,342,579
China – 5.8%
China Longyuan Power Group Corp. Ltd., Class H		2,242,800			2,743,737
ENN Energy Holdings Ltd.		70,500			983,533
			��
					3,727,270
France – 9.0%
Electricite de France SA		213,389			2,741,167
Engie SA		211,860			3,034,691
					5,775,858
Germany – 3.4%
RWE AG		49,250			2,189,990
					2,189,990
Italy – 3.1%
Enel SpA		367,713			1,977,666
					1,977,666
Japan – 2.9%
Kansai Electric Power Co., Inc.		116,700			1,132,817
Tokyo Gas Co. Ltd.		37,800			743,105
					1,875,922
Spain – 4.8%
Iberdrola SA		266,427			3,116,529
					3,116,529
United Kingdom – 3.5%
National Grid PLC		186,248			2,237,095
					2,237,095
United States – 61.8%
AES Corp.		141,199			4,060,883
American Electric Power Co., Inc.		31,177			2,960,256
Atmos Energy Corp.		26,631			2,984,536
CenterPoint Energy, Inc.		86,582			2,596,594
Constellation Energy Corp.		21,730			1,873,343
Dominion Energy, Inc.		5,569			341,491
Duke Energy Corp.		45,169			4,651,955
Edison International		42,403			2,697,679
Exelon Corp.		62,209			2,689,295
FirstEnergy Corp.		66,691			2,797,021
NextEra Energy, Inc.		44,321			3,705,236
NRG Energy, Inc.		20,154			641,300
Public Service Enterprise Group, Inc.		31,446			1,926,697
Sempra Energy		18,804			2,905,970

December 31, 2022	Shares		Value
United States (continued)
Southern Co.		40,758	$	2,910,529
				39,742,785
Total Common Stocks (Cost $54,044,980)				63,859,576
	Principal Amount		Value
Short–Term Investments – 0.6%
Repurchase Agreements – 0.6%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $399,313, due 1/3/2023(1)	$	399,256		399,256
Total Repurchase Agreements (Cost $399,256)				399,256
Total Investments – 99.9% (Cost $54,444,236)				64,258,832
Assets in excess of other liabilities – 0.1%				72,139
Total Net Assets – 100.0%			$	64,330,971

⁽¹⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	557,600	$	407,278

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

SCHEDULE OF INVESTMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

The following is a summary of the inputs used as of December 31, 2022 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
Bermuda	$	—	$	1,873,882	*	$	—	$	1,873,882
Brazil		—		1,342,579	*		—		1,342,579
China		—		3,727,270	*		—		3,727,270
France		—		5,775,858	*		—		5,775,858
Germany		—		2,189,990	*		—		2,189,990
Italy		—		1,977,666	*		—		1,977,666
Japan		—		1,875,922	*		—		1,875,922
Spain		—		3,116,529	*		—		3,116,529
United Kingdom		—		2,237,095	*		—		2,237,095
United States		39,742,785		—			—		39,742,785
Repurchase Agreements		—		399,256			—		399,256
Total	$	39,742,785	$	24,516,047		$	—	$	64,258,832

* 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.

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

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	64,258,832
Dividends/interest receivable		93,839
Foreign tax reclaims receivable		78,087
Reimbursement receivable from adviser		11,101
Prepaid expenses		2,180
Total Assets		64,444,039
Liabilities
Investment advisory fees payable		40,174
Accrued audit fees		22,045
Payable for fund shares redeemed		13,873
Distribution fees payable		13,758
Accrued custodian and accounting fees		10,585
Accrued administrative fees		6,159
Accrued trustees’ and officers’ fees		217
Accrued expenses and other liabilities		6,257
Total Liabilities		113,068
Total Net Assets	$	64,330,971
Net Assets Consist of:
Paid-in capital	$	46,256,354
Distributable earnings		18,074,617
Total Net Assets	$	64,330,971
Investments, at Cost	$	54,444,236
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		5,218,354
Net Asset Value Per Share		$12.33

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	2,472,442
Interest		1,478
Withholding taxes on foreign dividends		(98,252	)
Total Investment Income		2,375,668
Expenses
Investment advisory fees		522,464
Distribution fees		178,926
Custodian and accounting fees		54,483
Professional fees		44,024
Administrative fees		23,743
Trustees’ and officers’ fees		17,131
Transfer agent fees		13,217
Shareholder reports		5,896
Other expenses		5,067
Total Expenses		864,951
Less: Fees waived		(127,776	)
Total Expenses, Net		737,175
Net Investment Income/(Loss)		1,638,493
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		1,138,501
Net realized gain/(loss) from foreign currency transactions		(11,777	)
Net change in unrealized appreciation/(depreciation) on investments		(4,022,738	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(5,099	)
Net Loss on Investments and Foreign Currency Transactions		(2,901,113	)
Net Decrease in Net Assets Resulting From Operations	$	(1,262,620)

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

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	1,638,493		$	2,063,300
Net realized gain/(loss) from investments and foreign currency transactions		1,126,724			4,810,399
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(4,027,837	)		6,152,250
Net Increase/(Decrease) in Net Assets Resulting from Operations		(1,262,620	)		13,025,949
Capital Share Transactions
Proceeds from sales of shares		112,102			6,228,824
Cost of shares redeemed		(22,639,081	)		(15,752,887	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(22,526,979	)		(9,524,063)
Net Increase/(Decrease) in Net Assets		(23,789,599	)		3,501,886
Net Assets
Beginning of year		88,120,570			84,618,684
End of year	$	64,330,971		$	88,120,570
Other Information:
Shares
Sold		9,266			526,632
Redeemed		(1,871,485	)		(1,352,561	)
Net Decrease		(1,862,219	)		(825,929	)

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

This Page Intentionally Left Blank

9

FINANCIAL INFORMATION — GUARDIAN GLOBAL UTILITIES 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 12/31/22	$	12.45	$	0.28	$	(0.40)	$	(0.12)	$	12.33		(0.96)%
Year Ended 12/31/21		10.70		0.28		1.47		1.75		12.45		16.36%
Year Ended 12/31/20		10.27		0.23		0.20		0.43		10.70		4.19%
Period Ended 12/31/19(4)		10.00		0.03		0.24		0.27		10.27		2.70%(5)

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)			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets(3)			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	64,331		1.03%			1.21%			2.29%			2.11%			14%
	88,121		1.03%			1.16%			2.38%			2.25%			22%
	84,619		1.03%			1.22%			2.35%			2.16%			43%
	85,307		0.89%	(5)		1.37%	(5)		1.56%	(5)		1.08%	(5)		50%	(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 October 21, 2019.

⁽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, 2019, certain non-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 GLOBAL UTILITIES VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Global Utilities VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The 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 total return.

2. Significant Accounting Policies

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

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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 GLOBAL UTILITIES 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.

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.

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.73% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 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 and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $127,776.

Park Avenue has entered into a Sub-Advisory Agreement with Wellington Management Company LLP (“Wellington”). Wellington is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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, 2022, the Fund paid distribution fees in the amount of $178,926 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $9,886,932 and $30,502,402, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

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

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

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

e. Restricted and Illiquid Securities A restricted security cannot be resold to the general public without

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GLOBAL UTILITIES VIP FUND

prior registration under the Securities Act of 1933, as amended (except pursuant to an applicable exemption). The values of these securities may be highly volatile. If the security is subsequently registered and resold, the issuer would typically bear the expense of all registrations at no cost to the Fund. Restricted and illiquid securities are valued according to the policies and procedures adopted by the Trust’s Board of Trustees and are noted, if any, in the Fund’s Schedule of Investments. As of December 31, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any

borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 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, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

20

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

21

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.

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

PUB10537

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Growth & Income VIP Fund

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	2
Fund Performance	3
Understanding Your Fund’s Expenses	4
Financial Information
Schedule of Investments	5
Statement of Assets and Liabilities	7
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	10
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	17
Supplemental Information
Trustees and Officers Information Table	18
Portfolio Holdings and Proxy Voting Procedures	21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 GROWTH & INCOME VIP FUND

FUND COMMENTARY OF

ALLIANCEBERNSTEIN, L.P., SUB-ADVISER

(UNAUDITED)

Highlights

• Guardian Growth & Income VIP Fund (the “Fund”) returned –5.22% for the 12 months ended December 31, 2022, outperforming its benchmark, the Russell 1000^® Value Index¹ (the “Index”). Stock selection contributed to the Fund’s relative outperformance, while sector selection detracted. Stock selection within the consumer discretionary and financials sectors contributed the most to the Fund’s relative performance. An overweight to the consumer-discretionary sector detracted from the Fund’s relative performance, as did an underweight to energy.

• The Index returned -7.54% for the year. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Market Overview

U.S. stocks declined during the 12-month period ended December 31, 2022. In response to persistently high inflation, central banks — led by the U.S. Federal Reserve (the “Fed”) — took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. Volatility increased and stocks pulled back after the Fed announced its first interest-rate hike in March 2022, which was followed by six additional interest rate raises, including four consecutive 0.75% interest rate increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of interest rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its “higher-for-longer” conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks during 2022, as growth stocks have been pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Portfolio Review

We believe that the Fund continues to hold shares of high-quality companies with strong fundamental prospects. During the year, security selection within the consumer discretionary, financials, and materials sectors contributed to the Fund’s relative performance, while security selection within the real estate and communication services sectors detracted. An underweight to the communication services sector contributed to the Fund’s performance relative to the Index, while an underweight to the energy sector detracted.

2022 was a year headlined by central bank rate increases, high inflation, rapidly evolving geopolitics and rising potential for a recession. As a result, investors increased their scrutiny of stock valuations and broadly shifted their focus from longer- to shorter-duration assets and less economically sensitive companies. Sectors like communication services and real estate, both underweights for the Fund, came under pressure as stock multiples declined and rising rates reduced real estate’s attractiveness. On the other hand, defensive sectors like consumer staples and utilities became market favorites as economic concerns increased; both are underweights for the Fund relative to the Index. During the year, we increased the Fund’s exposure to the healthcare sector because of idiosyncratic growth opportunities, attractive valuations and lower fundamental volatility business models. The Fund remains underweight in the consumer staples and utilities sectors, as we continue to view them as expensive.

Outlook

While the normalization of monetary policy is something we embrace, we have concerns about the consequences of slowing economic growth too much; we believe falling demand can undermine the pricing power that broadly sustained high corporate margins for much of 2022. Higher interest rates have already slowed housing and auto sales (and dampened prices) despite favorable longer-term supply-and-demand dynamics. We believe that the Fund’s holdings have attractive fundamentals, consistent with our philosophy of seeking companies with high free-cash-flow yields, low earnings variability and low leverage. We believe that these well-managed companies deploy capital wisely, allowing them to grow dividends and enhance their long-term value potential.

¹ 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 lower price-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 GROWTH & INCOME VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $143,039,480

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
JPMorgan Chase & Co.		3.98%
Berkshire Hathaway, Inc., Class B		3.97%
Philip Morris International, Inc.		3.89%
Elevance Health, Inc.		3.64%
Mastercard, Inc., Class A		3.31%
Wells Fargo & Co.		3.24%
Amgen, Inc.		2.89%
Roche Holding AG, ADR		2.87%
Comcast Corp., Class A		2.72%
Cigna Corp.		2.70%
Total		33.21%

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.

2

GUARDIAN GROWTH & INCOME VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Growth & Income VIP Fund		9/1/2016		-5.22%		7.17%		—		9.89%
Russell 1000® Value Index				-7.54%		6.67%		—		8.47%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

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.

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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

3

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,085.40	$	5.05		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 the one-half year period).

4

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 95.7%
Aerospace & Defense – 4.3%
Curtiss-Wright Corp.		6,239	$	1,041,851
Raytheon Technologies Corp.		29,333		2,960,286
Textron, Inc.		30,816		2,181,773
				6,183,910
Air Freight & Logistics – 0.5%
Expeditors International of Washington, Inc.		6,786		705,201
				705,201
Airlines – 1.5%
Alaska Air Group, Inc.(1)		23,553		1,011,366
Southwest Airlines Co.(1)		31,685		1,066,834
				2,078,200
Auto Components – 1.1%
BorgWarner, Inc.		37,850		1,523,463
				1,523,463
Banks – 7.8%
Bank OZK		19,194		768,912
JPMorgan Chase & Co.		42,421		5,688,656
Wells Fargo & Co.		112,397		4,640,872
				11,098,440
Biotechnology – 6.8%
Amgen, Inc.		15,733		4,132,115
Gilead Sciences, Inc.		29,511		2,533,520
Regeneron Pharmaceuticals, Inc.(1)		4,284		3,090,863
				9,756,498
Building Products – 0.5%
Builders FirstSource, Inc.(1)		11,936		774,408
				774,408
Capital Markets – 2.9%
Goldman Sachs Group, Inc.		6,184		2,123,462
Nasdaq, Inc.		15,991		981,048
Northern Trust Corp.		11,849		1,048,518
				4,153,028
Chemicals – 0.8%
Mosaic Co.		25,591		1,122,677
				1,122,677
Communications Equipment – 1.6%
Cisco Systems, Inc.		47,045		2,241,224
				2,241,224
Construction & Engineering – 1.4%
EMCOR Group, Inc.		13,652		2,021,998
				2,021,998
Distributors – 1.3%
LKQ Corp.		35,371		1,889,165
				1,889,165
Diversified Financial Services – 4.0%
Berkshire Hathaway, Inc., Class B(1)		18,376		5,676,346
				5,676,346

December 31, 2022	Shares		Value
Electric Utilities – 0.4%
IDACORP, Inc.		4,886	$	526,955
				526,955
Electrical Equipment – 2.1%
Acuity Brands, Inc.		4,377		724,875
Emerson Electric Co.		24,038		2,309,090
				3,033,965
Electronic Equipment, Instruments & Components – 2.1%
IPG Photonics Corp.(1)		8,511		805,736
Keysight Technologies, Inc.(1)		13,114		2,243,412
				3,049,148
Energy Equipment & Services – 0.6%
Helmerich & Payne, Inc.		18,427		913,426
				913,426
Equity Real Estate Investment Trusts (REITs) – 1.4%
Weyerhaeuser Co.		63,080		1,955,480
				1,955,480
Food & Staples Retailing – 0.9%
Kroger Co.		28,207		1,257,468
				1,257,468
Health Care Providers & Services – 7.6%
Cigna Corp.		11,648		3,859,448
Elevance Health, Inc.		10,141		5,202,029
Quest Diagnostics, Inc.		11,319		1,770,744
				10,832,221
Hotels, Restaurants & Leisure – 1.3%
Booking Holdings, Inc.(1)		372		749,684
Choice Hotels International, Inc.		9,830		1,107,251
				1,856,935
Household Durables – 1.2%
D.R. Horton, Inc.		18,492		1,648,377
				1,648,377
Insurance – 2.2%
Aflac, Inc.		16,547		1,190,391
Axis Capital Holdings Ltd.		20,658		1,119,044
MetLife, Inc.		12,101		875,749
				3,185,184
Interactive Media & Services – 1.3%
Alphabet, Inc., Class C(1)		20,313		1,802,373
				1,802,373
IT Services – 8.5%
Accenture PLC, Class A		5,940		1,585,030
Cognizant Technology Solutions Corp., Class A		27,138		1,552,022
FleetCor Technologies, Inc.(1)		4,958		910,685
Mastercard, Inc., Class A		13,622		4,736,778
Maximus, Inc.		15,764		1,155,974
PayPal Holdings, Inc.(1)		30,291		2,157,325
				12,097,814

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

SCHEDULE OF INVESTMENTS — GUARDIAN GROWTH & INCOME VIP FUND

December 31, 2022	Shares		Value
Life Sciences Tools & Services – 1.3%
PerkinElmer, Inc.		13,228	$	1,854,830
				1,854,830
Machinery – 2.6%
Middleby Corp.(1)		4,658		623,706
PACCAR, Inc.		18,811		1,861,725
Westinghouse Air Brake Technologies Corp.		13,081		1,305,614
				3,791,045
Media – 2.7%
Comcast Corp., Class A		111,503		3,899,260
				3,899,260
Metals & Mining – 1.0%
BHP Group Ltd., ADR		23,975		1,487,649
				1,487,649
Multiline Retail – 2.1%
Target Corp.		19,846		2,957,848
				2,957,848
Oil, Gas & Consumable Fuels – 6.1%
Chevron Corp.		13,085		2,348,627
ConocoPhillips		18,931		2,233,858
EOG Resources, Inc.		15,552		2,014,295
Phillips 66		19,866		2,067,653
				8,664,433
Pharmaceuticals – 4.3%
Pfizer, Inc.		38,924		1,994,466
Roche Holding AG, ADR		104,992		4,110,437
				6,104,903
Professional Services – 0.9%
Robert Half International, Inc.		18,371		1,356,331
				1,356,331
Real Estate Management & Development – 1.4%
CBRE Group, Inc., Class A(1)		26,686		2,053,755
				2,053,755
Road & Rail – 1.4%
Knight-Swift Transportation Holdings, Inc.		38,303		2,007,460
				2,007,460
Semiconductors & Semiconductor Equipment – 1.2%
MKS Instruments, Inc.		8,279		701,480

December 31, 2022	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
NXP Semiconductors NV		6,685	$	1,056,430
				1,757,910
Specialty Retail – 2.4%
AutoZone, Inc.(1)		617		1,521,633
Lowe’s Cos., Inc.		5,826		1,160,773
Ulta Beauty, Inc.(1)		1,717		805,393
				3,487,799
Tobacco – 3.9%
Philip Morris International, Inc.		54,935		5,559,971
				5,559,971
Trading Companies & Distributors – 0.3%
MSC Industrial Direct Co., Inc., Class A		5,943		485,543
				485,543
Total Common Stocks (Cost $111,511,740)				136,852,641
	Principal Amount		Value
Short–Term Investments – 4.2%
Repurchase Agreements – 4.2%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $5,980,085, due 1/3/2023(2)	$	5,979,234		5,979,234
Total Repurchase Agreements (Cost $5,979,234)				5,979,234
Total Investments – 99.9% (Cost $117,490,974)				142,831,875
Assets in excess of other liabilities – 0.1%				207,605
Total Net Assets – 100.0%			$	143,039,480

⁽¹⁾  Non–income–producing security.

⁽²⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	8,349,900	$	6,098,878

Legend:

ADR — American Depositary Receipt

The following is a summary of the inputs used as of December 31, 2022 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	$	136,852,641	$	—	$	—	$	136,852,641
Repurchase Agreements		—		5,979,234		—		5,979,234
Total	$	136,852,641	$	5,979,234	$	—	$	142,831,875

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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	142,831,875
Receivable for investments sold		427,910
Dividends/interest receivable		168,587
Foreign tax reclaims receivable		114,191
Receivable for fund shares subscribed		736
Reimbursement receivable from adviser		588
Prepaid expenses		5,062
Total Assets		143,548,949
Liabilities
Payable for investments purchased		285,639
Investment advisory fees payable		78,329
Payable for fund shares redeemed		70,498
Distribution fees payable		30,868
Accrued audit fees		20,476
Accrued custodian and accounting fees		5,111
Accrued trustees’ and officers’ fees		373
Accrued expenses and other liabilities		18,175
Total Liabilities		509,469
Total Net Assets	$	143,039,480
Net Assets Consist of:
Paid-in capital	$	64,378,754
Distributable earnings		78,660,726
Total Net Assets	$	143,039,480
Investments, at Cost	$	117,490,974
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		7,871,071
Net Asset Value Per Share		$18.17

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	3,516,888
Interest		24,288
Total Investment Income		3,541,176
Expenses
Investment advisory fees		1,012,764
Distribution fees		401,152
Professional fees		48,227
Trustees’ and officers’ fees		37,572
Administrative fees		30,980
Custodian and accounting fees		28,382
Transfer agent fees		14,604
Shareholder reports		7,240
Other expenses		8,541
Total Expenses		1,589,462
Less: Fees waived		(49,040	)
Total Expenses, Net		1,540,422
Net Investment Income/(Loss)		2,000,754
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		14,486,941
Net change in unrealized appreciation/(depreciation) on investments		(26,639,030	)
Net Loss on Investments		(12,152,089	)
Net Decrease in Net Assets Resulting From Operations	$	(10,151,335	)

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

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	2,000,754		$	1,630,004
Net realized gain/(loss) from investments		14,486,941			28,669,647
Net change in unrealized appreciation/(depreciation) on investments		(26,639,030	)		20,014,926
Net Increase/(Decrease) in Net Assets Resulting from Operations		(10,151,335	)		50,314,577
Capital Share Transactions
Proceeds from sales of shares		4,514,934			5,725,079
Cost of shares redeemed		(44,921,721	)		(60,596,992	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(40,406,787	)		(54,871,913	)
Net Decrease in Net Assets		(50,558,122	)		(4,557,336	)
Net Assets
Beginning of year		193,597,602			198,154,938
End of year	$	143,039,480		$	193,597,602
Other Information:
Shares
Sold		252,969			316,785
Redeemed		(2,479,604	)		(3,477,235	)
Net Decrease		(2,226,635	)		(3,160,450	)

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

This Page Intentionally Left Blank

9

FINANCIAL INFORMATION — GUARDIAN GROWTH & INCOME 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 12/31/22	$	19.17	$	0.23	$	(1.23	)	$	(1.00	)	$	18.17		(5.22)%
Year Ended 12/31/21		14.95		0.14		4.08			4.22			19.17		28.23%
Year Ended 12/31/20		14.64		0.15		0.16			0.31			14.95		2.12%
Year Ended 12/31/19		11.81		0.14		2.69			2.83			14.64		23.96%
Year Ended 12/31/18		12.85		0.12		(1.16	)		(1.04	)		11.81		(8.09)%

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 to Average Net Assets		Portfolio Turnover Rate
$	143,039		0.96%		0.99%		1.25%		1.22%		39%
	193,598		0.97%		0.98%		0.82%		0.81%		26%
	198,155		1.01%		1.03%		1.17%		1.15%		36%
	187,172		1.01%		1.04%		1.01%		0.98%		36%
	164,861		1.01%		1.08%		0.94%		0.87%		58%

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

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

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

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Growth & Income VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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 GROWTH & INCOME VIP FUND

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

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

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

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

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.65% up to $100 million, 0.60% from $100 to $300 million, 0.55% from $300 to $500 million, and 0.53% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.96% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $49,040.

Park Avenue has entered into a Sub-Advisory Agreement with AllianceBernstein L.P. (“AllianceBernstein”). AllianceBernstein is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP 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, 2022, the Fund paid distribution fees in the amount of $401,152 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $61,008,969 and $98,855,139, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less

reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

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

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN GROWTH & INCOME VIP FUND

Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

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, of Guardian Growth & Income VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 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.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019–2022); Vice President and Associate General Counsel, MetLife, Inc. (2010–2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

20

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

21

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.

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

PUB8169

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian All Cap Core VIP Fund

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

TABLE OF CONTENTS

Guardian All Cap Core VIP Fund

Fund Commentary	1
Fund Characteristics	2
Fund Performance	3
Understanding Your Fund’s Expenses	4
Financial Information
Schedule of Investments	5
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	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 ALL CAP CORE VIP FUND

FUND COMMENTARY OF MASSACHUSETTS FINANCIAL SERVICES COMPANY, SUB-ADVISER

(UNAUDITED)

Highlights

• Guardian All Cap Core VIP Fund (the “Fund”) provided a total return of -17.54% for the 12 months ended December 31, 2022, outperforming its benchmark, the Russell 3000^® Index¹ (the “Index”). The Fund’s outperformance relative to the Index was driven by stock selection in the capital goods, health care, and technology sectors. There were no detractors at the sector level.

• The Index returned -19.21% for the same period.

Market Overview

During the reporting period, markets continued to grapple with the strongest global inflationary pressures in decades along with signs of slowing economic growth. Intermittent COVID-19 flareups, particularly in China, where home-grown vaccines have proved less effective than elsewhere, kept supply chains stretched for a considerable period. At the same time, the reopening of the economy in the parts of the world where the virus has been better contained has led to a shift in consumption patterns in favor of services, straining already tight labor markets in most developed economies, while reducing demand for manufactured goods, primarily from Asia. As a result of Russia’s invasion of Ukraine, geopolitical considerations, such as sanctions and trade bans, have resulted in additional supply chain disruptions and volatile global energy prices. Taken together, these factors have contributed to market volatility.

The ripple effects from the Russian invasion further complicated the mission that central banks must undertake to rein in surging inflation. Energy shocks have historically resulted in global growth slowdowns, if not pullbacks, so we expect that policymakers will find themselves in the difficult position of trying to restrain inflation without tipping economies into recession. Despite the challenging macroeconomic and geopolitical environment, policymakers remained focused on controlling inflation during the reporting period, although investors appeared to have expected varying degrees of action from the central banks. The U.S. Federal Reserve (the “Fed”) has been among the most aggressive

developed market central banks, tightening policy at the fastest rate in decades, although it slowed its interest rate hiking pace at the end of the period, as did the European Central Bank. After remaining on the monetary sidelines for much of the period, the Bank of Japan widened its yield curve control policy in December 2022, capping the yield on its 10-year bond at 0.50%, up from 0.25%, an action that investors interpreted as a first step toward monetary policy normalization.

Against an environment of still-tight labor markets, tighter global financial conditions and volatile materials prices, investor anxiety appeared to have increased during the period over the potential that corporate profit margins may be past peak for this cycle. That said, tentative signs that supply chain bottlenecks (particularly semiconductors) may be moderating, the easing of COVID-19 restrictions in China, low levels of unemployment across developed markets and hopes that inflation levels may be near a peak were supportive factors for the macroeconomic backdrop during the period.

Portfolio Review

Security selection in the capital goods, health care and technology sectors contributed to performance relative to the Index. The Fund’s modest underweight in the financials sector and overweight in the telecommunications and technology sectors slightly detracted from the Fund’s performance.

Outlook

With investors anticipating the slowing of interest rate hikes by the Fed, attention now shifts to the risk of a recession and the potential impact on margins and earnings. With 425 basis points of Fed interest rate increases in 2022 (the fastest pace of tightening since the inflation of the 1970’s), we believe this will have some impact on the economy in 2023. Earnings estimates for 2023 have been coming down as the risk of recession has increased. In our view, a recession would likely bring another round of downward earnings revisions that would likely weigh on the market. Our active approach, focused on seeking investments in durable, high-quality franchises, which we believe often have more earnings stability, combined with a valuation discipline, should serve the strategy well moving forward.

¹ The Russell 3000^® Index measures the performance of the largest 3,000 US companies representing approximately 97% of the investable US equity market. 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.

² 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 ALL CAP CORE VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $159,185,153

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
Apple, Inc.		5.67%
Microsoft Corp.		5.66%
Alphabet, Inc., Class A		3.12%
Amazon.com, Inc.		2.35%
Exxon Mobil Corp.		2.29%
Visa, Inc., Class A		1.73%
JPMorgan Chase & Co.		1.62%
Johnson & Johnson		1.57%
Cigna Corp.		1.53%
Home Depot, Inc.		1.33%
Total		26.87%

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.

2

GUARDIAN ALL CAP CORE VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian All Cap Core VIP Fund		10/25/2021		-17.54%		—		—		-13.15%
Russell 3000® Index				-19.21%		—		—		-16.82%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian All Cap Core VIP Fund and the Russell 3000^® 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

3

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,021.70	$	3.97		0.78%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,021.27	$	3.97		0.78%

* 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 the one-half year period).

4

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 99.1%
Aerospace & Defense – 2.0%
Curtiss-Wright Corp.		2,311	$	385,914
General Dynamics Corp.		2,143		531,700
Howmet Aerospace, Inc.		15,661		617,200
Northrop Grumman Corp.		842		459,403
Raytheon Technologies Corp.		11,816		1,192,471
				3,186,688
Auto Components – 0.5%
Aptiv PLC(1)		8,850		824,201
				824,201
Banks – 4.1%
First Interstate BancSystem, Inc., Class A		7,625		294,706
First Republic Bank		2,412		293,999
JPMorgan Chase & Co.		19,306		2,588,935
M&T Bank Corp.		5,743		833,080
PNC Financial Services Group, Inc.		4,931		778,802
Regions Financial Corp.		16,278		350,954
SVB Financial Group(1)		587		135,092
United Community Banks, Inc.		7,158		241,940
Wells Fargo & Co.		23,350		964,121
				6,481,629
Beverages – 1.9%
Coca-Cola Co.		4,812		306,091
Coca-Cola Europacific Partners PLC		6,485		358,750
Constellation Brands, Inc., Class A		2,474		573,350
PepsiCo, Inc.		9,472		1,711,212
				2,949,403
Biotechnology – 1.0%
Vertex Pharmaceuticals, Inc.(1)		5,278		1,524,181
				1,524,181
Building Products – 1.0%
AZEK Co., Inc.(1)		14,406		292,730
Johnson Controls International PLC		14,437		923,968
Masco Corp.		8,470		395,295
				1,611,993
Capital Markets – 3.3%
Charles Schwab Corp.		12,191		1,015,023
CME Group, Inc.		3,325		559,132
Invesco Ltd.		2,922		52,567
KKR & Co., Inc.		5,953		276,338
LPL Financial Holdings, Inc.		811		175,314
Moody’s Corp.		2,521		702,401
Morgan Stanley		14,186		1,206,094
Northern Trust Corp.		2,614		231,313
Raymond James Financial, Inc.		9,057		967,740
				5,185,922
Chemicals – 2.2%
Air Products and Chemicals, Inc.		1,785		550,244
Axalta Coating Systems Ltd.(1)		12,588		320,616
Chemours Co.		5,537		169,543

December 31, 2022	Shares		Value
Chemicals (continued)
Diversey Holdings Ltd.(1)		48,001	$	204,484
DuPont de Nemours, Inc.		7,286		500,038
Element Solutions, Inc.		16,152		293,805
International Flavors & Fragrances, Inc.		3,252		340,940
Linde PLC		2,136		696,721
Sherwin-Williams Co.		1,830		434,314
				3,510,705
Commercial Services & Supplies – 0.5%
GFL Environmental, Inc.		27,410		801,194
				801,194
Communications Equipment – 0.3%
Motorola Solutions, Inc.		1,895		488,360
				488,360
Construction & Engineering – 0.1%
API Group Corp.(1)		11,063		208,095
				208,095
Construction Materials – 0.3%
Vulcan Materials Co.		2,379		416,587
				416,587
Consumer Finance – 0.2%
SLM Corp.		19,817		328,962
				328,962
Containers & Packaging – 0.2%
Ball Corp.		4,818		246,393
				246,393
Distributors – 0.7%
Funko, Inc., Class A(1)		19,747		215,440
LKQ Corp.		17,720		946,425
				1,161,865
Diversified Consumer Services – 0.3%
Bright Horizons Family Solutions, Inc.(1)		4,767		300,798
Grand Canyon Education, Inc.(1)		2,120		223,999
				524,797
Diversified Financial Services – 0.3%
Voya Financial, Inc.		8,023		493,334
				493,334
Electric Utilities – 2.6%
American Electric Power Co., Inc.		3,017		286,464
Constellation Energy Corp.		2,939		253,371
Duke Energy Corp.		4,985		513,405
Evergy, Inc.		2,642		166,261
Exelon Corp.		8,818		381,202
NextEra Energy, Inc.		12,658		1,058,209
PG&E Corp.(1)		40,714		662,010
PPL Corp.		6,504		190,047
Xcel Energy, Inc.		8,558		600,001
				4,110,970
Electrical Equipment – 2.2%
AMETEK, Inc.		6,941		969,796

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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND

December 31, 2022	Shares		Value
Electrical Equipment (continued)
Eaton Corp. PLC		6,245	$	980,153
Generac Holdings, Inc.(1)		595		59,893
Regal Rexnord Corp.		5,529		663,369
Sensata Technologies Holding PLC		20,708		836,189
				3,509,400
Electronic Equipment, Instruments & Components – 0.5%
Amphenol Corp., Class A		4,539		345,599
TE Connectivity Ltd.		1,491		171,167
Zebra Technologies Corp., Class A(1)		1,344		344,615
				861,381
Energy Equipment & Services – 0.7%
Cactus, Inc., Class A		8,919		448,269
Schlumberger Ltd.		10,994		587,739
				1,036,008
Entertainment – 1.4%
Electronic Arts, Inc.		6,065		741,022
Take-Two Interactive Software, Inc.(1)		2,522		262,616
Walt Disney Co.(1)		10,239		889,564
Warner Bros Discovery, Inc.(1)		24,959		236,611
Warner Music Group Corp., Class A		4,492		157,310
				2,287,123
Equity Real Estate Investment Trusts (REITs) – 2.9%
AvalonBay Communities, Inc.		3,024		488,436
Broadstone Net Lease, Inc.		28,512		462,180
Empire State Realty Trust, Inc., Class A		41,414		279,130
Equinix, Inc.		817		535,159
Extra Space Storage, Inc.		3,404		501,001
Rayonier, Inc.		19,732		650,367
SBA Communications Corp.		2,842		796,641
STORE Capital Corp.		15,033		481,958
Sun Communities, Inc.		2,893		413,699
				4,608,571
Food Products – 1.3%
Archer-Daniels-Midland Co.		6,040		560,814
J.M. Smucker Co.		1,978		313,434
Mondelez International, Inc., Class A		16,974		1,131,317
Oatly Group AB, ADR(1)		69,095		120,225
				2,125,790
Health Care Equipment & Supplies – 4.0%
Align Technology, Inc.(1)		518		109,246
Becton Dickinson and Co.		5,051		1,284,469
Boston Scientific Corp.(1)		36,608		1,693,852
Envista Holdings Corp.(1)		9,736		327,811
IDEXX Laboratories, Inc.(1)		565		230,498
Medtronic PLC		17,026		1,323,261
QuidelOrtho Corp.(1)		8,710		746,186
STERIS PLC		3,631		670,609
				6,385,932
Health Care Providers & Services – 2.8%
Cigna Corp.		7,335		2,430,379

December 31, 2022	Shares		Value
Health Care Providers & Services (continued)
Humana, Inc.		1,782	$	912,723
McKesson Corp.		2,871		1,076,969
				4,420,071
Hotels, Restaurants & Leisure – 2.4%
Booking Holdings, Inc.(1)		251		505,835
International Game Technology PLC		13,495		306,067
Las Vegas Sands Corp.(1)		2,432		116,906
Marriott International, Inc., Class A		2,862		426,123
Starbucks Corp.		17,141		1,700,387
Wendy’s Co.		36,974		836,722
				3,892,040
Household Products – 1.3%
Colgate-Palmolive Co.		9,112		717,935
Kimberly-Clark Corp.		4,299		583,589
Procter & Gamble Co.		5,486		831,458
				2,132,982
Industrial Conglomerates – 0.7%
Honeywell International, Inc.		5,176		1,109,217
				1,109,217
Insurance – 3.8%
Aon PLC, Class A		5,262		1,579,337
Arthur J Gallagher & Co.		4,933		930,068
Assurant, Inc.		2,008		251,120
Chubb Ltd.		5,258		1,159,915
Hartford Financial Services Group, Inc.		7,129		540,592
MetLife, Inc.		7,329		530,400
Reinsurance Group of America, Inc.		2,235		317,571
Willis Towers Watson PLC		2,671		653,273
				5,962,276
Interactive Media & Services – 3.1%
Alphabet, Inc., Class A(1)		56,303		4,967,614
				4,967,614
Internet & Direct Marketing Retail – 2.4%
Amazon.com, Inc.(1)		44,472		3,735,648
Vivid Seats, Inc., Class A(1)		20,429		149,132
				3,884,780
IT Services – 4.6%
Accenture PLC, Class A		5,064		1,351,278
Amdocs Ltd.		9,034		821,191
Block, Inc.(1)		8,601		540,487
Fidelity National Information Services, Inc.		7,432		504,261
Gartner, Inc.(1)		776		260,845
Paya Holdings, Inc.(1)		50,314		395,971
PayPal Holdings, Inc.(1)		6,729		479,239
Thoughtworks Holding, Inc.(1)		19,096		194,588
Visa, Inc., Class A		13,244		2,751,573
				7,299,433
Life Sciences Tools & Services – 1.6%
Agilent Technologies, Inc.		4,136		618,952

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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND

December 31, 2022	Shares		Value
Life Sciences Tools & Services (continued)
ICON PLC(1)		4,799	$	932,206
Maravai LifeSciences Holdings, Inc., Class A(1)		59,553		852,204
Oxford Nanopore Technologies PLC (United Kingdom)(1)		27,924		83,338
				2,486,700
Machinery – 1.8%
Dover Corp.		3,743		506,840
Flowserve Corp.		14,105		432,741
Ingersoll Rand, Inc.		15,315		800,209
PACCAR, Inc.		5,147		509,398
Westinghouse Air Brake Technologies Corp.		5,595		558,437
				2,807,625
Media – 1.0%
Altice USA, Inc., Class A(1)		24,861		114,360
Cable One, Inc.		709		504,709
Liberty Broadband Corp., Class C(1)		8,060		614,736
Omnicom Group, Inc.		3,782		308,498
				1,542,303
Multi-Utilities – 0.7%
CenterPoint Energy, Inc.		20,041		601,030
Dominion Energy, Inc.		3,235		198,370
Sempra Energy		1,975		305,216
				1,104,616
Multiline Retail – 1.6%
Dollar General Corp.		4,283		1,054,689
Dollar Tree, Inc.(1)		4,328		612,152
Target Corp.		6,109		910,485
				2,577,326
Oil, Gas & Consumable Fuels – 4.5%
Cheniere Energy, Inc.		2,541		381,048
ConocoPhillips		9,985		1,178,230
Diamondback Energy, Inc.		5,307		725,891
Exxon Mobil Corp.		33,047		3,645,084
Hess Corp.		3,725		528,280
Valero Energy Corp.		5,614		712,192
				7,170,725
Pharmaceuticals – 6.4%
Eli Lilly and Co.		4,790		1,752,374
Johnson & Johnson		14,129		2,495,888
Merck & Co., Inc.		17,653		1,958,600
Organon & Co.		19,754		551,729
Pfizer, Inc.		41,203		2,111,242
Zoetis, Inc.		8,687		1,273,080
				10,142,913
Professional Services – 0.8%
Clarivate PLC(1)		52,314		436,299
Dun & Bradstreet Holdings, Inc.		15,366		188,387
Equifax, Inc.		899		174,730

December 31, 2022	Shares		Value
Professional Services (continued)
Jacobs Solutions, Inc.		2,418	$	290,329
Leidos Holdings, Inc.		2,365		248,774
				1,338,519
Real Estate Management & Development – 0.1%
Jones Lang LaSalle, Inc.(1)		1,408		224,393
				224,393
Road & Rail – 1.3%
Canadian Pacific Railway Ltd.		13,457		1,003,758
CSX Corp.		18,506		573,316
Saia, Inc.(1)		2,024		424,392
				2,001,466
Semiconductors & Semiconductor Equipment – 4.5%
Advanced Micro Devices, Inc.(1)		7,495		485,451
Analog Devices, Inc.		5,181		849,839
Applied Materials, Inc.		9,141		890,151
Broadcom, Inc.		2,964		1,657,261
Enphase Energy, Inc.(1)		1,377		364,850
Lam Research Corp.		1,656		696,017
Marvell Technology, Inc.		5,957		220,647
Monolithic Power Systems, Inc.		1,004		355,025
NXP Semiconductors NV		4,772		754,119
Texas Instruments, Inc.		5,223		862,944
				7,136,304
Software – 9.7%
Adobe, Inc.(1)		3,213		1,081,271
Atlassian Corp., Class A(1)		3,968		510,602
Black Knight, Inc.(1)		4,736		292,448
Cadence Design Systems, Inc.(1)		4,860		780,710
Check Point Software Technologies Ltd.(1)		1,931		243,615
Elastic NV(1)		2,983		153,625
Five9, Inc.(1)		2,366		160,557
Intuit, Inc.		1,636		636,764
Microsoft Corp.		37,600		9,017,232
Nice Ltd., ADR(1)		2,315		445,174
Rapid7, Inc.(1)		4,955		168,371
Salesforce, Inc.(1)		6,702		888,618
ServiceNow, Inc.(1)		2,785		1,081,332
				15,460,319
Specialty Retail – 1.8%
Home Depot, Inc.		6,697		2,115,314
Ross Stores, Inc.		6,938		805,294
				2,920,608
Technology Hardware, Storage & Peripherals – 5.7%
Apple, Inc.		69,492		9,029,096
				9,029,096
Textiles, Apparel & Luxury Goods – 0.7%
Lululemon Athletica, Inc.(1)		1,401		448,853
NIKE, Inc., Class B		3,327		389,292
On Holding AG, Class A(1)		8,856		151,969

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

SCHEDULE OF INVESTMENTS — GUARDIAN ALL CAP CORE VIP FUND

December 31, 2022	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Skechers USA, Inc., Class A(1)		4,493	$	188,481
				1,178,595
Tobacco – 0.5%
Philip Morris International, Inc.		7,409		749,865
				749,865
Trading Companies & Distributors – 0.1%
Univar Solutions, Inc.(1)		6,312		200,722
				200,722
Wireless Telecommunication Services – 0.7%
T-Mobile US, Inc.(1)		8,302		1,162,280
				1,162,280
Total Common Stocks (Cost $166,071,637)				157,772,272
	Principal Amount		Value
Short–Term Investments – 0.9%
Repurchase Agreements – 0.9%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,376,395, due 1/3/2023(2)	$	1,376,199		1,376,199
Total Repurchase Agreements (Cost $1,376,199)				1,376,199
Total Investments – 100.0% (Cost $167,447,836)				159,148,471
Assets in excess of other liabilities – 0.0%				36,682
Total Net Assets – 100.0%			$	159,185,153

⁽¹⁾  Non–income–producing security.

⁽²⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	1,921,900	$	1,403,781

Legend:

ADR — American Depositary Receipt

The following is a summary of the inputs used as of December 31, 2022 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	$	157,688,934	$	83,338	*	$	—	$	157,772,272
Repurchase Agreements		—		1,376,199			—		1,376,199
Total	$	157,688,934	$	1,459,537		$	—	$	159,148,471

* 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 ALL CAP CORE VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	159,148,471
Receivable for investments sold		316,210
Dividends/interest receivable		177,022
Reimbursement receivable from adviser		12,170
Prepaid expenses		5,536
Total Assets		159,659,409
Liabilities
Payable for investments purchased		306,824
Investment advisory fees payable		60,715
Distribution fees payable		34,497
Accrued audit fees		20,476
Payable for fund shares redeemed		17,612
Accrued custodian and accounting fees		13,891
Accrued trustees’ and officers’ fees		447
Accrued expenses and other liabilities		19,794
Total Liabilities		474,256
Total Net Assets	$	159,185,153
Net Assets Consist of:
Paid-in capital	$	170,950,054
Distributable loss		(11,764,901	)
Total Net Assets	$	159,185,153
Investments, at Cost	$	167,447,836
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		18,811,639
Net Asset Value Per Share		$8.46

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	1,879,005
Interest		3,928
Withholding taxes on foreign dividends		(3,602	)
Total Investment Income		1,879,331
Expenses
Investment advisory fees		531,573
Distribution fees		302,030
Custodian and accounting fees		61,731
Professional fees		47,768
Administrative fees		28,799
Trustees’ and officers’ fees		27,890
Transfer agent fees		15,177
Shareholder reports		9,581
Other expenses		6,823
Total Expenses		1,031,372
Less: Fees waived		(89,039	)
Total Expenses, Net		942,333
Net Investment Income/(Loss)		936,998
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		(4,450,231	)
Net realized gain/(loss) from foreign currency transactions		143
Net change in unrealized appreciation/(depreciation) on investments		(9,057,090	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(3	)
Net Loss on Investments and Foreign Currency Transactions		(13,507,181	)
Net Decrease in Net Assets Resulting From Operations	$	(12,570,183	)

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

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Period Ended 12/31/211
Operations
Net investment income/(loss)	$	936,998		$	38,444
Net realized gain/(loss) from investments and foreign currency transactions		(4,450,088	)		9,109
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(9,057,093	)		757,729
Net Increase/(Decrease) in Net Assets Resulting from Operations		(12,570,183	)		805,282
Capital Share Transactions
Proceeds from sales of shares		152,852,067			31,742,905
Cost of shares redeemed		(12,466,797	)		(1,178,121	)
Net Increase in Net Assets Resulting from Capital Share Transactions		140,385,270			30,564,784
Net Increase in Net Assets		127,815,087			31,370,066
Net Assets
Beginning of period		31,370,066			—
End of period	$	159,185,153		$	31,370,066
Other Information:
Shares
Sold		17,198,613			3,174,247
Redeemed		(1,444,390	)		(116,831	)
Net Increase		15,754,223			3,057,416

¹  Commenced operations on October 25, 2021.

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

This Page Intentionally Left Blank

11

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE 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 12/31/22	$	10.26	$	0.07	$	(1.87)	$	(1.80)	$	8.46		(17.54)%
Period Ended 12/31/21(4)		10.00		0.01		0.25		0.26		10.26		2.60%(5)

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

FINANCIAL INFORMATION — GUARDIAN ALL CAP CORE VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3)			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets(3)			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	159,185		0.78%			0.85%			0.78%			0.71%			37%
	31,370		0.38%	(5)		1.14%	(5)		1.06%	(5)		0.30%	(5)		7%	(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 October 25, 2021.

⁽⁵⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian All Cap Core VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

The 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 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.

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

vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

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

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

• Level 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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.

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

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

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

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

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

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.44% of the first $500 million, and 0.40% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 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 0.78% 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 year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $89,039.

Park Avenue has entered into a Sub-Advisory Agreement with Massachusetts Financial Services Company (“MFS”). MFS is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP 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, 2022, the Fund paid distribution fees in the amount of $302,030 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $182,019,956 and $41,857,611, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

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

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any

17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN ALL CAP CORE VIP FUND

day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that

provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

18

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Guardian All 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 All Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021, including the related notes (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, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 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, 2022 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.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019–2022); Vice President and Associate General Counsel, MetLife, Inc. (2010–2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

22

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

23

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.

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

PUB11407

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Balanced Allocation VIP Fund

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

TABLE OF CONTENTS

Guardian Balanced Allocation VIP Fund

Fund Commentary	1
Fund Characteristics	3
Fund Performance	6
Understanding Your Fund’s Expenses	7
Financial Information
Schedule of Investments	8
Statement of Assets and Liabilities	16
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	27
Supplemental Information
Trustees and Officers Information Table	28
Portfolio Holdings and Proxy Voting Procedures	31

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 BALANCED ALLOCATION VIP FUND

FUND COMMENTARY OF WELLINGTON MANAGEMENT COMPANY LLP, SUB-ADVISER

(UNAUDITED)

Highlights

• Guardian Balanced Allocation VIP Fund (the “Fund”) returned -5.40% for the period from the Fund’s inception¹ through December 31, 2022, underperforming the -5.20% return of the blended index, which consists of the Standard & Poor’s 500^® Index and the Bloomberg US Aggregate Bond Index, weighted 65%/35%, respectively² (the “Blended Index”) for the same period.

• The Fund’s performance is also compared to the Standard & Poor’s 500^® Index³ (the “S&P 500 Index”), which returned -6.49% for the period, and the Bloomberg US Aggregate Bond Index⁴ (the “Bond Index”), which returned -3.30% during the period.

• In the Fund’s equity allocation, strong performance in the consumer discretionary, consumer staples, and health care sectors outweighed negative performance in the communication services and information technology sectors. In the Fund’s fixed income allocation, positioning within investment-grade credit was the primary driver of relative underperformance, largely related to industrials (technology and consumer non-cyclical issuers) and financials (banking issuers).

Market Overview

U.S. equities, as measured by the S&P 500 Index, posted negative results over the period from the Fund’s inception on May 2, 2022, to December 31, 2022. During the period, U.S. equities declined amid surging inflation, tighter financial conditions, and moderating economic activity, which increased the probability of a recession. Surging prices for food and energy pushed consumer inflation to its highest level in more than four decades. In December, the U.S. Federal Reserve (the “Fed”) raised interest rates by 50 basis points (“bps”), ending a streak of four consecutive interest rate hikes of 75 bps during the period. Greater optimism that the Fed would begin to scale back its aggressive pace of interest rate hikes helped to fuel a sharp rebound in stocks in October and November 2022 before risk sentiment waned in December 2022 amid recession fears, macroeconomic headwinds, and downside earnings risks anticipated in the coming quarters.

U.S. fixed income, as measured by the Bond Index, posted negative total returns over the period. During the second quarter of 2022, fixed income sectors experienced sharply negative returns during the three months. In the third quarter of 2022, fixed income

sectors continued the negative trend due to concerns about persistent inflation and ongoing global monetary policy tightening, which contributed to escalating volatility, leading to government interventions in the United Kingdom and Japan. During the fourth quarter of 2022, fixed income sectors recouped a portion of their losses from earlier in the year, as most developed market sovereign yields stabilized at higher levels and spreads generally tightened. Despite persistent hawkish rhetoric from most developed market central banks, below-consensus inflation data led to hopes that most economies may have seen peak inflation.

Portfolio Review

The equity portion of the Fund’s portfolio outperformed the S&P 500 Index during the period, but absolute performance was negative as U.S. markets continued to struggle. From a relative-performance perspective, strong performance in the consumer discretionary, consumer staples, and health care sectors outweighed negative performance in the communication services and information technology sectors.

The fixed income portion of the Fund’s portfolio posted negative total returns and underperformed the Bond Index during the period. Positioning within investment-grade bonds was the primary driver of relative underperformance, largely related to the industrials (technology and consumer non-cyclical issuers), and financials (banking issuers) sectors. Lack of exposure to sovereign issuers modestly detracted from the Fund’s relative performance, while an overweight to the utilities sector had a positive impact on relative performance.

The Fund’s securitized exposure benefitted its performance relative to the Bond Index as positive results from an underweight to agency mortgage-backed securities offset negative effects from allocations to non-agency residential mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities. The duration/yield curve positioning⁵ of the Fund’s fixed income investments detracted from relative performance.

Outlook

In terms of the equity market outlook, while there are unique challenges within each geographic region, persistent inflation, tight monetary policy, and recession risk underlie our 2023 global equity investment outlook.

Focus, collaboration, and a long-term investment orientation allow our Global Industry Analysts to evaluate companies’ exposure to long-term trends and

1

GUARDIAN BALANCED ALLOCATION VIP FUND

take advantage of valuation opportunities as they arise amid short-term volatility. With an equity portfolio featuring broad sector exposure and risk centered on idiosyncratic stock decisions, we believe that we can identify winners and losers across sectors.

With respect to the Fund’s fixed income investments, we maintain a modestly defensive stance as market volatility has remained elevated due to sustained inflation pressures, the Fed’s engagement in an aggressive tightening agenda, continued COVID-19 impacts, and ongoing geopolitical risks.

While we believe the substantially higher interest rate environment and growing growth concerns are likely to

provide support for fixed income assets and greater downside protection going forward, we maintained a modest short duration position at year end given recent interest rate volatility. We also reduced exposure to more cyclical issuers that we believe will have difficulty generating positive free cash flow in a recessionary environment and to issuers operating with more levered balance sheets that we believe may be impacted by higher borrowing costs.

We continue to be disciplined in our investment process and remain focused on long term investing, which allows us to create a balanced portfolio that we believe has the potential to perform well in a variety of environments.

¹ Fund inception date: May 2, 2022.

² The Fund’s performance is compared to the Blended Index, 65% of which is the S&P 500 Index and 35% of which is the Bond Index. Unlike the Fund, the Blended Index does not incur fees or expenses.

³ 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.

⁴ The Bond 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 Bond Index, and, unlike the Fund, the Bond Index does not incur fees or expenses.

⁵ Duration is a measure of a bond price’s sensitivity to changes in interest rates. Yield curve positioning represents the relationship between the interest rates of bonds having the same credit quality but different maturity dates.

2

GUARDIAN BALANCED ALLOCATION VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $214,197,246

Portfolio Composition¹

As of December 31, 2022

3

GUARDIAN BALANCED ALLOCATION VIP FUND

Sector Allocation¹

As of December 31, 2022

Equity Sector^2,3

Bond Sector³

4

GUARDIAN BALANCED ALLOCATION VIP FUND

Top Ten Holdings1 As of December 31, 2022
Holding	% of Total Net Assets
Microsoft Corp.		3.94%
U.S. Treasury Note, 2.750% due 4/30/2027		3.10%
U.S. Treasury Note, 2.625% due 4/15/2025		2.39%
U.S. Treasury Note, 2.500% due 4/30/2024		2.26%
Amazon.com, Inc.		2.09%
Alphabet, Inc., Class A		2.04%
Apple, Inc.		1.82%
U.S. Treasury Bond, 2.375% due 2/15/2042		1.79%
Performance Food Group Co.		1.63%
Charles Schwab Corp.		1.29%
Total		22.35%

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.

³  A sector may comprise several industries.

5

GUARDIAN BALANCED ALLOCATION VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception*
Guardian Balanced Allocation VIP Fund		5/2/2022		—		—		—		-5.40%
Standard & Poor’s 500® (65%)/Bloomberg US Aggregate Bond Index (35%)				—		—		—		-5.20%
Standard & Poor’s 500® Index				—		—		—		-6.49%
Bloomberg US Aggregate Bond Index				—		—		—		-3.30%

* 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

6

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,004.20	$	4.45		0.88%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.77	$	4.48		0.88%

* 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 the one-half year period).

7

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 63.4%
Aerospace & Defense – 1.6%
Boeing Co.(1)		3,390	$	645,761
General Dynamics Corp.		3,131		776,832
Lockheed Martin Corp.		1,716		834,817
Raytheon Technologies Corp.		12,126		1,223,756
				3,481,166
Air Freight & Logistics – 0.1%
FedEx Corp.		676		117,083
				117,083
Airlines – 0.2%
JetBlue Airways Corp.(1)		50,097		324,629
Southwest Airlines Co.(1)		2,662		89,629
				414,258
Automobiles – 0.2%
Ford Motor Co.		17,629		205,025
Tesla, Inc.(1)		2,336		287,749
				492,774
Banks – 0.2%
JPMorgan Chase & Co.		3,658		490,538
				490,538
Beverages – 1.4%
Constellation Brands, Inc., Class A		8,410		1,949,018
Monster Beverage Corp.(1)		10,383		1,054,186
				3,003,204
Biotechnology – 1.3%
Alkermes PLC(1)		3,509		91,690
Alnylam Pharmaceuticals, Inc.(1)		644		153,047
Apellis Pharmaceuticals, Inc.(1)		823		42,557
Ascendis Pharma A/S, ADR(1)		553		67,538
Biogen, Inc.(1)		1,070		296,304
Blueprint Medicines Corp.(1)		438		19,189
Celldex Therapeutics, Inc.(1)		1,476		65,785
Genmab A/S, ADR(1)		2,701		114,468
Horizon Therapeutics PLC(1)		699		79,546
Incyte Corp.(1)		1,053		84,577
Karuna Therapeutics, Inc.(1)		993		195,125
Moderna, Inc.(1)		998		179,261
PTC Therapeutics, Inc.(1)		1,179		45,002
Regeneron Pharmaceuticals, Inc.(1)		651		469,690
REVOLUTION Medicines, Inc.(1)		1,830		43,591
Sarepta Therapeutics, Inc.(1)		492		63,753
Seagen, Inc.(1)		1,048		134,679
Syndax Pharmaceuticals, Inc.(1)		1,308		33,289
United Therapeutics Corp.(1)		337		93,716
Vertex Pharmaceuticals, Inc.(1)		1,923		555,324
				2,828,131
Building Products – 0.5%
AZEK Co., Inc.(1)		5,774		117,328
Builders FirstSource, Inc.(1)		6,557		425,418
Fortune Brands Innovations, Inc.		4,684		267,503
Johnson Controls International PLC		4,635		296,640

December 31, 2022	Shares		Value
Building Products (continued)
Masterbrand, Inc.(1)		4,684	$	35,364
				1,142,253
Capital Markets – 4.3%
Ares Management Corp., Class A		24,052		1,646,119
BlackRock, Inc.		1,313		930,431
Charles Schwab Corp.		33,102		2,756,072
Goldman Sachs Group, Inc.		4,037		1,386,225
Morgan Stanley		8,154		693,253
MSCI, Inc.		2,388		1,110,826
Tradeweb Markets, Inc., Class A		10,534		683,973
				9,206,899
Chemicals – 1.8%
Cabot Corp.		7,201		481,315
Celanese Corp.		4,004		409,369
FMC Corp.		6,601		823,805
Ingevity Corp.(1)		2,802		197,373
Linde PLC		3,622		1,181,424
Livent Corp.(1)		7,140		141,872
PPG Industries, Inc.		5,437		683,648
				3,918,806
Commercial Services & Supplies – 0.3%
Aurora Innovation, Inc.(1)		19,829		23,993
Clean Harbors, Inc.(1)		2,302		262,704
Waste Connections, Inc.		2,607		345,584
				632,281
Communications Equipment – 0.1%
Arista Networks, Inc.(1)		1,237		150,110
				150,110
Construction & Engineering – 0.3%
Fluor Corp.(1)		15,356		532,239
				532,239
Containers & Packaging – 0.1%
Ball Corp.		3,631		185,689
				185,689
Diversified Financial Services – 0.2%
Equitable Holdings, Inc.		16,288		467,466
				467,466
Diversified Telecommunication Services – 0.4%
AT&T, Inc.		50,035		921,144
				921,144
Electric Utilities – 2.0%
Duke Energy Corp.		12,833		1,321,670
Edison International		14,824		943,103
Exelon Corp.		21,783		941,679
FirstEnergy Corp.		25,220		1,057,727
				4,264,179
Electrical Equipment – 0.2%
AMETEK, Inc.		2,247		313,951
Emerson Electric Co.		1,059		101,727
				415,678

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

December 31, 2022	Shares		Value
Energy Equipment & Services – 0.4%
Schlumberger Ltd.		15,459	$	826,438
				826,438
Entertainment – 0.6%
Electronic Arts, Inc.		2,036		248,758
Walt Disney Co.(1)		12,919		1,122,403
				1,371,161
Equity Real Estate Investment Trusts (REITs) – 1.3%
Kimco Realty Corp.		27,250		577,155
Rexford Industrial Realty, Inc.		6,199		338,713
Ryman Hospitality Properties, Inc.		7,392		604,518
Sun Communities, Inc.		3,490		499,070
Welltower, Inc.		9,992		654,976
				2,674,432
Food & Staples Retailing – 2.2%
Performance Food Group Co.(1)		59,938		3,499,780
Sysco Corp.		15,135		1,157,071
				4,656,851
Food Products – 1.3%
Archer-Daniels-Midland Co.		9,011		836,671
Hershey Co.		6,064		1,404,241
Kellogg Co.		7,552		538,004
				2,778,916
Health Care Equipment & Supplies – 1.8%
Abbott Laboratories		5,205		571,457
Baxter International, Inc.		7,606		387,678
Boston Scientific Corp.(1)		17,293		800,147
Dexcom, Inc.(1)		3,850		435,974
Edwards Lifesciences Corp.(1)		8,233		614,264
Insulet Corp.(1)		1,117		328,834
Stryker Corp.		3,168		774,544
				3,912,898
Health Care Providers & Services – 2.8%
agilon health, Inc.(1)		33,129		534,702
Centene Corp.(1)		13,647		1,119,190
Elevance Health, Inc.		1,769		907,444
HCA Healthcare, Inc.		3,983		955,761
Humana, Inc.		1,782		912,723
Laboratory Corp. of America Holdings		373		87,834
McKesson Corp.		1,307		490,282
Molina Healthcare, Inc.(1)		840		277,385
UnitedHealth Group, Inc.		1,363		722,635
				6,007,956
Hotels, Restaurants & Leisure – 1.2%
Airbnb, Inc., Class A(1)		16,155		1,381,252
Hyatt Hotels Corp., Class A(1)		5,369		485,626
Starbucks Corp.		7,128		707,098
				2,573,976
Household Durables – 0.1%
D.R. Horton, Inc.		642		57,228
Lennar Corp., Class A		2,056		186,068
				243,296

December 31, 2022	Shares		Value
Independent Power and Renewable Electricity Producers – 0.4%
AES Corp.		28,340	$	815,058
				815,058
Industrial Conglomerates – 0.5%
Honeywell International, Inc.		4,911		1,052,427
				1,052,427
Insurance – 2.1%
American International Group, Inc.		11,752		743,197
Arch Capital Group Ltd.(1)		8,573		538,213
Assured Guaranty Ltd.		6,828		425,111
Chubb Ltd.		4,134		911,961
Marsh & McLennan Cos., Inc.		5,869		971,202
MetLife, Inc.		6,803		492,333
Trupanion, Inc.(1)		7,529		357,853
				4,439,870
Interactive Media & Services – 3.5%
Alphabet, Inc., Class A(1)		49,550		4,371,796
Bumble, Inc., Class A(1)		25,270		531,934
Cargurus, Inc.(1)		33,089		463,577
Match Group, Inc.(1)		8,115		336,691
Meta Platforms, Inc., Class A(1)		14,531		1,748,661
				7,452,659
Internet & Direct Marketing Retail – 2.7%
Amazon.com, Inc.(1)		53,288		4,476,192
Etsy, Inc.(1)		11,417		1,367,528
				5,843,720
IT Services – 2.8%
Block, Inc.(1)		8,644		543,189
FleetCor Technologies, Inc.(1)		1,532		281,398
Genpact Ltd.		5,779		267,683
Global Payments, Inc.		7,385		733,478
GoDaddy, Inc., Class A(1)		7,476		559,354
Okta, Inc.(1)		788		53,844
PayPal Holdings, Inc.(1)		8,663		616,979
Snowflake, Inc., Class A(1)		431		61,866
VeriSign, Inc.(1)		7,128		1,464,377
Visa, Inc., Class A		4,097		851,193
WEX, Inc.(1)		2,982		488,004
				5,921,365
Life Sciences Tools & Services – 1.7%
Agilent Technologies, Inc.		5,864		877,548
Danaher Corp.		5,729		1,520,591
ICON PLC(1)		1,278		248,251
Illumina, Inc.(1)		2,091		422,800
Syneos Health, Inc.(1)		15,739		577,307
				3,646,497
Machinery – 1.2%
Caterpillar, Inc.		1,640		392,879
Flowserve Corp.		10,280		315,390
Fortive Corp.		3,814		245,050
Ingersoll Rand, Inc.		5,444		284,449

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

December 31, 2022	Shares		Value
Machinery (continued)
Kennametal, Inc.		6,079	$	146,261
Middleby Corp.(1)		2,277		304,890
PACCAR, Inc.		1,473		145,783
Westinghouse Air Brake Technologies Corp.		7,672		765,742
				2,600,444
Media – 0.8%
Charter Communications, Inc., Class A(1)		593		201,086
New York Times Co., Class A		10,220		331,741
Omnicom Group, Inc.		14,082		1,148,669
				1,681,496
Oil, Gas & Consumable Fuels – 3.4%
BP PLC, ADR		59,426		2,075,750
ConocoPhillips		14,210		1,676,780
Diamondback Energy, Inc.		1,757		240,323
EOG Resources, Inc.		3,800		492,176
Marathon Petroleum Corp.		6,806		792,150
Shell PLC, ADR		33,337		1,898,542
				7,175,721
Pharmaceuticals – 4.4%
Aclaris Therapeutics, Inc.(1)		2,542		40,036
AstraZeneca PLC, ADR		15,243		1,033,475
Bristol Myers Squibb Co.		4,417		317,803
Elanco Animal Health, Inc.(1)		14,667		179,231
Eli Lilly and Co.		7,024		2,569,660
GSK PLC, ADR		10,221		359,166
Intra-Cellular Therapies, Inc.(1)		2,493		131,930
Merck & Co., Inc.		16,348		1,813,811
Novartis AG, ADR		5,723		519,191
Pfizer, Inc.		34,952		1,790,940
Royalty Pharma PLC, Class A		726		28,691
Zoetis, Inc.		4,132		605,545
				9,389,479
Professional Services – 0.2%
Science Applications International Corp.		2,658		294,852
TriNet Group, Inc.(1)		3,239		219,604
				514,456
Road & Rail – 0.2%
Knight-Swift Transportation Holdings, Inc.		9,530		499,467
				499,467
Semiconductors & Semiconductor Equipment – 2.4%
Advanced Micro Devices, Inc.(1)		11,407		738,831
Intel Corp.		12,180		321,917
KLA Corp.		1,597		602,117
Marvell Technology, Inc.		9,688		358,844
Micron Technology, Inc.		11,619		580,718
NVIDIA Corp.		2,470		360,966
ON Semiconductor Corp.(1)		9,617		599,812
Teradyne, Inc.		4,753		415,175
Texas Instruments, Inc.		7,328		1,210,732
				5,189,112

December 31, 2022	Shares		Value
Software – 5.4%
Adobe, Inc.(1)		947	$	318,694
Ceridian HCM Holding, Inc.(1)		8,598		551,562
Guidewire Software, Inc.(1)		2,177		136,193
HashiCorp, Inc., Class A(1)		5,941		162,427
HubSpot, Inc.(1)		259		74,885
Microsoft Corp.		35,234		8,449,818
Palo Alto Networks, Inc.(1)		1,264		176,378
Qualtrics International, Inc., Class A(1)		6,962		72,266
Rapid7, Inc.(1)		908		30,854
Salesforce, Inc.(1)		5,809		770,215
SentinelOne, Inc., Class A(1)		2,692		39,276
ServiceNow, Inc.(1)		1,446		561,438
Workday, Inc., Class A(1)		1,626		272,079
				11,616,085
Specialty Retail – 0.9%
TJX Cos., Inc.		22,980		1,829,208
				1,829,208
Technology Hardware, Storage & Peripherals – 1.8%
Apple, Inc.		29,932		3,889,065
				3,889,065
Textiles, Apparel & Luxury Goods – 0.6%
NIKE, Inc., Class B		10,706		1,252,709
				1,252,709
Tobacco – 0.7%
Altria Group, Inc.		7,317		334,460
Philip Morris International, Inc.		12,175		1,232,232
				1,566,692
Trading Companies & Distributors – 0.2%
United Rentals, Inc.(1)		235		83,524
WESCO International, Inc.(1)		2,418		302,733
				386,257
Wireless Telecommunication Services – 0.6%
T-Mobile US, Inc.(1)		9,111		1,275,540
				1,275,540
Total Common Stocks (Cost $140,644,719)				135,747,149
	Principal Amount		Value
Agency Mortgage–Backed Securities – 9.9%
Federal Home Loan Mortgage Corp.
2.00%% due 5/1/2051	$	1,433,850		1,172,431
2.00% due 4/1/2052		1,358,653		1,115,188
2.50% due 7/1/2041		406,135		353,702
2.50% due 2/1/2042		594,920		522,284
2.50% due 7/1/2051		1,321,904		1,131,198
3.00% due 10/1/2051		318,527		282,579
4.50% due 7/1/2052		737,272		710,415
Federal National Mortgage Association
2.00% due 2/1/2051		422,101		347,996
2.50% due 2/1/2041		71,439		62,216

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

	Principal Amount		Value
Agency Mortgage–Backed Securities (continued)
2.50% due 5/1/2051	$	1,265,987	$	1,077,869
3.50% due 4/1/2050		356,485		327,788
3.50% due 7/1/2051		572,486		526,223
4.50% due 8/1/2052		1,494,714		1,442,078
Freddie Mac Multifamily Structured Pass-Through Certificates
K150 A2 3.71% due 9/25/2032(2)(3)		78,000		73,117
K1522 A2 2.361% due 10/25/2036		500,000		384,678
Government National Mortgage Association
2.00% due 1/23/2053(4)		700,000		585,973
2.50% due 1/23/2053(4)		1,147,000		992,497
3.00% due 1/23/2053(4)		1,100,000		978,818
3.50% due 1/23/2053(4)		975,000		895,086
4.00% due 1/23/2053(4)		725,000		685,817
4.50% due 1/23/2053(4)		200,000		193,927
Uniform Mortgage-Backed Security
2.00% due 1/12/2053(4)		1,325,000		1,079,185
2.50% due 12/25/2051(4)		1,100,000		931,934
3.00% due 2/25/2052(4)		2,250,000		1,975,282
3.50% due 1/17/2038(4)		75,000		71,830
3.50% due 2/25/2049(4)		660,000		599,781
4.00% due 1/17/2038(4)		600,000		584,998
4.00% due 1/12/2053(4)		1,250,000		1,172,637
4.50% due 1/12/2053(4)		450,000		433,609
5.00% due 1/12/2053(4)		255,000		251,459
5.50% due 1/12/2053(4)		150,000		150,445
Total Agency Mortgage–Backed Securities (Cost $21,611,020)				21,113,040
Asset–Backed Securities – 0.2%
New Economy Assets Phase 1 Sponsor LLC 2021-1 A1 1.91% due 10/20/2061(5)		235,000		200,403
Vantage Data Centers Issuer LLC 2021-1A A2 2.165% due 10/15/2046(5)		200,000		171,620
Total Asset–Backed Securities (Cost $400,043)				372,023
Corporate Bonds & Notes – 8.9%
Aerospace & Defense – 0.2%
BAE Systems Holdings, Inc. 3.85% due 12/15/2025(5)		420,000		405,300
Raytheon Technologies Corp. 3.95% due 8/16/2025		88,000		86,048
				491,348
Agriculture – 0.4%
BAT Capital Corp. 3.557% due 8/15/2027		526,000		479,370
Philip Morris International, Inc. 5.125% due 11/17/2027		105,000		106,169
5.625% due 11/17/2029		65,000		66,256
5.75% due 11/17/2032		220,000		225,718
				877,513

	Principal Amount		Value
Airlines – 0.0%
United Airlines Pass-Through Trust 2016-1 AA 3.10% due 7/7/2028	$	44,170	$	39,049
				39,049
Auto Manufacturers – 0.1%
Hyundai Capital America 0.80% due 4/3/2023(5)		221,000		218,478
				218,478
Beverages – 0.2%
Anheuser-Busch InBev Worldwide, Inc. 4.375% due 4/15/2038		190,000		171,688
Diageo Capital PLC 2.375% due 10/24/2029		200,000		171,244
				342,932
Commercial Banks – 2.0%
Bank of America Corp. 1.734% (1.734% fixed rate until 7/22/2026; SOFR + 0.96% thereafter)     due 7/22/2027(2)		256,000		224,645
2.299% (2.299% fixed rate until 7/21/2031; SOFR + 1.22% thereafter)     due 7/21/2032(2)		185,000		142,679
Barclays PLC 2.894% (2.894% fixed rate until 11/24/2031; H15T1Y + 1.30% thereafter)     due 11/24/2032(2)		212,000		162,034
BPCE SA 5.15% due 7/21/2024(5)		353,000		346,261
Citigroup, Inc. 3.50% due 5/15/2023		176,000		175,085
Credit Suisse Group AG 3.091% (3.091% fixed rate until 5/14/2031; SOFR + 1.73% thereafter)     due 5/14/2032(2)(5)		267,000		185,821
Danske Bank A/S 1.621% (1.621% fixed rate until 9/11/2025; H15T1Y + 1.35% thereafter)     due 9/11/2026(2)(5)		256,000		224,771
Goldman Sachs Group, Inc. 1.431% (1.431% fixed rate until 3/9/2026; SOFR + 0.80% thereafter)     due 3/9/2027(2)		291,000		254,835
3.50% due 1/23/2025		500,000		484,030
5.70% due 11/1/2024		367,000		371,422
HSBC Holdings PLC 2.099% (2.099% fixed rate until 6/4/2025; SOFR + 1.93% thereafter)     due 6/4/2026(2)		445,000		405,600

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

	Principal Amount		Value
Commercial Banks (continued)
Morgan Stanley
1.928% (1.928% fixed rate until 4/28/2031; SOFR + 1.02% thereafter)     due 4/28/2032(2)	$	123,000	$	93,186
2.511% (2.511% fixed rate until 10/20/2031; SOFR + 1.20% thereafter)     due 10/20/2032(2)		644,000		505,038
4.35% due 9/8/2026		268,000		260,815
5.297% (5.297% fixed rate until 4/20/2032; SOFR + 2.62% thereafter)     due 4/20/2037(2)		181,000		165,662
PNC Financial Services Group, Inc. 3.90% due 4/29/2024		29,000		28,668
UBS Group AG 1.494% (1.494% fixed rate until 8/10/2026; H15T1Y + 0.85% thereafter)     due 8/10/2027(2)(5)		226,000		194,597
Wells Fargo & Co. 3.00% due 2/19/2025		88,000		84,360
				4,309,509
Diversified Financial Services – 0.5%
Aviation Capital Group LLC 1.95% due 9/20/2026(5)		241,000		203,932
Capital One Financial Corp. 4.20% due 10/29/2025		62,000		60,002
Intercontinental Exchange, Inc. 4.00% due 9/15/2027		234,000		226,406
4.35% due 6/15/2029		685,000		663,957
				1,154,297
Electric – 1.4%
Alabama Power Co. 1.45% due 9/15/2030		18,000		14,072
American Transmission Systems, Inc. 2.65% due 1/15/2032(5)		171,000		141,149
Appalachian Power Co. 3.40% due 6/1/2025		118,000		114,106
Consolidated Edison Co. of New York, Inc. 3.20% due 12/1/2051		123,000		85,813
4.50% due 5/15/2058		155,000		130,059
Duke Energy Corp. 2.65% due 9/1/2026		41,000		37,919
3.75% due 4/15/2024		132,000		129,702
4.50% due 8/15/2032		560,000		528,091
5.00% due 8/15/2052		45,000		40,535
Georgia Power Co. 4.75% due 9/1/2040		38,000		34,590
5.125% due 5/15/2052		505,000		476,649
ITC Holdings Corp. 4.95% due 9/22/2027(5)		70,000		69,245
Niagara Mohawk Power Corp. 1.96% due 6/27/2030(5)		197,000		156,254

	Principal Amount		Value
Electric (continued)
Oglethorpe Power Corp. 4.50% due 4/1/2047(5)	$	255,000	$	203,521
Pacific Gas and Electric Co. 5.90% due 6/15/2032		115,000		112,678
Pennsylvania Electric Co. 3.60% due 6/1/2029(5)		34,000		30,676
Southern California Edison Co. 3.70% due 8/1/2025		26,000		25,209
4.00% due 4/1/2047		29,000		22,884
4.65% due 10/1/2043		12,000		10,426
5.95% due 11/1/2032		305,000		323,867
Southern Co. 2.95% due 7/1/2023		171,000		169,422
Texas Electric Market Stabilization Funding LLC 4.265% due 8/1/2034(5)		215,000		205,495
				3,062,362
Entertainment – 0.3%
Warnermedia Holdings, Inc. 4.054% due 3/15/2029(5)		625,000		542,650
				542,650
Gas – 0.3%
Boston Gas Co. 3.15% due 8/1/2027(5)		35,000		31,708
CenterPoint Energy Resources Corp. 5.279% (LIBOR 3 Month + 0.50%)     due 3/2/2023(2)(6)		4,000		3,998
KeySpan Gas East Corp. 2.742% due 8/15/2026(5)		162,000		144,963
Southern California Gas Co. 2.95% due 4/15/2027		165,000		152,623
6.35% due 11/15/2052		317,000		350,891
				684,183
Healthcare-Services – 0.5%
Aetna, Inc. 2.80% due 6/15/2023		123,000		121,732
Bon Secours Mercy Health, Inc. 2.095% due 6/1/2031		200,000		155,818
CommonSpirit Health 2.782% due 10/1/2030		165,000		136,142
3.91% due 10/1/2050		35,000		25,989
Elevance Health, Inc. 2.375% due 1/15/2025		430,000		408,380
3.50% due 8/15/2024		44,000		42,924
Kaiser Foundation Hospitals 3.002% due 6/1/2051		100,000		68,141
Sutter Health 2.294% due 8/15/2030		50,000		40,505
UnitedHealth Group, Inc. 4.20% due 5/15/2032		75,000		71,517
4.75% due 5/15/2052		10,000		9,305
				1,080,453

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

	Principal Amount		Value
Insurance – 0.9%
American International Group, Inc. 3.40% due 6/30/2030	$	72,000	$	63,714
Athene Global Funding 1.716% due 1/7/2025(5)		445,000		410,383
2.50% due 3/24/2028(5)		382,000		321,346
CNO Global Funding 2.65% due 1/6/2029(5)		312,000		264,791
Corebridge Financial, Inc. 3.90% due 4/5/2032(5)		465,000		408,698
Equitable Financial Life Global Funding 1.40% due 8/27/2027(5)		162,000		135,834
Liberty Mutual Group, Inc. 4.569% due 2/1/2029(5)		70,000		65,828
5.50% due 6/15/2052(5)		202,000		181,984
Northwestern Mutual Life Insurance Co. 3.625% due 9/30/2059(5)		18,000		12,520
Progressive Corp. 3.95% due 3/26/2050		60,000		48,555
				1,913,653
Media – 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital 2.25% due 1/15/2029		125,000		100,532
Comcast Corp. 3.95% due 10/15/2025		620,000		607,693
				708,225
Oil & Gas – 0.4%
Equinor ASA 3.00% due 4/6/2027		359,000		335,640
3.125% due 4/6/2030		24,000		21,617
Hess Corp. 7.30% due 8/15/2031		271,000		295,303
Var Energi ASA 8.00% due 11/15/2032(5)		225,000		232,558
				885,118
Pipelines – 0.4%
Cheniere Energy Partners LP 3.25% due 1/31/2032		330,000		263,284
Eastern Gas Transmission & Storage, Inc. 3.60% due 12/15/2024		24,000		23,256
Energy Transfer LP 4.95% due 6/15/2028		12,000		11,608
Enterprise Products Operating LLC 3.20% due 2/15/2052		29,000		19,214
Galaxy Pipeline Assets Bidco Ltd. 2.625% due 3/31/2036(5)		245,000		197,208
Gray Oak Pipeline LLC 2.60% due 10/15/2025(5)		85,000		77,256
3.45% due 10/15/2027(5)		15,000		13,276

	Principal Amount		Value
Pipelines (continued)
Sabine Pass Liquefaction LLC 4.50% due 5/15/2030	$	140,000	$	130,364
5.90% due 9/15/2037(5)		130,000		129,533
				864,999
Semiconductors – 0.2%
Intel Corp. 4.15% due 8/5/2032		210,000		197,095
QUALCOMM, Inc. 4.25% due 5/20/2032		175,000		169,129
				366,224
Software – 0.1%
Oracle Corp. 3.60% due 4/1/2050		118,000		80,528
3.95% due 3/25/2051		35,000		25,308
				105,836
Telecommunications – 0.4%
AT&T, Inc. 3.65% due 6/1/2051		95,000		67,593
3.85% due 6/1/2060		19,000		13,238
4.30% due 12/15/2042		26,000		21,554
Verizon Communications, Inc. 2.355% due 3/15/2032		402,000		320,137
2.625% due 8/15/2026		440,000		406,890
				829,412
Trucking & Leasing – 0.3%
DAE Funding LLC 1.55% due 8/1/2024(5)		294,000		273,973
Penske Truck Leasing Co. LP / PTL Finance Corp. 2.70% due 11/1/2024(5)		65,000		61,369
3.95% due 3/10/2025(5)		203,000		195,535
				530,877
Total Corporate Bonds & Notes (Cost $19,774,729)				19,007,118
Municipals – 0.5%
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue Series A 6.899% due 12/1/2040		50,000		55,285
Dallas Fort Worth International Airport Series A 4.087% due 11/1/2051		100,000		84,629
Metropolitan Transportation Authority Series C2 5.175% due 11/15/2049		105,000		93,728
Municipal Electric Authority of Georgia 6.637% due 4/1/2057		150,000		161,059
Regents of the University of California Medical Center Pooled Revenue 3.006% due 5/15/2050		125,000		82,703

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

	Principal Amount		Value
Municipals (continued)
State of Illinois 5.10% due 6/1/2033	$	700,000	$	669,590
Total Municipals (Cost $1,258,403)				1,146,994
Non–Agency Mortgage–Backed Securities – 1.1%
BX Commercial Mortgage Trust 2021-VOLT A 5.018% due 9/15/2036(2)(3)(5)		425,000		411,239
BX Trust 2021-LGCY A 4.824% due 10/15/2036(2)(3)(5)		400,000		381,755
BXHPP Trust 2021-FILM A 4.968% due 8/15/2036(2)(3)(5)		225,000		212,381
Fannie Mae REMICS 2013-36 Z 3.00% due 4/25/2043		260,846		236,984
2013-83 NZ 3.50% due 8/25/2043		264,546		246,618
2020-27 HC 1.50% due 10/25/2049		431,278		341,383
Freddie Mac REMICS 3967 ZP 4.00% due 9/15/2041		272,059		260,054
5170 DP 2.00% due 7/25/2050		269,044		230,249
Total Non–Agency Mortgage–Backed Securities (Cost $2,431,525)				2,320,663
U.S. Government Securities – 14.2%
U.S. Treasury Bond 2.25% due 2/15/2052		2,546,400		1,790,438
2.375% due 2/15/2042		4,975,000		3,828,418
2.875% due 5/15/2052		102,000		82,588
3.00% due 8/15/2052		550,600		459,149
3.25% due 5/15/2042		25,000		22,094
3.375% due 8/15/2042		705,000		634,831
4.00% due 11/15/2042		415,000		409,294
4.00% due 11/15/2052		305,000		308,336
U.S. Treasury Note 2.50% due 4/30/2024		4,990,000		4,848,097
2.625% due 4/15/2025		5,315,000		5,116,933
2.625% due 5/31/2027		210,000		198,220
2.75% due 4/30/2027		7,000,000		6,641,250
2.75% due 7/31/2027		195,000		184,747
2.75% due 5/31/2029		150,000		139,605
2.75% due 8/15/2032		724,300		661,942
2.875% due 4/30/2029		20,000		18,769
3.125% due 8/15/2025		280,000		272,081
3.125% due 8/31/2027		1,177,000		1,134,150
3.25% due 6/30/2029		250,000		239,707
3.50% due 9/15/2025		300,000		294,305
3.875% due 11/30/2027		795,000		792,143
3.875% due 11/30/2029		169,000		168,340
4.00% due 12/15/2025		140,000		139,267
4.00% due 10/31/2029		257,000		257,803
4.125% due 9/30/2027		573,400		576,491
4.125% due 10/31/2027		766,200		770,390

	Principal Amount		Value
U.S. Government Securities (continued)
4.125% due 11/15/2032	$	383,300	$	392,523
Total U.S. Government Securities (Cost $32,010,986)				30,381,911
	Shares		Value
Exchange–Traded Funds – 0.6%
SPDR S&P 500 ETF Trust		3,669		1,403,136
Total Exchange–Traded Funds (Cost $1,424,149)				1,403,136
	Principal Amount		Value
Short–Term Investments – 6.9%
U.S. Treasury Bills – 0.2%
U.S. Treasury Bill 4.449% due 4/20/2023(7)	$	554,300		547,076
Total U.S. Treasury Bills (Cost $550,943)				547,076
Repurchase Agreements – 6.7%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $14,315,042, due 1/3/2023(8)		14,313,007		14,313,007
Total Repurchase Agreements (Cost $14,313,007)				14,313,007
Total Investments – 105.7% (Cost $234,419,524)				226,352,117
Liabilities in excess of other assets – (5.7)%				(12,154,871	)
Total Net Assets – 100.0%			$	214,197,246

⁽¹⁾  Non–income–producing security.

⁽²⁾  Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

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

⁽⁴⁾  TBA — To be announced.

⁽⁵⁾  Securities that may be resold in transactions exempt from registration under Rule 144A of the Securities Act of 1933, as amended, normally to certain qualified buyers. At December 31, 2022, the aggregate market value of these securities amounted to $7,664,311, representing 3.6% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽⁶⁾  The London Interbank Offered Rate (“LIBOR”) is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund’s investments.

⁽⁷⁾  Interest rate shown reflects the discount rate at time of purchase.

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

SCHEDULE OF INVESTMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

⁽⁸⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	19,987,700	$	14,599,283

Open futures contracts at December 31, 2022:

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. 10-Year Treasury Note		March 2023		4		Long	$	455,662	$	449,188	$	(6,474	)
U.S. Ultra 10-Year Treasury Note		March 2023		1		Long		117,746		118,281		535
Total							$	573,408	$	567,469	$	(5,939	)

Legend:

ADR – American Depositary Receipt

H15T1Y – 1-year Constant Maturity Treasury Rate

LIBOR – London Interbank Offered Rate

SOFR – Secured Overnight Financing Rate

The following is a summary of the inputs used as of December 31, 2022 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	$	135,747,149		$	—	$	—	$	135,747,149
Agency Mortgage–Backed Securities		—			21,113,040		—		21,113,040
Asset–Backed Securities		—			372,023		—		372,023
Corporate Bonds & Notes		—			19,007,118		—		19,007,118
Municipals		—			1,146,994		—		1,146,994
Non–Agency Mortgage–Backed Securities		—			2,320,663		—		2,320,663
U.S. Government Securities		—			30,381,911		—		30,381,911
Exchange–Traded Funds		1,403,136			—		—		1,403,136
U.S. Treasury Bills		—			547,076		—		547,076
Repurchase Agreements		—			14,313,007		—		14,313,007
Total	$	137,150,285		$	89,201,832	$	—	$	226,352,117
Other Financial Instruments
Futures Contracts
Assets	$	535		$	—	$	—	$	535
Liabilities		(6,474	)		—		—		(6,474	)
Total	$	(5,939	)	$	—	$	—	$	(5,939	)

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

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	226,352,117
Receivable for investments sold		902,012
Dividends/interest receivable		557,001
Cash deposits with brokers for futures contracts		12,980
Receivable for fund shares subscribed		2,460
Prepaid expenses		7,363
Total Assets		227,833,933
Liabilities
Payable for investments purchased		13,299,963
Payable for fund shares redeemed		127,117
Investment advisory fees payable		89,085
Distribution fees payable		46,398
Accrued audit fees		21,652
Accrued custodian and accounting fees		15,178
Payable for variation margin on futures contracts		12,155
Accrued trustees’ and officers’ fees		621
Accrued expenses and other liabilities		24,518
Total Liabilities		13,636,687
Total Net Assets	$	214,197,246
Net Assets Consist of:
Paid-in capital	$	226,944,559
Distributable loss		(12,747,313	)
Total Net Assets	$	214,197,246
Investments, at Cost	$	234,419,524
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		22,641,267
Net Asset Value Per Share		$9.46

Statement of Operations For the Period Ended December 31, 20221
Investment Income
Dividends	$	1,462,710
Interest		1,596,540
Withholding taxes on foreign dividends		(441	)
Total Investment Income		3,058,809
Expenses
Investment advisory fees		723,226
Distribution fees		376,680
Custodian and accounting fees		63,137
Professional fees		53,364
Trustees’ and officers’ fees		35,155
Administrative fees		26,199
Transfer agent fees		12,648
Shareholder reports		10,673
Other expenses		8,670
Total Expenses		1,309,752
Net Investment Income/(Loss)		1,749,057
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions
Net realized gain/(loss) from investments		(6,393,043	)
Net realized gain/(loss) from futures contracts		(29,978	)
Net realized gain/(loss) from foreign currency transactions		(3	)
Net change in unrealized appreciation/(depreciation) on investments		(8,067,407	)
Net change in unrealized appreciation/(depreciation) on futures contracts		(5,939	)
Net Loss on Investments, Derivative Contracts and Foreign Currency Transactions		(14,496,370	)
Net Decrease in Net Assets Resulting From Operations		$    (12,747,313	)

¹  Commenced operations on May 2, 2022.

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

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND

Statement of Changes in Net Assets
	For the Period Ended 12/31/221
Operations
Net investment income/(loss)	$	1,749,057
Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		(6,423,024	)
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(8,073,346	)
Net Decrease in Net Assets Resulting from Operations		(12,747,313	)
Capital Share Transactions
Proceeds from sales of shares		243,244,258
Cost of shares redeemed		(16,299,699	)
Net Increase in Net Assets Resulting from Capital Share Transactions		226,944,559
Net Increase in Net Assets		214,197,246
Net Assets
Beginning of period		—
End of period	$	214,197,246
Other Information:
Shares
Sold		24,337,152
Redeemed		(1,695,885	)
Net Increase		22,641,267

¹  Commenced operations on May 2, 2022.

The accompanying notes are an integral part of these financial statements. 17

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION 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 Loss			Total Operations			Net Asset Value, End of Period		Total Return(2),(3)
Period Ended 12/31/22(5)	$	10.00	$	0.07	$	(0.61	)	$	(0.54	)	$	9.46		(5.40)%

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

FINANCIAL INFORMATION — GUARDIAN BALANCED ALLOCATION VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3),(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)
$	214,197		0.86%		0.86%		1.17%		1.17%		59%

⁽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. Certain non-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 May 2, 2022.

The accompanying notes are an integral part of these financial statements. 19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

December 31, 2022

1. Organization

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

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

The Fund seeks to provide capital appreciation and moderate current income while seeking to manage volatility.

2. Significant Accounting Policies

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

a. Investment Valuations The Board of Trustees has designated Park Avenue Institutional Advisers LLC (“Park Avenue”) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of

fair values based on results of ongoing valuation oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

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

Exchange-traded financial futures contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the

20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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.

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 period ended December 31, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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

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

c. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

d. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The 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. There were no credit default swaps held as of December 31, 2022.

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

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

22

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies on the Statement of Operations.

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

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.48% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 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 0.89% 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, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with Wellington Management Company LLP (“Wellington”). Wellington is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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 period ended December 31, 2022, the Fund paid distribution fees in the amount of $376,680 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

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

23

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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 period ended December 31, 2022, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	257,006,127	$	76,572,178
Sales		87,396,996		33,031,137

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

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

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

or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

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

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

24

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

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

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

j. Disclosures About Derivative Instruments and Hedging Activities The Fund entered into U.S. Treasury futures contracts for the period ended December 31, 2022 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. 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, 2022, 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	$	535
Liability Derivatives
Futures Contracts1	$	(6,474	)

¹  Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

25

NOTES TO FINANCIAL STATEMENTS — GUARDIAN BALANCED ALLOCATION VIP FUND

Transactions in derivative investments for the period ended December 31, 2022 were as follows:

	Interest Rate Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	(29,978	)
Net Change in Unrealized Appreciation/ (Depreciation)
Futures Contracts2	$	(5,939	)
Average Number of Notional Amounts
Futures Contracts3		12

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

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank

Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the period ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

26

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Guardian Balanced Allocation VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Balanced Allocation VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period May 2, 2022 (commencement of operations) through December 31, 2022 (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, 2022, and the results of its operations, changes in its net assets and the financial highlights for the period May 2, 2022 (commencement of operations) through December 31, 2022 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, 2022 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.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

29

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

30

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

31

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.

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

PUB11738

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Equity Income VIP Fund

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

TABLE OF CONTENTS

Guardian Equity Income VIP Fund

Fund Commentary	1
Fund Characteristics	2
Fund Performance	3
Understanding Your Fund’s Expenses	4
Financial Information
Schedule of Investments	5
Statement of Assets and Liabilities	7
Statement of Operations	7
Statement of Changes in Net Assets	8
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	21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 EQUITY INCOME VIP FUND

FUND COMMENTARY OF

WELLINGTON MANAGEMENT COMPANY LLP, SUB-ADVISER

(UNAUDITED)

Highlights

• Guardian Equity Income VIP Fund (the “Fund”) returned 2.60% for the period from the Fund’s inception¹ through December 31, 2022, outperforming its benchmark, the Russell 1000^® Value Index² (the “Index”). The Fund’s outperformance relative to the Index was driven by strong security selection in the consumer discretionary, industrials, and information technology sectors. Sector allocation also contributed to relative results.

• The Index returned -1.28% since inception of the Fund through December 31, 2022. Within the Index, the energy, health care, and industrials sectors had the strongest absolute performance while the real estate, communication services, and information technology sectors posted negative returns during the period.

Market Overview

In the first quarter of 2022, U.S. equities registered their first quarterly loss since March 2020. Fears about the economic implications of Russia’s large-scale military attack on Ukraine and the prospect of aggressive monetary policies tightening by the U.S. Federal Reserve (the “Fed”) drove the Index into correction territory in February 2022. In March 2022, the Fed raised interest rates by 25 basis points (“bps”), lifted its 2022 core inflation forecast to 4.1%, and cut its 2022 gross domestic product (“GDP”) growth forecast to 2.8%.

In the second quarter of 2022, U.S. equities fell sharply during a volatile quarter. Rampant inflation and tighter financial conditions hurt risk sentiment and increased the probability of recession. Growth stocks significantly underperformed their value counterparts as surging Treasury yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index³ to its biggest quarterly loss since September 2001. The Fed responded to the larger-than-expected increase in prices by accelerating its pace of interest-rate hikes to 75 bps in June 2022, following a 50 bps increase in May 2022.

In the third quarter of 2022, U.S. equities fell as risk sentiment deteriorated on fears that aggressive

interest-rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. to recession. Stocks suffered steep losses in September 2022 after a larger-than-expected rise in core consumer prices showed that inflation continued to mount across broad areas of the economy. As expected, the Fed raised interest rates by 75 bps in September 2022 — the third-straight increase of that magnitude.

U.S. equities rallied in the fourth quarter of 2022. Greater optimism that the Fed would begin to scale back its aggressive pace of interest-rate hikes, along with outsized short covering and hedging, helped to fuel a sharp rebound in stocks in October and November 2022 before risk sentiment waned in December 2022 amid recession fears, macroeconomic headwinds, and downside earnings risks in the coming quarters. In December 2022, the Fed raised interest rates by 50 bps, ending a streak of four consecutive hikes of 75 bps. However, the Fed’s Summary of Economic Projections in December 2022 indicated a more hawkish outlook compared to its September 2022 forecast.

Portfolio Review

Stock selection was the primary driver of the Fund’s relative outperformance compared to the Index during the period. Strong selection in the consumer discretionary, industrials, and information technology sectors was partially offset by weaker selection in the energy and utilities sectors. Sector allocation, a result of our bottom-up stock selection process, also benefited relative results. Our underweight allocation to communication services and real estate sectors benefited performance relative to the Index, partially offset by our overweight position in the information technology sector.

Outlook

As we enter 2023, our universe is rich with new opportunities. We continue to focus on finding high-quality businesses with strong balance sheets and sustainable dividends for the Fund’s portfolio. We are spending considerable time on our downside stress-test scenarios and are confident in the sustainability of dividends and long-term value potential of holdings in the Fund’s portfolio.

¹ Fund inception date: May 2, 2022.

² The Russell 1000^® Value Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Index (which consists of the 1,000 largest U.S. companies based on total market capitalization) with lower price-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.

³ The Nasdaq Composite Index (NASDAQ) is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange.

1

GUARDIAN EQUITY INCOME VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $143,108,520

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
Pfizer, Inc.		3.32%
Johnson & Johnson		2.89%
Merck & Co., Inc.		2.85%
ConocoPhillips		2.74%
JPMorgan Chase & Co.		2.38%
MetLife, Inc.		2.28%
Morgan Stanley		2.23%
EOG Resources, Inc.		2.11%
Cisco Systems, Inc.		2.09%
Ares Management Corp., Class A		1.91%
Total		24.80%

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.

2

GUARDIAN EQUITY INCOME VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception*
Guardian Equity Income VIP Fund		5/2/2022		—		—		—		2.60%
Russell 1000® Value Index				—		—		—		-1.28%

* 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

3

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, if any, 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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,072.10	$	2.87		0.55%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,022.43	$	2.80		0.55%

* 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 the one-half year period).

4

SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 98.8%
Aerospace & Defense – 3.5%
General Dynamics Corp.		8,604	$	2,134,738
L3Harris Technologies, Inc.		6,625		1,379,391
Raytheon Technologies Corp.		14,680		1,481,506
				4,995,635
Banks – 6.1%
JPMorgan Chase & Co.		25,406		3,406,945
M&T Bank Corp.		13,766		1,996,896
Royal Bank of Canada (Canada)		16,266		1,529,292
Truist Financial Corp.		40,999		1,764,187
				8,697,320
Beverages – 1.0%
Keurig Dr Pepper, Inc.		39,066		1,393,094
				1,393,094
Building Products – 1.5%
Johnson Controls International PLC		32,496		2,079,744
				2,079,744
Capital Markets – 7.2%
Ares Management Corp., Class A		40,032		2,739,790
Blackstone, Inc.		21,496		1,594,788
Goldman Sachs Group, Inc.		4,162		1,429,148
Morgan Stanley		37,580		3,195,052
Raymond James Financial, Inc.		12,924		1,380,929
				10,339,707
Chemicals – 3.2%
Celanese Corp.		7,365		752,997
LyondellBasell Industries NV, Class A		21,091		1,751,186
PPG Industries, Inc.		16,901		2,125,132
				4,629,315
Communications Equipment – 2.1%
Cisco Systems, Inc.		62,794		2,991,506
				2,991,506
Distributors – 1.0%
LKQ Corp.		27,172		1,451,257
				1,451,257
Diversified Financial Services – 1.0%
Equitable Holdings, Inc.		48,913		1,403,803
				1,403,803
Electric Utilities – 4.8%
American Electric Power Co., Inc.		23,555		2,236,547
Exelon Corp.		61,732		2,668,674
NextEra Energy, Inc.		23,284		1,946,543
				6,851,764
Electrical Equipment – 2.1%
Eaton Corp. PLC		10,530		1,652,684
Emerson Electric Co.		14,772		1,418,998
				3,071,682
Electronic Equipment, Instruments & Components – 2.3%
Corning, Inc.		54,420		1,738,175

December 31, 2022	Shares		Value
Electronic Equipment, Instruments & Components (continued)
TE Connectivity Ltd.		13,759	$	1,579,533
				3,317,708
Equity Real Estate Investment Trusts (REITs) – 4.1%
Crown Castle, Inc.		15,182		2,059,287
Gaming and Leisure Properties, Inc.		43,715		2,277,114
Welltower, Inc.		23,296		1,527,053
				5,863,454
Food Products – 3.2%
Archer-Daniels-Midland Co.		18,118		1,682,256
Kellogg Co.		20,629		1,469,610
Mondelez International, Inc., Class A		22,006		1,466,700
				4,618,566
Gas Utilities – 1.6%
Atmos Energy Corp.		20,014		2,242,969
				2,242,969
Health Care Equipment & Supplies – 1.9%
Becton Dickinson and Co.		5,788		1,471,889
Medtronic PLC		15,642		1,215,696
				2,687,585
Health Care Providers & Services – 2.9%
Elevance Health, Inc.		3,789		1,943,643
UnitedHealth Group, Inc.		4,289		2,273,942
				4,217,585
Household Durables – 1.2%
Lennar Corp., Class A		18,331		1,658,956
				1,658,956
Household Products – 1.0%
Kimberly-Clark Corp.		10,057		1,365,238
				1,365,238
Industrial Conglomerates – 2.3%
Honeywell International, Inc.		6,668		1,428,952
Siemens AG, ADR		15,796		1,086,607
Siemens AG (Reg S) (Germany)		5,431		753,783
				3,269,342
Insurance – 4.9%
American International Group, Inc.		23,517		1,487,215
Chubb Ltd.		10,477		2,311,226
MetLife, Inc.		45,019		3,258,025
				7,056,466
IT Services – 1.0%
Fidelity National Information Services, Inc.		20,414		1,385,090
				1,385,090
Media – 1.5%
Comcast Corp., Class A		62,262		2,177,302
				2,177,302
Metals & Mining – 1.3%
Rio Tinto PLC, ADR		26,925		1,917,060
				1,917,060

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

SCHEDULE OF INVESTMENTS — GUARDIAN EQUITY INCOME VIP FUND

December 31, 2022	Shares		Value
Multi-Utilities – 1.4%
Sempra Energy		13,308	$	2,056,618
				2,056,618
Oil, Gas & Consumable Fuels – 8.0%
ConocoPhillips		33,254		3,923,972
Coterra Energy, Inc.		82,514		2,027,369
EOG Resources, Inc.		23,292		3,016,780
Phillips 66		10,649		1,108,348
TC Energy Corp. (Canada)		34,006		1,355,719
				11,432,188
Personal Products – 1.8%
Unilever PLC, ADR		51,147		2,575,251
				2,575,251
Pharmaceuticals – 13.3%
AstraZeneca PLC, ADR		30,285		2,053,323
Eli Lilly and Co.		6,410		2,345,034
Johnson & Johnson		23,402		4,133,963
Merck & Co., Inc.		36,772		4,079,854
Pfizer, Inc.		92,716		4,750,768
Roche Holding AG (Switzerland)		5,465		1,717,441
				19,080,383
Road & Rail – 1.0%
Canadian National Railway Co. (Canada)		11,637		1,382,345
				1,382,345
Semiconductors & Semiconductor Equipment – 5.0%
Analog Devices, Inc.		14,732		2,416,490
Broadcom, Inc.		2,897		1,619,800
NXP Semiconductors NV		9,770		1,543,953
QUALCOMM, Inc.		13,666		1,502,440
				7,082,683
Specialty Retail – 3.8%
Home Depot, Inc.		6,119		1,932,747
Lowe’s Cos., Inc.		7,035		1,401,653
TJX Cos., Inc.		27,136		2,160,026
				5,494,426

December 31, 2022	Shares		Value
Tobacco – 1.8%
Philip Morris International, Inc.		25,325	$	2,563,143
				2,563,143
Total Common Stocks (Cost $139,094,688)				141,349,185
	Principal Amount		Value
Short–Term Investments – 1.2%
Repurchase Agreements – 1.2%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,730,939, due 1/3/2023(1)	$	1,730,693		1,730,693
Total Repurchase Agreements (Cost $1,730,693)				1,730,693
Total Investments – 100.0% (Cost $140,825,381)				143,079,878
Assets in excess of other liabilities – 0.0%				28,642
Total Net Assets – 100.0%			$	143,108,520

⁽¹⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	2,416,900	$	1,765,336

Legend:

ADR — American Depositary Receipt

The following is a summary of the inputs used as of December 31, 2022 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	$	138,877,961	$	2,471,224	*	$	—	$	141,349,185
Repurchase Agreements		—		1,730,693			—		1,730,693
Total	$	138,877,961	$	4,201,917		$	—	$	143,079,878

* 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.

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

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	143,079,878
Cash		285
Dividends/interest receivable		181,391
Reimbursement receivable from adviser		12,386
Prepaid expenses		4,904
Total Assets		143,278,844
Liabilities
Investment advisory fees payable		62,109
Payable for fund shares redeemed		59,584
Accrued audit fees		21,652
Accrued custodian and accounting fees		8,211
Accrued trustees’ and officers’ fees		363
Accrued expenses and other liabilities		18,405
Total Liabilities		170,324
Total Net Assets	$	143,108,520
Net Assets Consist of:
Paid-in capital	$	139,383,956
Distributable earnings		3,724,564
Total Net Assets	$	143,108,520
Investments, at Cost	$	140,825,381
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		13,944,475
Net Asset Value Per Share		$10.26

Statement of Operations For the Period Ended December 31, 20221
Investment Income
Dividends	$	3,184,987
Interest		9,144
Withholding taxes on foreign dividends		(22,537	)
Total Investment Income		3,171,594
Expenses
Investment advisory fees		492,598
Professional fees		44,993
Custodian and accounting fees		29,803
Trustees’ and officers’ fees		22,799
Administrative fees		20,587
Transfer agent fees		10,548
Shareholder reports		9,059
Other expenses		5,680
Total Expenses		636,067
Less: Fees waived		(94,209	)
Total Expenses, Net		541,858
Net Investment Income/(Loss)		2,629,736
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		(1,160,206	)
Net realized gain/(loss) from foreign currency transactions		529
Net change in unrealized appreciation/(depreciation) on investments		2,254,497
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		8
Net Gain on Investments and Foreign Currency Transactions		1,094,828
Net Increase in Net Assets Resulting From Operations	$	3,724,564

¹  Commenced operations on May 2, 2022.

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

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND

Statement of Changes in Net Assets
	For the Period Ended 12/31/221
Operations
Net investment income/(loss)	$	2,629,736
Net realized gain/(loss) from investments and foreign currency transactions		(1,159,677	)
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		2,254,505
Net Increase in Net Assets Resulting from Operations		3,724,564
Capital Share Transactions
Proceeds from sales of shares		155,355,075
Cost of shares redeemed		(15,971,119	)
Net Increase in Net Assets Resulting from Capital Share Transactions		139,383,956
Net Increase in Net Assets		143,108,520
Net Assets
Beginning of period		—
End of period	$	143,108,520
Other Information:
Shares
Sold		15,535,623
Redeemed		(1,591,148	)
Net Increase		13,944,475

¹  Commenced operations on May 2, 2022.

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

This Page Intentionally Left Blank

9

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME 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		Total Operations		Net Asset Value, End of Period			Total Return(2),(3)
Period Ended 12/31/22(5)	$	10.00	$	0.18	$	0.08	$	0.26	$	10.26	��		2.60%

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

FINANCIAL INFORMATION — GUARDIAN EQUITY INCOME VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3),(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)
$	143,109		0.54%		0.64%		2.68%		2.58%		36%

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

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

⁽³⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. Certain non-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 May 2, 2022.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

December 31, 2022

1. Organization

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

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

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

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

• Level 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 period ended December 31, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the period ended December 31, 2022, 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 EQUITY INCOME VIP FUND

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

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

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

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

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.50% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 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 0.55% 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, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $94,209.

Park Avenue has entered into a Sub-Advisory Agreement with Wellington Management Company LLP (“Wellington”). Wellington is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

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

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $193,071,250 and $52,803,851, respectively, for the period ended December 31, 2022. During the period ended December 31, 2022, there were no purchases or sales of U.S. government securities.

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

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

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

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the period ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund

enters into contracts with its vendors and others that

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN EQUITY INCOME VIP FUND

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.

8. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the

Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Guardian Equity Income VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian Equity Income VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period May 2, 2022 (commencement of operations) through December 31, 2022 (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, 2022, and the results of its operations, changes in its net assets and the financial highlights for the period May 2, 2022 (commencement of operations) through December 31, 2022 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, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

20

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

21

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.

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

PUB11739

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Select Mid Cap Core VIP Fund

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

TABLE OF CONTENTS

Guardian Select Mid Cap Core VIP Fund

Fund Commentary	1
Fund Characteristics	2
Fund Performance	3
Understanding Your Fund’s Expenses	4
Financial Information
Schedule of Investments	5
Statement of Assets and Liabilities	10
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	19
Supplemental Information
Trustees and Officers Information Table	20
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 SELECT MID CAP CORE VIP FUND

FUND COMMENTARY OF FIAM LLC, SUB-ADVISER (UNAUDITED)

Highlights

• Guardian Select Mid Cap Core VIP Fund returned -14.19%, underperforming the Standard & Poor’s MidCap 400^® Index¹ (the “Index”), the Fund’s benchmark, for the 12 months ended December 31, 2022. Security selection drove the majority of the Fund’s underperformance relative to the Index for the period, particularly negative security selection in the financials sector. For the period, mid-cap stocks outperformed large and small-cap stocks. From a style perspective, value stocks significantly outperformed growth stocks across the capitalization range during the period.

• The Index returned -13.06% for the period.

• In August 2022, Christopher Lee became a co-portfolio manager of the Fund. Co-portfolio manager Robert Stansky retired from FIAM LLC at the end of the year.

Market Overview

During the period, U.S. equity markets declined as a confluence of factors led to U.S. stocks snapping a three-year winning streak and posting their worst calendar year returns since 2008. Despite staging a broad-based recovery in fourth quarter of 2022 after struggling during the first 9 months of 2022, U.S. stocks finished lower as nearly all major indices posted double-digit losses for the year. Elevated inflation prompted the U.S. Federal Reserve (the “Fed”) to raise the federal funds rate seven times during the course of 2022. The most recent 50 basis point rate hike in December resulted in the federal funds rate ending the year at a range of 4.25%-4.50%, its highest level in 15 years. Geopolitical tensions also weighed on markets during 2022 as the ripple effect of the ongoing Russia-Ukraine conflict impacted commodity and energy supply and prices globally.

Portfolio Review

We continued to pursue a largely sector-neutral approach to managing the Fund. Given this approach, we expected security selection to be the primary driver of performance relative to the Index. During the review period, seven of the eleven sectors detracted from relative performance. Negative security selection in the financials and consumer staples sectors were the most significant detractors from relative performance, while holdings in the industrials and energy sectors contributed to relative performance.

Outlook

After an abrupt rise in 2022, bond yields held steady during the fourth quarter amid signs that rapid inflationary pressures were coming off the boil. The Fed and many other central banks further tightened monetary policy, and the U.S. and global economies faced rising recession risks. We believe the evolution of these trends defines the 2023 outlook. Earnings growth expectations for the next 12 months are relatively muted, but the trailing 12-month price-to-earnings ratios for all major categories of global equities are below their long-term averages. We believe that security selection opportunities may be present despite the volatile backdrop.

Within this environment, we continue to favor companies that appear poised to deliver improving fundamentals and whose stocks are trading at what we believe to be attractive valuations.

¹ The Index provides investors with a benchmark for mid-sized companies. The Index, which is distinct from the large-cap Standard & Poor’s 500^® Index is designed to measure the performance of the 400 mid-sized companies, relfeclting the distinctive risk and return charactistics of this market segment.

1

GUARDIAN SELECT MID CAP CORE VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $218,098,607

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
CACI International, Inc., Class A		1.31%
Five Below, Inc.		1.22%
RPM International, Inc.		1.22%
Penumbra, Inc.		1.18%
WillScot Mobile Mini Holdings Corp.		1.17%
Bancorp, Inc.		1.17%
Masimo Corp.		1.15%
Globe Life, Inc.		1.11%
Landstar System, Inc.		1.08%
Churchill Downs, Inc.		1.08%
Total		11.69%

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.

2

GUARDIAN SELECT MID CAP CORE VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Select Mid Cap Core VIP Fund		10/25/2021		-14.19%		—		—		-11.51%
Standard & Poor’s MidCap 400® Index				-13.06%		—		—		-11.80%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Select Mid Cap Core VIP Fund and the Standard & Poor’s MidCap 400^® 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

3

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,052.30	$	4.50		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 the one-half year period).

4

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 98.9%
Aerospace & Defense – 2.0%
HEICO Corp., Class A		17,376	$	2,082,513
Howmet Aerospace, Inc.		25,460		1,003,379
Spirit AeroSystems Holdings, Inc., Class A		45,410		1,344,136
				4,430,028
Air Freight & Logistics – 0.7%
Air Transport Services Group, Inc.(1)		62,500		1,623,750
				1,623,750
Airlines – 0.2%
JetBlue Airways Corp.(1)		58,160		376,877
				376,877
Auto Components – 1.2%
Adient PLC(1)		28,227		979,195
Lear Corp.		12,378		1,535,119
Novem Group SA (Luxembourg)		19,637		176,205
				2,690,519
Automobiles – 0.7%
Harley-Davidson, Inc.		37,017		1,539,907
				1,539,907
Banks – 5.9%
Associated Banc-Corp		61,411		1,417,980
Bancorp, Inc.(1)		90,100		2,557,038
BankUnited, Inc.		3,100		105,307
Cadence Bank		43,300		1,067,778
East West Bancorp, Inc.		25,400		1,673,860
First Horizon Corp.		37,674		923,013
First Interstate BancSystem, Inc., Class A		8,100		313,065
PacWest Bancorp		75,601		1,735,043
Pathward Financial, Inc.		24,900		1,071,945
Pinnacle Financial Partners, Inc.		12,500		917,500
Piraeus Financial Holdings SA (Greece)(1)		126,400		193,833
Silvergate Capital Corp., Class A(1)		822		14,303
Wintrust Financial Corp.		11,170		944,088
				12,934,753
Beverages – 0.5%
Boston Beer Co., Inc., Class A(1)		1,585		522,289
Celsius Holdings, Inc.(1)		4,676		486,491
				1,008,780
Biotechnology – 1.5%
Exelixis, Inc.(1)		76,800		1,231,872
United Therapeutics Corp.(1)		7,000		1,946,630
				3,178,502
Building Products – 1.0%
Carlisle Cos., Inc.		9,636		2,270,723
				2,270,723
Capital Markets – 0.4%
Lazard Ltd., Class A		9,612		333,248

December 31, 2022	Shares		Value
Capital Markets (continued)
Patria Investments Ltd., Class A		42,143	$	587,052
				920,300
Chemicals – 3.3%
Ashland, Inc.		18,200		1,957,046
Chemours Co.		45,096		1,380,839
RPM International, Inc.		27,253		2,655,805
Valvoline, Inc.		38,091		1,243,671
				7,237,361
Commercial Services & Supplies – 0.6%
Brink’s Co.		24,276		1,303,864
				1,303,864
Construction & Engineering – 1.2%
MDU Resources Group, Inc.		3,556		107,889
WillScot Mobile Mini Holdings Corp.(1)		56,705		2,561,365
				2,669,254
Construction Materials – 1.1%
Eagle Materials, Inc.		17,617		2,340,418
				2,340,418
Consumer Finance – 1.2%
FirstCash Holdings, Inc.		6,698		582,123
NerdWallet, Inc., Class A(1)		67,100		644,160
OneMain Holdings, Inc.		43,869		1,461,276
				2,687,559
Distributors – 0.3%
LKQ Corp.		10,943		584,466
				584,466
Diversified Consumer Services – 0.1%
H&R Block, Inc.		8,081		295,037
				295,037
Diversified Financial Services – 0.4%
Cairo Mezz PLC (Cyprus)(1)		775,200		73,543
Cannae Holdings, Inc.(1)		33,071		682,916
Sunrisemezz PLC (Cyprus)(1)		18,057		2,204
				758,663
Diversified Telecommunication Services – 0.3%
Frontier Communications Parent, Inc.(1)		6,145		156,575
Iridium Communications, Inc.(1)		10,153		521,864
				678,439
Electric Utilities – 1.7%
ALLETE, Inc.		8,933		576,268
IDACORP, Inc.		9,615		1,036,978
OGE Energy Corp.		35,702		1,412,014
PNM Resources, Inc.		15,971		779,225
				3,804,485
Electrical Equipment – 1.0%
Regal Rexnord Corp.		18,392		2,206,672
				2,206,672
Electronic Equipment, Instruments & Components – 2.7%
Avnet, Inc.		41,311		1,717,711

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

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

December 31, 2022	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Cognex Corp.		30,849	$	1,453,296
Jabil, Inc.		13,600		927,520
Trimble, Inc.(1)		12,683		641,253
TTM Technologies, Inc.(1)		54,645		824,047
Vishay Intertechnology, Inc.		13,428		289,642
				5,853,469
Energy Equipment & Services – 0.9%
ChampionX Corp.		40,307		1,168,500
Liberty Energy, Inc.		55,637		890,748
				2,059,248
Entertainment – 0.3%
Endeavor Group Holdings, Inc., Class A(1)		8,301		187,104
Liberty Media Corp-Liberty Formula One, Class C(1)		3,083		184,302
Warner Music Group Corp., Class A		6,378		223,358
				594,764
Equity Real Estate Investment Trusts (REITs) – 6.9%
American Homes 4 Rent, Class A		13,145		396,190
CubeSmart		57,779		2,325,605
EastGroup Properties, Inc.		12,300		1,821,138
Equity LifeStyle Properties, Inc.		9,807		633,532
Essex Property Trust, Inc.		3,900		826,488
Healthcare Realty Trust, Inc., Class A		50,700		976,989
Lamar Advertising Co., Class A		15,500		1,463,200
Postal Realty Trust, Inc., Class A		83,558		1,214,098
Ryman Hospitality Properties, Inc.		7,700		629,706
SITE Centers Corp.		90,254		1,232,870
Spirit Realty Capital, Inc.		26,880		1,073,318
Terreno Realty Corp.		13,430		763,764
Ventas, Inc.		37,613		1,694,466
				15,051,364
Food & Staples Retailing – 2.0%
Albertsons Cos., Inc., Class A		1,559		32,334
BJ’s Wholesale Club Holdings, Inc.(1)		15,550		1,028,788
Casey’s General Stores, Inc.		1,759		394,632
Grocery Outlet Holding Corp.(1)		6,411		187,137
Performance Food Group Co.(1)		27,188		1,587,507
Sprouts Farmers Market, Inc.(1)		16,280		526,984
US Foods Holding Corp.(1)		14,821		504,210
				4,261,592
Food Products – 1.3%
Bunge Ltd.		1,834		182,978
Darling Ingredients, Inc.(1)		17,459		1,092,759
Freshpet, Inc.(1)		3,099		163,534
Ingredion, Inc.		8,526		834,951
Nomad Foods Ltd.(1)		8,151		140,524
Post Holdings, Inc.(1)		2,770		250,020
Sovos Brands, Inc.(1)		8,333		119,745
				2,784,511

December 31, 2022	Shares		Value
Gas Utilities – 0.8%
National Fuel Gas Co.		12,858	$	813,911
ONE Gas, Inc.		6,241		472,568
UGI Corp.		9,822		364,102
				1,650,581
Health Care Equipment & Supplies – 3.9%
Insulet Corp.(1)		3,740		1,101,019
Masimo Corp.(1)		16,900		2,500,355
Nevro Corp.(1)		21,200		839,520
Penumbra, Inc.(1)		11,600		2,580,536
Tandem Diabetes Care, Inc.(1)		32,500		1,460,875
				8,482,305
Health Care Providers & Services – 3.3%
agilon health, Inc.(1)		71,500		1,154,010
Alignment Healthcare, Inc.(1)		82,800		973,728
Molina Healthcare, Inc.(1)		3,350		1,106,237
Oak Street Health, Inc.(1)		47,500		1,021,725
Option Care Health, Inc.(1)		44,000		1,323,960
Privia Health Group, Inc.(1)		25,000		567,750
Surgery Partners, Inc.(1)		40,800		1,136,688
				7,284,098
Hotels, Restaurants & Leisure – 4.5%
Aramark		30,823		1,274,223
Brinker International, Inc.(1)		13,746		438,635
Caesars Entertainment, Inc.(1)		32,250		1,341,600
Churchill Downs, Inc.		11,090		2,344,759
Domino’s Pizza, Inc.		3,612		1,251,197
Planet Fitness, Inc., Class A(1)		7,819		616,137
Vail Resorts, Inc.		2,978		709,806
Wyndham Hotels & Resorts, Inc.		26,998		1,925,227
				9,901,584
Household Durables – 1.7%
Leggett & Platt, Inc.		23,462		756,180
Mohawk Industries, Inc.(1)		8,721		891,461
NVR, Inc.(1)		171		788,751
Taylor Morrison Home Corp.(1)		41,602		1,262,621
				3,699,013
Household Products – 0.3%
Energizer Holdings, Inc.		12,762		428,165
Reynolds Consumer Products, Inc.		7,121		213,488
				641,653
Independent Power and Renewable Electricity Producers – 0.1%
Ormat Technologies, Inc.		2,362		204,266
				204,266
Insurance – 4.4%
American Financial Group, Inc.		13,719		1,883,344
Assurant, Inc.		6,424		803,386
Fairfax Financial Holdings Ltd. (Canada)		1,400		829,319
Globe Life, Inc.		20,000		2,411,000
Primerica, Inc.		14,987		2,125,456
Talanx AG (Germany)		9,363		444,190

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

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

December 31, 2022	Shares		Value
Insurance (continued)
Unum Group		29,000	$	1,189,870
				9,686,565
Interactive Media & Services – 0.2%
IAC, Inc.(1)		920		40,848
TripAdvisor, Inc.(1)		4,886		87,850
Ziff Davis, Inc.(1)		4,294		339,656
				468,354
IT Services – 3.9%
Akamai Technologies, Inc.(1)		12,989		1,094,973
Cyxtera Technologies, Inc.(1)		116,013		222,745
ExlService Holdings, Inc.(1)		1,715		290,572
GoDaddy, Inc., Class A(1)		15,832		1,184,550
MongoDB, Inc.(1)		6,600		1,299,144
Nuvei Corp. (Canada)(1)(2)		14,013		356,121
Paya Holdings, Inc.(1)		20,300		159,761
Repay Holdings Corp.(1)		28,625		230,431
Shift4 Payments, Inc., Class A(1)		7,600		425,068
Twilio, Inc., Class A(1)		21,000		1,028,160
WEX, Inc.(1)		7,870		1,287,926
Wix.com Ltd.(1)		13,375		1,027,601
				8,607,052
Life Sciences Tools & Services – 1.2%
Bruker Corp.		24,800		1,695,080
West Pharmaceutical Services, Inc.		3,650		859,027
				2,554,107
Machinery – 6.1%
AGCO Corp.		15,110		2,095,606
Allison Transmission Holdings, Inc.		12,836		533,978
Chart Industries, Inc.(1)		7,090		816,981
Crane Holdings Co.		14,090		1,415,341
Dover Corp.		7,140		966,827
Esab Corp.		31,700		1,487,364
Flowserve Corp.		68,205		2,092,529
IDEX Corp.		10,259		2,342,437
ITT, Inc.		19,801		1,605,861
				13,356,924
Marine – 0.7%
Kirby Corp.(1)		21,982		1,414,542
				1,414,542
Media – 0.8%
Cable One, Inc.		620		441,353
Gray Television, Inc.		7,473		83,623
Interpublic Group of Cos., Inc.		7,715		256,987
New York Times Co., Class A		12,755		414,027
Nexstar Media Group, Inc., Class A		2,436		426,373
S4 Capital PLC (United Kingdom)(1)		20,354		46,541
				1,668,904
Metals & Mining – 2.7%
Alcoa Corp.		42,500		1,932,475
Cleveland-Cliffs, Inc.(1)		101,549		1,635,954

December 31, 2022	Shares		Value
Metals & Mining (continued)
Steel Dynamics, Inc.		14,962	$	1,461,788
Yamana Gold, Inc.		145,233		806,043
				5,836,260
Mortgage Real Estate Investment Trusts (REITs) – 0.7%
Rithm Capital Corp.		172,843		1,412,127
				1,412,127
Multi-Utilities – 0.6%
NiSource, Inc.		17,279		473,790
NorthWestern Corp.		15,705		931,935
				1,405,725
Multiline Retail – 0.2%
Nordstrom, Inc.		25,609		413,329
				413,329
Oil, Gas & Consumable Fuels – 2.9%
Antero Resources Corp.(1)		18,470		572,385
APA Corp.		22,140		1,033,495
Denbury, Inc.(1)		9,912		862,542
EQT Corp.		18,270		618,074
HF Sinclair Corp.		29,796		1,546,115
Northern Oil and Gas, Inc.		26,300		810,566
Targa Resources Corp.		12,515		919,853
				6,363,030
Paper & Forest Products – 0.9%
Louisiana-Pacific Corp.		31,253		1,850,178
				1,850,178
Personal Products – 0.4%
Beauty Health Co.(1)		67,700		616,070
BellRing Brands, Inc.(1)		8,659		222,017
Olaplex Holdings, Inc.(1)		7,261		37,830
				875,917
Professional Services – 2.3%
CACI International, Inc., Class A(1)		9,508		2,858,010
KBR, Inc.		41,020		2,165,856
				5,023,866
Real Estate Management & Development – 0.6%
Doma Holdings, Inc.(1)		153,537		69,537
Jones Lang LaSalle, Inc.(1)		6,659		1,061,245
WeWork, Inc., Class A(1)		55,200		78,936
				1,209,718
Road & Rail – 1.8%
Landstar System, Inc.		14,458		2,355,208
RXO, Inc.(1)		30,431		523,413
XPO, Inc.(1)		30,431		1,013,048
				3,891,669
Semiconductors & Semiconductor Equipment – 0.5%
SolarEdge Technologies, Inc.(1)		4,020		1,138,745
				1,138,745
Software – 5.8%
Aspen Technology, Inc.(1)		3,343		686,652

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

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

December 31, 2022	Shares		Value
Software (continued)
Black Knight, Inc.(1)		3,302	$	203,898
Blackbaud, Inc.(1)		23,037		1,355,958
Blend Labs, Inc., Class A(1)		178,300		256,752
Ceridian HCM Holding, Inc.(1)		22,046		1,414,251
Coupa Software, Inc.(1)		17,268		1,367,108
Elastic NV(1)		15,728		809,992
Five9, Inc.(1)		12,900		875,394
Gen Digital, Inc.		50,303		1,077,993
Guidewire Software, Inc.(1)		8,828		552,280
HubSpot, Inc.(1)		3,300		954,129
LiveRamp Holdings, Inc.(1)		1,427		33,449
PTC, Inc.(1)		10,126		1,215,525
Tenable Holdings, Inc.(1)		36,473		1,391,445
Workiva, Inc.(1)		4,921		413,216
				12,608,042
Specialty Retail – 1.9%
Burlington Stores, Inc.(1)		7,211		1,462,102
Five Below, Inc.(1)		15,077		2,666,669
				4,128,771
Technology Hardware, Storage & Peripherals – 0.2%
Western Digital Corp.(1)		16,238		512,309
				512,309
Textiles, Apparel & Luxury Goods – 2.8%
Capri Holdings Ltd.(1)		37,556		2,152,710
PRADA SpA (Italy)		104,388		585,642
PVH Corp.		16,996		1,199,748
Tapestry, Inc.		53,966		2,055,025
				5,993,125
Thrifts & Mortgage Finance – 1.0%
MGIC Investment Corp.		130,231		1,693,003
UWM Holdings Corp.		141,600		468,696
				2,161,699
Trading Companies & Distributors – 1.6%
Air Lease Corp.		36,970		1,420,387
WESCO International, Inc.(1)		16,489		2,064,423
				3,484,810
Water Utilities – 0.7%
Essential Utilities, Inc.		33,217		1,585,447
				1,585,447
Total Common Stocks (Cost $244,277,794)				215,660,020

	Principal Amount		Value
Corporate Bonds & Notes – 0.1%
Commercial Services – 0.1%
Affirm Holdings, Inc. Convertible 0.00% due 11/15/2026(3)	$	282,000	$	154,922
				154,922
Total Corporate Bonds & Notes (Cost $178,692)				154,922
Short–Term Investments – 1.1%
U.S. Treasury Bills – 0.0%
U.S. Treasury Bill 3.944% due 2/16/2023(4)		90,000		89,553
Total U.S. Treasury Bills (Cost $89,525)				89,553
Repurchase Agreements – 1.1%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $2,333,088, due 1/3/2023(5)		2,332,756		2,332,756
Total Repurchase Agreements (Cost $2,332,756)				2,332,756
Total Investments – 100.1% (Cost $246,878,767)				218,237,251
Liabilities in excess of other assets – (0.1)%				(138,644	)
Total Net Assets – 100.0%			$	218,098,607

⁽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, 2022, the aggregate market value of these securities amounted to $356,121, representing 0.2% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽³⁾  Zero coupon bond.

⁽⁴⁾  Interest rate shown reflects the discount rate at time of purchase.

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	3,257,700	$	2,379,468

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

SCHEDULE OF INVESTMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

The following is a summary of the inputs used as of December 31, 2022 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	$	214,140,066	$	1,519,954	*	$	—	$	215,660,020
Corporate Bonds & Notes		—		154,922			—		154,922
U.S. Treasury Bills		—		89,553			—		89,553
Repurchase Agreements		—		2,332,756			—		2,332,756
Total	$	214,140,066	$	4,097,185		$	—	$	218,237,251

* 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. 9

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	218,237,251
Receivable for investments sold		905,926
Dividends/interest receivable		294,123
Reimbursement receivable from adviser		12,750
Foreign tax reclaims receivable		2,338
Prepaid expenses		7,540
Total Assets		219,459,928
Liabilities
Due to broker for futures contracts		1,188
Payable for investments purchased		994,988
Payable for fund shares redeemed		164,566
Investment advisory fees payable		100,042
Distribution fees payable		47,189
Accrued audit fees		20,476
Accrued custodian and accounting fees		9,323
Accrued trustees’ and officers’ fees		586
Accrued expenses and other liabilities		22,963
Total Liabilities		1,361,321
Total Net Assets	$	218,098,607
Net Assets Consist of:
Paid-in capital	$	253,654,338
Distributable loss		(35,555,731	)
Total Net Assets	$	218,098,607
Investments, at Cost	$	246,878,767
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		25,207,929
Net Asset Value Per Share		$8.65

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	3,638,615
Interest		26,035
Withholding taxes on foreign dividends		(9,264	)
Total Investment Income		3,655,386
Expenses
Investment advisory fees		1,242,425
Distribution fees		586,049
Custodian and accounting fees		86,369
Professional fees		73,015
Trustees’ and officers’ fees		55,005
Administrative fees		34,238
Transfer agent fees		14,618
Shareholder reports		11,676
Other expenses		12,555
Total Expenses		2,115,950
Less: Fees waived		(76,499	)
Total Expenses, Net		2,039,451
Net Investment Income/(Loss)		1,615,935
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Derivative Contracts and Foreign Currency Transactions
Net realized gain/(loss) from investments		(8,888,494	)
Net realized gain/(loss) from futures contracts		(271,953	)
Net realized gain/(loss) from foreign currency transactions		2,855
Net change in unrealized appreciation/(depreciation) on investments		(30,048,354	)
Net change in unrealized appreciation/(depreciation) on futures contracts		(714	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(8	)
Net Loss on Investments, Derivative Contracts and Foreign Currency Transactions		(39,206,668	)
Net Decrease in Net Assets Resulting From Operations	$	(37,590,733	)

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

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Period Ended 12/31/211
Operations
Net investment income/(loss)	$	1,615,935		$	449,424
Net realized gain/(loss) from investments, derivative contracts and foreign currency transactions		(9,157,592	)		178,733
Net change in unrealized appreciation/(depreciation) on investments, derivative contracts and translation of assets and liabilities in foreign currencies		(30,049,076	)		1,406,845
Net Increase/(Decrease) in Net Assets Resulting from Operations		(37,590,733	)		2,035,002
Capital Share Transactions
Proceeds from sales of shares		41,570,400			276,926,952	2
Cost of shares redeemed		(47,730,311	)		(17,112,703	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(6,159,911	)		259,814,249
Net Increase/(Decrease) in Net Assets		(43,750,644	)		261,849,251
Net Assets
Beginning of period		261,849,251			—
End of period	$	218,098,607		$	261,849,251
Other Information:
Shares
Sold		4,545,332			27,693,924
Redeemed		(5,326,228	)		(1,705,099	)
Net Increase/(Decrease)		(780,896	)		25,988,825

¹  Commenced operations on October 25, 2021.

²  Includes in-kind subscriptions of $262,899,145. 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. 11

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE 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 12/31/22	$	10.08	$	0.06	$	(1.49)	$	(1.43)	$	8.65		(14.19)%
Period Ended 12/31/21(4)		10.00		0.02		0.06		0.08		10.08		0.80%(5)

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

FINANCIAL INFORMATION — GUARDIAN SELECT MID CAP CORE VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3)			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets(3)			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	218,099		0.87%			0.90%			0.69%			0.66%			74%
	261,849		0.82%	(5)		0.90%	(5)		0.96%	(5)		0.88%	(5)		93%	(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 October 25, 2021.

⁽⁵⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Select Mid Cap Core VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Exchange-traded financial futures contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

report date and prior to issuance of the report are not reflected herein.

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

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

• Level 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

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

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

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

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

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

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

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest

income, which includes amortization/accretion of premium/discount, is determined using the interest income accrual method, and is accrued and recorded daily.

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.53% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.87% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $76,499.

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

16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP 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, 2022, the Fund paid distribution fees in the amount of $586,049 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $171,353,885 and $176,248,802, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include,

but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

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

e. Disclosures About Derivative Instruments and Hedging Activities The Fund entered into equity futures contracts for the year ended December 31, 2022 to equitize cash and keep the Fund fully invested. Using futures contracts involves various risks, including market, interest rate and equity risks. Risks of entering into futures contracts include the possibility that there may be an illiquid market or that a change in the value of the contract may not correlate with the changes in the value of the underlying securities. To the extent that market prices move in an unexpected direction, there is a risk that a Fund will not achieve the anticipated benefits of the futures contract or may realize a loss.

17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SELECT MID CAP CORE VIP FUND

Transactions in derivative investments for the year ended December 31, 2022 were as follows:

	Equity Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	(271,953	)
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts2	$	(714	)
Average Number of Notional Amounts
Futures Contracts3		2

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

²  Statement of Operations location: Net change in unrealized appreciation/(depreciation) on futures contracts.

³  Amount represents number of contracts.

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

18

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Guardian Select Mid 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 Select Mid Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021, including the related notes (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, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 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, 2022 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.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

22

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

23

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.

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

PUB11408

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Small-Mid Cap Core VIP Fund

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

TABLE OF CONTENTS

Guardian Small-Mid Cap Core VIP Fund

Fund Commentary	1
Fund Characteristics	2
Fund Performance	3
Understanding Your Fund’s Expenses	4
Financial Information
Schedule of Investments	5
Statement of Assets and Liabilities	7
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	10
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	17
Supplemental Information
Trustees and Officers Information Table	18
Portfolio Holdings and Proxy Voting Procedures	21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 SMALL-MID CAP CORE VIP FUND

FUND COMMENTARY OF ALLSPRING GLOBAL INVESTMENTS, LLC, SUB-ADVISER

(UNAUDITED)

Highlights

• The Guardian Small-Mid Cap Core VIP Fund (the “Fund”) returned -17.44% for the 12 months ended December 31, 2022, and outperformed its benchmark, the Russell 2500^® Index¹ (the “Index”), over the period. The Fund’s outperformance relative to the Index was primarily due to security selection in the financials, health care and materials sectors. Conversely, an underweight in the energy and utilities sectors along with stock selection in consumer staples were among the largest relative detractors to the Fund’s performance.

• The Index delivered a return of -18.37% during the period.

Market Overview

Notwithstanding the rally in the last three months of the year, 2022 marked the steepest decline for equities since 2008 and the seventh worst year on record. The sharp retracement served as the largest market cap drawdown ever as the six largest technology companies in aggregate lost nearly $4.5 trillion in market value. Many asset classes which had historically exhibited lower correlations fell in unison. Sustained inflation, an unprecedented U.S. Federal Reserve (the “Fed”) interest rate-hiking cycle, constricting liquidity conditions, and the unwinding of COVID-19 era economic distortions exacerbated the pressure with long-duration assets like growth stocks bearing the brunt of the declines.

Earlier in 2022, large- and mega-cap stocks had outperformed mid- and small-cap stocks for more than a decade. However, elevated inflation and higher interest rates plundered many of the mega-cap technology names in 2022. Small- and mid-cap stocks are trading at multi-decade valuation lows relative to their large cap counterparts. We believe that this dynamic, coupled with the changing economic landscape, presents opportunities for our small- and

mid-cap core style. We also believe that it is reasonable to assume that volatility is here to stay for the foreseeable future and that the need for valuation-centric active management is critical.

Portfolio Review

The Fund outperformed the Index over the period. Stock selection drove the Fund’s outperformance, with financials, health care, and materials sectors serving as the largest contributors during the period. Alternatively, stock selection in the consumer staples sector and the Fund’s underweight to utilities and energy sectors detracted from relative performance.

Outlook

Within the current backdrop of a global tightening cycle and geopolitical tensions, we expect near-term economic growth to decelerate. Such expectations appear to be consistent with that of the markets as investor sentiment sits at historically low levels. While timing an inflection point is always difficult, the reset in expectations illustrated by a sharp contraction in valuations gives us confidence that the market has probably digested much of the expected slowdown.

We feel comfortable with our positioning and continue to maintain diversified exposure across sectors in both growth and value stocks. A key outcome of our bottom-up, flexible and active core approach is the ability to migrate to wherever the best opportunities in the market exist. Our style-agnostic focus and Private Market Value (“PMV”) process provides access to a broader opportunity set of stocks which can often be overlooked by style-based managers. Additionally, our core approach enables us to adeptly navigate volatility that arises when different investment styles come in and fall out of favor. Our PMV process, which goes back more than 30 years, has proven to be successful over many market cycles. We believe that there may be good opportunities for clients with long-term investing horizons in the current market environment.

¹ The Index measures the performance of the small to midcap segment of the US equity universe, commonly referred to as “smid” cap. It is a subset of the Russell 3000^® Index and includes approximately 2500 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.

1

GUARDIAN SMALL-MID CAP CORE VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $290,578,178

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
Atkore, Inc.		2.72%
Carlisle Cos., Inc.		2.38%
MTU Aero Engines AG		2.32%
Burlington Stores, Inc.		2.26%
Sun Communities, Inc. REIT		2.11%
Masonite International Corp.		2.07%
Ashland, Inc.		1.97%
Arch Capital Group Ltd.		1.91%
United Rentals, Inc.		1.84%
PagerDuty, Inc.		1.77%
Total		21.35%

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.

2

GUARDIAN SMALL-MID CAP CORE VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Small-Mid Cap Core VIP Fund		10/25/2021		-17.44%		—		—		-14.28%
Russell 2500® Index				-18.37%		—		—		-19.71%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Small-Mid Cap Core VIP Fund and the Russell 2500^® 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

3

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,062.50	$	4.83		0.93%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.52	$	4.74		0.93%

* 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 the one-half year period).

4

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 97.8%
Aerospace & Defense – 2.3%
MTU Aero Engines AG (Germany)		31,123	$	6,736,273
				6,736,273
Auto Components – 1.1%
Dana, Inc.		213,137		3,224,763
				3,224,763
Banks – 2.4%
Pinnacle Financial Partners, Inc.		39,492		2,898,713
Webster Financial Corp.		84,854		4,016,988
				6,915,701
Biotechnology – 0.2%
Sage Therapeutics, Inc.(1)		14,811		564,892
				564,892
Building Products – 8.3%
Armstrong World Industries, Inc.		56,870		3,900,713
AZEK Co., Inc.(1)		223,676		4,545,096
Carlisle Cos., Inc.		29,387		6,925,047
Masonite International Corp.(1)		74,575		6,011,491
Tecnoglass, Inc.		84,782		2,608,742
				23,991,089
Capital Markets – 2.0%
Cboe Global Markets, Inc.		28,398		3,563,097
Raymond James Financial, Inc.		19,783		2,113,814
				5,676,911
Chemicals – 4.8%
Ashland, Inc.		53,262		5,727,263
Quaker Chemical Corp.		22,984		3,836,030
Westlake Corp.		41,767		4,282,788
				13,846,081
Commercial Services & Supplies – 3.6%
IAA, Inc.(1)		94,807		3,792,280
Republic Services, Inc.		22,685		2,926,138
Stericycle, Inc.(1)		75,081		3,745,791
				10,464,209
Construction & Engineering – 1.3%
API Group Corp.(1)		206,477		3,883,832
				3,883,832
Containers & Packaging – 1.2%
Crown Holdings, Inc.		41,781		3,434,816
				3,434,816
Diversified Consumer Services – 1.3%
Service Corp. International		53,303		3,685,369
				3,685,369
Electrical Equipment – 2.7%
Atkore, Inc.(1)		69,750		7,911,045
				7,911,045
Electronic Equipment, Instruments & Components – 1.6%
Teledyne Technologies, Inc.(1)		11,687		4,673,748
				4,673,748

December 31, 2022	Shares		Value
Equity Real Estate Investment Trusts (REITs) – 9.4%
American Homes 4 Rent, Class A		125,664	$	3,787,513
Apartment Income REIT Corp.		100,241		3,439,269
Life Storage, Inc.		36,444		3,589,734
SBA Communications Corp.		13,561		3,801,284
Sun Communities, Inc.		42,845		6,126,835
Terreno Realty Corp.		68,880		3,917,205
VICI Properties, Inc.		78,692		2,549,621
				27,211,461
Food Products – 1.2%
Nomad Foods Ltd.(1)		208,710		3,598,160
				3,598,160
Health Care Equipment & Supplies – 4.9%
Haemonetics Corp.(1)		60,399		4,750,381
Integer Holdings Corp.(1)		60,462		4,139,229
LivaNova PLC(1)		78,792		4,376,108
ViewRay, Inc.(1)		251,698		1,127,607
				14,393,325
Health Care Providers & Services – 2.9%
HealthEquity, Inc.(1)		76,999		4,746,218
Humana, Inc.		6,985		3,577,647
				8,323,865
Health Care Technology – 0.4%
Schrodinger, Inc.(1)		57,135		1,067,853
				1,067,853
Hotels, Restaurants & Leisure – 1.2%
Planet Fitness, Inc., Class A(1)		45,660		3,598,008
				3,598,008
Household Durables – 1.1%
Mohawk Industries, Inc.(1)		30,141		3,081,013
				3,081,013
Household Products – 1.2%
Church & Dwight Co., Inc.		45,102		3,635,672
				3,635,672
Insurance – 5.2%
Arch Capital Group Ltd.(1)		88,334		5,545,609
Axis Capital Holdings Ltd.		88,448		4,791,228
Reinsurance Group of America, Inc.		32,700		4,646,343
				14,983,180
Interactive Media & Services – 1.0%
Bumble, Inc., Class A(1)		135,848		2,859,600
				2,859,600
Internet & Direct Marketing Retail – 1.2%
Revolve Group, Inc.(1)		153,361		3,413,816
				3,413,816
IT Services – 2.2%
Genpact Ltd.		72,209		3,344,721
Okta, Inc.(1)		44,132		3,015,539
				6,360,260

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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

December 31, 2022	Shares		Value
Life Sciences Tools & Services – 3.4%
Azenta, Inc.(1)		61,926	$	3,605,332
Bio-Rad Laboratories, Inc., Class A(1)		11,868		4,990,375
Codexis, Inc.(1)		122,725		571,899
Sotera Health Co.(1)		103,516		862,288
				10,029,894
Machinery – 1.1%
Ingersoll Rand, Inc.		61,474		3,212,016
				3,212,016
Metals & Mining – 1.7%
Reliance Steel & Aluminum Co.		11,368		2,301,338
Steel Dynamics, Inc.		28,583		2,792,559
				5,093,897
Personal Products – 0.3%
Honest Co., Inc.(1)		255,272		768,369
				768,369
Professional Services – 1.0%
Dun & Bradstreet Holdings, Inc.		246,593		3,023,230
				3,023,230
Semiconductors & Semiconductor Equipment – 2.7%
Marvell Technology, Inc.		103,675		3,840,122
ON Semiconductor Corp.(1)		64,796		4,041,327
				7,881,449
Software – 11.7%
8x8, Inc.(1)		187,100		808,272
Black Knight, Inc.(1)		69,666		4,301,875
Fair Isaac Corp.(1)		5,841		3,496,306
Instructure Holdings, Inc.(1)		145,828		3,418,208
New Relic, Inc.(1)		63,061		3,559,793
PagerDuty, Inc.(1)		193,476		5,138,723
Q2 Holdings, Inc.(1)		82,996		2,230,103
Qualtrics International, Inc., Class A(1)		392,163		4,070,652
Riskified Ltd., Class A(1)		148,206		684,712
SPS Commerce, Inc.(1)		24,559		3,154,112
WalkMe Ltd.(1)		270,848		3,028,081
				33,890,837
Specialty Retail – 5.4%
Burlington Stores, Inc.(1)		32,448		6,579,157
Leslie’s, Inc.(1)		302,563		3,694,294
National Vision Holdings, Inc.(1)		90,905		3,523,478

December 31, 2022	Shares		Value
Specialty Retail (continued)
Tractor Supply Co.		8,885	$	1,998,858
				15,795,787
Textiles, Apparel & Luxury Goods – 1.4%
Deckers Outdoor Corp.(1)		10,468		4,178,407
				4,178,407
Thrifts & Mortgage Finance – 1.2%
Essent Group Ltd.		86,734		3,372,218
				3,372,218
Trading Companies & Distributors – 3.2%
Air Lease Corp.		102,495		3,937,858
United Rentals, Inc.(1)		15,023		5,339,475
				9,277,333
Total Common Stocks (Cost $333,368,010)				284,058,379
Exchange–Traded Funds – 1.4%
SPDR S&P Biotech ETF(1)		48,798		4,050,234
Total Exchange–Traded Funds (Cost $5,250,389)				4,050,234
	Principal Amount		Value
Short–Term Investments – 0.9%
Repurchase Agreements – 0.9%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $2,655,933, due 1/3/2023(2)	$	2,655,555		2,655,555
Total Repurchase Agreements (Cost $2,655,555)				2,655,555
Total Investments – 100.1% (Cost $341,273,954)				290,764,168
Liabilities in excess of other assets – (0.1)%				(185,990	)
Total Net Assets – 100.0%			$	290,578,178

⁽¹⁾  Non–income–producing security.

⁽²⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	3,708,500	$	2,708,738

The following is a summary of the inputs used as of December 31, 2022 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	$	277,322,106	$	6,736,273	*	$	—	$	284,058,379
Exchange–Traded Funds		4,050,234		—			—		4,050,234
Repurchase Agreements		—		2,655,555			—		2,655,555
Total	$	281,372,340	$	9,391,828		$	—	$	290,764,168

* 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.

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

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	290,764,168
Dividends/interest receivable		196,953
Reimbursement receivable from adviser		6,395
Foreign tax reclaims receivable		5,699
Receivable for fund shares subscribed		3,238
Prepaid expenses		9,659
Total Assets		290,986,112
Liabilities
Investment advisory fees payable		159,013
Payable for fund shares redeemed		130,520
Distribution fees payable		62,717
Accrued audit fees		20,476
Accrued custodian and accounting fees		6,552
Accrued trustees’ and officers’ fees		774
Accrued expenses and other liabilities		27,882
Total Liabilities		407,934
Total Net Assets	$	290,578,178
Net Assets Consist of:
Paid-in capital	$	354,060,754
Distributable loss		(63,482,576	)
Total Net Assets	$	290,578,178
Investments, at Cost	$	341,273,954
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		34,890,180
Net Asset Value Per Share		$8.33

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	2,452,369
Interest		14,041
Withholding taxes on foreign dividends		(7,422	)
Total Investment Income		2,458,988
Expenses
Investment advisory fees		2,001,324
Distribution fees		792,219
Professional fees		89,581
Trustees’ and officers’ fees		74,388
Administrative fees		39,758
Custodian and accounting fees		38,560
Transfer agent fees		15,708
Shareholder reports		12,415
Other expenses		16,769
Total Expenses		3,080,722
Less: Fees waived		(133,669	)
Total Expenses, Net		2,947,053
Net Investment Income/(Loss)		(488,065	)
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		(15,596,981	)
Net realized gain/(loss) from foreign currency transactions		(2,428	)
Net change in unrealized appreciation/(depreciation) on investments		(51,005,065	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		70
Net Loss on Investments and Foreign Currency Transactions		(66,604,404	)
Net Decrease in Net Assets Resulting From Operations	$	(67,092,469	)

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

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Period Ended 12/31/211
Operations
Net investment income/(loss)	$	(488,065	)	$	(109,765	)
Net realized gain/(loss) from investments and foreign currency transactions		(15,599,409	)		3,224,379
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(51,004,995	)		495,279
Net Increase/(Decrease) in Net Assets Resulting from Operations		(67,092,469	)		3,609,893
Capital Share Transactions
Proceeds from sales of shares		18,722,176			401,118,462	2
Cost of shares redeemed		(46,179,165	)		(19,600,719	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(27,456,989	)		381,517,743
Net Increase/(Decrease) in Net Assets		(94,549,458	)		385,127,636
Net Assets
Beginning of period		385,127,636			—
End of period	$	290,578,178		$	385,127,636
Other Information:
Shares
Sold		2,101,513			40,112,771
Redeemed		(5,375,253	)		(1,948,851	)
Net Increase/(Decrease)		(3,273,740	)		38,163,920

¹  Commenced operations on October 25, 2021.

²  Includes in-kind subscriptions of $171,042,398. The cost basis of the contributed securities is equal to the market value of the securities on the date of the subscription.

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

This Page Intentionally Left Blank

9

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE 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 Loss(1)			Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Year Ended 12/31/22	$	10.09	$	(0.01)		$	(1.75)	$	(1.76)	$	8.33		(17.44)%
Period Ended 12/31/21(4)		10.00		(0.00)	(5)		0.09		0.09		10.09		0.90%	(6)

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

FINANCIAL INFORMATION — GUARDIAN SMALL-MID CAP CORE VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3)			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Loss to Average Net Assets(3)			Gross Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate
$	290,578		0.93%			0.97%			(0.15)%			(0.19)%			39%
	385,128		0.90%	(6)		0.98%	(6)		(0.12)%	(6)		(0.20)%	(6)		59%	(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 Loss to Average Net Assets include the effect of fee waivers and expense limitations.

⁽⁴⁾  Commenced operations on October 25, 2021.

⁽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, 2021, certain non-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 SMALL-MID CAP CORE VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Small-Mid Cap Core VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

The 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 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.

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

vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

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

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

• Level 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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 SMALL-MID CAP CORE VIP FUND

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

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

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

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

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.65% of the first $200 million, and 0.60% in excess of $200 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.93% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). 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 year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $133,669.

Park Avenue has entered into a Sub-Advisory Agreement with Allspring Global Investments, LLC (“Allspring”). Allspring is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP 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, 2022, the Fund paid distribution fees in the amount of $792,219 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $125,103,793 and $153,164,990, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

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

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL-MID CAP CORE VIP FUND

(a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that

provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Guardian Small-Mid 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-Mid Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021, including the related notes (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, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 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, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

20

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

21

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.

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

PUB11409

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Strategic Large Cap Core VIP Fund

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

TABLE OF CONTENTS

Guardian Strategic Large 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	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	21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 STRATEGIC LARGE CAP CORE VIP FUND

FUND COMMENTARY OF ALLIANCEBERNSTEIN, L.P., SUB-ADVISER

(UNAUDITED)

Highlights

• Guardian Strategic Large Cap Core VIP Fund (the “Fund”) returned -10.08%, outperforming its benchmark, the Standard & Poor’s 500 Index¹ (the “Index”) for the 12 months ended December 31, 2022. Both security and sector selection contributed to returns relative to the Index.

• The Index fell -18.11% for the same period.

Market Overview

U.S., international and emerging-market stocks declined during the 12-month period ended December 31, 2022. The Index declined -18.11%. In response to persistently high inflation, central banks — led by the U.S. Federal Reserve (the “Fed”) — took a hawkish pivot, which raised concerns that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into a recession. Volatility increased and stocks pulled back after the Fed announced its first interest rate hike in March 2022, which was followed by six additional interest rate raises, including four consecutive 0.75% increases. Equity markets rebounded briefly at the end of the period, after some early evidence of easing inflationary pressures raised hopes that the Fed and other key central banks would soon slow the pace of interest rate hikes. Optimism faded and equity markets gave back gains after the Fed downshifted to a 0.50% rate hike but strongly reaffirmed its “higher-for-longer” conviction. Both value- and growth-oriented stocks declined for the year. Value stocks significantly outperformed growth stocks, as growth stocks were pressured more by rising interest rates throughout most of the year. Large-cap stocks narrowly outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Portfolio Overview

Although the Fund’s performance declined in absolute terms, it outperformed the Index for the year. Both security and sector selection contributed to relative returns. Security selection within the technology sector contributed to performance, while selection in the energy sector detracted from performance. An underweight to the consumer discretionary sector contributed to performance, while an underweight to the energy sector detracted from performance.

Outlook

After a tumultuous 2022, investors are hoping for an eventual end to monetary tightening, and with it, a reprieve from brutal market volatility. But since corporate earnings are still adjusting to a new regime, we believe the road will be bumpy. We expect 2023 to be a year of transition, with a gradual fading of price pressures allowing policymakers and market participants to take a more balanced approach to assessing growth and inflation dynamics. In our view, the need for policymakers to moderate the inflationary pressure seems to remain, and we expect additional interest rate increases in most major economies during the first quarter of 2023. But we believe that the cumulative impact of interest rate hikes in 2022 and early 2023 may be sufficient to bring inflation down. We believe that the pace of interest rate hikes will continue to slow and may cease within a few months.

Monetary policy is rapidly tightening. Because interest rates currently are rising, real growth is slowing, and the probability of a recession has increased sharply. Our forecasts for the major economies of the world incorporate a mild recession, characterized by gross domestic product (GDP) growth close to zero in the U.S. and slightly lower than that in the United Kingdom (“UK”) and the Euro zone. We also expect unemployment to rise above its equilibrium level in each economy. We believe the damage is likely to be greater in Europe, because of the impact of the conflict in Ukraine on natural gas imports to other European countries, and in the UK due to a more limited post-Brexit labor supply. The global economy has slowed, most notably in the housing market. We expect the impact of higher interest rates to persist and the slowdown in the housing market to affect other sectors of the economy.

We do not expect significant economic or financial imbalances that could cause a mild recession to spiral into something more severe. We believe that the global financial system is better capitalized, and heightened regulation in the aftermath of the financial crisis may lower the probability that poor risk management will lead to leverage or liquidity concerns. A better capitalized and more highly regulated financial system is critical to our outlook, because the financial sector, if in distress, can have significant negative impacts on the global economy.

¹ The Index is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The 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 Index, and, unlike the Fund, the Index does not incur fees or expenses.

1

GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

Similarly, we see little evidence of asset-price bubbles in systemically important sectors of the economy. To the extent that there are bubbles, they seem most likely to appear in smaller segments of the financial system where their impact is less likely to cause significant collateral damage. However, bubbles are often hard to observe until after the fact, but for now our assessment is that the systemic risk posed by inflated asset prices appears limited.

As long as the Fed remains in tightening mode, our view is that equity markets will remain under stress. Until inflation is declining in a sustainable way, we believe investors should not expect support from central banks. We believe higher interest rates, lower equity prices and wider credit spreads are, unfortunately, part of the solution to the inflation problem. We expect market volatility to be with us for at least the next several months, and believe that a disciplined approach to identifying high-quality, stable companies at the right price may provide investors with multiple ways to mitigate market volatility risk while still participating in potential market gains.

We believe that seeking companies with quality businesses can help position portfolios for long-term resilience. We look for features such as pricing power, competitive advantages, innovation and management skill in uncovering companies that we believe can overcome the profitability headwinds created by inflation and higher interest rates. We believe cash flows

are an essential indicator of quality. Companies with high free cash flow have typically performed better through economic slowdowns and recessions. Healthy balance sheets and low debt levels also have the potential to offer some risk mitigation from rising interest rates.

In our view, investors can also offset slowing growth with stability. Stable companies have the potential to cushion on the downside because they typically have lower beta — sensitivity to the broader market — than traditional growth firms. As with quality companies, fundamental research can unearth companies with hallmarks of stability across a broad array of sectors and industries. Firms like these are often seen in traditional defensive sectors such as healthcare, utilities and consumer staples, but can also be found in traditionally less-defensive sectors like technology, financials and energy.

We believe that equity portfolios designed to smooth volatility are especially appealing in the current market environment. We continue to look for companies that offer a combination of quality and stability at attractive prices, the three core elements that underpin our investment philosophy in good and bad times. For long-term, outcome-oriented investors, we believe that companies with these features are best positioned to deliver strong potential returns through changing environments.

2

GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $270,460,532

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
Microsoft Corp.		6.22%
Alphabet, Inc., Class C		3.73%
Apple, Inc.		3.22%
Merck & Co., Inc.		3.06%
AutoZone, Inc.		2.81%
Broadcom, Inc.		2.77%
UnitedHealth Group, Inc.		2.56%
AbbVie, Inc.		2.43%
Oracle Corp.		2.27%
JPMorgan Chase & Co.		1.99%
Total		31.06%

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 STRATEGIC LARGE CAP CORE VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Strategic Large Cap Core VIP Fund		10/25/2021		-10.08%		—		—		-6.10%
Standard & Poor’s 500® Index				-18.11%		—		—		-14.29%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Strategic Large Cap Core 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.

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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,042.70	$	4.32		0.84%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.97	$	4.28		0.84%

* 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 the one-half year period).

5

SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 96.0%
Aerospace & Defense – 1.9%
Lockheed Martin Corp.		10,760	$	5,234,632
				5,234,632
Banks – 2.0%
JPMorgan Chase & Co.		40,045		5,370,035
				5,370,035
Beverages – 2.0%
Coca-Cola Co.		71,451		4,544,998
Keurig Dr Pepper, Inc.		26,171		933,258
				5,478,256
Biotechnology – 2.4%
AbbVie, Inc.		40,664		6,571,709
				6,571,709
Capital Markets – 2.8%
Cboe Global Markets, Inc.		12,638		1,585,690
Houlihan Lokey, Inc.		33,035		2,879,331
Intercontinental Exchange, Inc.		29,175		2,993,063
				7,458,084
Chemicals – 0.6%
LyondellBasell Industries NV, Class A		20,459		1,698,711
				1,698,711
Construction & Engineering – 0.8%
AECOM		24,930		2,117,305
				2,117,305
Diversified Telecommunication Services – 1.0%
Verizon Communications, Inc.		70,317		2,770,490
				2,770,490
Electric Utilities – 2.9%
American Electric Power Co., Inc.		30,140		2,861,793
NextEra Energy, Inc.		23,634		1,975,802
Xcel Energy, Inc.		43,004		3,015,011
				7,852,606
Electronic Equipment, Instruments & Components – 0.8%
CDW Corp.		12,380		2,210,820
				2,210,820
Entertainment – 1.7%
Electronic Arts, Inc.		36,811		4,497,568
				4,497,568
Food & Staples Retailing – 2.0%
Koninklijke Ahold Delhaize NV, ADR		108,824		3,123,249
Walmart, Inc.		15,883		2,252,050
				5,375,299
Food Products – 1.2%
General Mills, Inc.		39,314		3,296,479
				3,296,479
Health Care Providers & Services – 7.0%
Centene Corp.(1)		48,405		3,969,694
CVS Health Corp.		40,657		3,788,826
McKesson Corp.		11,453		4,296,249

December 31, 2022	Shares		Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc.		13,075	$	6,932,104
				18,986,873
Hotels, Restaurants & Leisure – 2.0%
Booking Holdings, Inc.(1)		1,385		2,791,163
Domino’s Pizza, Inc.		7,302		2,529,413
				5,320,576
Household Products – 1.1%
Procter & Gamble Co.		19,908		3,017,256
				3,017,256
Insurance – 6.2%
Everest Re Group Ltd.		9,723		3,220,938
Marsh & McLennan Cos., Inc.		23,030		3,811,004
Progressive Corp.		23,638		3,066,085
Selective Insurance Group, Inc.		17,049		1,510,712
Willis Towers Watson PLC		20,701		5,063,051
				16,671,790
Interactive Media & Services – 3.7%
Alphabet, Inc., Class C(1)		113,829		10,100,047
				10,100,047
Internet & Direct Marketing Retail – 0.5%
Amazon.com, Inc.(1)		15,790		1,326,360
				1,326,360
IT Services – 11.6%
Amdocs Ltd.		34,796		3,162,956
Automatic Data Processing, Inc.		13,662		3,263,305
Fidelity National Information Services, Inc.		52,228		3,543,670
Genpact Ltd.		97,820		4,531,022
Mastercard, Inc., Class A		7,736		2,690,039
Paychex, Inc.		39,001		4,506,956
VeriSign, Inc.(1)		22,347		4,590,968
Visa, Inc., Class A		24,105		5,008,055
				31,296,971
Life Sciences Tools & Services – 0.5%
Thermo Fisher Scientific, Inc.		2,299		1,266,036
				1,266,036
Media – 1.3%
Comcast Corp., Class A		103,756		3,628,347
				3,628,347
Multi-Utilities – 0.8%
CenterPoint Energy, Inc.		70,155		2,103,948
				2,103,948
Oil, Gas & Consumable Fuels – 1.5%
Shell PLC, ADR		72,588		4,133,887
				4,133,887
Pharmaceuticals – 7.4%
Eli Lilly and Co.		11,312		4,138,382
Johnson & Johnson		22,212		3,923,750
Merck & Co., Inc.		74,582		8,274,873

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

SCHEDULE OF INVESTMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

December 31, 2022	Shares		Value
Pharmaceuticals (continued)
Roche Holding AG, ADR		94,270	$	3,690,670
				20,027,675
Professional Services – 1.5%
Booz Allen Hamilton Holding Corp.		24,681		2,579,658
RELX PLC, ADR		53,740		1,489,673
				4,069,331
Road & Rail – 0.5%
Knight-Swift Transportation Holdings, Inc.		25,990		1,362,136
				1,362,136
Semiconductors & Semiconductor Equipment – 3.9%
Broadcom, Inc.		13,422		7,504,643
KLA Corp.		5,069		1,911,165
Texas Instruments, Inc.		6,540		1,080,539
				10,496,347
Software – 14.5%
Adobe, Inc.(1)		9,445		3,178,526
Fortinet, Inc.(1)		36,975		1,807,708
Gen Digital, Inc.		236,042		5,058,380
Microsoft Corp.		70,162		16,826,251
Oracle Corp.		74,951		6,126,495
ServiceNow, Inc.(1)		7,477		2,903,095
VMware, Inc., Class A(1)		27,535		3,380,196
				39,280,651
Specialty Retail – 4.3%
AutoZone, Inc.(1)		3,080		7,595,834
O’Reilly Automotive, Inc.(1)		4,616		3,896,043
				11,491,877
Technology Hardware, Storage & Peripherals – 3.2%
Apple, Inc.		66,983		8,703,101
				8,703,101

December 31, 2022	Shares		Value
Tobacco – 2.4%
Altria Group, Inc.		46,591	$	2,129,675
Philip Morris International, Inc.		43,377		4,390,186
				6,519,861
Total Common Stocks (Cost $267,825,767)				259,735,064
	Principal Amount		Value
Short–Term Investments – 3.0%
Repurchase Agreements – 3.0%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $8,006,727, due 1/3/2023(2)	$	8,005,588		8,005,588
Total Repurchase Agreements (Cost $8,005,588)				8,005,588
Total Investments – 99.0% (Cost $275,831,355)				267,740,652
Assets in excess of other liabilities – 1.0%				2,719,880
Total Net Assets – 100.0%			$	270,460,532

⁽¹⁾  Non–income–producing security.

⁽²⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	11,179,600	$	8,165,729

Legend:

ADR — American Depositary Receipt

The following is a summary of the inputs used as of December 31, 2022 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	$	259,735,064	$	—	$	—	$	259,735,064
Repurchase Agreements		—		8,005,588		—		8,005,588
Total	$	259,735,064	$	8,005,588	$	—	$	267,740,652

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

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	267,740,652
Receivable for investments sold		2,721,076
Dividends/interest receivable		239,661
Foreign tax reclaims receivable		25,341
Reimbursement receivable from adviser		4,476
Receivable for fund shares subscribed		128
Prepaid expenses		9,434
Total Assets		270,740,768
Liabilities
Investment advisory fees payable		125,600
Distribution fees payable		58,554
Payable for fund shares redeemed		41,719
Accrued audit fees		20,476
Accrued custodian and accounting fees		5,686
Accrued trustees’ and officers’ fees		758
Accrued expenses and other liabilities		27,443
Total Liabilities		280,236
Total Net Assets	$	270,460,532
Net Assets Consist of:
Paid-in capital	$	295,821,807
Distributable loss		(25,361,275	)
Total Net Assets	$	270,460,532
Investments, at Cost	$	275,831,355
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		29,159,752
Net Asset Value Per Share		$9.28

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	4,991,423
Interest		36,207
Withholding taxes on foreign dividends		(42,508	)
Total Investment Income		4,985,122
Expenses
Investment advisory fees		1,617,071
Distribution fees		758,536
Professional fees		86,787
Trustees’ and officers’ fees		71,274
Administrative fees		38,698
Custodian and accounting fees		32,244
Transfer agent fees		16,990
Shareholder reports		11,972
Other expenses		16,023
Total Expenses		2,649,595
Less: Fees waived		(100,914	)
Total Expenses, Net		2,548,681
Net Investment Income/(Loss)		2,436,441
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		(18,899,562	)
Net change in unrealized appreciation/(depreciation) on investments		(20,561,767	)
Net Loss on Investments		(39,461,329	)
Net Decrease in Net Assets Resulting From Operations	$	(37,024,888)

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

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Period Ended 12/31/211
Operations
Net investment income/(loss)	$	2,436,441		$	542,179
Net realized gain/(loss) from investments		(18,899,562	)		(1,349,630	)
Net change in unrealized appreciation/(depreciation) on investments		(20,561,767	)		12,471,064
Net Increase/(Decrease) in Net Assets Resulting from Operations		(37,024,888	)		11,663,613
Capital Share Transactions
Proceeds from sales of shares		3,263,707			372,417,011	2
Cost of shares redeemed		(67,779,297	)		(12,079,614	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(64,515,590	)		360,337,397
Net Increase/(Decrease) in Net Assets		(101,540,478	)		372,001,010
Net Assets
Beginning of period		372,001,010			—
End of period	$	270,460,532		$	372,001,010
Other Information:
Shares
Sold		352,090			37,241,379
Redeemed		(7,236,045	)		(1,197,672	)
Net Increase/(Decrease)		(6,883,955	)		36,043,707

¹  Commenced operations on October 25, 2021.

²  Includes in-kind subscriptions of $331,230,005. 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 STRATEGIC LARGE CAP CORE 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 12/31/22	$	10.32	$	0.08	$	(1.12)	$	(1.04)	$	9.28		(10.08)%
Period Ended 12/31/21(4)		10.00		0.01		0.31		0.32		10.32		3.20%(5)

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

FINANCIAL INFORMATION — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3)		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets(3)		Gross Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	270,461		0.84%		0.87%		0.80%		0.77%		45%
	372,001		0.81%(5)		0.89%(5)		0.82%(5)		0.74%(5)		80%	(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 October 25, 2021.

⁽⁵⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. For the period ended December 31, 2021, certain non-recurring fees (i.e., audit fees) are not annualized.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Strategic Large Cap Core VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 25, 2021. The financial statements for other series of the Trust are presented in separate reports.

The 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 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.

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

12

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

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

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

• Level 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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 STRATEGIC LARGE CAP CORE VIP FUND

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

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

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

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

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.55% of the first $200 million, and 0.50% in excess of $200 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 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 0.84% 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 year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $100,914.

Park Avenue has entered into a Sub-Advisory Agreement with AllianceBernstein L.P. (“AllianceBernstein”). AllianceBernstein is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP 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, 2022, the Fund paid distribution fees in the amount of $758,536 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $132,465,284 and $188,720,291, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

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

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN STRATEGIC LARGE CAP CORE VIP FUND

(a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that

provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Guardian Strategic Large 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 Strategic Large Cap Core VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022 and the statement of changes in net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021, including the related notes (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, 2022, the results of its operations for the year ended December 31, 2022, and the changes in its net assets and the financial highlights for the year ended December 31, 2022 and for the period October 25, 2021 (commencement of operations) through December 31, 2021 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, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

20

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

21

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.

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

PUB11410

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Integrated Research VIP Fund

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
Trustees and Officers Information Table	18
Portfolio Holdings and Proxy Voting Procedures	21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 INTEGRATED RESEARCH VIP FUND

FUND COMMENTARY OF WELLINGTON MANAGEMENT COMPANY LLP, SUB-ADVISER

(UNAUDITED)

Highlights

• Guardian Integrated Research VIP Fund (the “Fund”) returned -21.13% for the 12 months ended December 31, 2022, underperforming its benchmark, the Standard & Poor’s 500^® Index¹ (the “Index”). The Fund’s underperformance relative to the Index was primarily due to weak security selection within the communication services, information technology, and energy sectors.

• The Index returned -18.11% for the one-year period ending December 31, 2022. Within the Index, the energy and utilities sectors significantly contributed to performance, while the communication services and consumer discretionary sectors detracted from performance during the period.

Market Overview

U.S. equities, as measured by the Index, fell over the 12 months ended December 31, 2022, amid rampant inflation, surging borrowing costs, uncertainty about corporate earnings and an increased probability of a recession. U.S. equities opened the year by registering their first quarterly loss since March 2020. Fears about the economic implications of Russia’s large-scale military attack on Ukraine and the prospect of aggressive monetary policy tightening by the U.S. Federal Reserve (the “Fed”) drove the Index into correction territory in February. U.S. equities continued to fall during a volatile second quarter. Growth stocks significantly underperformed their value counterparts as surging Treasury yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index² to its largest quarterly loss since September 2001. The housing market was pressured by soaring mortgage rates, slowing demand, and elevated home prices. U.S. equities fell in the third quarter as risk sentiment deteriorated on fears that aggressive interest-rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. into a recession. U.S. equities rallied in the fourth quarter following three straight quarterly declines. Greater optimism that the Fed would begin to scale back its aggressive pace of interest-rate hikes, along with outsized short covering and hedging, helped to fuel a sharp rebound in stocks in October and November before risk sentiment waned in December amid recession fears, macroeconomic headwinds, and downside earnings risks in the coming quarters. In December, the Fed raised interest rates by 50 basis points (“bps”), snapping a streak of four consecutive interest rate hikes of 75 bps.

Portfolio Review

Stock selection was the primary driver of underperformance relative to the Index during the period. Weak selection within the communication services, information technology, and energy sectors was partially offset by stronger selection in the consumer discretionary, financials, and health care sectors. Sector allocation, a residual component of the Fund’s bottom-up stock selection process, also detracted from performance relative to the Index. An underweight allocation to the energy sector detracted from relative performance but was partially offset by an overweight to the health care sector.

Outlook

As we look ahead, we believe that there are increasing indications that inflationary pressures are abating in the goods components of both the Consumer Price Index³ and the Personal Consumption Expenditures Price Index⁴, and that there is a clearer path to a gradual disinflation in housing-related expenses by the second half of 2023. However, the services component of both indicators remains stubbornly high, driven by a still-resilient U.S. labor market driving continued upward wage pressure. Accordingly, the Federal Open Market Committee (the “FOMC”) remains steadfast in its determination to continue to slow the U.S. economy and has indicated that incremental rate hikes should be expected in early 2023, with the FOMC’s “dot plot” median federal funds rate projection now having increased from 4.6% to 5.1% for the end of 2023. We believe it is increasingly clear that a mild recession is the likely scenario as the Fed seeks to cool wage inflation and bring down both realized inflation and future inflationary expectations.

With the Fed undertaking efforts to slow growth, companies may feel the impacts of decelerating revenue without relief from wage pressure in early 2023. Thus, we believe a key challenge for and differentiator amongst companies will be the degree to which they can avoid the resultant margin compression through productivity offsets, innovation, or market share gains.

As we enter 2023, Russia’s large scale military attack on Ukraine is approaching its one-year anniversary without any apparent cessation in sight. Both the preparation ahead of the winter season and milder-than-expected temperatures across the region have spared the continent from the worst-case scenario in terms of heating and energy supply, but we believe much uncertainty will remain in the conflict even after this winter has passed.

1

GUARDIAN INTEGRATED RESEARCH VIP FUND

On the positive side, supply-chain issues, which plagued most industries in the preceding two years, continue to ease, providing cost relief and improving visibility. Further, China appears to be relaxing its restrictive COVID-19 related policies to revitalize growth and

placate an increasingly frustrated populace. We believe this incremental source of demand could help offset the expected frictions from slower growth elsewhere in the world.

¹ The Index is an unmanaged market-capitalization-weighted index generally considered to be representative of U.S. equity market activity. The 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 Index, and, unlike the Fund, the Index does not incur fees or expenses.

² The Nasdaq Composite Index (NASDAQ) is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange.

³ The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

⁴ The Personal Consumption Expenditures Price Index (PCE) is a measure of the prices that people living in the United States, or those buying on their behalf, pay for goods and services. The PCE price index is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior.

2

GUARDIAN INTEGRATED RESEARCH VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $353,901,249

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
Microsoft Corp.		6.15%
Apple, Inc.		4.46%
Alphabet, Inc., Class A		3.57%
UnitedHealth Group, Inc.		3.23%
Amazon.com, Inc.		3.11%
JPMorgan Chase & Co.		2.41%
Procter & Gamble Co.		2.34%
Eli Lilly and Co.		2.12%
Pfizer, Inc.		2.08%
TJX Cos., Inc.		1.98%
Total		31.45%

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 INTEGRATED RESEARCH VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Integrated Research VIP Fund		9/1/2016		-21.13%		7.02%		—		8.98%
Standard & Poor’s 500® Index				-18.11%		9.42%		—		11.44%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

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.

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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,008.80	$	4.25		0.84%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.97	$	4.28		0.84%

* 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 the one-half year period).

5

SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 98.7%
Aerospace & Defense – 1.7%
Raytheon Technologies Corp.		60,089	$	6,064,182
				6,064,182
Automobiles – 1.0%
Ford Motor Co.		245,855		2,859,293
Tesla, Inc.(1)		5,538		682,171
				3,541,464
Banks – 4.1%
Bank of America Corp.		184,208		6,100,969
JPMorgan Chase & Co.		63,464		8,510,522
				14,611,491
Beverages – 3.1%
Constellation Brands, Inc., Class A		21,833		5,059,798
Monster Beverage Corp.(1)		57,009		5,788,124
				10,847,922
Biotechnology – 3.5%
Regeneron Pharmaceuticals, Inc.(1)		7,098		5,121,136
Seagen, Inc.(1)		19,309		2,481,400
Vertex Pharmaceuticals, Inc.(1)		16,857		4,867,964
				12,470,500
Building Products – 2.3%
Fortune Brands Innovations, Inc.		48,402		2,764,238
Johnson Controls International PLC		83,544		5,346,816
				8,111,054
Capital Markets – 2.9%
Charles Schwab Corp.		50,435		4,199,218
Morgan Stanley		71,760		6,101,035
				10,300,253
Chemicals – 2.5%
PPG Industries, Inc.		32,984		4,147,408
Sherwin-Williams Co.		19,220		4,561,483
				8,708,891
Communications Equipment – 0.8%
F5, Inc.(1)		18,680		2,680,767
				2,680,767
Consumer Finance – 1.7%
American Express Co.		40,710		6,014,903
				6,014,903
Electric Utilities – 3.1%
American Electric Power Co., Inc.		33,763		3,205,797
Duke Energy Corp.		46,021		4,739,703
Eversource Energy		35,465		2,973,385
				10,918,885
Electrical Equipment – 1.4%
AMETEK, Inc.		34,871		4,872,176
				4,872,176
Electronic Equipment, Instruments & Components – 1.8%
CDW Corp.		22,218		3,967,691
Corning, Inc.		78,327		2,501,764
				6,469,455

December 31, 2022	Shares		Value
Entertainment – 1.2%
Walt Disney Co.(1)		48,091	$	4,178,146
				4,178,146
Equity Real Estate Investment Trusts (REITs) – 1.9%
AvalonBay Communities, Inc.		15,565		2,514,059
Prologis, Inc.		38,230		4,309,668
				6,823,727
Health Care Equipment & Supplies – 3.4%
Abbott Laboratories		39,614		4,349,221
Becton Dickinson and Co.		17,009		4,325,389
Hologic, Inc.(1)		46,434		3,473,727
				12,148,337
Health Care Providers & Services – 3.2%
UnitedHealth Group, Inc.		21,527		11,413,185
				11,413,185
Hotels, Restaurants & Leisure – 2.9%
Airbnb, Inc., Class A(1)		24,555		2,099,453
Booking Holdings, Inc.(1)		1,491		3,004,782
McDonald’s Corp.		19,802		5,218,421
				10,322,656
Household Products – 3.7%
Colgate-Palmolive Co.		61,369		4,835,263
Procter & Gamble Co.		54,680		8,287,301
				13,122,564
Insurance – 2.8%
Chubb Ltd.		22,940		5,060,564
Progressive Corp.		37,248		4,831,438
				9,892,002
Interactive Media & Services – 4.6%
Alphabet, Inc., Class A(1)		143,316		12,644,771
Alphabet, Inc., Class C(1)		42,883		3,805,008
				16,449,779
Internet & Direct Marketing Retail – 3.1%
Amazon.com, Inc.(1)		130,927		10,997,868
				10,997,868
IT Services – 3.3%
Global Payments, Inc.		22,411		2,225,861
GoDaddy, Inc., Class A(1)		43,704		3,269,933
Mastercard, Inc., Class A		18,227		6,338,075
				11,833,869
Life Sciences Tools & Services – 3.0%
Danaher Corp.		18,020		4,782,868
Thermo Fisher Scientific, Inc.		10,314		5,679,817
				10,462,685
Machinery – 3.9%
Deere & Co.		13,547		5,808,412
Illinois Tool Works, Inc.		19,106		4,209,052
Nordson Corp.		15,412		3,663,740
				13,681,204

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

SCHEDULE OF INVESTMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

December 31, 2022	Shares		Value
Oil, Gas & Consumable Fuels – 4.1%
ConocoPhillips		25,925	$	3,059,150
EOG Resources, Inc.		44,865		5,810,915
Pioneer Natural Resources Co.		24,174		5,521,100
				14,391,165
Pharmaceuticals – 4.2%
Eli Lilly and Co.		20,539		7,513,988
Pfizer, Inc.		143,686		7,362,470
				14,876,458
Professional Services – 0.9%
Leidos Holdings, Inc.		29,157		3,067,025
				3,067,025
Semiconductors & Semiconductor Equipment – 5.3%
Advanced Micro Devices, Inc.(1)		44,336		2,871,643
KLA Corp.		8,257		3,113,137
Marvell Technology, Inc.		60,650		2,246,476
NVIDIA Corp.		8,310		1,214,423
QUALCOMM, Inc.		32,554		3,578,987
Texas Instruments, Inc.		34,223		5,654,324
				18,678,990
Software – 8.5%
Microsoft Corp.		90,812		21,778,534
Palo Alto Networks, Inc.(1)		19,491		2,719,774
Salesforce, Inc.(1)		23,933		3,173,277
Workday, Inc., Class A(1)		15,165		2,537,559
				30,209,144
Specialty Retail – 2.0%
TJX Cos., Inc.		88,071		7,010,452
				7,010,452

December 31, 2022	Shares		Value
Technology Hardware, Storage & Peripherals – 5.2%
Apple, Inc.		121,434	$	15,777,920
NetApp, Inc.		44,692		2,684,201
				18,462,121
Textiles, Apparel & Luxury Goods – 1.6%
NIKE, Inc., Class B		49,546		5,797,377
				5,797,377
Total Common Stocks (Cost $390,766,277)				349,430,697
	Principal Amount		Value
Short–Term Investments – 1.6%
Repurchase Agreements – 1.6%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $5,492,501, due 1/3/2023(2)	$	5,491,720		5,491,720
Total Repurchase Agreements (Cost $5,491,720)				5,491,720
Total Investments – 100.3% (Cost $396,257,997)				354,922,417
Liabilities in excess of other assets – (0.3)%				(1,021,168	)
Total Net Assets – 100.0%			$	353,901,249

⁽¹⁾  Non–income–producing security.

⁽²⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	7,669,100	$	5,601,613

The following is a summary of the inputs used as of December 31, 2022 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	$	349,430,697	$	—	$	—	$	349,430,697
Repurchase Agreements		—		5,491,720		—		5,491,720
Total	$	349,430,697	$	5,491,720	$	—	$	354,922,417

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, 2022
Assets
Investments, at value	$	354,922,417
Dividends/interest receivable		164,220
Receivable for fund shares subscribed		1,471
Prepaid expenses		12,403
Total Assets		355,100,511
Liabilities
Payable for investments purchased		832,558
Investment advisory fees payable		160,978
Distribution fees payable		77,122
Payable for fund shares redeemed		67,275
Accrued audit fees		20,476
Accrued custodian and accounting fees		5,440
Accrued trustees’ and officers’ fees		1,047
Accrued expenses and other liabilities		34,366
Total Liabilities		1,199,262
Total Net Assets	$	353,901,249
Net Assets Consist of:
Paid-in capital	$	402,939,643
Distributable loss		(49,038,394	)
Total Net Assets	$	353,901,249
Investments, at Cost	$	396,257,997
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		20,523,206
Net Asset Value Per Share		$17.24

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	5,277,968
Interest		18,108
Total Investment Income		5,296,076
Expenses
Investment advisory fees		1,620,726
Distribution fees		870,210
Professional fees		91,485
Trustees’ and officers’ fees		81,411
Administrative fees		45,938
Custodian and accounting fees		37,935
Transfer agent fees		16,517
Shareholder reports		14,080
Other expenses		19,125
Total Expenses		2,797,427
Expenses recouped by adviser		126,478
Total Expenses		2,923,905
Net Investment Income/(Loss)		2,372,171
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		(22,022,024	)
Net change in unrealized appreciation/(depreciation) on investments		(55,661,313	)
Net Loss on Investments		(77,683,337	)
Net Decrease in Net Assets Resulting From Operations	$	(75,311,166)

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 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	2,372,171		$	373,104
Net realized gain/(loss) from investments		(22,022,024	)		6,730,936
Net change in unrealized appreciation/(depreciation) on investments		(55,661,313	)		11,323,403
Net Increase/(Decrease) in Net Assets Resulting from Operations		(75,311,166	)		18,427,443
Capital Share Transactions
Proceeds from sales of shares		166,384,832			311,389,583	1
Cost of shares redeemed		(58,390,301	)		(21,031,475	)
Net Increase in Net Assets Resulting from Capital Share Transactions		107,994,531			290,358,108
Net Increase in Net Assets		32,683,365			308,785,551
Net Assets
Beginning of year		321,217,884			12,432,333
End of year	$	353,901,249		$	321,217,884
Other Information:
Shares
Sold		8,974,058			14,956,345
Redeemed		(3,147,509	)		(988,577	)
Net Increase		5,826,549			13,967,768

¹  Includes in-kind subscriptions of $306,866,493. 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 INTEGRATED RESEARCH 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 12/31/22	$	21.86	$	0.12		$	(4.74	)	$	(4.62	)	$	17.24		(21.13)%
Year Ended 12/31/21		17.06		0.11			4.69			4.80			21.86		28.14%
Year Ended 12/31/20		14.31		0.20	(5)		2.55			2.75			17.06		19.22%
Year Ended 12/31/19		11.26		0.14			2.91			3.05			14.31		27.09%
Year Ended 12/31/18		12.28		0.12			(1.14	)		(1.02	)		11.26		(8.31)%

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 Income/ (Loss) to Average Net Assets			Portfolio Turnover Rate
$	353,901		0.84%		0.84%		0.68%			0.68%			24%
	321,218		0.86%		0.91%		0.53%			0.48%			274%	(4)
	12,432		0.96%		2.08%		1.36%	(5)		0.24%	(5)		61%
	11,852		0.96%		2.30%		1.08%			(0.26)%			117%
	9,814		0.96%		2.39%		0.93%			(0.50)%			58%

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

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

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

⁽⁴⁾  The Fund’s portfolio turnover rate during the year reflects higher purchase and sale activities due to a significant inflow of assets into the fund.

⁽⁵⁾  Reflects a special dividend paid out during the year by one of the Fund’s holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.11, the Net Ratio of Net Investment Income to Average Net Assets would have been 0.76%, and the Gross Ratio of Net Investment Income/(Loss) to Average Net Assets would have been (0.36)%.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Integrated Research VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The 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 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.

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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 INTEGRATED RESEARCH VIP FUND

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

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

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

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

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.50% up to $200 million, 0.43% from $200 to $300 million, and 0.40% in excess of $300 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2024 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.84% 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. For the year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue may be entitled to recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date of the waiver or reimbursement, subject to the expense limitation in effect at the time of the waiver or reimbursement and at the time of the recoupment, if any. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation after October 25, 2021 will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue recouped previously waived or reimbursed expenses in the amount of

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

$126,478. 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, 2022 are as follows:

	Potential Recoupment Amounts		Expiration Date
	$	125,043		2023
	$	35,993		2024
Total Potential Recoupment Amounts	$	161,036

Park Avenue has entered into a Sub-Advisory Agreement with Wellington Management Company LLP (“Wellington”). Wellington is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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, 2022, the Fund paid distribution fees in the amount of $870,210 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts

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

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $187,665,500 and $81,296,286, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, 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

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTEGRATED RESEARCH VIP FUND

may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place

until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 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.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

20

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

21

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.

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

PUB8170

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian International Equity VIP Fund

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

TABLE OF CONTENTS

Guardian International Equity VIP Fund

Fund Commentary	1
Fund Characteristics	3
Fund Performance	5
Understanding Your Fund’s Expenses	6
Financial Information
Schedule of Investments	7
Statement of Assets and Liabilities	10
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	19
Supplemental Information
Trustees and Officers Information Table	20
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 INTERNATIONAL EQUITY VIP FUND

FUND COMMENTARY OF SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA INC.,

SUB-ADVISER, AND SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA LIMITED, SUB-SUBADVISER

(UNAUDITED)

Highlights

• Guardian International Equity VIP Fund (the “Fund”) returned -17.88% for the 12 months ended December 31, 2022. The Fund underperformed its benchmark, the MSCI^® Europe, Australasia and Far East (EAFE^®) Index¹ (the “Index”), for the same period. The Fund’s underperformance relative to the Index was primarily due to stock selection in the healthcare, industrials, consumer discretionary and consumer staples sectors. Stock selection in the utilities sector and an underweight allocation in the real estate sector relative to the Index were the top contributors to the Fund’s performance. On a regional level, stock selection in continental Europe and Japan, as well as exposure to emerging markets, detracted from, while an overweight allocation to the United Kingdom contributed to the Fund’s performance relative to the Index.

• The Index returned -14.45% for the same period.

Sub-adviser Change

Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited, assumed the role of the Fund’s sub-adviser and sub-subadviser, respectively, on February 17, 2022. Prior to that date, Lazard Asset Management LLC served as the Fund’s sub-adviser.

Market Overview

International equities ended 2022 sharply lower than they began, as the market contended with slowing economic growth, inflationary pressures and tightening monetary policy. This was further exacerbated by Russia’s invasion of Ukraine, which exerted significant

pressure on energy prices and supply, particularly in Europe. Geopolitical tensions between China and the West also remained high as President Xi Jinping’s consolidation of power raised concerns about increased government interference in the private sector and China’s ambitions toward “reunification” with Taiwan. The euro, yen and British pound fell to near multi-decade lows against the U.S. dollar.

Cyclically-exposed sectors, such as consumer discretionary, technology and industrials, faced the most selling pressure while defensive sectors were more resilient. Commodity sectors benefited from the inflationary environment and both value stocks and the financials sector were supported by rising interest rates globally. The energy sector was the only major sector to post gains during the year as sanctions against Russian oil and gas kept upward pressure on prices.

Portfolio Review

At the sector level, stock selection in the healthcare, industrials, consumer discretionary and consumer staples sectors and the Fund’s overweight in the consumer discretionary sector relative to the Index drove a majority of the underperformance since we began managing the Fund on February 17, 2022. Detractors from performance during the period included the consumer discretionary sector and longer duration growth stocks.

On the positive side, the Fund’s security positions in the utilities sector were a leading contributor to relative returns as utility companies posted record profits owing to soaring energy prices. In addition, the Fund’s underweight position in the real estate sector relative to the Index benefited performance. Traditional defensive stocks were generally resilient during the period as investors sought relative safety in a volatile market environment.

¹ 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.

1

GUARDIAN INTERNATIONAL EQUITY VIP FUND

Outlook

Global equities remain under pressure entering 2023 amidst geopolitical tensions, high inflation, tightening monetary policy, and ultimately, earnings risks that we believe look inevitable as the economic cycle slows. Inflationary pressures have exerted a strain on discretionary spending and with central banks remaining focused on combatting inflation, interest rates have been rapidly rising, further weighing on consumer confidence. Although food and energy price inflation are stabilizing, we believe core inflation remains firm, suggesting central banks continue to have work to do in 2023. A surprise policy move by the Bank of Japan in December may finally mark the pivot away from yield curve control and create better opportunities for domestic stocks that we believe would be supported by a stronger currency.

High inflation is forcing global growth lower, which we believe should continue to put earnings under further pressure. While corporate balance sheets remain healthy, tighter credit conditions may begin to reveal cracks in companies that are unprepared to weather the more challenging environment. Globally, earnings revisions have turned more negative in recent months, which we believe should serve to quell overly optimistic exuberance and establish a more realistic base for earnings in 2023. We believe the market is entering a phase in which the impact of slowing growth, rising costs and weaker sentiment may become much more apparent in company financial results.

In our view, the market will be looking for an eventual trough in earnings revisions and a peak in interest rates to signal the start of a new cycle. It will also likely require evidence of economic recovery for the strength in the U.S. dollar to durably reverse its course. Currency volatility has left the British pound, euro and yen all near multi-decade lows, but we believe it has also enhanced the competitiveness for multinational exporters operating within those markets, which may benefit from currency gains in their earnings. Conversely, many U.S. companies may face greater earnings risk, as nearly 40% of the revenues of companies in the Standard & Poor’s 500^® Index² are derived from overseas. Encouragingly, supply chain pressures are easing, which may alleviate both shortages and inflation. Some industries will continue to face challenges in 2023 and we believe there

is building momentum for companies to build more resilience into their supply chains to reduce their reliance on China. Given labor shortages in many western economies, in our view, new capacity will need to be highly automated, and this should also present good opportunities for Southeast Asia, and for countries such as Mexico and Turkey, which are on the periphery of the U.S. and European economies.

The geopolitical backdrop remains challenging and has also put a spotlight on the importance of energy independence and the clean energy transition. Russia’s invasion of Ukraine remains a significant source of volatility and uncertainty to global markets. Russian President Vladimir Putin’s endgame remains unknown and the conflict in Ukraine will continue to have important implications for cost inflation, interest rates and supply chain disruption. Amidst a tighter energy supply picture, we expect prices to remain elevated.

We believe security (e.g., national security, energy security, food security, and cybersecurity) remains considerably higher on government and corporate agendas than in the past decade. We see a wave of spending being directed by governments and companies toward achieving greater security of supply: whether through investment in renewables; re-shoring or re-locating production facilities; supporting new methods of food production; or protecting industries that are strategic in nature such as semiconductors, software, or biotechnology. We are focused on companies that we believe can prosper in this challenging environment and do so with a reasonable level of risk.

We will continue to seek climate technology companies and companies we believe are well positioned for a clean energy transition across the materials, industrial, technology and utility sectors. We are also seeking interesting opportunities within the financials sector, where the combination of low expectations, cheap valuations, strong capital buffers and rising rates may create an attractive backdrop for longer term investors. We also continue to look for long-term core holdings within the technology sector, where we believe long term structural drivers such as digitization and connectivity are supporting growth, but where we believe investors’ fears of a cyclical downturn have brought valuations back to attractive levels.

² 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.

2

GUARDIAN INTERNATIONAL EQUITY VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $325,012,122

Geographic Region Allocation¹

As of December 31, 2022

Sector Allocation²

As of December 31, 2022

3

GUARDIAN INTERNATIONAL EQUITY VIP FUND

Top Ten Holdings1 As of December 31, 2022
Holding	Country	% of Total Net Assets
Roche Holding AG	Switzerland		2.85%
Shell PLC	United Kingdom		2.78%
Nestle SA (Reg S)	Switzerland		2.56%
AstraZeneca PLC	United Kingdom		2.44%
Mitsubishi UFJ Financial Group, Inc.	Japan		2.33%
SAP SE	Germany		2.04%
AIA Group Ltd.	Hong Kong		1.88%
Siemens AG (Reg S)	Germany		1.81%
Iberdrola SA	Spain		1.72%
Novo Nordisk A/S, Class B	Denmark		1.71%
Total			22.12%

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.

4

GUARDIAN INTERNATIONAL EQUITY VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian International Equity VIP Fund		9/1/2016		-17.88%		-0.70%		—		2.08%
MSCI® EAFE® Index				-14.45%		1.54%		—		4.85%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian International Equity 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.

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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

5

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,052.70	$	5.59		1.08%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,019.76	$	5.50		1.08%

* 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 the one-half year period).

6

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 98.7%
Australia – 2.2%
Macquarie Group Ltd.		29,620	$	3,362,618
Rio Tinto Ltd.		46,520		3,666,254
				7,028,872
Austria – 1.1%
Erste Group Bank AG		108,485		3,459,326
				3,459,326
Belgium – 1.6%
UCB SA		39,690		3,126,174
Umicore SA		57,898		2,136,036
				5,262,210
Brazil – 0.4%
B3 SA - Brasil Bolsa Balcao		479,060		1,197,937
				1,197,937
Canada – 2.0%
Canadian National Railway Co.		24,835		2,950,119
Toronto-Dominion Bank		55,497		3,593,369
				6,543,488
Cayman Islands – 1.1%
Alibaba Group Holding Ltd.(1)		156,200		1,724,630
Tencent Holdings Ltd.		43,600		1,853,096
				3,577,726
Denmark – 3.2%
Novo Nordisk A/S, Class B		41,015		5,553,429
Vestas Wind Systems A/S		171,308		5,004,960
				10,558,389
France – 7.2%
Carrefour SA		145,288		2,430,971
EssilorLuxottica SA		20,964		3,817,463
Legrand SA		27,411		2,207,063
Sanofi		54,832		5,305,578
Schneider Electric SE		39,445		5,547,523
TotalEnergies SE		65,667		4,098,616
				23,407,214
Germany – 8.1%
Bayer AG (Reg S)		30,484		1,573,964
Bayerische Motoren Werke AG		51,424		4,589,857
Infineon Technologies AG		126,465		3,851,831
Merck KGaA		11,374		2,202,691
SAP SE		64,257		6,631,284
Siemens AG (Reg S)		42,389		5,883,281
Zalando SE(1)(2)		40,782		1,445,765
				26,178,673
Hong Kong – 3.9%
AIA Group Ltd.		555,600		6,121,047
BOC Hong Kong Holdings Ltd.		829,000		2,818,029
Hong Kong Exchanges & Clearing Ltd.		45,600		1,970,611
Techtronic Industries Co. Ltd.		149,000		1,659,117
				12,568,804

December 31, 2022	Shares		Value
India – 1.1%
HDFC Bank Ltd., ADR		52,096	$	3,563,887
				3,563,887
Indonesia – 0.5%
Bank Central Asia Tbk PT		2,879,700		1,578,796
				1,578,796
Israel – 0.7%
Nice Ltd., ADR(1)		11,341		2,180,874
				2,180,874
Italy – 2.1%
FinecoBank Banca Fineco SpA		240,355		4,005,646
Intesa Sanpaolo SpA		1,284,767		2,866,301
				6,871,947
Japan – 18.0%
Bridgestone Corp.		127,700		4,546,337
Daikin Industries Ltd.		25,500		3,922,653
Disco Corp.		8,200		2,357,236
KDDI Corp.		136,100		4,113,503
Keyence Corp.		9,000		3,523,542
Kubota Corp.		159,900		2,202,676
Makita Corp.		42,500		995,086
MISUMI Group, Inc.		90,400		1,981,625
Mitsubishi UFJ Financial Group, Inc.		1,121,200		7,563,648
Murata Manufacturing Co. Ltd.		45,400		2,277,686
Nabtesco Corp.		96,800		2,480,582
Recruit Holdings Co. Ltd.		53,400		1,698,326
Sekisui Chemical Co. Ltd.		182,800		2,543,678
SMC Corp.		8,300		3,512,806
Sony Group Corp.		64,400		4,910,880
Terumo Corp.		104,300		2,949,484
Tokio Marine Holdings, Inc.		125,700		2,690,806
Toyota Motor Corp.		309,700		4,232,713
				58,503,267
Netherlands – 4.5%
Aalberts NV		40,584		1,577,755
Adyen NV(1)(2)		1,268		1,754,679
Akzo Nobel NV		43,733		2,918,130
ASML Holding NV		9,447		5,113,689
Universal Music Group NV		128,525		3,102,486
				14,466,739
Norway – 2.1%
DNB Bank ASA		145,305		2,876,769
Equinor ASA		67,512		2,421,547
Norsk Hydro ASA		220,980		1,655,033
				6,953,349
Republic of Korea – 1.9%
Samsung Electronics Co. Ltd.		85,329		3,762,846
Samsung SDI Co. Ltd.		5,378		2,534,132
				6,296,978

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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

December 31, 2022	Shares		Value
Spain – 3.6%
Banco Bilbao Vizcaya Argentaria SA		630,275	$	3,806,090
CaixaBank SA		556,623		2,184,902
Iberdrola SA		478,263		5,594,480
				11,585,472
Sweden – 2.5%
Nibe Industrier AB, Class B		87,751		820,561
Sandvik AB		197,634		3,568,327
Svenska Handelsbanken AB, Class A		372,637		3,749,581
				8,138,469
Switzerland – 8.5%
Alcon, Inc.		30,849		2,118,847
Chocoladefabriken Lindt & Spruengli AG		207		2,109,440
Cie Financiere Richemont SA (Reg S), Class A		9,562		1,237,377
Lonza Group AG (Reg S)		4,338		2,135,068
Nestle SA (Reg S)		72,180		8,335,742
On Holding AG, Class A(1)		58,823		1,009,403
Roche Holding AG		29,451		9,255,325
Sika AG (Reg S)		6,393		1,542,563
				27,743,765
Taiwan – 0.7%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		31,551		2,350,234
				2,350,234
United Kingdom – 19.4%
Antofagasta PLC		118,240		2,195,144
AstraZeneca PLC		58,439		7,931,070
Bunzl PLC		66,764		2,228,403
Burberry Group PLC		134,639		3,289,908
Diageo PLC		79,466		3,509,162
GSK PLC		76,435		1,329,190
Haleon PLC(1)		320,298		1,281,154
HSBC Holdings PLC		826,429		5,153,999
Kingfisher PLC		492,227		1,408,716
National Grid PLC		298,402		3,584,219
Prudential PLC		230,189		3,115,063
Reckitt Benckiser Group PLC		62,871		4,373,875
RELX PLC		138,085		3,825,753
Shell PLC		317,657		9,037,661
SSE PLC		92,430		1,906,452
Tesco PLC		950,426		2,576,857
Unilever PLC		99,334		5,011,300
Whitbread PLC		43,610		1,356,671
				63,114,597
United States – 2.3%
Booking Holdings, Inc.(1)		1,967		3,964,056
Liberty Media Corp-Liberty Formula One, Class C(1)		16,704		998,565
Lululemon Athletica, Inc.(1)		5,214		1,670,461

December 31, 2022	Shares		Value
United States (continued)
MercadoLibre, Inc.(1)		1,067	$	902,938
				7,536,020
Total Common Stocks (Cost $361,269,312)				320,667,033
Preferred Stocks – 0.6%
Germany – 0.6%
Dr. Ing. h.c. F. Porsche AG (1)		19,613		1,989,861
Total Preferred Stocks (Cost $1,584,476)				1,989,861
	Principal Amount		Value
Short–Term Investments – 0.5%
Repurchase Agreements – 0.5%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,692,033, due 1/3/2023(3)	$	1,691,793		1,691,793
Total Repurchase Agreements (Cost $1,691,793)				1,691,793
Total Investments – 99.8% (Cost $364,545,581)				324,348,687
Assets in excess of other liabilities – 0.2%				663,435
Total Net Assets – 100.0%			$	325,012,122

⁽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, 2022, the aggregate market value of these securities amounted to $3,200,444, representing 1.0% 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 Bond		2.375%		5/15/2051	$	2,362,600	$	1,725,675

Legend:

ADR – American Depositary Receipt

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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

The following is a summary of the inputs used as of December 31, 2022 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
Australia	$	—	$	7,028,872	*	$	—	$	7,028,872
Austria		—		3,459,326	*		—		3,459,326
Belgium		—		5,262,210	*		—		5,262,210
Brazil		—		1,197,937	*		—		1,197,937
Canada		6,543,488		—			—		6,543,488
Cayman Islands		—		3,577,726	*		—		3,577,726
Denmark		—		10,558,389	*		—		10,558,389
France		—		23,407,214	*		—		23,407,214
Germany		—		26,178,673	*		—		26,178,673
Hong Kong		—		12,568,804	*		—		12,568,804
India		3,563,887		—			—		3,563,887
Indonesia		—		1,578,796	*		—		1,578,796
Israel		2,180,874		—			—		2,180,874
Italy		—		6,871,947	*		—		6,871,947
Japan		—		58,503,267	*		—		58,503,267
Netherlands		—		14,466,739	*		—		14,466,739
Norway		—		6,953,349	*		—		6,953,349
Republic of Korea		—		6,296,978	*		—		6,296,978
Spain		—		11,585,472	*		—		11,585,472
Sweden		—		8,138,469	*		—		8,138,469
Switzerland		1,009,403		26,734,362	*		—		27,743,765
Taiwan		2,350,234		—			—		2,350,234
United Kingdom		—		63,114,597	*		—		63,114,597
United States		7,536,020		—			—		7,536,020
Preferred Stocks
Germany		—		1,989,861	*		—		1,989,861
Repurchase Agreements		—		1,691,793			—		1,691,793
Total	$	23,183,906	$	301,164,781		$	—	$	324,348,687

* 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. 9

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	324,348,687
Foreign currency, at value		51,399
Foreign tax reclaims receivable		654,454
Dividends/interest receivable		257,928
Receivable for investments sold		101,632
Reimbursement receivable from adviser		12,317
Prepaid expenses		10,243
Total Assets		325,436,660
Liabilities
Investment advisory fees payable		213,902
Distribution fees payable		69,885
Payable for fund shares redeemed		63,074
Accrued audit fees		22,045
Accrued custodian and accounting fees		21,790
Accrued trustees’ and officers’ fees		778
Accrued expenses and other liabilities		33,064
Total Liabilities		424,538
Total Net Assets	$	325,012,122
Net Assets Consist of:
Paid-in capital	$	361,144,330
Distributable loss		(36,132,208	)
Total Net Assets	$	325,012,122
Investments, at Cost	$	364,545,581
Foreign Currency, at Cost	$	50,594
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		28,537,388
Net Asset Value Per Share	$	11.39

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	8,933,921
Interest		6,234
Withholding taxes on foreign dividends		(796,860	)
Total Investment Income		8,143,295
Expenses
Investment advisory fees		2,614,024
Distribution fees		854,675
Custodian and accounting fees		116,741
Professional fees		82,247
Trustees’ and officers’ fees		79,967
Administrative fees		43,848
Transfer agent fees		14,633
Shareholder reports		13,242
Other expenses		20,953
Total Expenses		3,840,330
Less: Fees waived		(148,136	)
Total Expenses, Net		3,692,194
Net Investment Income/(Loss)		4,451,101
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax
Net realized gain/(loss) from investments		(12,280,299	)
Net realized gain/(loss) from foreign currency transactions		(79,408	)
Foreign capital gains taxes paid		(1,520	)
Net change in unrealized appreciation/(depreciation) on investments		(66,137,158	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(11,060	)
Net Loss on Investments, Foreign Currency Transactions and Foreign Capital Gains Tax		(78,509,445	)
Net Decrease in Net Assets Resulting From Operations	$	(74,058,344	)

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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	4,451,101		$	5,838,760
Net realized gain/(loss) from investments, foreign currency transactions and foreign capital gains tax		(12,361,227	)		14,756,705
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(66,148,218	)		(13,380,699	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(74,058,344	)		7,214,766
Capital Share Transactions
Proceeds from sales of shares		34,530,478			213,112,048
Cost of shares redeemed		(47,367,070	)		(42,652,890	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(12,836,592	)		170,459,158
Net Increase/(Decrease) in Net Assets		(86,894,936	)		177,673,924
Net Assets
Beginning of year		411,907,058			234,233,134
End of year	$	325,012,122		$	411,907,058
Other Information:
Shares
Sold		2,969,799			14,988,813
Redeemed		(4,125,624	)		(3,097,898	)
Net Increase/(Decrease)		(1,155,825	)		11,890,915

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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY 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 12/31/22	$	13.87	$	0.15	$	(2.63)	$	(2.48)	$	11.39		(17.88)%
Year Ended 12/31/21		13.16		0.30(4)		0.41		0.71		13.87		5.40%
Year Ended 12/31/20		12.15		0.12		0.89		1.01		13.16		8.31%
Year Ended 12/31/19		10.01		0.22		1.92		2.14		12.15		21.38%
Year Ended 12/31/18		11.80		0.20		(1.99)		(1.79)		10.01		(15.17)%

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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL EQUITY VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3)		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets(3)			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	325,012		1.08%		1.12%		1.30%			1.26%			136%
	411,907		1.06%		1.13%		2.20%	(4)		2.13%	(4)		40%
	234,233		1.00%		1.18%		1.03%			0.85%			38%
	220,989		0.94%		1.20%		1.99%			1.73%			32%
	208,182		0.94%		1.23%		1.79%			1.50%			74%

⁽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⁾  Reflects a special dividend paid out during the year by one of the Fund’s holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.19, the Net Ratio of Net Investment Income to Average Net Assets would have been 1.37%, and the Gross Ratio of Net Investment Income to Average Net Assets would have been 1.30%.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian International Equity VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The 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 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.

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

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

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

• Level 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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.

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY 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.

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.

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% 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, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 1.08% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees.

16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $148,136.

Park Avenue has entered into a Sub-Advisory Agreement with Investment Management North America, Inc. (“Schroder Inc.”). Schroder Inc. is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund. Schroder Inc. also entered into a Sub-subadvisory Agreement with its affiliate, Schroder Investment Management North America Limited (‘‘Schroder Limited’’). The sub-subadvisory fees under the Sub-subadvisory Agreement are paid by Schroder Inc. to Schroder Limited and do not represent a separate or additional expense to the Fund.

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, 2022, the Fund paid distribution fees in the amount of $854,675 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses,

deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $461,080,994 and $469,484,638, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, 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

17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL EQUITY VIP FUND

right to sell the collateral (although it may be prevented or delayed from doing so in certain circumstances) and may be required to claim any resulting loss against the seller. Park Avenue monitors the creditworthiness of the seller with which the Fund enters into repurchase agreements.

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, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any

day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

18

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Guardian International Equity VIP Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Guardian International Equity VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

22

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

23

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.

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

PUB8172

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian International Growth VIP Fund

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	5
Understanding Your Fund’s Expenses	6
Financial Information
Schedule of Investments	7
Statement of Assets and Liabilities	10
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	19
Supplemental Information
Trustees and Officers Information Table	20
Portfolio Holdings and Proxy Voting Procedures	23

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 INTERNATIONAL GROWTH VIP FUND

FUND COMMENTARY OF J.P. MORGAN INVESTMENT MANAGEMENT INC., SUB-ADVISER

(UNAUDITED)

Highlights

• Guardian International Growth VIP Fund (the “Fund”) returned -28.27%, underperforming its benchmark, the MSCI^® EAFE^® Growth Index¹ (the “Index”), for the 12 months ended December 31, 2022. The Fund’s underperformance relative to the Index was primarily due to stock selection, especially in the consumer discretionary and health care sectors. Stock selection in the materials sector and not holding an exposure to the real estate sector positively contributed to the Fund’s relative performance.

• The Index returned -22.95% for 2022. This performance was a result of the real estate and information technology sectors being the largest detractors from performance, while the energy sector was the sole positive contributor to performance.

Market Overview

After three consecutive years of strong positive returns, 2022 turned out to be a challenging one for global equities. Economic implications of the Russian invasion of Ukraine, elevated inflation, monetary policy tightening, supply chain disruptions and recessionary fears led to increased volatility and negatively impacted investor sentiment. However, the fourth quarter of the year brought some relief.

Expectations for the path of monetary policy have seen a major shift, with central banks turning more hawkish as they continue to face challenges in bringing inflation under control. The U.S. Federal Reserve (the “Fed”) increased rates at its fastest pace since the early 1980’s, and the federal funds rate target range increased during the year and is now at 4.25% - 4.50%. The European Central Bank lifted rates swiftly from negative territory and the Bank of England delivered interest rates hike for the ninth time in a row to a 14-year high of 3.50%. Currencies, as an extension of interest rates, were also quite volatile as the U.S. dollar rose materially given the Fed’s monetary tightening.

Against this backdrop, we believe the overall economic situation has now changed materially, fueling worries about a possible recession. The U.S. economy showed signs of softening as elevated inflation, weaker demand and higher borrowing costs continued to impact activity levels. Weak demand conditions were broad-based, though manufacturing firms saw a steeper decrease in new orders compared to their services sector counterparts based on the December 2022 S&P Global

Flash US Purchasing Managers’ Index^™(PMI^™)² (the “Purchasing Managers’ Index”) figures. Additionally, existing home sales fell for the 10th straight month in November as the housing market was squeezed by higher mortgage rates.

Europe remains in the eye of the storm, where, even after ten months of the war in Ukraine, there are no signs of a ceasefire. Inflationary pressures and the resultant squeeze on real incomes continued to moderate demand and the seasonally adjusted S&P Global Flash Eurozone PMI^® Composite Output Index³ (the “Eurozone PMI Index”) fell below the crucial 50.0%, indicating a contraction. Higher energy prices are increasingly reflected in European production prices and Eurozone inflation continues to remain at elevated levels. In the United Kingdom, spiraling food and energy prices continued to intensify the squeeze on households. Consequently, consumer confidence fell to an all-time low in September and the PMI business survey is in contractionary territory.

China witnessed weak domestic demand and a benign inflation environment as the economy faced several headwinds during the year such as the country’s zero COVID-19 policy (the “Zero Covid” policy), weather-related disruptions and weakness in the housing market. Towards the end of the year, China abruptly reversed the Zero Covid policy, which led to a sudden surge in COVID-19 cases, disrupting production and weighing on economic activity.

Crude oil prices experienced heightened volatility over the year, driven by the Russian invasion of Ukraine conflict, fear of recession and dampened demand. Among equities, value stocks significantly outperformed their growth counterparts and developed markets outperformed emerging markets.

Portfolio Review

Stock selection in the consumer discretionary and health care sectors had a negative impact on the Fund’s performance relative to the Index. On the upside, stock selection in the materials sector and not holding an exposure to the real estate sector had a positive impact on the Fund’s performance relative to the Index. At the regional level, all regions detracted from the Fund’s relative performance, with stock selection in Japan and continental Europe being the largest detractors overall.

Outlook

The story for the global economy in 2022 has largely been about battling record-high inflation. Even though

1

GUARDIAN INTERNATIONAL GROWTH VIP FUND

latest datapoints suggest that inflation is receding, the aggressive monetary policy response from central banks has impacted economic growth. While we saw global profits expanding modestly in 2022, we now expect a moderate decline in global earnings in 2023. We believe active management and thorough fundamental research will be paramount, and quality — of both management and balance sheets — matters a great deal in a more difficult environment.

While inflation continues to remain above central banks’ targets, we believe that inflation could start to moderate as economies slow, the labor market softens, supply chain pressures ease, and Europe manages to diversify its energy supply. However, there are increased concerns of a recession. Consumer spending is expected to be hampered by a continued fiscal drag and falling household savings. Additionally, a meaningful decline in government spending relative to revenues could reduce the aggregate demand within the economy. Business fixed investment will also likely be weak in 2023, reflecting higher interest rates, declining corporate margins and pessimism concerning the economic outlook. We believe this could mean that most major developed economies see one or two quarters of negative real gross domestic product (GDP) growth in 2023.

We believe, however, that if we have a recession, it could be a mild one. The pent-up demand for labor, the lack of

over-building in the most cyclical sectors of the economy, healthy bank balance sheets and the absence, so far, of some new macroeconomic shock does seem to provide some protection against a worse outcome. In the wake of benign inflation reports, we believe investors now expect less tightening going forward so long as inflation is headed in the right direction. This, along with more obvious signs of economic weakness, could allow central banks to suspend further interest rate hikes early in 2023.

2022 turned out to be a very tough year for investors with Russia’s invasion of Ukraine challenging global energy supply, central banks pivoting aggressively to combat high inflation, widespread effects of a global pandemic impacting consumers, businesses, and supply chains — all leading to heightened volatility and a painful selloff in financial assets. While in our view risks around the growth outlook are high for 2023, they are also reflected in equity valuations. Indeed, in the latest release of J.P. Morgan Asset Management’s 2023 Long Term Capital Market assumptions, the long-term return expectations for global equities are at some of their highest levels in a decade and we believe equity markets could now be at an attractive entry point to the long-term investor.

¹  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.

² The Purchasing Managers’ Index data are compiled by S&P Global for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities.

³  The Eurozone PMI Index is produced by S&P Global and is based on original survey data collected from a representative panel of around 5,000 companies based in the euro area manufacturing and service sectors. National manufacturing data are included for Germany, France, Italy, Spain, the Netherlands, Austria, the Republic of Ireland and Greece. National services data are included for Germany, France, Italy, Spain and the Republic of Ireland. The flash estimate is typically based on approximately 85%–90% of total PMI survey responses each month and is designed to provide an accurate advance indication of the final PMI data.

2

GUARDIAN INTERNATIONAL GROWTH VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $114,662,315

Geographic Region Allocation¹

As of December 31, 2022

Sector Allocation²

As of December 31, 2022

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GUARDIAN INTERNATIONAL GROWTH VIP FUND

Top Ten Holdings1 As of December 31, 2022
Holding	Country	% of Total Net Assets
Nestle SA (Reg S)	Switzerland		5.58%
Novo Nordisk A/S, Class B	Denmark		4.97%
LVMH Moet Hennessy Louis Vuitton SE	France		4.48%
ASML Holding NV	Netherlands		4.34%
Roche Holding AG	Switzerland		4.33%
AstraZeneca PLC	United Kingdom		3.43%
Diageo PLC	United Kingdom		3.12%
AIA Group Ltd.	Hong Kong		3.07%
Keyence Corp.	Japan		2.66%
L’Oreal SA	France		2.48%
Total			38.46%

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.

4

GUARDIAN INTERNATIONAL GROWTH VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian International Growth VIP Fund		9/1/2016		-28.27%		1.79%		—		5.19%
MSCI® EAFE® Growth Index				-22.95%		2.49%		—		5.34%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

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.

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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

5

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,038.40	$	6.06		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 the one-half year period).

6

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 97.5%
Australia – 1.7%
IDP Education Ltd.		27,980	$	517,071
Woodside Energy Group Ltd.		60,965		1,475,055
��
				1,992,126
Cayman Islands – 0.6%
Tencent Holdings Ltd.		17,500		743,789
				743,789
Denmark – 7.6%
Coloplast A/S, Class B		12,757		1,494,720
Genmab A/S(1)		3,599		1,524,456
Novo Nordisk A/S, Class B		42,123		5,703,452
				8,722,628
France – 13.8%
Capgemini SE		11,461		1,922,169
L’Oreal SA		7,933		2,845,907
LVMH Moet Hennessy Louis Vuitton SE		7,065		5,132,333
Safran SA		14,041		1,754,608
Schneider Electric SE		17,165		2,414,076
Vinci SA		17,138		1,711,658
				15,780,751
Germany – 7.0%
adidas AG		10,135		1,383,531
Delivery Hero SE(1)(2)		21,024		1,007,205
Deutsche Boerse AG		10,676		1,842,045
Deutsche Telekom AG (Reg S)		46,298		923,482
Symrise AG		15,545		1,691,179
Zalando SE(1)(2)		33,824		1,199,096
				8,046,538
Hong Kong – 3.1%
AIA Group Ltd.		319,600		3,521,035
				3,521,035
India – 1.5%
HDFC Bank Ltd., ADR		24,505		1,676,387
				1,676,387
Ireland – 1.6%
Linde PLC		5,676		1,855,888
				1,855,888
Japan – 16.3%
Daikin Industries Ltd.		13,600		2,092,082
Hoya Corp.		21,600		2,089,912
Keyence Corp.		7,800		3,053,736
Kyowa Kirin Co. Ltd.		16,300		374,968
Recruit Holdings Co. Ltd.		60,300		1,917,773
Shimano, Inc.		6,300		1,003,765
Shin-Etsu Chemical Co. Ltd.		16,600		2,022,469
Sony Group Corp.		35,500		2,707,085
Sysmex Corp.		11,100		676,105
Tokio Marine Holdings, Inc.		39,300		841,278
Tokyo Electron Ltd.		6,300		1,871,500
				18,650,673

December 31, 2022	Shares		Value
Netherlands – 8.1%
Adyen NV(1)(2)		1,029	$	1,423,947
Argenx SE(1)		3,228		1,216,385
ASML Holding NV		9,191		4,975,115
Wolters Kluwer NV		16,262		1,698,714
				9,314,161
Singapore – 1.7%
DBS Group Holdings Ltd.		75,500		1,911,389
				1,911,389
Spain – 0.7%
Iberdrola SA		72,312		845,869
				845,869
Sweden – 4.1%
Assa Abloy AB, Class B		68,182		1,466,999
Atlas Copco AB, Class A		176,268		2,086,900
Epiroc AB, Class A		63,421		1,158,976
				4,712,875
Switzerland – 12.1%
Lonza Group AG (Reg S)		3,237		1,593,180
Nestle SA (Reg S)		55,359		6,393,161
Roche Holding AG		15,805		4,966,908
Straumann Holding AG (Reg S)		7,944		899,604
				13,852,853
Taiwan – 1.2%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		18,631		1,387,823
				1,387,823
United Kingdom – 15.7%
Allfunds Group PLC		111,710		780,593
Anglo American PLC		36,855		1,441,498
AstraZeneca PLC		28,974		3,932,217
Diageo PLC		80,939		3,574,209
Ferguson PLC		9,803		1,238,542
Intertek Group PLC		25,825		1,260,463
London Stock Exchange Group PLC		22,703		1,958,907
Oxford Nanopore Technologies PLC(1)		121,736		363,316
RELX PLC		96,186		2,652,334
Spirax-Sarco Engineering PLC		6,491		834,032
				18,036,111
United States – 0.7%
MercadoLibre, Inc.(1)		963		814,929
				814,929
Total Common Stocks (Cost $99,264,226)				111,865,825
Preferred Stocks – 0.8%
Germany – 0.8%
Sartorius AG, 0.36%		2,332		922,202
Total Preferred Stocks (Cost $806,868)				922,202

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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

December 31, 2022	Principal Amount		Value
Short–Term Investments – 1.2%
Repurchase Agreements – 1.2%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,350,444, due 1/3/2023(3)	$	1,350,252	$	1,350,252
Total Repurchase Agreements (Cost $1,350,252)				1,350,252
Total Investments – 99.5% (Cost $101,421,346)				114,138,279
Assets in excess of other liabilities – 0.5%				524,036
Total Net Assets – 100.0%			$	114,662,315

⁽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, 2022, the aggregate market value of these securities amounted to $3,630,248, representing 3.2% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	1,885,600	$	1,377,267

Legend:

ADR — American Depositary Receipt

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

SCHEDULE OF INVESTMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

The following is a summary of the inputs used as of December 31, 2022 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
Australia	$	—	$	1,992,126	*	$	—	$	1,992,126
Cayman Islands		—		743,789	*		—		743,789
Denmark		—		8,722,628	*		—		8,722,628
France		—		15,780,751	*		—		15,780,751
Germany		—		8,046,538	*		—		8,046,538
Hong Kong		—		3,521,035	*		—		3,521,035
India		1,676,387		—			—		1,676,387
Ireland		—		1,855,888	*		—		1,855,888
Japan		—		18,650,673	*		—		18,650,673
Netherlands		—		9,314,161	*		—		9,314,161
Singapore		—		1,911,389	*		—		1,911,389
Spain		—		845,869	*		—		845,869
Sweden		—		4,712,875	*		—		4,712,875
Switzerland		—		13,852,853	*		—		13,852,853
Taiwan		1,387,823		—			—		1,387,823
United Kingdom		—		18,036,111	*		—		18,036,111
United States		814,929		—			—		814,929
Preferred Stocks
Germany		—		922,202	*		—		922,202
Repurchase Agreements		—		1,350,252			—		1,350,252
Total	$	3,879,139	$	110,259,140		$	—	$	114,138,279

* 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. 9

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	114,138,279
Foreign currency, at value		4,609
Foreign tax reclaims receivable		436,569
Receivable for investments sold		228,209
Dividends/interest receivable		21,850
Prepaid expenses		3,547
Total Assets		114,833,063
Liabilities
Investment advisory fees payable		79,578
Distribution fees payable		24,987
Accrued audit fees		22,045
Payable for fund shares redeemed		15,713
Accrued custodian and accounting fees		12,478
Accrued trustees’ and officers’ fees		266
Accrued expenses and other liabilities		15,681
Total Liabilities		170,748
Total Net Assets	$	114,662,315
Net Assets Consist of:
Paid-in capital	$	91,636,408
Distributable earnings		23,025,907
Total Net Assets	$	114,662,315
Investments, at Cost	$	101,421,346
Foreign Currency, at Cost	$	4,533
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		8,318,334
Net Asset Value Per Share		$13.78

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	2,021,290
Interest		6,931
Withholding taxes on foreign dividends		(182,401	)
Total Investment Income		1,845,820
Expenses
Investment advisory fees		955,720
Distribution fees		301,910
Custodian and accounting fees		70,540
Professional fees		45,337
Trustees’ and officers’ fees		28,502
Administrative fees		27,463
Transfer agent fees		13,873
Shareholder reports		6,274
Other expenses		6,802
Total Expenses		1,456,421
Less: Fees waived		(31,406	)
Total Expenses, Net		1,425,015
Net Investment Income/(Loss)		420,805
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		(4,619,720	)
Net realized gain/(loss) from foreign currency transactions		22,247
Net change in unrealized appreciation/(depreciation) on investments		(38,909,416	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(11,809	)
Net Loss on Investments and Foreign Currency Transactions		(43,518,698	)
Net Decrease in Net Assets Resulting From Operations	$	(43,097,893)

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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL GROWTH VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	420,805		$	(73,457	)
Net realized gain/(loss) from investments and foreign currency transactions		(4,597,473	)		16,091,838
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(38,921,225	)		(389,270	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(43,097,893	)		15,629,111
Capital Share Transactions
Proceeds from sales of shares		30,232,445			18,963,179
Cost of shares redeemed		(21,298,973	)		(32,763,667	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		8,933,472			(13,800,488	)
Net Increase/(Decrease) in Net Assets		(34,164,421	)		1,828,623
Net Assets
Beginning of year		148,826,736			146,998,113
End of year	$	114,662,315		$	148,826,736
Other Information:
Shares
Sold		2,045,765			1,023,174
Redeemed		(1,474,540	)		(1,752,540	)
Net Increase/(Decrease)		571,225			(729,366	)

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

FINANCIAL INFORMATION — GUARDIAN INTERNATIONAL 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/(Loss)(1)			Net Realized and Unrealized Gain/(Loss)			Total Operations			Net Asset Value, End of Period		Total Return(2)
Year Ended 12/31/22	$	19.21	$	0.05		$	(5.48	)	$	(5.43	)	$	13.78		(28.27)%
Year Ended 12/31/21		17.34		(0.01	)		1.88			1.87			19.21		10.78%
Year Ended 12/31/20		13.53		(0.00	)(4)		3.81			3.81			17.34		28.16%
Year Ended 12/31/19		10.24		0.07			3.22			3.29			13.53		32.13%
Year Ended 12/31/18		12.61		0.12			(2.49	)		(2.37	)		10.24		(18.79)%

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
$	114,662		1.18%		1.21%		0.35%			0.32%		40%
	148,827		1.17%		1.17%		(0.05)%			(0.05)%		31%
	146,998		1.18%		1.24%		(0.00)%	(5)		(0.06)%		25%
	146,555		1.18%		1.26%		0.56%			0.48%		25%
	131,137		1.18%		1.32%		1.07%			0.93%		61%

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

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

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

⁽⁴⁾ Rounds to $(0.00) per share.

⁽⁵⁾ Rounds to (0.00)%.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian International Growth VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The 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 total return consisting of long-term capital growth and current income.

2. Significant Accounting Policies

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

a. Investment Valuations The Board of Trustees has designated Park Avenue Institutional Advisers LLC (“Park Avenue”) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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.

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.

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.

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% 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, 2023 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 and may be terminated only upon approval of the Board of Trustees.

16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $31,406.

Park Avenue has entered into a Sub-Advisory Agreement with J.P. Morgan Investment Management Inc. (“J.P. Morgan”). J.P. Morgan is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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, 2022, the Fund paid distribution fees in the amount of $301,910 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $57,455,204 and $48,352,680, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

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

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

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

17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN INTERNATIONAL GROWTH VIP FUND

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

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, of Guardian International Growth VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

21

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

22

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

23

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.

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

PUB8171

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Large Cap Disciplined Growth VIP Fund

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	21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 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 -31.51% for the 12 months ended December 31, 2022, underperforming its benchmark, the Russell 1000^® Growth Index¹ (the “Index”). The Fund’s underperformance relative to the Index was primarily due to security selection within the information technology, communication services, and real estate sectors.

• The Index returned -29.14% for the 12 months ended December 31, 2022. Within the Index, the energy, utilities, and consumer staples sectors significantly contributed to performance, while the communication services, consumer discretionary, and information technology sectors detracted from performance during the period.

Market Overview

U.S. equities, as measured by the Index, fell over the 12 months ended December 31, 2022, amid rampant inflation, surging borrowing costs, uncertainty about corporate earnings and an increased probability of recession. The year began with U.S. equities registering their first quarterly loss since March 2020. Fears about the economic implications of Russia’s large-scale military attack on Ukraine and the prospect of aggressive monetary policy tightening by the U.S. Federal Reserve (the “Fed”) drove the Index into correction territory in February. U.S. equities continued to fall during a volatile second quarter. Growth stocks significantly underperformed their value counterparts as surging Treasury yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index² to its largest quarterly loss since September 2001. The housing market was pressured by soaring mortgage rates, slowing demand, and elevated home prices. U.S. equities fell in the third quarter as risk sentiment deteriorated on fears that aggressive interest-rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. into a recession. U.S. equities rallied in the fourth quarter following three straight quarterly declines. Greater optimism that the Fed would begin to scale back its aggressive pace of interest-rate hikes, along with outsized short covering and hedging, helped to fuel a sharp rebound in stocks in October and November before risk sentiment waned in December amid recession fears, macroeconomic headwinds, and downside earnings risks in the coming quarters. In December, the Fed raised interest rates by 50 basis

points (“bps”), snapping a streak of four consecutive interest rate hikes of 75 bps.

Portfolio Review

Stock selection was the primary driver of underperformance relative to the Index during the period. Weak selection within the information technology, communication services, and real estate sectors was partially offset by stronger stock selection within the consumer discretionary, industrials, and health care sectors. Sector allocation, a residual component of the Fund’s bottom-up stock selection process, modestly detracted from performance relative to the Index. Underweight allocations to the consumer staples and energy sectors detracted from relative performance, but these effects were partially offset by the Fund’s overweight allocation to the health care sector and an underweight allocation to the communication services sector.

Outlook

As we look ahead, we believe that there are increasing indications that inflationary pressures are abating in the goods components of both the Consumer Price Index³ and the Personal Consumption Expenditures Price Index⁴, and that there is a clearer path to a gradual disinflation in housing-related expenses by the second half of 2023. However, the services component of both indicators remains stubbornly high, driven by a still-resilient U.S. labor market driving continued upward wage pressure. Accordingly, the Federal Open Market Committee (the “FOMC”) remains steadfast in its determination to continue to slow the U.S. economy and has indicated that incremental interest rate hikes should be expected in early 2023, with the FOMC’s “dot plot” median federal funds rate projection now having increased from 4.6% to 5.1% for the end of 2023. We believe it is increasingly clear that a mild recession is the likely scenario as the Fed seeks to cool wage inflation and bring down both realized inflation and future inflationary expectations.

With the Fed undertaking efforts to slow growth, companies may feel the impacts of decelerating revenue without relief from wage pressure in early 2023. Thus, we believe a key challenge for and differentiator amongst companies will be the degree to which they can avoid the resultant margin compression through productivity offsets, innovation, or market share gains.

As we enter 2023, Russia’s large scale military attack on Ukraine is approaching its one-year anniversary without any apparent cessation in sight. Both the preparation

1

GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

ahead of the winter season and milder-than-expected temperatures across the region have spared the continent from the worst-case scenario in terms of heating and energy supply, but we believe much uncertainty will remain in the conflict even after this winter has passed.

On the positive side, supply-chain issues which plagued most industries in the preceding two years continue to

ease, providing cost relief and improving visibility. Further, China appears to be relaxing its restrictive COVID-19 related policies to revitalize growth and placate an increasingly frustrated populace. We believe this incremental source of demand could help offset the expected frictions from slower growth elsewhere in the world.

¹ 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 higher price-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.

² The Nasdaq Composite Index (NASDAQ) is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange.

³ The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

⁴ The Personal Consumption Expenditures Price Index (PCE) is a measure of the prices that people living in the United States, or those buying on their behalf, pay for goods and services. The PCE price index is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior.

2

GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $439,541,208

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
Microsoft Corp.		9.27%
Apple, Inc.		9.01%
Amazon.com, Inc.		5.17%
Alphabet, Inc., Class A		4.67%
Mastercard, Inc., Class A		3.57%
UnitedHealth Group, Inc.		3.51%
Eli Lilly and Co.		2.70%
NIKE, Inc., Class B		2.24%
Deere & Co.		2.20%
TJX Cos., Inc.		2.09%
Total		44.43%

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, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Large Cap Disciplined Growth VIP Fund		9/1/2016		-31.51%		9.17%		—		11.25%
Russell 1000® Growth Index				-29.14%		10.96%		—		13.40%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

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.

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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	973.30	$	4.33		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 the one-half year period).

5

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 99.5%
Aerospace & Defense – 1.3%
Raytheon Technologies Corp.		56,346	$	5,686,438
				5,686,438
Automobiles – 0.9%
Tesla, Inc.(1)		30,768		3,790,002
				3,790,002
Beverages – 3.3%
Constellation Brands, Inc., Class A		27,584		6,392,592
Monster Beverage Corp.(1)		78,942		8,014,981
				14,407,573
Biotechnology – 4.1%
Regeneron Pharmaceuticals, Inc.(1)		8,141		5,873,650
Seagen, Inc.(1)		28,329		3,640,560
United Therapeutics Corp.(1)		6,552		1,822,046
Vertex Pharmaceuticals, Inc.(1)		23,525		6,793,549
				18,129,805
Building Products – 2.9%
Builders FirstSource, Inc.(1)		34,466		2,236,154
Fortune Brands Innovations, Inc.		60,686		3,465,778
Johnson Controls International PLC		109,494		7,007,616
				12,709,548
Capital Markets – 2.6%
Ares Management Corp., Class A		40,855		2,796,116
Morgan Stanley		54,910		4,668,448
S&P Global, Inc.		12,474		4,178,042
				11,642,606
Chemicals – 1.9%
PPG Industries, Inc.		38,290		4,814,585
Sherwin-Williams Co.		15,177		3,601,957
				8,416,542
Consumer Finance – 1.6%
American Express Co.		47,787		7,060,529
				7,060,529
Electronic Equipment, Instruments & Components – 3.0%
Amphenol Corp., Class A		85,566		6,514,995
CDW Corp.		37,769		6,744,788
				13,259,783
Entertainment – 0.9%
Walt Disney Co.(1)		45,867		3,984,925
				3,984,925
Equity Real Estate Investment Trusts (REITs) – 1.8%
Prologis, Inc.		41,740		4,705,350
Rexford Industrial Realty, Inc.		62,349		3,406,750
				8,112,100
Health Care Equipment & Supplies – 2.3%
Align Technology, Inc.(1)		10,916		2,302,184
Edwards Lifesciences Corp.(1)		51,978		3,878,079
Teleflex, Inc.		15,835		3,952,891
				10,133,154

December 31, 2022	Shares		Value
Health Care Providers & Services – 3.5%
UnitedHealth Group, Inc.		29,142	$	15,450,506
				15,450,506
Hotels, Restaurants & Leisure – 3.0%
Airbnb, Inc., Class A(1)		40,300		3,445,650
Booking Holdings, Inc.(1)		1,608		3,240,570
Chipotle Mexican Grill, Inc.(1)		4,575		6,347,767
				13,033,987
Interactive Media & Services – 5.2%
Alphabet, Inc., Class A(1)		232,847		20,544,091
ZoomInfo Technologies, Inc.(1)		77,260		2,326,299
				22,870,390
Internet & Direct Marketing Retail – 5.2%
Amazon.com, Inc.(1)		270,730		22,741,320
				22,741,320
IT Services – 6.7%
Block, Inc.(1)		40,402		2,538,862
FleetCor Technologies, Inc.(1)		28,060		5,154,061
Global Payments, Inc.		36,807		3,655,671
GoDaddy, Inc., Class A(1)		32,077		2,400,001
Mastercard, Inc., Class A		45,092		15,679,841
				29,428,436
Life Sciences Tools & Services – 1.7%
Thermo Fisher Scientific, Inc.		13,571		7,473,414
				7,473,414
Machinery – 4.1%
Deere & Co.		22,603		9,691,262
Ingersoll Rand, Inc.		42,595		2,225,589
Nordson Corp.		24,813		5,898,546
				17,815,397
Oil, Gas & Consumable Fuels – 1.3%
Pioneer Natural Resources Co.		24,247		5,537,772
				5,537,772
Personal Products – 1.8%
Estee Lauder Cos., Inc., Class A		32,713		8,116,423
				8,116,423
Pharmaceuticals – 2.7%
Eli Lilly and Co.		32,403		11,854,314
				11,854,314
Semiconductors & Semiconductor Equipment – 7.2%
Advanced Micro Devices, Inc.(1)		76,721		4,969,219
KLA Corp.		13,329		5,025,433
Marvell Technology, Inc.		53,740		1,990,530
NVIDIA Corp.		52,649		7,694,125
Teradyne, Inc.		33,812		2,953,478
Texas Instruments, Inc.		53,374		8,818,452
				31,451,237

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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED GROWTH VIP FUND

December 31, 2022	Shares		Value
Software – 15.6%
Five9, Inc.(1)		19,076	$	1,294,497
Microsoft Corp.		169,824		40,727,192
Palo Alto Networks, Inc.(1)		41,857		5,840,726
Paycom Software, Inc.(1)		14,511		4,502,908
Salesforce, Inc.(1)		35,308		4,681,488
ServiceNow, Inc.(1)		18,159		7,050,595
Workday, Inc., Class A(1)		26,966		4,512,221
				68,609,627
Specialty Retail – 2.1%
TJX Cos., Inc.		115,169		9,167,452
				9,167,452
Technology Hardware, Storage & Peripherals – 9.0%
Apple, Inc.		304,641		39,582,005
				39,582,005
Textiles, Apparel & Luxury Goods – 3.8%
Lululemon Athletica, Inc.(1)		21,643		6,933,984
NIKE, Inc., Class B		84,300		9,863,943
				16,797,927
Total Common Stocks (Cost $390,612,541)				437,263,212

December 31, 2022	Principal Amount		Value
Short–Term Investments – 0.6%
Repurchase Agreements – 0.6%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $2,806,337, due 1/3/2023(2)	$	2,805,938	$	2,805,938
Total Repurchase Agreements (Cost $2,805,938)				2,805,938
Total Investments – 100.1% (Cost $393,418,479)				440,069,150
Liabilities in excess of other assets – (0.1)%				(527,942	)
Total Net Assets – 100.0%			$	439,541,208

⁽¹⁾ Non–income–producing security.

⁽²⁾ The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	3,918,500	$	2,862,125

The following is a summary of the inputs used as of December 31, 2022 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	$	437,263,212	$	—	$	—	$	437,263,212
Repurchase Agreements		—		2,805,938		—		2,805,938
Total	$	437,263,212	$	2,805,938	$	—	$	440,069,150

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, 2022
Assets
Investments, at value	$	440,069,150
Receivable for investments sold		3,253,855
Receivable for fund shares subscribed		152,447
Dividends/interest receivable		126,690
Reimbursement receivable from adviser		1,484
Prepaid expenses		15,083
Total Assets		443,618,709
Liabilities
Payable for investments purchased		3,629,783
Investment advisory fees payable		217,631
Distribution fees payable		96,464
Payable for fund shares redeemed		67,417
Accrued audit fees		20,476
Accrued custodian and accounting fees		5,002
Accrued trustees’ and officers’ fees		1,307
Accrued expenses and other liabilities		39,421
Total Liabilities		4,077,501
Total Net Assets	$	439,541,208
Net Assets Consist of:
Paid-in capital	$	222,431,705
Distributable earnings		217,109,503
Total Net Assets	$	439,541,208
Investments, at Cost	$	393,418,479
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		22,364,295
Net Asset Value Per Share		$19.65

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	3,575,688
Interest		12,477
Total Investment Income		3,588,165
Expenses
Investment advisory fees		2,788,848
Distribution fees		1,246,626
Professional fees		122,993
Trustees’ and officers’ fees		118,603
Administrative fees		58,596
Custodian and accounting fees		36,485
Transfer agent fees		17,428
Shareholder reports		12,005
Other expenses		28,706
Total Expenses		4,430,290
Less: Fees waived		(92,032	)
Total Expenses, Net		4,338,258
Net Investment Income/(Loss)		(750,093	)
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		(10,126,990	)
Net change in unrealized appreciation/(depreciation) on investments		(185,987,750	)
Net Loss on Investments		(196,114,740	)
Net Decrease in Net Assets Resulting From Operations	$	(196,864,833)

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 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	(750,093	)	$	(2,173,142	)
Net realized gain/(loss) from investments		(10,126,990	)		88,747,072
Net change in unrealized appreciation/(depreciation) on investments		(185,987,750	)		33,706,515
Net Increase/(Decrease) in Net Assets Resulting from Operations		(196,864,833	)		120,280,445
Capital Share Transactions
Proceeds from sales of shares		91,090,129			33,236,212
Cost of shares redeemed		(77,446,731	)		(152,156,096	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		13,643,398			(118,919,884	)
Net Increase/(Decrease) in Net Assets		(183,221,435	)		1,360,561
Net Assets
Beginning of year		622,762,643			621,402,082
End of year	$	439,541,208		$	622,762,643
Other Information:
Shares
Sold		4,085,055			1,289,760
Redeemed		(3,426,409	)		(5,655,289	)
Net Increase/(Decrease)		658,646			(4,365,529	)

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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED 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 Loss(1)			Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Year Ended 12/31/22	$	28.69	$	(0.03)		$	(9.01)	$	(9.04)	$	19.65		(31.51)%
Year Ended 12/31/21		23.83		(0.09)			4.95		4.86		28.69		20.39%
Year Ended 12/31/20		17.47		(0.02)			6.38		6.36		23.83		36.41%
Year Ended 12/31/19		12.52		(0.00)	(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)%

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 Loss to Average Net Assets(3)		Gross Ratio of Net Investment Loss to Average Net Assets		Portfolio Turnover Rate
$	439,541		0.87%		0.89%		(0.15)%		(0.17)%		38%
	622,763		0.87%		0.87%		(0.34)%		(0.34)%		28%
	621,402		0.87%		0.89%		(0.12)%		(0.14)%		24%
	625,755		0.87%		0.96%		(0.01)%		(0.10)%		116%
	181,144		0.87%		1.04%		(0.05)%		(0.22)%		47%

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

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

⁽³⁾  Net Ratio of Expenses to Average Net Assets and Net Ratio of Net Investment Loss to Average Net Assets include the effect of fee waivers, expense limitations, and recoupments, if any.

⁽⁴⁾  Rounds to $(0.00) per share.

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, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Disciplined Growth VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

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

The Fund seeks to maximize long-term growth.

2. Significant Accounting Policies

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

a. Investment Valuations The Board of Trustees has designated Park Avenue Institutional Advisers LLC (“Park Avenue”) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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 DISCIPLINED 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 the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.62% up to $100 million, 0.57% from $100 to $300 million, 0.52% from $300 to $500 million, and 0.50% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.87% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $92,032.

Park Avenue has entered into a Sub-Advisory Agreement with Wellington Management Company LLP (“Wellington”). Wellington is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees

14

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

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, 2022, the Fund paid distribution fees in the amount of $1,246,626 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $202,077,415 and $189,653,927, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

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

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

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

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement)

15

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

plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the

performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

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, of Guardian 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 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.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

20

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

21

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.

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

PUB8173

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Large Cap Disciplined Value VIP Fund

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	2
Fund Performance	3
Understanding Your Fund’s Expenses	4
Financial Information
Schedule of Investments	5
Statement of Assets and Liabilities	7
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	10
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	17
Supplemental Information
Trustees and Officers Information Table	18
Portfolio Holdings and Proxy Voting Procedures	21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 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 -4.90%, outperforming its benchmark, the Russell 1000^® Value Index¹ (the “Index”), for the 12 months ended December 31, 2022. The Fund’s outperformance relative to the Index was primarily due to stock selection in the health care, financials, industrials and consumer discretionary sectors. Sector allocation also contributed positively mainly due to an underweight to the real estate and communication services sectors and an overweight to the energy and health care sectors.

• The Index returned -7.54% for the period. The energy and health care sectors were two of the largest contributors to performance for the Index during the period.

Market Overview

While historically one of the strongest months of the year for stock performance, December 2022 proved to be a disappointment for investors as the Standard & Poor’s 500^® Index² (the “S&P 500 Index”) fell by

-5.76% on a total return basis during the final month of 2022. Though ultimately proven to be premature, optimism about the potential for an early U.S. Federal Reserve (the “Fed”) pause on interest rate hikes during October and November was enough to help the S&P 500 Index post a gain of +7.56% for the quarter. For the year, the S&P Index dropped by -18.11%, the worst performance for the S&P 500 Index since 2008, as headwinds from inflation, the war in Ukraine, central bank tightening and the fear of recession proved to be insurmountable. The communication services (-39.89%), consumer discretionary (-37.03%), information technology (-28.19%) sectors, as well as the real estate (-26.17%) sector, all suffered as interest

rates rose by an average of 270 basis points across the U.S. Treasury yield curve. This led to a -13.01% loss for the Bloomberg U.S. Aggregate Bond Index³ (the “Bond Index”) its worst performance on record since 1977. Given this bearish backdrop, stocks with defensive characteristics (e.g., high quality, low beta, large capitalizations) were favored by investors throughout the year.

Portfolio Review

For the 12 months ended December 31, 2022, stock selection and sector allocation both aided and detracted from relative performance. Positive stock selection was led by the health care, financials, industrials and consumer discretionary sectors. Sector allocation in the energy, health care, real estate and communication services sectors contributed to returns relative to the Index. The Fund’s overweight to the technology sector and its underweight to the utilities and consumer staples sectors reduced returns relative to the Index during the year. Stock selection detracted from performance relative to the Index within the technology, consumer staples and communication services sectors.

Outlook

The S&P 500 Index has suffered back-to-back calendar losses only eight times in its ninety-five-year history (8.4% occurrence) dating back to 1928. The Bond Index has produced back-to-back yearly losses only once in its forty-five-year history, which occurred in 2022, and it has never had three consecutive years of losses. The Fund’s investment team will continue to maintain a focus on seeking investments that it believes have not only attractive valuation characteristics and solid business fundamentals, but also improving business momentum. Our disciplined and repeatable process has been in place for nearly three decades, and we believe our team is well suited to navigate this chaotic environment, with our emphasis on bottom-up security selection and sound fundamental analysis.

¹ The Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Index (which consists of the 1,000 largest U.S. companies based on total market capitalization) with lower price-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.

² 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.

³ The Bond 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 Bond Index and, unlike the Fund, the Bond Index does not incur fees or expenses.

1

GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $153,193,303

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
Johnson & Johnson		3.88%
JPMorgan Chase & Co.		3.64%
Berkshire Hathaway, Inc., Class B		3.55%
Bristol Myers Squibb Co.		2.69%
Sanofi, ADR		2.56%
ConocoPhillips		2.52%
AutoZone, Inc.		2.45%
Charles Schwab Corp.		2.42%
Cigna Corp.		2.39%
CVS Health Corp.		2.33%
Total		28.43%

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.

2

GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Large Cap Disciplined Value VIP Fund		9/1/2016		-4.90%		6.57%		—		9.39%
Russell 1000® Value Index				-7.54%		6.67%		—		8.47%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

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.

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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

3

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,065.80	$	5.05		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 the one-half year period).

4

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

December 31, 2022		Shares		Value
Common Stocks – 97.8%
Aerospace & Defense – 2.4%
General Dynamics Corp.			6,573	$	1,630,827
Howmet Aerospace, Inc.			51,149		2,015,782
					3,646,609
Banks – 8.2%
Bank of America Corp.	��		75,438		2,498,506
JPMorgan Chase & Co.			41,596		5,578,024
Truist Financial Corp.			28,091		1,208,756
Wells Fargo & Co.			77,805		3,212,568
					12,497,854
Beverages – 2.8%
Coca-Cola Europacific Partners PLC			24,741		1,368,672
Keurig Dr Pepper, Inc.			80,641		2,875,658
					4,244,330
Biotechnology – 1.4%
AbbVie, Inc.			13,360		2,159,110
					2,159,110
Building Products – 1.3%
Allegion PLC			8,078		850,290
Masco Corp.			24,787		1,156,810
					2,007,100
Capital Markets – 4.4%
Charles Schwab Corp.			44,609		3,714,145
Goldman Sachs Group, Inc.			6,368		2,186,644
Intercontinental Exchange, Inc.			8,900		913,051
					6,813,840
Chemicals – 3.5%
Axalta Coating Systems Ltd.(1)			54,200		1,380,474
DuPont de Nemours, Inc.			39,610		2,718,434
Olin Corp.			23,356		1,236,467
					5,335,375
Communications Equipment – 2.1%
Cisco Systems, Inc.			66,735		3,179,255
					3,179,255
Construction Materials – 0.8%
CRH PLC, ADR			32,424		1,290,151
					1,290,151
Consumer Finance – 0.4%
Capital One Financial Corp.			6,469		601,358
					601,358
Distributors – 0.9%
LKQ Corp.			26,737		1,428,023
				��
					1,428,023
Diversified Financial Services – 3.5%
Berkshire Hathaway, Inc., Class B(1)			17,593		5,434,478
					5,434,478
Electric Utilities – 1.1%
FirstEnergy Corp.			39,160		1,642,370
					1,642,370

December 31, 2022	Shares		Value
Electrical Equipment – 1.0%
Eaton Corp. PLC		10,133	$	1,590,374
				1,590,374
Energy Equipment & Services – 2.1%
Halliburton Co.		17,128		673,987
Schlumberger Ltd.		48,445		2,589,869
				3,263,856
Entertainment – 0.6%
Activision Blizzard, Inc.		12,676		970,348
				970,348
Food & Staples Retailing – 0.9%
US Foods Holding Corp.(1)		39,525		1,344,640
				1,344,640
Health Care Equipment & Supplies – 0.3%
Envista Holdings Corp.(1)		13,592		457,643
				457,643
Health Care Providers & Services – 10.5%
AmerisourceBergen Corp.		12,487		2,069,221
Centene Corp.(1)		34,913		2,863,215
Cigna Corp.		11,027		3,653,686
CVS Health Corp.		38,268		3,566,195
McKesson Corp.		2,149		806,133
UnitedHealth Group, Inc.		5,934		3,146,088
				16,104,538
Hotels, Restaurants & Leisure – 0.6%
Booking Holdings, Inc.(1)		456		918,968
				918,968
Household Durables – 1.6%
Mohawk Industries, Inc.(1)		10,841		1,108,167
Sony Group Corp., ADR		17,600		1,342,528
				2,450,695
Insurance – 2.2%
Allstate Corp.		5,249		711,764
Chubb Ltd.		8,323		1,836,054
Everest Re Group Ltd.		2,400		795,048
				3,342,866
Interactive Media & Services – 2.2%
Alphabet, Inc., Class A(1)		38,120		3,363,328
				3,363,328
IT Services – 3.4%
Cognizant Technology Solutions Corp., Class A		21,819		1,247,828
Fidelity National Information Services, Inc.		11,182		758,699
FleetCor Technologies, Inc.(1)		6,685		1,227,901
Global Payments, Inc.		7,496		744,503
SS&C Technologies Holdings, Inc.		23,900		1,244,234
				5,223,165

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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

December 31, 2022	Shares		Value
Life Sciences Tools & Services – 1.5%
Avantor, Inc.(1)		49,724	$	1,048,679
ICON PLC(1)		6,631		1,288,072
				2,336,751
Machinery – 4.9%
Caterpillar, Inc.		5,987		1,434,246
Deere & Co.		5,007		2,146,801
Dover Corp.		5,534		749,359
Fortive Corp.		14,227		914,085
Otis Worldwide Corp.		15,307		1,198,691
Westinghouse Air Brake Technologies Corp.		10,015		999,597
				7,442,779
Multi-Utilities – 1.0%
CenterPoint Energy, Inc.		50,274		1,507,717
				1,507,717
Oil, Gas & Consumable Fuels – 10.2%
Canadian Natural Resources Ltd.		38,338		2,128,909
Cenovus Energy, Inc.		107,134		2,079,471
ConocoPhillips		32,752		3,864,736
Devon Energy Corp.		26,691		1,641,764
EOG Resources, Inc.		8,460		1,095,739
Marathon Petroleum Corp.		24,321		2,830,721
Pioneer Natural Resources Co.		8,360		1,909,340
				15,550,680
Pharmaceuticals – 9.1%
Bristol Myers Squibb Co.		57,257		4,119,641
Johnson & Johnson		33,667		5,947,276
Sanofi, ADR		81,044		3,924,961
				13,991,878
Professional Services – 0.9%
Leidos Holdings, Inc.		12,577		1,322,975
				1,322,975
Road & Rail – 1.1%
Union Pacific Corp.		8,108		1,678,924
				1,678,924
Semiconductors & Semiconductor Equipment – 5.8%
Advanced Micro Devices, Inc.(1)		14,506		939,554
Applied Materials, Inc.		15,929		1,551,166
Lam Research Corp.		1,769		743,511

December 31, 2022	Shares		Value
Semiconductors & Semiconductor Equipment (contined)
Microchip Technology, Inc.		19,366	$	1,360,461
Micron Technology, Inc.		24,806		1,239,804
NXP Semiconductors NV		1,718		271,496
Qorvo, Inc.(1)		4,855		440,057
QUALCOMM, Inc.		21,815		2,398,341
				8,944,390
Specialty Retail – 2.5%
AutoZone, Inc.(1)		1,521		3,751,060
				3,751,060
Trading Companies & Distributors – 1.2%
United Rentals, Inc.(1)		5,015		1,782,431
				1,782,431
Wireless Telecommunication Services – 1.4%
T-Mobile US, Inc.(1)		15,244		2,134,160
				2,134,160
Total Common Stocks (Cost $116,990,242)				149,754,019
	Principal Amount		Value
Short–Term Investments – 2.2%
Repurchase Agreements – 2.2%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $3,385,219, due 1/3/2023(2)	$	3,384,738		3,384,738
Total Repurchase Agreements (Cost $3,384,738)				3,384,738
Total Investments – 100.0% (Cost $120,374,980)				153,138,757
Assets in excess of other liabilities – 0.0%				54,546
Total Net Assets – 100.0%			$	153,193,303

⁽¹⁾  Non–income–producing security.

⁽²⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	4,726,700	$	3,452,445

Legend:

ADR — American Depositary Receipt

The following is a summary of the inputs used as of December 31, 2022 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	$	149,754,019	$	—	$	—	$	149,754,019
Repurchase Agreements		—		3,384,738		—		3,384,738
Total	$	149,754,019	$	3,384,738	$	—	$	153,138,757

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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	153,138,757
Cash		8,365
Receivable for investments sold		113,102
Dividends/interest receivable		78,983
Foreign tax reclaims receivable		48,448
Receivable for fund shares subscribed		736
Prepaid expenses		5,635
Total Assets		153,394,026
Liabilities
Investment advisory fees payable		86,039
Payable for fund shares redeemed		35,071
Distribution fees payable		33,087
Accrued audit fees		20,476
Accrued custodian and accounting fees		6,836
Accrued trustees’ and officers’ fees		445
Accrued expenses and other liabilities		18,769
Total Liabilities		200,723
Total Net Assets	$	153,193,303
Net Assets Consist of:
Paid-in capital	$	65,859,495
Distributable earnings		87,333,808
Total Net Assets	$	153,193,303
Investments, at Cost	$	120,374,980
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		8,675,135
Net Asset Value Per Share		$17.66

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	3,599,681
Interest		15,253
Withholding taxes on foreign dividends		(78,974	)
Total Investment Income		3,535,960
Expenses
Investment advisory fees		1,123,028
Distribution fees		447,095
Professional fees		50,211
Trustees’ and officers’ fees		42,277
Custodian and accounting fees		33,947
Administrative fees		32,648
Transfer agent fees		12,544
Shareholder reports		6,105
Other expenses		9,563
Total Expenses		1,757,418
Less: Fees waived		(22,690	)
Total Expenses, Net		1,734,728
Net Investment Income/(Loss)		1,801,232
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		17,293,113
Net realized gain/(loss) from foreign currency transactions		(831	)
Net change in unrealized appreciation/(depreciation) on investments		(28,742,785	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		82
Net Loss on Investments and Foreign Currency Transactions		(11,450,421	)
Net Decrease in Net Assets Resulting From Operations	$	(9,649,189	)

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

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	1,801,232		$	1,593,869
Net realized gain/(loss) from investments and foreign currency transactions		17,292,282			36,678,654
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(28,742,703	)		22,156,639
Net Increase/(Decrease) in Net Assets Resulting from Operations		(9,649,189	)		60,429,162
Capital Share Transactions
Proceeds from sales of shares		9,188,915			7,814,852
Cost of shares redeemed		(65,454,790	)		(72,545,712	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(56,265,875	)		(64,730,860	)
Net Decrease in Net Assets		(65,915,064	)		(4,301,698	)
Net Assets
Beginning of year		219,108,367			223,410,065
End of year	$	153,193,303		$	219,108,367
Other Information:
Shares
Sold		527,283			447,511
Redeemed		(3,648,672	)		(4,274,978	)
Net Decrease		(3,121,389	)		(3,827,467	)

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

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9

FINANCIAL INFORMATION — GUARDIAN LARGE CAP DISCIPLINED VALUE 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 12/31/22	$	18.57	$	0.18		$	(1.09	)	$	(0.91	)	$	17.66		(4.90)%
Year Ended 12/31/21		14.30		0.12			4.15			4.27			18.57		29.86%
Year Ended 12/31/20		14.13		0.19	(4)		(0.02	)		0.17			14.30		1.20%
Year Ended 12/31/19		11.45		0.16			2.52			2.68			14.13		23.41%
Year Ended 12/31/18		12.85		0.15			(1.55	)		(1.40	)		11.45		(10.89)%

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 to Average Net Assets			Portfolio Turnover Rate
$	153,193		0.97%		0.98%		1.01%			1.00%			33%
	219,108		0.97%		0.97%		0.71%			0.71%			45%
	223,410		0.97%		1.02%		1.53%	(4)		1.48%	(4)		73%
	213,249		0.97%		1.03%		1.22%			1.16%			66%
	185,363		0.97%		1.08%		1.16%			1.05%			56%

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

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

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

⁽⁴⁾  Reflects a special dividend paid out during the year by one of the Fund’s holdings. Had the Fund not received the special dividend, the Net Investment Income per share would have been $0.14, the Net Ratio of Net Investment Income to Average Net Assets would have been 1.15%, and the Gross Ratio of Net Investment Income to Average Net Assets would have been 1.10%.

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

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

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Disciplined Value VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

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

The Fund seeks to provide long-term growth of capital primarily through investment in equity securities. Current income is a secondary objective.

2. Significant Accounting Policies

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

a. Investment Valuations The Board of Trustees has designated Park Avenue Institutional Advisers LLC (“Park Avenue”) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of

fair values based on results of ongoing valuation oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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 DISCIPLINED VALUE VIP FUND

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

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

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

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

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.65% up to $100 million, 0.60% from $100 to $300 million, 0.55% from $300 to $500 million, and 0.53% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 0.97% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $22,690.

Park Avenue has entered into a Sub-Advisory Agreement with Boston Partners Global Investors, Inc. (“Boston Partners”). Boston Partners is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP DISCIPLINED VALUE VIP 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, 2022, the Fund paid distribution fees in the amount of $447,095 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $58,395,001 and $115,049,171, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include,

but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

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

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any

15

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

day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that

provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

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, of Guardian 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019–2022); Vice President and Associate General Counsel, MetLife, Inc. (2010–2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

20

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

21

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.

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

PUB8174

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Large Cap Fundamental Growth VIP Fund

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

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	21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 -32.75%, underperforming its benchmark, the Russell 1000^® Growth Index¹ (the “Index”), for the 12 months ended December 31, 2022. The Fund’s underperformance relative to the Index was primarily due to stock selection in the information technology (“IT”) and communication services sectors.

• The Index delivered a -29.14% return for the period. This performance was largely due to the aggressive tightening of financial conditions by the U.S. Federal Reserve (the “Fed”), which raised short-term interest rates to stem the highest U.S. inflation readings in more than 40 years. Higher rates weighed most heavily on growth stocks whose valuations are largely based on profits expected well into the future. In this environment, growth stocks underperformed value stocks as measured by the Russell 1000^® Value Index (the “Value Index”)² by over 21 percentage points for the year. The Russian invasion of Ukraine further stoked inflation while upsetting some key global supply chains, adding further headwinds to equity performance. And finally, the unwinding of ample liquidity provided to assist with the COVID-19 pandemic raised the chances of the U.S. falling into recession, which hurt consumer sentiment and slowed spending.

Market Overview

Equity markets took a defensive shift in 2022, resulting in an -18.11% decline for the Standard & Poor’s 500^® Index (the “S&P 500 Index”)³. Rising inflation prompted the Fed to take on a more hawkish stance, accelerating the tapering of asset purchases and increasing interest rate hike projections. This drove equities, in particular higher-growth companies, to sell off early in the year. Russia’s invasion of Ukraine in February further disrupted global supply chains and reduced global commodity reserves due to the sanctions levied on Russia. The conflict increased the probability of a recession in Europe, which investors feared could spread to other developed economies. Oil and gas prices spiked, lifting the energy sector and driving further inflation. The U.S. 10-year Treasury yield jumped from 1.6% to 2.3% in the first quarter of 2022.

Such conditions remained in the second quarter of 2022, with persistent inflation prompting central banks to take

more hawkish stances. The Fed raised the federal funds rate by 50 basis points (“bps”) in May and 75 bps in June. These hikes jarred financial markets, significantly compressing equity multiples. Defensive sectors led the market, along with the energy sector, while mega cap growth stocks sold off. Concerns over companies’ abilities to maintain current margins increased, as did the probability of a “hard landing” for the economy. U.S. 10-year Treasury yields rose to 3.01%. A bear market rally followed in July, with investors bidding up growth stocks in particular in the hopes a policy-engineered recession would spur a reversal in Fed policy. Such hopes were disappointed in August when candid statements by Fed Chair Powell signaled the Fed’s intent to continue raising rates beyond previous targets, regardless of the economic consequences. Higher bond yields — the U.S. 10-year Treasury yield rose to 3.83% in the third quarter of 2022 — helped strengthen the U.S. dollar, reducing overseas revenues for multinational companies. Emerging evidence of a slowing economy, which might prompt an early Fed pivot from its tightening regime, along with some better-than-expected earnings, helped equities to close out the period on a positive note. After edging up above 4%, the U.S. 10-year Treasury yield ended the period at 3.88%, up over 200 basis points for the reporting period, as the Fed signaled a higher-for-longer future for interest rates and a recession became the base case for 2023.

Portfolio Review

Stock selection in the IT and communication services sectors were the primary detractors from performance relative to the Index. An underweight to the consumer staples sector also detracted from relative results. On the positive side, an overweight to the health care and industrials sectors, underweight to the communication services and consumer discretionary sectors and stock selection in the consumer staples sector were the primary contributors to relative returns.

Outlook

Corporate earnings expectations retreated during the fourth quarter, declining -2.8%, the first year-over-year earnings decline since the third quarter of 2020, according to FactSet. As of mid-December, 63 S&P 500 companies had issued negative forward guidance compared to 34 reporting positive projections. We think these trends underestimate the downward earnings revisions still to come and will be closely monitoring the guidance provided by portfolio companies during the upcoming quarterly reporting period. We see the current economic environment as weak and expect it to

1

GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

become even weaker, with pain still to be felt on both the corporate and consumer side as the hammer of monetary policy, which acts with a lag, begins to make an impact on investments. We believe companies are looking for any way to cut costs, particularly IT and shadow technology sectors, with layoffs increasing among the largest growth companies. The pandemic savings accumulated by households are eroding, with retail sales likely to struggle in the year ahead. While we believe the consumer remains in good fiscal shape, in our view, credit is starting to worsen and we expect a credit cycle to take hold at this stage of the economic contraction. Paradoxically, a slowdown in inflation could

also create headwinds: retailers no longer able to lean on price as a revenue driver may see margins contract. Mega-cap growth companies are struggling as much as other businesses due to downstream weakness of their clients. Cloud spending is being hurt by budget constraints of buyers, the advertising business is slowing and management confidence is being challenged by increasingly negative data prints. In short, we believe all signs point to a challenging earnings year. Despite so much uncertainty, we maintain confidence in the Fund’s portfolio positioning.

¹ 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 higher price-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.

² The Value Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Value Index (which consists of the 1,000 largest U.S. companies based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values. Index results assume the reinvestment of dividends paid on the stocks constituting the Value Index. You may not invest in the Value Index, and, unlike the Fund, the Value 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.

³ 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.

2

GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $253,603,242

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
Microsoft Corp.		7.59%
Amazon.com, Inc.		5.97%
Visa, Inc., Class A		5.79%
UnitedHealth Group, Inc.		5.05%
Apple, Inc.		4.42%
Thermo Fisher Scientific, Inc.		3.37%
NVIDIA Corp.		3.29%
Netflix, Inc.		2.98%
Monster Beverage Corp.		2.85%
Zoetis, Inc.		2.80%
Total		44.11%

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, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Large Cap Fundamental Growth VIP Fund		9/1/2016		-32.75%		6.72%		—		9.37%
Russell 1000® Growth Index				-29.14%		10.96%		—		13.40%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	986.60	$	4.66		0.93%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.52	$	4.74		0.93%

* 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 the one-half year period).

5

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 97.9%
Aerospace & Defense – 2.8%
Raytheon Technologies Corp.		69,920	$	7,056,326
				7,056,326
Air Freight & Logistics – 2.5%
United Parcel Service, Inc., Class B		36,956		6,424,431
				6,424,431
Auto Components – 1.4%
Aptiv PLC(1)		36,974		3,443,389
				3,443,389
Automobiles – 0.4%
Tesla, Inc.(1)		8,300		1,022,394
				1,022,394
Beverages – 2.9%
Monster Beverage Corp.(1)		71,190		7,227,921
				7,227,921
Capital Markets – 2.8%
S&P Global, Inc.		21,123		7,074,938
				7,074,938
Chemicals – 1.7%
Sherwin-Williams Co.		18,000		4,271,940
				4,271,940
Electrical Equipment – 2.6%
Eaton Corp. PLC		42,040		6,598,178
				6,598,178
Entertainment – 3.6%
Netflix, Inc.(1)		25,600		7,548,928
Sea Ltd., ADR(1)		31,560		1,642,067
				9,190,995
Equity Real Estate Investment Trusts (REITs) – 1.8%
Equinix, Inc.		7,027		4,602,896
				4,602,896
Health Care Equipment & Supplies – 8.7%
Alcon, Inc.		81,360		5,577,228
Dexcom, Inc.(1)		49,100		5,560,084
Intuitive Surgical, Inc.(1)		21,670		5,750,135
Stryker Corp.		21,000		5,134,290
				22,021,737
Health Care Providers & Services – 5.0%
UnitedHealth Group, Inc.		24,147		12,802,256
				12,802,256
Insurance – 1.5%
Marsh & McLennan Cos., Inc.		23,400		3,872,232
				3,872,232
Interactive Media & Services – 1.9%
Meta Platforms, Inc., Class A(1)		40,613		4,887,368
				4,887,368

December 31, 2022	Shares		Value
Internet & Direct Marketing Retail – 6.0%
Amazon.com, Inc.(1)		180,200	$	15,136,800
				15,136,800
IT Services – 7.7%
PayPal Holdings, Inc.(1)		67,215		4,787,052
Visa, Inc., Class A		70,687		14,685,931
				19,472,983
Life Sciences Tools & Services – 3.4%
Thermo Fisher Scientific, Inc.		15,532		8,553,317
				8,553,317
Personal Products – 1.8%
Estee Lauder Cos., Inc., Class A		18,300		4,540,413
				4,540,413
Pharmaceuticals – 2.8%
Zoetis, Inc.		48,421		7,096,098
				7,096,098
Road & Rail – 1.4%
Uber Technologies, Inc.(1)		143,682		3,553,256
				3,553,256
Semiconductors & Semiconductor Equipment – 6.1%
ASML Holding NV		9,300		5,081,520
Intel Corp.		78,600		2,077,398
NVIDIA Corp.		57,032		8,334,656
				15,493,574
Software – 17.5%
Adobe, Inc.(1)		12,360		4,159,511
Atlassian Corp., Class A(1)		20,790		2,675,257
Microsoft Corp.		80,304		19,258,505
Palo Alto Networks, Inc.(1)		40,982		5,718,628
Salesforce, Inc.(1)		35,450		4,700,316
Splunk, Inc.(1)		40,281		3,467,791
Unity Software, Inc.(1)		28,900		826,251
Workday, Inc., Class A(1)		22,030		3,686,280
				44,492,539
Specialty Retail – 1.9%
Advance Auto Parts, Inc.		22,460		3,302,294
Tractor Supply Co.		6,620		1,489,301
				4,791,595
Technology Hardware, Storage & Peripherals – 4.4%
Apple, Inc.		86,344		11,218,676
				11,218,676
Textiles, Apparel & Luxury Goods – 2.6%
NIKE, Inc., Class B		55,900		6,540,859
				6,540,859
Trading Companies & Distributors – 2.7%
WW Grainger, Inc.		12,279		6,830,194
				6,830,194
Total Common Stocks (Cost $219,312,697)				248,217,305

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

SCHEDULE OF INVESTMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

December 31, 2022	Principal Amount		Value
Short–Term Investments – 2.2%
Repurchase Agreements – 2.2%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $5,573,713, due 1/3/2023(2)	$	5,572,921	$	5,572,921
Total Repurchase Agreements (Cost $5,572,921)				5,572,921
Total Investments – 100.1% (Cost $224,885,618)				253,790,226
Liabilities in excess of other assets – (0.1)%				(186,984	)
Total Net Assets – 100.0%			$	253,603,242

⁽¹⁾  Non–income–producing security.

⁽²⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	7,782,500	$	5,684,442

Legend:

ADR — American Depositary Receipt

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

The following is a summary of the inputs used as of December 31, 2022 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	$	248,217,305	$	—	$	—	$	248,217,305
Repurchase Agreements		—		5,572,921		—		5,572,921
Total	$	248,217,305	$	5,572,921	$	—	$	253,790,226

FINANCIAL INFORMATION — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	253,790,226
Dividends/interest receivable		54,496
Foreign tax reclaims receivable		39,325
Prepaid expenses		8,334
Total Assets		253,892,381
Liabilities
Investment advisory fees payable		130,877
Distribution fees payable		55,540
Payable for fund shares redeemed		50,878
Accrued audit fees		20,476
Accrued custodian and accounting fees		4,882
Accrued trustees’ and officers’ fees		675
Accrued expenses and other liabilities		25,811
Total Liabilities		289,139
Total Net Assets	$	253,603,242
Net Assets Consist of:
Paid-in capital	$	131,673,360
Distributable earnings		121,929,882
Total Net Assets	$	253,603,242
Investments, at Cost	$	224,885,618
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		14,376,886
Net Asset Value Per Share		$17.64

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	1,872,328
Interest		28,415
Withholding taxes on foreign dividends		(9,248	)
Total Investment Income		1,891,495
Expenses
Investment advisory fees		1,641,166
Distribution fees		698,830
Professional fees		80,901
Trustees’ and officers’ fees		66,189
Administrative fees		40,374
Custodian and accounting fees		32,690
Transfer agent fees		14,776
Shareholder reports		9,721
Other expenses		15,281
Total Expenses		2,599,928
Net Investment Income/(Loss)		(708,433	)
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		3,529,314
Net change in unrealized appreciation/(depreciation) on investments		(118,066,982	)
Net Loss on Investments		(114,537,668	)
Net Decrease in Net Assets Resulting From Operations	$	(115,246,101)

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 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	(708,433	)	$	(1,226,972	)
Net realized gain/(loss) from investments		3,529,314			43,630,648
Net change in unrealized appreciation/(depreciation) on investments		(118,066,982	)		29,119,741
Net Increase/(Decrease) in Net Assets Resulting from Operations		(115,246,101)			71,523,417
Capital Share Transactions
Proceeds from sales of shares		70,196,441			25,900,718
Cost of shares redeemed		(49,649,218	)		(89,011,782	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		20,547,223			(63,111,064	)
Net Increase/(Decrease) in Net Assets		(94,698,878	)		8,412,353
Net Assets
Beginning of year		348,302,120			339,889,767
End of year	$	253,603,242		$	348,302,120
Other Information:
Shares
Sold		3,583,941			1,163,061
Redeemed		(2,487,413	)		(3,642,432	)
Net Increase/(Decrease)		1,096,528			(2,479,371	)

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/(Loss)(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Year Ended 12/31/22	$	26.23	$	(0.05)	$	(8.54)	$	(8.59)	$	17.64		(32.75)%
Year Ended 12/31/21		21.57		(0.08)		4.74		4.66		26.23		21.60%
Year Ended 12/31/20		16.50		(0.03)		5.10		5.07		21.57		30.73%
Year Ended 12/31/19		12.51		0.00(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)%

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/(Loss) to Average Net Assets(3)		Gross Ratio of Net Investment Income/(Loss) to Average Net Assets		Portfolio Turnover Rate
$	253,603		0.93%		0.93%		(0.25)%		(0.25)%		31%
	348,302		0.91%		0.91%		(0.34)%		(0.34)%		21%
	339,890		1.00%		1.00%		(0.18)%		(0.18)%		20%
	349,921		1.00%		1.00%		0.01%		0.01%		44%
	223,264		1.00%		1.02%		0.26%		0.24%		33%

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

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

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

⁽⁴⁾  Rounds to $0.00 per share.

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, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Large Cap Fundamental Growth VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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 the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of premium/discount, is determined using the interest

income accrual method, and is accrued and recorded daily.

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.62% up to $100 million, 0.57% from $100 to $300 million, 0.52% from $300 to $500 million, and 0.50% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 1.01% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with ClearBridge Investments LLC (“ClearBridge”). ClearBridge is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the 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.

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN LARGE CAP FUNDAMENTAL GROWTH VIP 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, 2022, the Fund paid distribution fees in the amount of $698,830 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $102,099,074 and $85,554,261, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

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

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of

15

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

(a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that

provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

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, of Guardian 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

20

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

21

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.

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

PUB8175

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Mid Cap Relative Value VIP Fund

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	21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 MID CAP RELATIVE VALUE VIP FUND

FUND COMMENTARY OF ALLSPRING GLOBAL INVESTMENTS, LLC, SUB-ADVISER

(UNAUDITED)

Highlights

• Guardian Mid Cap Relative Value VIP Fund (the “Fund”) returned -4.82% for the 12 months ended December 31, 2022, 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 information technology, financials, health care, and real estate sectors. In addition, an underweight in the underperforming real estate sector also added value to the Fund’s relative performance. Conversely, stock selection in the industrials sector was the largest detractor from the Fund’s performance.

• The Index delivered a return of -12.03% during the period.

Market Overview

The year 2022 will be remembered as a “drawdown year,” but the path was anything but linear. From the war in Ukraine to the elusive U.S. Federal Reserve (the “Fed”) “pivot,” equity markets experienced very sizeable rallies, pullbacks and leadership swings. Early in the year, equity markets pulled back from their December 2021 highs as investors started to digest the increasingly likely view that inflationary pressures would require a more aggressive monetary response. This resulted in expectations for a prolonged period of rising interest rates, negatively impacting valuations across most asset classes. Equity markets declined further following the invasion of Ukraine, prompting commodity prices to increase significantly, contributing further to inflationary pressures. The beginning of the third quarter of 2022 was marked by a brief rally driven by hopes that inflation was peaking and the Fed would “pivot” its course in interest rate hikes. As the Fed quashed any immediate plans to reverse course, equity markets again pulled back significantly in the last six weeks of the third quarter of 2022. This was followed by another strong rally in equity markets during the months of October and November as inflation data started to moderate and hopes emerged again that the Fed would lessen the pace of interest rate increases. The month of December saw stocks pull back slightly. Although Fed Chair Jerome Powell indicated that it was time to slow the pace of

coming interest rate hikes, he also signaled a protracted economic adjustment to a world where borrowing costs will remain high and inflation should come down slowly.

The energy and utilities sectors contributed positively to the Index’s performance for the year, while the communication services and information technology sectors were the worst-performing sectors within the Index as interest rates rose.

Portfolio Review

The Fund outperformed the Index for the period. Stock selection was the primary driver of the Fund’s outperformance relative to the Index, specifically in the information technology, financials, health care and real estate sectors. In addition, sector allocation differences also added to performance; an underweight in the underperforming real estate sector added value, while stock selection in the industrials sector was the largest detractor.

Outlook

We expect continued market volatility over the near term as investors digest slowing economic data and higher long-term borrowing costs. We believe that inflation is proving to be a challenge as wages and rents materially lag monetary tightening. Decades of margin expansion are at risk of moving in the opposite direction as tax policy, labor challenges, broad inflation, supply chain modifications/on-shoring, and an energy transition all weigh on margin potential. Pricing power at the product/service level is currently (and we believe will remain) a leading indicator of business success. Equity markets have rewarded free-cash-flow margin and growth, and we believe earnings (before interest and taxes), as well as cash flow from operations margin pressure have the potential to be offset by pricing power.

Rather than try to predict Fed policy or time when these macro headwinds will subside, we look to invest in companies that we believe have financial flexibility. Many companies have been forced to take defensive measures as inflation and interest rates have moved higher. While the companies we select for the Fund are certainly not immune from these factors, we believe their financial flexibility and competitive advantages allow them to navigate the current environment and be

¹ The Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell Midcap^® Index with lower price-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

strategic as opportunities arise. We expect the changing interest rate dynamic to continue to affect the economy going forward. Assessing how the rising cost of capital affects a company’s financial flexibility is a key part of our process and something that we believe will prove to be a valuable differentiator in today’s volatile interest rate environment.

As active managers, we look to take advantage of the changing interest rate dynamic and the impact it has on

a company’s financial flexibility. While some companies will feel the impact from a higher cost of capital and face refinancing risk, we are hopeful that the companies we invest in for the Fund will leverage their superior balance sheets and be better positioned for the future. 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.

2

GUARDIAN MID CAP RELATIVE VALUE VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $173,859,015

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
AerCap Holdings NV		3.38%
Arch Capital Group Ltd.		3.37%
LKQ Corp.		3.29%
Amdocs Ltd.		3.18%
Republic Services, Inc.		3.18%
Jacobs Solutions, Inc.		2.93%
D.R. Horton, Inc.		2.88%
Reynolds Consumer Products, Inc.		2.87%
Vulcan Materials Co.		2.84%
CBRE Group, Inc., Class A		2.70%
Total		30.62%

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, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Mid Cap Relative Value VIP Fund		9/1/2016		-4.82%		7.88%		—		9.30%
Russell Midcap® Value Index				-12.03%		5.72%		—		7.59%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

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.

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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,087.30	$	5.52		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 184/365 (to reflect the one-half year period).

5

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 97.4%
Auto Components – 1.9%
Aptiv PLC(1)		18,338	$	1,707,818
Lear Corp.		12,454		1,544,545
				3,252,363
Banks – 3.3%
Fifth Third Bancorp		78,359		2,570,959
PacWest Bancorp		23,933		549,262
Regions Financial Corp.		96,013		2,070,040
Zions Bancorporation NA		12,885		633,427
				5,823,688
Beverages – 2.6%
Keurig Dr Pepper, Inc.		124,628		4,444,235
				4,444,235
Building Products – 3.6%
Builders FirstSource, Inc.(1)		25,957		1,684,090
Carlisle Cos., Inc.		19,268		4,540,504
				6,224,594
Chemicals – 0.3%
Huntsman Corp.		19,435		534,074
				534,074
Commercial Services & Supplies – 3.2%
Republic Services, Inc.		42,851		5,527,351
				5,527,351
Communications Equipment – 0.3%
Juniper Networks, Inc.		17,926		572,915
				572,915
Construction & Engineering – 2.9%
API Group Corp.(1)		75,623		1,422,469
MasTec, Inc.(1)		42,450		3,622,258
				5,044,727
Construction Materials – 2.8%
Vulcan Materials Co.		28,213		4,940,378
				4,940,378
Consumer Finance – 1.3%
Discover Financial Services		23,054		2,255,373
				2,255,373
Containers & Packaging – 0.8%
AptarGroup, Inc.		12,635		1,389,597
				1,389,597
Distributors – 3.3%
LKQ Corp.		106,981		5,713,855
				5,713,855
Diversified Financial Services – 0.0%
Pershing Square Tontine Holdings Ltd.(1)(2)(3)		125,172		0
				0
Electric Utilities – 5.2%
American Electric Power Co., Inc.		48,811		4,634,604
FirstEnergy Corp.		103,653		4,347,207
				8,981,811

December 31, 2022		Shares		Value
Energy Equipment & Services – 1.9%
Baker Hughes Co.			60,341	$	1,781,870
NOV, Inc.			74,444		1,555,135
					3,337,005
Equity Real Estate Investment Trusts (REITs) – 3.2%
Boston Properties, Inc.			35,770		2,417,337
Gaming and Leisure Properties, Inc.	��		61,902		3,224,475
					5,641,812
Health Care Equipment & Supplies – 5.5%
Alcon, Inc.			59,336		4,067,483
Teleflex, Inc.			9,119		2,276,376
Zimmer Biomet Holdings, Inc.			24,955		3,181,762
					9,525,621
Health Care Providers & Services – 0.9%
Humana, Inc.			2,009		1,028,990
Universal Health Services, Inc., Class B			3,694		520,447
					1,549,437
Hotels, Restaurants & Leisure – 2.3%
Wendy’s Co.			59,348		1,343,045
Yum China Holdings, Inc.			47,175		2,578,114
					3,921,159
Household Durables – 3.2%
D.R. Horton, Inc.			56,220		5,011,451
Helen of Troy Ltd.(1)			5,515		611,669
					5,623,120
Household Products – 5.3%
Church & Dwight Co., Inc.			53,509		4,313,361
Reynolds Consumer Products, Inc.			166,291		4,985,404
					9,298,765
Insurance – 10.0%
Allstate Corp.			29,701		4,027,455
Arch Capital Group Ltd.(1)			93,233		5,853,168
Axis Capital Holdings Ltd.			13,345		722,899
Brown & Brown, Inc.			76,807		4,375,695
Loews Corp.			41,573		2,424,953
					17,404,170
Interactive Media & Services – 0.7%
Match Group, Inc.(1)			28,020		1,162,550
					1,162,550
IT Services – 5.1%
Amdocs Ltd.			60,844		5,530,719
Euronet Worldwide, Inc.(1)			35,410		3,341,996
					8,872,715
Life Sciences Tools & Services – 1.8%
Charles River Laboratories International, Inc.(1)			14,337		3,124,032
					3,124,032
Machinery – 2.6%
Donaldson Co., Inc.			49,600		2,919,952
Gates Industrial Corp. PLC(1)			141,634		1,616,044
					4,535,996

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

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

December 31, 2022	Shares		Value
Metals & Mining – 1.6%
Freeport-McMoRan, Inc.		72,411	$	2,751,618
				2,751,618
Mortgage Real Estate Investment Trusts (REITs) – 2.2%
Annaly Capital Management, Inc.		185,380		3,907,810
				3,907,810
Oil, Gas & Consumable Fuels – 4.6%
Devon Energy Corp.		33,368		2,052,466
EOG Resources, Inc.		25,633		3,319,986
Valero Energy Corp.		21,225		2,692,603
				8,065,055
Professional Services – 4.0%
Dun & Bradstreet Holdings, Inc.		146,556		1,796,777
Jacobs Solutions, Inc.		42,389		5,089,647
				6,886,424
Real Estate Management & Development – 2.7%
CBRE Group, Inc., Class A(1)		61,138		4,705,181
				4,705,181
Semiconductors & Semiconductor Equipment – 0.7%
ON Semiconductor Corp.(1)		18,413		1,148,419
				1,148,419
Software – 2.2%
NCR Corp.(1)		75,878		1,776,304
Synopsys, Inc.(1)		6,537		2,087,199
				3,863,503
Trading Companies & Distributors – 3.4%
AerCap Holdings NV(1)		100,941		5,886,879
				5,886,879
Water Utilities – 2.0%
American Water Works Co., Inc.		22,758		3,468,774
				3,468,774
Total Common Stocks (Cost $132,457,814)				169,385,006
Warrants – 0.0%
Pershing Square Tontine Holdings Ltd.(1)(2)		14,344		0
Total Warrants (Cost $0)				0

December 31, 2022	Principal Amount		Value
Short–Term Investments – 2.7%
Repurchase Agreements – 2.7%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $4,611,321, due 1/3/2023(4)	$	4,610,666	$	4,610,666
Total Repurchase Agreements (Cost $4,610,666)				4,610,666
Total Investments – 100.1% (Cost $137,068,480)				173,995,672
Liabilities in excess of other assets – (0.1)%				(136,657	)
Total Net Assets – 100.0%			$	173,859,015

⁽¹⁾  Non–income–producing security.

⁽²⁾  The table below presents securities deemed illiquid by the investment adviser.

Security	Shares		Cost		Value		Acquisition Date		% of Fund’s Net Assets
Pershing Square Tontine Holdings Ltd.		125,172	$	0	$	0		7/26/2022		0.00	%
Pershing Square Tontine Holdings Ltd.		14,344		0		0		7/26/2022		0.00

⁽³⁾  Escrow interests represent beneficial interests in bankruptcy reorganizations or liquidation proceedings and may be subject to resale, redemption or transferability restrictions. The amount and timing of future payments, if any, cannot be predicted with certainty.

⁽⁴⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	6,438,700	$	4,702,912

The following is a summary of the inputs used as of December 31, 2022 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	$	169,385,006	$	—	$	—	$	169,385,006
Warrants		—		0		—		0
Repurchase Agreements		—		4,610,666		—		4,610,666
Total	$	169,385,006	$	4,610,666	$	—	$	173,995,672

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, 2022
Assets
Investments, at value	$	173,995,672
Dividends/interest receivable		328,507
Foreign tax reclaims receivable		4,095
Receivable for fund shares subscribed		736
Prepaid expenses		6,047
Total Assets		174,335,057
Liabilities
Payable for fund shares redeemed		286,792
Investment advisory fees payable		104,593
Distribution fees payable		37,443
Accrued audit fees		20,476
Accrued custodian and accounting fees		5,916
Accrued trustees’ and officers’ fees		490
Accrued expenses and other liabilities		20,332
Total Liabilities		476,042
Total Net Assets	$	173,859,015
Net Assets Consist of:
Paid-in capital	$	63,751,244
Distributable earnings		110,107,771
Total Net Assets	$	173,859,015
Investments, at Cost	$	137,068,480
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		9,901,069
Net Asset Value Per Share		$17.56

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	3,647,211
Interest		19,998
Withholding taxes on foreign dividends		(206	)
Total Investment Income		3,667,003
Expenses
Investment advisory fees		1,357,146
Distribution fees		487,741
Professional fees		51,970
Trustees’ and officers’ fees		45,937
Custodian and accounting fees		37,300
Administrative fees		33,940
Transfer agent fees		14,147
Shareholder reports		9,027
Other expenses		10,359
Total Expenses		2,047,567
Net Investment Income/(Loss)		1,619,436
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		21,337,187
Net change in unrealized appreciation/(depreciation) on investments		(35,212,513	)
Net Loss on Investments		(13,875,326	)
Net Decrease in Net Assets Resulting From Operations	$	(12,255,890	)

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 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	1,619,436		$	792,713
Net realized gain/(loss) from investments		21,337,187			38,207,876
Net change in unrealized appreciation/(depreciation) on investments		(35,212,513	)		24,395,007
Net Increase/(Decrease) in Net Assets Resulting from Operations		(12,255,890	)		63,395,596
Capital Share Transactions
Proceeds from sales of shares		3,793,845			11,092,980
Cost of shares redeemed		(54,742,262	)		(82,355,187	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(50,948,417	)		(71,262,207	)
Net Decrease in Net Assets		(63,204,307	)		(7,866,611	)
Net Assets
Beginning of year		237,063,322			244,929,933
End of year	$	173,859,015		$	237,063,322
Other Information:
Shares
Sold		220,840			655,906
Redeemed		(3,167,374	)		(4,907,714	)
Net Decrease		(2,946,534	)		(4,251,808	)

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

FINANCIAL INFORMATION — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

The Financial Highlights table is intended to help you understand the Fund’s financial performance for the past 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 12/31/22		$	18.45	$	0.14	$	(1.03)	$	(0.89)	$	17.56		(4.82)%
Year Ended 12/31/21			14.32		0.05		4.08		4.13		18.45		28.84%
Year Ended 12/31/20			13.93		0.09		0.30		0.39		14.32		2.80%
Year Ended 12/31/19			10.28		0.10		3.55		3.65		13.93		35.51%
Year Ended 12/31/18			12.02		0.08		(1.82)		(1.74)		10.28		(14.48)%

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 to Average Net Assets		Portfolio Turnover Rate
$	173,859		1.05%		1.05%		0.83%		0.83%		24%
	237,063		1.05%		1.05%		0.32%		0.32%		31%
	244,930		1.06%		1.11%		0.70%		0.65%		56%
	235,342		1.00%		1.10%		0.83%		0.73%		37%
	204,185		1.00%		1.14%		0.66%		0.52%		31%

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

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

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

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, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Mid Cap Relative Value VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

The 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 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.

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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 MID CAP RELATIVE VALUE VIP FUND

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

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

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

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

income accrual method, and is accrued and recorded daily.

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.72% up to $100 million, 0.67% from $100 to $300 million, 0.62% from $300 to $500 million, and 0.60% in excess of $500 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 1.08% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees, and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with Allspring Global Investments, LLC (“Allspring”). Allspring is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP 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, 2022, the Fund paid distribution fees in the amount of $487,741 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $45,995,979 and $94,639,532, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include, but are not limited to, currency risk; adverse political,

regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

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

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, 2022, the Fund held two illiquid securities.

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP RELATIVE VALUE VIP FUND

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

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, of Guardian 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

20

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

21

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.

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

PUB8176

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Mid Cap Traditional Growth VIP Fund

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	2
Fund Performance	3
Understanding Your Fund’s Expenses	4
Financial Information
Schedule of Investments	5
Statement of Assets and Liabilities	7
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	10
Notes to Financial Statements	12
Report of Independent Registered Public Accounting Firm	17
Supplemental Information
Trustees and Officers Information Table	18
Portfolio Holdings and Proxy Voting Procedures	21

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 MID CAP TRADITIONAL GROWTH VIP FUND

FUND COMMENTARY OF JANUS HENDERSON INVESTORS US LLC, SUB-ADVISER

(UNAUDITED)

Highlights

• Guardian Mid Cap Traditional Growth VIP Fund (the “Fund”) returned -17.24% for the 12 months ended December 31, 2022, outperforming its benchmark, the Russell Midcap^® Growth Index¹ (the “Index”). The Fund’s outperformance relative to the Index was primarily due to security selection in the information technology, financials, and communication services sectors. In addition, an underweight in the underperforming real estate sector also added value relative to the Index.

• The Index returned -26.72% for the same period. Most index sectors suffered declines with the most significant detractors from performance occurring in the communication services and information technology sectors. The energy sector was the only sector of the Index to deliver positive returns.

Market Overview

Stocks declined over the 12-month period ended December 31, 2022, as soaring inflation, rising interest rates, and fears of recession led to market turbulence. Equities faced volatility early in 2022 as supply constraints, geopolitical uncertainty, and surging commodity prices weighed on investor sentiment, especially in the aftermath of the Russian invasion of Ukraine. Expectations for more restrictive U.S. Federal Reserve (the “Fed”) policy also triggered a sell-off in higher-valuation growth stocks. The Fed raised interest rates by 25 basis points (“bps”) in March but moved more aggressively with a 50 bps increase in May and then a series of consecutive 75 bps rate hikes between June and November. The Fed opted for a 50 bps increase in December, raising hopes for a slower pace of monetary tightening in 2023. These hopes, along with some signs of moderating inflation, led markets to regain some ground in the fourth quarter. However, stocks still ended the year with broad-based declines

due in part to signs of slowing growth and downward revisions to corporate earnings forecasts. Higher interest rates also drove a rotation away from growth stocks into value stocks, and the Index underperformed the broader mid-cap equity market for the period.

Portfolio Review

The Portfolio outperformed the Index during the period. Stock selection contributed to relative performance, especially in the information technology and financials sectors. Lack of exposure to stocks in the energy and consumer staples sectors detracted from relative performance.

Outlook

We expect that the Fed may need to raise interest rates further in 2023 to curb inflation. We are alert to risks that wage pressures or unforeseen supply-side shocks could complicate the inflation outlook and the Fed’s task in trying to achieve a soft landing. We recognize that it will take time for Fed rate hikes to work their way through the economy, all of which could set the stage for slower-than-expected economic and earnings growth in 2023.

In this environment, we remain highly selective in our investments for the Fund and continue to look for companies with robust balance sheets, experienced management teams, and healthy free cash flows that can help fund operations without relying on jittery capital markets. We continue to keep a close eye on valuations as we favor companies whose stock prices we believe are supported by demonstrated earnings growth. While we recognize the challenges of the near-term environment, we remain excited about growth opportunities that we have identified across a broad range of industries, including companies that we believe have the potential to capitalize on long-term trends such as deglobalization and investments in energy transition. We believe this environment favors our strengths as bottom-up, diversified investment managers focused on seeking positive long-term performance for investors.

¹ The Index is an unmanaged market-capitalization-weighted index that measures the performance of those companies in the Russell Midcap^® Index with higher price-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

Fund Characteristics (unaudited)

Total Net Assets: $88,419,626

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
ON Semiconductor Corp.		3.63%
Boston Scientific Corp.		3.17%
Constellation Software, Inc.		3.10%
WEX, Inc.		2.88%
TE Connectivity Ltd.		2.86%
Intact Financial Corp.		2.71%
Amdocs Ltd.		2.71%
SS&C Technologies Holdings, Inc.		2.60%
GoDaddy, Inc., Class A		2.50%
WR Berkley Corp.		2.41%
Total		28.57%

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.

2

GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Mid Cap Traditional Growth VIP Fund		9/1/2016		-17.24%		8.70%		—		10.94%
Russell Midcap® Growth Index				-26.72%		7.64%		—		9.86%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

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.

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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

3

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	1,045.50	$	5.67		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 the one-half year period).

4

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 96.4%
Aerospace & Defense – 1.6%
L3Harris Technologies, Inc.		6,848	$	1,425,822
				1,425,822
Airlines – 1.0%
Ryanair Holdings PLC, ADR(1)		11,651		871,029
				871,029
Auto Components – 0.5%
Visteon Corp.(1)		3,687		482,370
				482,370
Biotechnology – 3.3%
Abcam PLC, ADR(1)		15,186		236,294
Argenx SE, ADR(1)		1,085		411,031
Ascendis Pharma A/S, ADR(1)		5,222		637,763
BioMarin Pharmaceutical, Inc.(1)		8,284		857,311
Sarepta Therapeutics, Inc.(1)		5,795		750,916
				2,893,315
Capital Markets – 4.5%
Cboe Global Markets, Inc.		4,340		544,540
Charles Schwab Corp.		12,723		1,059,317
LPL Financial Holdings, Inc.		8,739		1,889,109
MSCI, Inc.		998		464,240
				3,957,206
Chemicals – 0.8%
Corteva, Inc.		11,413		670,856
				670,856
Commercial Services & Supplies – 2.8%
Cimpress PLC(1)		11,684		322,595
Rentokil Initial PLC (United Kingdom)		23,839		146,522
Rentokil Initial PLC, ADR		31,638		974,767
Ritchie Bros Auctioneers, Inc.		17,210		995,254
				2,439,138
Containers & Packaging – 1.2%
Sealed Air Corp.		20,744		1,034,711
				1,034,711
Diversified Consumer Services – 0.4%
Frontdoor, Inc.(1)		17,832		370,905
				370,905
Electric Utilities – 0.8%
Alliant Energy Corp.		12,470		688,469
				688,469
Electrical Equipment – 2.8%
Regal Rexnord Corp.		3,621		434,448
Sensata Technologies Holding PLC		51,467		2,078,237
				2,512,685
Electronic Equipment, Instruments & Components – 8.7%
Flex Ltd.(1)		98,088		2,104,969
National Instruments Corp.		32,256		1,190,246
TE Connectivity Ltd.		22,023		2,528,240
Teledyne Technologies, Inc.(1)		4,760		1,903,572
				7,727,027

December 31, 2022	Shares		Value
Entertainment – 1.9%
Liberty Media Corp-Liberty Formula One, Class C(1)		27,960	$	1,671,449
				1,671,449
Equity Real Estate Investment Trusts (REITs) – 1.6%
Lamar Advertising Co., Class A		15,172		1,432,237
				1,432,237
Health Care Equipment & Supplies – 8.2%
Boston Scientific Corp.(1)		60,526		2,800,538
Cooper Cos., Inc.		2,517		832,296
Dentsply Sirona, Inc.		20,129		640,907
ICU Medical, Inc.(1)		6,547		1,031,022
Teleflex, Inc.		7,965		1,988,303
				7,293,066
Hotels, Restaurants & Leisure – 2.7%
Aramark		35,263		1,457,772
Entain PLC (United Kingdom)		56,819		911,018
				2,368,790
Insurance – 5.9%
Intact Financial Corp. (Canada)		16,659		2,398,084
Ryan Specialty Holdings, Inc.(1)		16,132		669,639
WR Berkley Corp.		29,421		2,135,082
				5,202,805
Interactive Media & Services – 0.6%
Ziff Davis, Inc.(1)		6,481		512,647
				512,647
Internet & Direct Marketing Retail – 0.0%
Wayfair, Inc., Class A(1)		1,343		44,171
				44,171
IT Services – 14.1%
Amdocs Ltd.		26,340		2,394,306
Broadridge Financial Solutions, Inc.		8,384		1,124,546
Fidelity National Information Services, Inc.		13,205		895,959
Global Payments, Inc.		9,747		968,072
GoDaddy, Inc., Class A(1)		29,589		2,213,849
SS&C Technologies Holdings, Inc.		44,134		2,297,616
WEX, Inc.(1)		15,533		2,541,976
				12,436,324
Life Sciences Tools & Services – 3.8%
Avantor, Inc.(1)		44,682		942,343
Illumina, Inc.(1)		3,454		698,399
PerkinElmer, Inc.		8,465		1,186,962
Waters Corp.(1)		1,667		571,081
				3,398,785
Machinery – 3.6%
Ingersoll Rand, Inc.		33,576		1,754,346
Westinghouse Air Brake Technologies Corp.		14,240		1,421,294
				3,175,640

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

SCHEDULE OF INVESTMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

December 31, 2022	Shares		Value
Multiline Retail – 0.4%
Dollar Tree, Inc.(1)		2,714	$	383,868
				383,868
Pharmaceuticals – 1.3%
Catalent, Inc.(1)		17,500		787,675
Elanco Animal Health, Inc.(1)		32,767		400,413
				1,188,088
Professional Services – 0.1%
Upwork, Inc.(1)		9,713		101,404
				101,404
Road & Rail – 3.0%
JB Hunt Transport Services, Inc.		11,916		2,077,674
TFI International, Inc.		5,954		596,829
				2,674,503
Semiconductors & Semiconductor Equipment – 8.6%
KLA Corp.		2,354		887,528
Lam Research Corp.		1,463		614,899
Microchip Technology, Inc.		20,295		1,425,724
NXP Semiconductors NV		9,529		1,505,868
ON Semiconductor Corp.(1)		51,509		3,212,616
				7,646,635
Software – 7.1%
Atlassian Corp., Class A(1)		2,738		352,326
Ceridian HCM Holding, Inc.(1)		17,719		1,136,674
Constellation Software, Inc. (Canada)		1,756		2,741,591
Dynatrace, Inc.(1)		13,938		533,825
Nice Ltd., ADR(1)		6,352		1,221,489
Topicus.com, Inc. (Canada)(1)		4,812		252,648
				6,238,553
Specialty Retail – 2.2%
Burlington Stores, Inc.(1)		3,901		790,967
CarMax, Inc.(1)		18,234		1,110,268
				1,901,235

December 31, 2022	Shares		Value
Textiles, Apparel & Luxury Goods – 1.3%
Gildan Activewear, Inc.		41,420	$	1,134,908
				1,134,908
Trading Companies & Distributors – 1.6%
Ferguson PLC		10,866		1,379,656
				1,379,656
Total Common Stocks (Cost $72,799,767)				85,258,297
	Principal Amount		Value
Short–Term Investments – 3.4%
Repurchase Agreements – 3.4%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $2,977,230, due 1/3/2023(2)	$	2,976,807		2,976,807
Total Repurchase Agreements (Cost $2,976,807)				2,976,807
Total Investments – 99.8% (Cost $75,776,574)				88,235,104
Assets in excess of other liabilities – 0.2%				184,522
Total Net Assets – 100.0%			$	88,419,626

⁽¹⁾  Non–income–producing security.

⁽²⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	4,157,100	$	3,036,401

Legend:

ADR — American Depositary Receipt

The following is a summary of the inputs used as of December 31, 2022 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	$	84,200,757	$	1,057,540	*		$	—	$	85,258,297
Repurchase Agreements		—		2,976,807		��		—		2,976,807
Total	$	84,200,757	$	4,034,347			$	—	$	88,235,104

* 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.

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

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	88,235,104
Foreign currency, at value		10,450
Receivable for investments sold		311,500
Dividends/interest receivable		41,143
Reimbursement receivable from adviser		5,379
Foreign tax reclaims receivable		1,715
Receivable for fund shares subscribed		1,471
Prepaid expenses		3,026
Total Assets		88,609,788
Liabilities
Investment advisory fees payable		61,493
Payable for fund shares redeemed		46,188
Accrued audit fees		20,476
Payable for investments purchased		19,888
Distribution fees payable		19,216
Accrued custodian and accounting fees		8,678
Accrued trustees’ and officers’ fees		248
Accrued expenses and other liabilities		13,975
Total Liabilities		190,162
Total Net Assets	$	88,419,626
Net Assets Consist of:
Paid-in capital	$	30,522,269
Distributable earnings		57,897,357
Total Net Assets	$	88,419,626
Investments, at Cost	$	75,776,574
Foreign Currency, at Cost	$	10,448
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		4,580,789
Net Asset Value Per Share		$19.30

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	824,235
Interest		10,184
Withholding taxes on foreign dividends		(20,933	)
Total Investment Income		813,486
Expenses
Investment advisory fees		799,837
Distribution fees		250,669
Custodian and accounting fees		47,771
Professional fees		39,831
Administrative fees		25,926
Trustees’ and officers’ fees		23,709
Transfer agent fees		11,787
Shareholder reports		5,781
Other expenses		5,313
Total Expenses		1,210,624
Less: Fees waived		(107,679	)
Total Expenses, Net		1,102,945
Net Investment Income/(Loss)		(289,459	)
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Foreign Currency Transactions
Net realized gain/(loss) from investments		8,347,186
Net realized gain/(loss) from foreign currency transactions		(1,298	)
Net change in unrealized appreciation/(depreciation) on investments		(28,733,973	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		(189	)
Net Loss on Investments and Foreign Currency Transactions		(20,388,274	)
Net Decrease in Net Assets Resulting From Operations	$	(20,677,733	)

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

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	(289,459	)	$	(314,295	)
Net realized gain/(loss) from investments and foreign currency transactions		8,345,888			17,082,447
Net change in unrealized appreciation/(depreciation) on investments and translation of assets and liabilities in foreign currencies		(28,734,162	)		3,673,297
Net Increase/(Decrease) in Net Assets Resulting from Operations		(20,677,733	)		20,441,449
Capital Share Transactions
Proceeds from sales of shares		6,059,704			317,376
Cost of shares redeemed		(20,064,443	)		(28,214,300	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(14,004,739	)		(27,896,924	)
Net Decrease in Net Assets		(34,682,472	)		(7,455,475	)
Net Assets
Beginning of year		123,102,098			130,557,573
End of year	$	88,419,626		$	123,102,098
Other Information:
Shares
Sold		302,605			14,583
Redeemed		(999,928	)		(1,293,489	)
Net Decrease		(697,323	)		(1,278,906	)

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

This Page Intentionally Left Blank

9

FINANCIAL INFORMATION — GUARDIAN MID CAP TRADITIONAL 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 Loss(1)		Net Realized and Unrealized Gain/(Loss)		Total Operations		Net Asset Value, End of Period		Total Return(2)
Year Ended 12/31/22	$	23.32	$	(0.06)	$	(3.96)	$	(4.02)	$	19.30		(17.24)%
Year Ended 12/31/21		19.91		(0.05)		3.46		3.41		23.32		17.13%
Year Ended 12/31/20		16.71		(0.04)		3.24		3.20		19.91		19.15%
Year Ended 12/31/19		12.27		(0.01)		4.45		4.44		16.71		36.19%
Year Ended 12/31/18		12.72		(0.01)		(0.44)		(0.45)		12.27		(3.54)%

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 Loss to Average Net Assets(3)		Gross Ratio of Net Investment Loss to Average Net Assets		Portfolio Turnover Rate
$	88,420		1.10%		1.21%		(0.29)%		(0.40)%		16%
	123,102		1.10%		1.17%		(0.24)%		(0.31)%		10%
	130,558		1.10%		1.23%		(0.25)%		(0.38)%		19%
	125,058		1.10%		1.26%		(0.07)%		(0.23)%		10%
	110,065		1.10%		1.31%		(0.07)%		(0.28)%		30%

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

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

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

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, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Mid Cap Traditional Growth VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on September 1, 2016. The financial statements for other series of the Trust are presented in separate reports.

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, 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 MID CAP TRADITIONAL 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 the ex-dividend date. Distributions received from real estate investment trusts, if any, may be classified as dividends, capital gains and/or return of capital. Interest income, which includes amortization/accretion of

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.80% up to $100 million, 0.75% from $100 to $300 million, and 0.73% in excess of $300 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 to waive certain fees and/or reimburse certain expenses incurred by the Fund to the extent necessary to limit the Fund’s total annual operating expenses after fee waiver and/or expense reimbursement to 1.09% of the Fund’s average daily net assets (excluding, if applicable, any acquired fund fees and expenses, taxes, interest, transaction costs and brokerage commissions, litigation and extraordinary expenses). The limitation may not be increased or terminated prior to this time without action by the Board of Trustees and may be terminated only upon approval of the Board of Trustees. Amounts waived or reimbursed by Park Avenue pursuant to any expense limitation will not be subject to Park Avenue’s recoupment rights. For the year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $107,679.

Park Avenue has entered into a Sub-Advisory Agreement with Janus Henderson Investors US LLC (“Janus”). Janus is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

14

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP 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, 2022, the Fund paid distribution fees in the amount of $250,669 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $16,065,122 and $28,925,422, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

b. Foreign Securities Foreign securities investments involve special risks and considerations not typically associated with U.S. investments. These risks include,

but are not limited to, currency risk; adverse political, regulatory, social, and economic developments; and less reliable information about issuers. Moreover, securities of some foreign issuers may be less liquid and their prices more volatile than those of comparable U.S. issuers.

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

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

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MID CAP TRADITIONAL GROWTH VIP FUND

current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund

enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

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, of Guardian 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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 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.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

19

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019–2022); Vice President and Associate General Counsel, MetLife, Inc. (2010–2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

20

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

21

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.

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

PUB8177

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Multi-Sector Bond VIP Fund

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	5
Understanding Your Fund’s Expenses	6
Financial Information
Schedule of Investments	7
Statement of Assets and Liabilities	13
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	25
Supplemental Information
Trustees and Officers Information Table	26
Portfolio Holdings and Proxy Voting Procedures	29

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of Park Avenue Institutional Advisers LLC as of the date of this report and are subject to change without notice. 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 MULTI-SECTOR BOND VIP FUND

FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, MANAGER (UNAUDITED)

Highlights

• Guardian Multi-Sector Bond VIP Fund (the “Fund”) returned -16.20%, underperforming its benchmark, the Bloomberg US Aggregate Bond Index¹ (the “Index”), for the 12 months ended December 31, 2022.

• The Index returned -13.01% for the same period.

• The Fund’s underperformance relative to the Index was primarily due to its allocation to high yield bonds relative to the Index. Overweight allocations to AAA-rated corporate bonds with maturities of 3 to 10 years and BBB-rated corporate bonds with maturities of 3 to 10 years also detracted from the Fund’s performance. An underweight allocation to agency residential mortgage-backed securities contributed to the Fund’s performance.

Market Overview

Throughout 2022 the U.S. Federal Reserve (the “Fed”) significantly increased interest rates in response to a rapidly increasing inflation environment.

The Standard & Poor’s 500^® Index² (the “S&P 500 Index”) returned -18.11% for the year. Nearly every segment of the fixed income market experienced declines. The Bloomberg US Corporate High Yield Bond Index³ (the “High Yield Index”) returned -11.19% for the year. Leveraged loans outperformed most major fixed income indexes but were still negative, returning -0.60%. The 10-year Treasury returned -16.5% for the year.

With inflation above 7% all year, the Fed’s main goal was to decrease inflation while not sparking a recession. The Fed increased the federal funds rate seven times in 2022, from 0.25-0.50% in March to 4.25-4.50% in December, the most rapid pace of interest rate hikes in recent history.

Portfolio Review

The Fund’s allocation to high yield bonds primarily contributed to its underperformance relative to the Index. Overweight allocations to AAA-rated corporate bonds with maturities of 3 to 10 years and BBB-rated corporate bonds with maturities of 3 to 10 years also

contributed to the Fund’s underperformance. An underweight allocation to agency residential mortgage-backed securities contributed to performance.

With respect to the Fund’s investment grade allocation, 2022 began with a cautious view on spreads given the expectation for the Fed to begin to withdraw accommodation and tighten financial conditions. As spreads widened through the year to more historically attractive levels, and in anticipation of some moderation to inflation, we moderately increased the Fund’s risk exposure within the investment grade allocation to take advantage of expected tightening of spreads. The overweight to the banking sector relative to the Index contributed to the Fund’s relative performance.

U.S. high yield and leveraged loans experienced similar market volatility that other fixed income asset classes did during 2022, but their higher yield and much shorter duration helped mitigate some of this volatility. Over 2022, credit ratings started to drift lower after the 18-month upswing post-COVID-19, and default rates started to go up but continue to remain below their long-term averages. We believe that volatility will continue to impact investment grade fixed income investments in 2023, but we also believe that there may be specific securities and times throughout the year that they may present total return opportunities based on their current yields, as well as total return potential given their trading prices and short duration.⁴

Also, given uncertainty about rising interest rates, the potential for rate volatility and the fact that the Fed is no longer reinvesting mortgage-backed securities proceeds, we found mortgage-backed securities less appealing relative to other fixed-income securities.

We began de-risking the Fund’s portfolio in May and June, buying credit default index swaps and selling high yield fixed income investments. In the second half of the year, we also utilized yield curve flatteners to take advantage of differences in yield spread between the 2-year and 10-year Treasuries. In addition, to help manage inflation risk, we made an allocation to Treasury Inflation-Protected Securities (“TIPS”) in the beginning of the year and maintained that allocation throughout the year.

¹ 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.

² The S&P 500 Index is an unmanaged market-capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.

³ The High Yield Index is generally considered to be representative of the investable universe of the U.S. dollar–denominated high-yield debt market. You may not invest in the High Yield Index and, unlike the Fund, the High Yield Index does not incur fees or expenses.

⁴ Duration is a measure of a bond price’s sensitivity to changes in interest rates.

1

GUARDIAN MULTI-SECTOR BOND VIP FUND

Outlook

As we enter 2023, we remain in a relatively high inflation, low growth environment. Although we have a more optimistic outlook on the market than the Fed, we also believe that an economic recession in 2023 is likely. Historically, spreads widen into a recession, therefore we are proceeding with caution in anticipation of heightened credit risk in 2023. However, we believe ample cash is waiting to be deployed, which can mitigate spread widening. Finally, we believe the yield curve may get flatter before it steepens positively. Overall, we continue to remain defensive in our investment approach.

2

GUARDIAN MULTI-SECTOR BOND VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $232,592,735

Bond Sector Allocation¹

As of December 31, 2022

Bond Quality Allocation²

As of December 31, 2022

3

GUARDIAN MULTI-SECTOR BOND VIP FUND

Top Ten Holdings1 As of December 31, 2022
Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Note		2.500%		4/30/2024		12.66%
U.S. Treasury Note		1.875%		2/15/2032		5.32%
Vanguard Short-Term Inflation-Protected Securities ETF		—		—		4.58%
U.S. Treasury Note		2.750%		4/30/2027		3.26%
U.S. Treasury Bill		3.566%		2/2/2023		3.04%
U.S. Treasury Note		3.000%		6/30/2024		2.73%
U.S. Treasury Note		1.250%		5/31/2028		2.46%
Federal National Mortgage Association		3.500%		6/1/2052		1.97%
Federal Home Loan Mortgage Corp.		4.000%		6/1/2052		1.75%
U.S. Treasury Note		1.625%		8/15/2029		1.72%
Total						39.49%

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 Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies’ independent ratings of individual securities are aggregated by Bloomberg, 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.

4

GUARDIAN MULTI-SECTOR BOND VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Multi-Sector Bond VIP Fund		10/21/2019		-16.20%		—		—		-3.24%
Bloomberg US Aggregate Bond Index				-13.01%		—		—		-2.39%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Multi-Sector Bond VIP Fund and the Bloomberg US Aggregate Bond 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

5

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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	954.40	$	4.38		0.89%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,020.72	$	4.53		0.89%

* 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 the one-half year period).

6

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

December 31, 2022	Principal Amount		Value
Agency Mortgage–Backed Securities – 12.3%
Federal Home Loan Mortgage Corp. 2.50% due 9/1/2052	$	3,731,927	$	3,163,144
3.50% due 6/1/2052		3,088,921		2,807,062
4.00% due 10/1/2037		474,657		462,752
4.00% due 6/1/2052		4,337,957		4,069,392
4.50% due 9/1/2052		490,629		472,756
5.00% due 12/1/2052		1,094,985		1,079,795
Federal National Mortgage Association 2.50% due 5/1/2052		1,256,641		1,065,564
3.00% due 3/1/2052		4,092,890		3,598,324
3.00% due 5/1/2052		2,227,915		1,957,797
3.50% due 6/1/2052		5,041,820		4,581,738
3.50% due 11/1/2052		1,895,959		1,723,245
4.00% due 6/1/2052		17,979		16,866
4.00% due 12/1/2052		1,296,150		1,215,882
Freddie Mac Multifamily Structured Pass-Through Certificates K073 A2 3.35% due 1/25/2028		1,175,000		1,119,291
K103 A2 2.651% due 11/25/2029		1,390,000		1,239,543
Total Agency Mortgage–Backed Securities (Cost $29,214,900)				28,573,151
Asset–Backed Securities – 13.1%
AIMCO CLO 2017-AA DR 7.393% (LIBOR 3 Month + 3.15%)     due 4/20/2034(1)(2)(3)		1,800,000		1,607,220
American Tower Trust I 13 2A 3.07% due 3/15/2048(1)		1,300,000		1,293,432
AmeriCredit Automobile Receivables Trust 2019-3 B 2.13% due 7/18/2025		128,964		128,827
Ares XXXIV CLO Ltd. 2015-2A BR2 5.679% (LIBOR 3 Month + 1.60%)     due 4/17/2033(1)(2)(3)		300,000		284,460
Battery Park CLO II Ltd. 2022-1A A1 6.39% (SOFR + 2.21%)     due 10/20/2035(1)(2)		1,800,000		1,794,600
BlueMountain CLO Ltd. 2014-2A BR2 5.993% (LIBOR 3 Month + 1.75%)     due 10/20/2030(1)(2)(3)		600,000		575,400
Capital One Prime Auto Receivables Trust 2022-2 A2A 3.74% due 9/15/2025		1,500,000		1,484,573
CarMax Auto Owner Trust 2020-4 B 0.85% due 6/15/2026		1,250,000		1,151,995

December 31, 2022	Principal Amount		Value
Asset–Backed Securities (continued)
CIFC Funding Ltd. 2013-4A BRR 5.958% (LIBOR 3 Month + 1.60%)     due 4/27/2031(1)(2)(3)	$	1,200,000	$	1,149,240
DB Master Finance LLC 2021-1A A2II 2.493% due 11/20/2051(1)		940,500		766,974
Dell Equipment Finance Trust 2020-2 A3 0.57% due 10/23/2023(1)		582,198		576,630
Dryden 80 CLO Ltd. 2019-80A AR 5.114% (SOFR + 1.25%)     due 1/17/2033(1)(2)		1,700,000		1,648,320
Elmwood CLO IX Ltd. 2021-2A C 6.143% (LIBOR 3 Month + 1.90%)     due 7/20/2034(1)(2)(3)		1,000,000		907,400
Ford Credit Auto Owner Trust 2020-1 A 2.04% due 8/15/2031(1)		1,600,000		1,493,506
Golden Credit Card Trust 2018-4A A 3.44% due 8/15/2025(1)		1,410,000		1,394,895
Greywolf CLO II Ltd. 2013-1A C2RR 8.279% (LIBOR 3 Month + 4.20%)     due 4/15/2034(1)(2)(3)		2,400,000		2,273,040
Hyundai Auto Receivables Trust 2021-A A3 0.38% due 9/15/2025		1,875,338		1,808,284
ICG U.S. CLO Ltd. 2018-2A B 6.075% (LIBOR 3 Month + 1.75%)     due 7/22/2031(1)(2)(3)		1,000,000		954,600
Master Credit Card Trust 2021-1A A 0.53% due 11/21/2025(1)		1,410,000		1,324,610
Neuberger Berman CLO XVII Ltd. 2014-17A BR2 5.825% (LIBOR 3 Month + 1.50%)     due 4/22/2029(1)(2)(3)		1,400,000		1,342,040
Nissan Auto Receivables Owner Trust 2019-C A4 1.95% due 5/15/2026		1,000,000		977,718
Octagon Investment Partners 50 Ltd. 2020-4A DR 7.229% (LIBOR 3 Month + 3.15%)     due 1/15/2035(1)(2)(3)		400,000		342,240
OHA Credit Funding 2 Ltd. 2019-2A CR 6.478% (LIBOR 3 Month + 2.20%)     due 4/21/2034(1)(2)(3)		1,800,000		1,663,920
Oscar U.S. Funding XIV LLC 2022-1A A2 1.60% due 3/10/2025(1)		885,363		867,916

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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

December 31, 2022	Principal Amount		Value
Asset–Backed Securities (continued)
Toyota Auto Receivables Owner Trust 2019-C A4 1.88% due 11/15/2024	$	559,988	$	555,361
Voya CLO Ltd. 2016-3A A3R 5.944% (LIBOR 3 Month + 1.75%)     due 10/18/2031(1)(2)(3)		835,000		797,175
World Omni Auto Receivables Trust 2022-C A2 3.73% due 3/16/2026		1,400,000		1,380,892
Total Asset–Backed Securities (Cost $31,787,942)				30,545,268
Corporate Bonds & Notes – 23.4%
Aerospace & Defense – 0.3%
Boeing Co. 5.15% due 5/1/2030		600,000		586,896
				586,896
Agriculture – 0.2%
Philip Morris International, Inc. 5.75% due 11/17/2032		500,000		512,995
				512,995
Beverages – 0.3%
Anheuser-Busch InBev Worldwide, Inc. 4.50% due 6/1/2050		700,000		617,764
				617,764
Building Materials – 0.5%
Cornerstone Building Brands, Inc. 6.125% due 1/15/2029(1)		1,500,000		1,057,290
				1,057,290
Commercial Banks – 3.8%
Bank of America Corp. 4.271% (4.271% fixed rate until 7/23/2028; LIBOR 3 Month + 1.31% thereafter)     due 7/23/2029(2)(3)		1,900,000		1,778,742
Barclays PLC 7.385% (7.385% fixed rate until 11/2/2027; H15T1Y + 3.30% thereafter)     due 11/2/2028(2)		1,000,000		1,042,010
Goldman Sachs Group, Inc. 4.223% (4.223% fixed rate until 5/1/2028; LIBOR 3 Month + 1.30% thereafter)     due 5/1/2029(2)(3)		1,000,000		933,330
JPMorgan Chase & Co. 4.203% (4.203% fixed rate until 7/23/2028; LIBOR 3 Month + 1.26% thereafter)     due 7/23/2029(2)(3)		3,000,000		2,800,740
Mitsubishi UFJ Financial Group, Inc. 5.354% (5.354% fixed rate until 9/13/2027; H15T1Y + 1.90% thereafter)     due 9/13/2028(2)		300,000		297,543

December 31, 2022	Principal Amount		Value
Commercial Banks (continued)
Morgan Stanley 3.772% (3.772% fixed rate until 1/24/2028; LIBOR 3 Month + 1.14% thereafter)     due 1/24/2029(2)(3)	$	1,500,000	$	1,375,905
6.342% (6.342% fixed rate until 10/18/2032; SOFR + 2.56% thereafter)     due 10/18/2033(2)		500,000		524,730
				8,753,000
Computers – 0.1%
Apple, Inc. 2.65% due 2/8/2051		400,000		267,948
				267,948
Cosmetics & Personal Care – 0.7%
GSK Consumer Healthcare Capital U.S. LLC 3.625% due 3/24/2032		1,800,000		1,586,952
				1,586,952
Diversified Financial Services – 0.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.45% due 10/29/2026		500,000		437,235
3.00% due 10/29/2028		700,000		588,385
Capital One Financial Corp. 4.927% (4.927% fixed rate until 5/10/2027; SOFR + 2.06% thereafter)     due 5/10/2028(2)		1,000,000		968,890
				1,994,510
Electric – 1.0%
Consumers Energy Co. 3.60% due 8/15/2032		700,000		638,848
4.20% due 9/1/2052		200,000		172,028
Duke Energy Corp. 3.50% due 6/15/2051		450,000		317,052
Pacific Gas and Electric Co. 3.50% due 8/1/2050		600,000		379,308
3.75% due 7/1/2028		500,000		445,625
PacifiCorp 5.35% due 12/1/2053		400,000		401,560
				2,354,421
Electronics – 0.3%
Honeywell International, Inc. 5.00% due 2/15/2033		800,000		817,120
				817,120
Entertainment – 0.3%
Warnermedia Holdings, Inc. 4.279% due 3/15/2032(1)		750,000		620,543
				620,543
Environmental Control – 0.5%
Waste Management, Inc. 4.15% due 4/15/2032		1,280,000		1,219,149
				1,219,149

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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

December 31, 2022	Principal Amount		Value
Food – 0.4%
Kraft Heinz Foods Co. 3.75% due 4/1/2030	$	800,000	$	730,792
Kroger Co. 1.70% due 1/15/2031		200,000		154,806
				885,598
Healthcare-Products – 0.5%
Abbott Laboratories 4.75% due 11/30/2036		1,200,000		1,192,524
				1,192,524
Healthcare-Services – 0.2%
UnitedHealth Group, Inc. 4.20% due 5/15/2032		600,000		572,136
				572,136
Insurance – 0.4%
Athene Holding Ltd. 3.50% due 1/15/2031		500,000		413,675
MetLife, Inc. 4.55% due 3/23/2030		500,000		493,505
				907,180
Machinery-Diversified – 0.8%
John Deere Capital Corp. 4.35% due 9/15/2032		2,000,000		1,951,800
				1,951,800
Media – 0.5%
Charter Communications Operating LLC / Charter Communications Operating Capital 2.25% due 1/15/2029		200,000		160,852
Comcast Corp. 1.95% due 1/15/2031		640,000		518,003
2.887% due 11/1/2051		200,000		129,474
TEGNA, Inc. 5.00% due 9/15/2029		500,000		473,040
				1,281,369
Miscellaneous Manufacturing – 0.8%
Parker-Hannifin Corp. 4.25% due 9/15/2027		1,400,000		1,362,494
4.50% due 9/15/2029		600,000		577,848
				1,940,342
Oil & Gas – 2.1%
Antero Resources Corp. 7.625% due 2/1/2029(1)		610,000		617,918
BP Capital Markets America, Inc. 3.633% due 4/6/2030		2,150,000		1,975,183
Cenovus Energy, Inc. 2.65% due 1/15/2032		500,000		399,970
3.75% due 2/15/2052		300,000		212,352
CITGO Petroleum Corp. 7.00% due 6/15/2025(1)		250,000		244,853
Marathon Oil Corp. 4.40% due 7/15/2027		1,200,000		1,147,908

December 31, 2022	Principal Amount		Value
Oil & Gas (continued)
PBF Holding Co. LLC / PBF Finance Corp. 6.00% due 2/15/2028	$	250,000	$	222,210
				4,820,394
Oil & Gas Services – 0.3%
TechnipFMC PLC 6.50% due 2/1/2026(1)		700,000		683,949
				683,949
Pharmaceuticals – 1.4%
AbbVie, Inc. 4.25% due 11/21/2049		450,000		380,290
Bristol Myers Squibb Co. 2.95% due 3/15/2032		2,100,000		1,837,143
CVS Health Corp. 2.125% due 9/15/2031		1,200,000		954,132
				3,171,565
Pipelines – 0.5%
ONEOK, Inc. 6.10% due 11/15/2032		1,200,000		1,207,236
				1,207,236
Real Estate Investment Trusts (REITs) – 1.7%
AvalonBay Communities, Inc. 5.00% due 2/15/2033		1,100,000		1,089,407
Essex Portfolio LP 1.70% due 3/1/2028		1,000,000		835,740
Prologis LP 2.25% due 4/15/2030		1,700,000		1,424,872
Simon Property Group LP 2.20% due 2/1/2031		800,000		633,088
				3,983,107
Retail – 1.0%
AutoZone, Inc. 3.75% due 6/1/2027		500,000		477,440
Home Depot, Inc. 3.25% due 4/15/2032		1,400,000		1,249,262
O’Reilly Automotive, Inc. 4.70% due 6/15/2032		700,000		680,589
				2,407,291
Semiconductors – 0.5%
Broadcom, Inc. 4.15% due 4/15/2032(1)		900,000		793,143
NXP BV / NXP Funding LLC / NXP USA, Inc. 2.65% due 2/15/2032		500,000		393,080
				1,186,223
Software – 2.0%
Microsoft Corp. 2.921% due 3/17/2052		500,000		356,300
3.30% due 2/6/2027		3,100,000		2,989,578
3.50% due 2/12/2035		700,000		636,951
Oracle Corp. 6.25% due 11/9/2032		400,000		421,476
6.90% due 11/9/2052		200,000		216,870
				4,621,175

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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

December 31, 2022	Principal Amount		Value
Telecommunications – 1.0%
AT&T, Inc. 2.55% due 12/1/2033	$	800,000	$	617,944
T-Mobile USA, Inc. 2.70% due 3/15/2032		950,000		771,590
3.40% due 10/15/2052		200,000		136,398
Verizon Communications, Inc. 2.355% due 3/15/2032		900,000		716,724
				2,242,656
Transportation – 0.4%
Kansas City Southern 2.875% due 11/15/2029		1,100,000		952,820
				952,820
Total Corporate Bonds & Notes (Cost $57,374,890)				54,395,953
Non–Agency Mortgage–Backed Securities – 8.4%
BANK 2019-BN24 AS 3.283% due 11/15/2062(2)(4)		1,412,000		1,185,982
2022-BNK43 AS 4.83% due 8/15/2055(2)(4)		900,000		833,440
2022-BNK43 B 5.153% due 8/15/2055(2)(4)		500,000		434,580
BB-UBS Trust 2012-SHOW A 3.43% due 11/5/2036(1)		1,200,000		1,118,899
Bear Stearns Asset-Backed Securities Trust 2005-SD1 1M4 6.414% due 8/25/2043(2)(4)		463,746		477,133
Benchmark Mortgage Trust 2019-B12 AS 3.419% due 8/15/2052		4,500,000		3,863,125
Citigroup Commercial Mortgage Trust 2016-C3 AS 3.366% due 11/15/2049(2)(4)		1,000,000		880,600
Commercial Mortgage Trust 2014-CR18 AM 4.103% due 7/15/2047		1,455,000		1,397,754
Freddie Mac STACR REMIC Trust 2021-DNA7 M2 5.728% due 11/25/2041(1)(2)(4)		1,100,000		1,033,166
2021-HQA4 M1 4.878% due 12/25/2041(1)(2)(4)		751,104		712,631
2022-DNA1 M1A 4.928% due 1/25/2042(1)(2)(4)		691,746		673,786
2022-HQA3 M1A 6.228% due 8/25/2042(1)(2)(4)		1,388,281		1,382,585
Jackson Park Trust 2019-LIC B 2.914% due 10/14/2039(1)		640,000		508,336
Morgan Stanley Capital I Trust 2020-L4 AS 2.88% due 2/15/2053		1,000,000		813,025
NYC Commercial Mortgage Trust 2021-909 C 3.206% due 4/10/2043(1)(2)(4)		385,000		283,221

December 31, 2022	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
ONE Park Mortgage Trust 2021-PARK B 5.401% due 3/15/2036(1)(2)(4)	$	500,000	$	469,700
SLG Office Trust 2021-OVA A 2.585% due 7/15/2041(1)		1,600,000		1,276,820
Stack Infrastructure Issuer LLC 2021-1A A2 1.877% due 3/26/2046(1)		750,000		643,161
WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		1,500,000		1,454,298
Total Non–Agency Mortgage–Backed Securities (Cost $22,118,503)				19,442,242
U.S. Government Securities – 32.2%
U.S. Treasury Note 1.25% due 5/31/2028		6,600,000		5,723,437
1.50% due 9/30/2024		3,000,000		2,849,297
1.50% due 2/15/2030		4,300,000		3,672,469
1.625% due 8/15/2029		4,600,000		3,998,406
1.625% due 5/15/2031		2,400,000		2,026,500
1.875% due 2/15/2032		14,530,000		12,370,933
2.50% due 4/30/2024		30,300,000		29,438,344
2.75% due 4/30/2027		8,000,000		7,590,000
2.75% due 7/31/2027		850,000		805,309
3.00% due 6/30/2024		6,500,000		6,344,101
Total U.S. Government Securities (Cost $78,336,051)				74,818,796
	Shares		Value
Common Stocks – 0.0%
Media – 0.0%
Altice USA, Inc., Class A(5)		10,940		50,324
Total Common Stocks (Cost $125,181)				50,324
Exchange–Traded Funds – 4.6%
Vanguard Short-Term Inflation-Protected Securities ETF		228,300		10,663,893
Total Exchange–Traded Funds (Cost $11,567,961)				10,663,893

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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

December 31, 2022	Principal Amount		Value
Short–Term Investments – 3.7%
U.S. Treasury Bills – 3.0%
U.S. Treasury Bill 3.566% due 2/2/2023(6)	$	7,100,000	$	7,077,546
Total U.S. Treasury Bills (Cost $7,076,216)				7,077,546
Repurchase Agreements – 0.7%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,622,923, due 1/3/2023(7)		1,622,693		1,622,693
Total Repurchase Agreements (Cost $1,622,693)				1,622,693
Total Investments – 97.7% (Cost $239,224,337)				227,189,866
Assets in excess of other liabilities – 2.3%				5,402,869
Total Net Assets – 100.0%			$	232,592,735

⁽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, 2022, the aggregate market value of these securities amounted to $35,177,619, representing 15.1% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾  Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

⁽³⁾  The London Interbank Offered Rate (“LIBOR”) is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund’s investments.

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

⁽⁵⁾  Non–income–producing security.

⁽⁶⁾  Interest rate shown reflects the discount rate at time of purchase.

⁽⁷⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	2,266,100	$	1,655,190

Open futures contracts at December 31, 2022:

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. 2-Year Treasury Note		March 2023		64		Long	$	13,121,081	$	13,125,000	$	3,919
U.S. 5-Year Treasury Note		March 2023		200		Long		21,586,033		21,585,938		(95	)
U.S. Long Bond		March 2023		168		Long		21,272,614		21,057,750		(214,864	)
U.S. Ultra Bond		March 2023		161		Long		21,604,074		21,624,313		20,239
Total							$	77,583,802	$	77,393,001	$	(190,801	)

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S. 10-Year Treasury Note		March 2023		71		Short	$	(7,997,931	)	$	(7,973,078	)	$	24,853
U.S. Ultra 10-Year Treasury Note		March 2023		184		Short		(21,794,152	)		(21,763,750	)		30,402
Total							$	(29,792,083	)	$	(29,736,828	)	$	55,255

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

SCHEDULE OF INVESTMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

Centrally cleared credit default swap agreements — buy protection⁽⁸⁾:

Reference Entity	Implied Credit Spread at 12/31/22(9)		Notional Amount(10)			Maturity		(Pay)/Receive Fixed Rate		Periodic Payment Frequency		Upfront Payments		Value			Unrealized Depreciation
CDX.NA.HY.S39		4.84%		USD	38,050,000		12/20/2027		(5.00)%		Quarterly	$	1,717,192	$	(221,604	)	$	(1,938,796	)

⁽⁸⁾  When a credit event occurs as defined under the terms of the swap agreement, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

⁽⁹⁾ 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.

⁽¹⁰⁾  The notional amount represents the maximum potential amount the Fund could be required to pay as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

Legend:

CLO — Collateralized Loan Obligation

H15T1Y — 1-year Constant Maturity Treasury Rate

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

The following is a summary of the inputs used as of December 31, 2022 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
Agency Mortgage–Backed Securities	$	—		$	28,573,151		$	—	$	28,573,151
Asset–Backed Securities		—			30,545,268			—		30,545,268
Corporate Bonds & Notes		—			54,395,953			—		54,395,953
Non–Agency Mortgage–Backed Securities		—			19,442,242			—		19,442,242
U.S. Government Securities		—			74,818,796			—		74,818,796
Common Stocks		50,324			—			—		50,324
Exchange–Traded Funds		10,663,893			—			—		10,663,893
U.S. Treasury Bills		—			7,077,546			—		7,077,546
Repurchase Agreements		—			1,622,693			—		1,622,693
Total	$	10,714,217		$	216,475,649		$	—	$	227,189,866
Other Financial Instruments
Futures Contracts
Assets	$	79,413		$	—		$	—	$	79,413
Liabilities		(214,959	)		—			—		(214,959	)
Swap Contracts
Liabilities		—			(1,938,796	)		—		(1,938,796	)
Total	$	(135,546	)	$	(1,938,796	)	$	—	$	(2,074,342	)

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

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	227,189,866
Receivable for variation margin on swap contracts		4,556,835
Receivable for investments sold		4,220,673
Cash deposits with brokers for futures contracts		1,830,147
Interest receivable		1,524,576
Receivable for fund shares subscribed		1,915
Prepaid expenses		7,943
Total Assets		239,331,955
Liabilities
Due to broker for swap contracts		2,265,288
Payable for investments purchased		4,073,374
Payable for variation margin on futures contracts		152,842
Investment advisory fees payable		104,497
Distribution fees payable		50,239
Payable for fund shares redeemed		27,977
Accrued audit fees		27,449
Accrued custodian and accounting fees		8,879
Accrued trustees’ and officers’ fees		720
Accrued expenses and other liabilities		27,955
Total Liabilities		6,739,220
Total Net Assets	$	232,592,735
Net Assets Consist of:
Paid-in capital	$	260,341,554
Distributable loss		(27,748,819	)
Total Net Assets	$	232,592,735
Investments, at Cost	$	239,224,337
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		25,834,753
Net Asset Value Per Share		$9.00

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	944,348
Interest		8,384,686
Total Investment Income		9,329,034
Expenses
Investment advisory fees		1,363,440
Distribution fees		655,500
Professional fees		90,887
Trustees’ and officers’ fees		61,942
Custodian and accounting fees		59,148
Administrative fees		41,576
Transfer agent fees		13,550
Shareholder reports		8,991
Other expenses		13,794
Total Expenses		2,308,828
Net Investment Income/(Loss)		7,020,206
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		(34,145,447	)
Net realized gain/(loss) from futures contracts		(9,320,180	)
Net realized gain/(loss) from swap contracts		1,593,776
Net change in unrealized appreciation/(depreciation) on investments		(12,337,902	)
Net change in unrealized appreciation/(depreciation) on futures contracts		395,340
Net change in unrealized appreciation/(depreciation) on swap contracts		(1,706,755	)
Net Loss on Investments and Derivative Contracts		(55,521,168	)
Net Decrease in Net Assets Resulting From Operations	$	(48,500,962)

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

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	7,020,206		$	6,394,539
Net realized gain/(loss) from investments and derivative contracts		(41,871,851	)		6,113,230
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(13,649,317	)		(12,294,233	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		(48,500,962	)		213,536
Capital Share Transactions
Proceeds from sales of shares		5,250,070			58,184,551
Cost of shares redeemed		(39,661,497	)		(49,588,731	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(34,411,427	)		8,595,820
Net Increase/(Decrease) in Net Assets		(82,912,389	)		8,809,356
Net Assets
Beginning of year		315,505,124			306,695,768
End of year	$	232,592,735		$	315,505,124
Other Information:
Shares
Sold		555,585			5,461,699
Redeemed		(4,085,788	)		(4,641,388	)
Net Increase/(Decrease)		(3,530,203	)		820,311

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

This Page Intentionally Left Blank

15

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND

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 12/31/22	$	10.74	$	0.26	$	(2.00	)	$	(1.74	)	$	9.00		(16.20	)%
Year Ended 12/31/21		10.74		0.21		(0.21	)		0.00			10.74		0.00	%
Year Ended 12/31/20		10.03		0.14		0.57			0.71			10.74		7.08	%
Period Ended 12/31/19(4)		10.00		0.03		0.00	(5)		0.03			10.03		0.30	%(6)

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

FINANCIAL INFORMATION — GUARDIAN MULTI-SECTOR BOND VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3)			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets(3)			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	232,593		0.88%			0.88%			2.68%			2.68%			182%
	315,505		0.87%			0.87%			1.99%			1.99%			172%
	306,696		0.89%			0.89%			1.38%			1.38%			163%
	309,877		0.93%	(6)		0.93%	(6)		1.33%	(6)		1.33%	(6)		27%	(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 and expense limitations.

⁽⁴⁾  Commenced operations on October 21, 2019.

⁽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, 2019, certain non-recurring fees (i.e., audit fees) are not annualized.

The accompanying notes are an integral part of these financial statements. 17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Multi-Sector Bond VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

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

The Fund seeks to provide a high current income with a secondary objective of 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.

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

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

Exchange-traded financial futures and swap contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. 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.

18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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

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

• Level 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

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

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

c. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the

19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR 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 Derivatives The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve positioning, (iii) manage risk, (iv) enhance potential returns, or (v) as substitutes for permitted Fund investments. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

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. During the year ended December 31, 2022, the Fund entered into credit default swaps for risk exposure management and to enhance potential return.

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, 2022.

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

g. Allocation of Income and Expenses Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be

20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND 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 Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.52% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Fund has no sub-adviser.

Park Avenue has contractually agreed through April 30, 2023 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 year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

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

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, 2022, the Fund paid distribution fees in the amount of $655,500 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments 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, 2022, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	298,042,717	$	158,543,508
Sales		426,443,356		62,775,111

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

c. Repurchase Agreements The Fund may invest in repurchase agreements to maintain liquidity and earn income over periods of time as short as overnight. The

21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

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, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

f. Below Investment Grade Securities The Fund may invest in below investment grade securities (i.e. lower-quality, “junk” debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a

substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

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

22

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

i. Disclosures About Derivative Instruments and Hedging Activities The Fund entered into U.S. Treasury futures contracts for the year ended December 31, 2022 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, 2022, 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	$	79,413		$	—
Liability Derivatives
Futures Contracts1	$	(214,959	)	$	—
Swap Contracts2		—			(1,938,796	)

¹  Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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 Statement of Assets and Liabilities.

Transactions in derivative investments for the year ended December 31, 2022 were as follows:

	Interest Rate Contracts			Credit Default Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	(9,320,180	)	$	—
Swap Contracts2		—			1,593,776
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts3	$	395,340		$	—
Swap Contracts4		—			(1,706,755	)
Average Number of Notional Amounts
Futures Contracts5		857			—
Swap Contracts — Buy/Sell Protection	$	—		$	36,237,962

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

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

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

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

⁵  Amount represents number of contracts.

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million

23

NOTES TO FINANCIAL STATEMENTS — GUARDIAN MULTI-SECTOR BOND VIP FUND

committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

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

Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

24

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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 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, 2022 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.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

25

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019).

26

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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

27

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019–2022); Vice President and Associate General Counsel, MetLife, Inc. (2010–2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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)

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

29

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

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

PUB10525

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Short Duration Bond VIP Fund

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

TABLE OF CONTENTS

Guardian Short Duration Bond VIP Fund

Fund Commentary	1
Fund Characteristics	3
Fund Performance	5
Understanding Your Fund’s Expenses	6
Financial Information
Schedule of Investments	7
Statement of Assets and Liabilities	12
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	23
Supplemental Information
Trustees and Officers Information Table	24
Portfolio Holdings and Proxy Voting Procedures	27

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of Park Avenue Institutional Advisers LLC as of the date of this report and are subject to change without notice. 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 SHORT DURATION BOND VIP FUND

FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, MANAGER

(UNAUDITED)

Highlights

• Guardian Short Duration Bond VIP Fund (the “Fund”) returned -2.3%, underperforming its benchmark, the Bloomberg US Government Bond 1-3 Year Index¹ (the “Index”), from the Fund’s inception² to December 31, 2022.

• The Index returned -0.83% for the same period.

• The Fund’s underperformance relative to the Index was primarily due to its allocation to high yield credit default index swaps (“CDX”). The Fund’s allocation to Treasury Inflation-Protected Securities exchange-traded funds (“TIPS ETFs”) also detracted from the Fund’s relative performance. An overweight allocation to investment grade corporate bonds relative to the Index was a minor contributor to the Fund’s relative performance as well as interest rate positioning.

Market Overview

Throughout 2022 the U.S. Federal Reserve (the “Fed”) significantly increased interest rates in response to a rapidly increasing inflation market environment. The Standard & Poor’s 500^® Index³ (the “S&P 500 Index”) returned -18.11% for the year. Nearly every segment of the fixed income market experienced declines. The Bloomberg US Corporate High Yield Bond Index⁴ (the “High Yield Index”) returned -11.19% for the year. Leveraged loans generally outperformed most major fixed income indexes but were still negative, returning -0.60%. The 10-year Treasury returned -16.5% for the year.

With inflation above 7% all year, the Fed’s main goal was to decrease inflation while not sparking a recession. The Fed increased the federal funds rate seven times in 2022, from 0.25-0.50% in March to 4.25-4.50% in December, the most rapid pace of interest rate hikes in recent history.

Portfolio Review

The Fund’s allocation to high yield CDX primarily contributed to the Fund’s underperformance relative to the Index. The Fund’s allocation to TIPS ETFs also detracted from the Fund’s relative performance. An overweight allocation to investment grade corporate bonds relative to the Index was a minor contributor to the Fund’s relative performance as well as interest rate positioning.

With respect to the Fund’s investment grade allocation, 2022 began with a cautious view on spreads given the expectation for the Fed to begin to withdraw accommodation and tighten financial conditions. As spreads widened through the year to more historically attractive levels, and in anticipation of some moderation to inflation, we moderately increased the Fund’s risk exposure within the investment grade allocation to take advantage of expected tightening of spreads. The overweight to the banking sector relative to the Index contributed to the Fund’s relative performance.

U.S. high yield and leveraged loans experienced similar market volatility that other fixed income asset classes did during 2022, but their higher yield and much shorter duration helped mitigate some of this volatility. Over 2022, credit ratings started to drift lower after the 18-month upswing post-COVID-19, and default rates started to go up but continue to remain below their long-term averages. We believe that volatility will continue to impact investment grade fixed income investments in 2023, but we also believe that there may be specific securities and times throughout the year that they may present total return opportunities based on their current yields, as well as total return potential given their trading prices and short duration.⁵

We began de-risking the Fund’s portfolio in June, buying CDX and selling high yield investments. In the second half of the year, we also utilized yield curve flatteners to take advantage of differences in yield spread between the 2-year and 10-year Treasuries. In addition, to help manage inflation risk, made an allocation to TIPS at inception and maintained that allocation throughout the year.

¹ The Index is a broad-based benchmark that measures the non-securitized component of the US Aggregate Index. It includes investment grade, US dollar-denominated, fixed-rate Treasuries, and government-related securities with maturities between 1 and 2.9999 years. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.

² Fund inception date: May 2, 2022.

³ The S&P 500 Index is an unmanaged market-capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.

⁴ The High Yield Index is generally considered to be representative of the investable universe of the U.S. dollar–denominated high-yield debt market. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.

⁵ Duration is a measure of a bond price’s sensitivity to changes in interest rates.

1

GUARDIAN SHORT DURATION BOND VIP FUND

Outlook

As we enter 2023, we remain in a relatively high inflation and low growth environment. Although we believe that the market is more optimistic than the Fed, we also believe that an economic recession in 2023 is likely. Historically, spreads widen into a recession, therefore we are proceeding with caution in anticipation of increased credit risk in 2023. However, we believe ample cash is waiting to be deployed, which can mitigate spread widening. Finally, we believe the yield curve may get flatter before it steepens positively. Overall, we continue to remain defensive in our investment approach.

2

GUARDIAN SHORT DURATION BOND VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $186,597,681

Bond Sector Allocation¹

As of December 31, 2022

Bond Quality Allocation²

As of December 31, 2022

3

GUARDIAN SHORT DURATION BOND VIP FUND

Top Ten Holdings1 As of December 31, 2022
Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Note		0.125%		2/15/2024		40.72%
Vanguard Short-Term Inflation-Protected Securities ETF		—		—		4.66%
U.S. Treasury Note		3.000%		7/31/2024		2.20%
Federal Farm Credit Banks Funding Corp.		2.640%		4/8/2026		2.03%
Federal National Mortgage Association		3.500%		4/1/2052		1.49%
Federal National Mortgage Association		4.000%		5/1/2052		1.49%
Federal National Mortgage Association		3.500%		5/1/2052		1.41%
Federal National Mortgage Association		3.000%		5/1/2037		1.39%
Federal National Mortgage Association		3.000%		4/1/2037		1.38%
Federal National Mortgage Association		4.000%		6/1/2052		1.00%
Total						57.77%

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 Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies’ independent ratings of individual securities are aggregated by Bloomberg, 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.

4

GUARDIAN SHORT DURATION BOND VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception*
Guardian Short Duration Bond VIP Fund		5/2/2022		—		—		—		-2.30%
Bloomberg US Government 1-3 Year Bond Index				—		—		—		-0.83%

* 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

5

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, if any, 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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	982.90	$	2.50		0.50%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,022.69	$	2.55		0.50%

* 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 the one-half year period).

6

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

December 31, 2022	Principal Amount		Value
Agency Mortgage–Backed Securities – 10.3%
Federal Home Loan Mortgage Corp. 3.50% due 6/1/2052	$	1,158,345	$	1,052,648
4.00% due 6/1/2052		1,349,587		1,266,033
Federal National Mortgage Association 3.00% due 4/1/2037		2,742,861		2,572,316
3.00% due 5/1/2037		2,775,212		2,600,655
3.00% due 5/1/2052		2,017,402		1,772,807
3.50% due 4/1/2052		3,066,217		2,788,255
3.50% due 5/1/2052		2,890,953		2,627,144
4.00% due 5/1/2052		2,970,769		2,786,795
4.00% due 6/1/2052		1,980,592		1,857,938
Total Agency Mortgage–Backed Securities (Cost $20,492,816)				19,324,591
Asset–Backed Securities – 22.4%
Aligned Data Centers Issuer LLC 2021-1A A2 1.937% due 8/15/2046(1)		900,000		766,049
Ally Auto Receivables Trust 2022-1 A3 3.31% due 11/15/2026		1,650,000		1,606,545
AmeriCredit Automobile Receivables Trust 2020-3 C 1.06% due 8/18/2026		1,125,000		1,056,619
Anchorage Capital CLO 21 Ltd. 2021-21A B 5.993% (LIBOR 3 Month + 1.75%)     due 10/20/2034(1)(2)(3)		1,000,000		951,900
Apidos CLO XXII 2015-22A A2R 5.743% (LIBOR 3 Month + 1.50%)     due 4/20/2031(1)(2)(3)		1,000,000		970,479
Ares XXVII CLO Ltd. 2013-2A BR2 6.024% (LIBOR 3 Month + 1.65%)     due 10/28/2034(1)(2)(3)		1,000,000		964,910
Ares XXVIIIR CLO Ltd. 2018-28RA A2 5.479% (LIBOR 3 Month + 1.40%)     due 10/17/2030(1)(2)(3)		1,100,000		1,044,340
Avis Budget Rental Car Funding AESOP LLC 2021-2A A 1.66% due 2/20/2028(1)		1,100,000		949,343
BA Credit Card Trust 2020-A1 A1 0.34% due 5/15/2026		1,650,000		1,575,361
Benefit Street Partners CLO XVI Ltd. 2018-16A BR 5.629% (LIBOR 3 Month + 1.55%)     due 1/17/2032(1)(2)(3)		1,200,000		1,145,880

December 31, 2022	Principal Amount		Value
Asset–Backed Securities (continued)
BMW Vehicle Owner Trust 2022-A A3 3.21% due 8/25/2026	$	1,100,000	$	1,070,591
Canyon Capital CLO Ltd. 2022-1A B 5.779% (SOFR + 1.85%)     due 4/15/2035(1)(2)		1,200,000		1,148,505
Carlyle U.S. CLO Ltd. 2018-2A A2 5.679% (LIBOR 3 Month + 1.60%)     due 10/15/2031(1)(2)(3)		1,000,000		970,418
CarMax Auto Owner Trust 2020-4 B 0.85% due 6/15/2026		850,000		783,356
Dryden 53 CLO Ltd. 2017-53A B 5.479% (LIBOR 3 Month + 1.40%)     due 1/15/2031(1)(2)(3)		1,100,000		1,044,230
Dryden Senior Loan Fund 2017-47A CR 6.129% (LIBOR 3 Month + 2.05%)     due 4/15/2028(1)(2)(3)		1,000,000		967,400
Exeter Automobile Receivables Trust 2022-2A A3 2.80% due 11/17/2025		1,050,000		1,040,153
Ford Credit Auto Owner Trust 2020-1 A 2.04% due 8/15/2031(1)		1,100,000		1,026,786
Ford Credit Floorplan Master Owner Trust 2020-2 A 1.06% due 9/15/2027		1,100,000		987,821
GM Financial Automobile Leasing Trust 2022-2 A3 3.42% due 6/20/2025		1,240,000		1,212,441
GM Financial Consumer Automobile Receivables Trust 2020-4 A4 0.50% due 2/17/2026		1,680,000		1,568,825
Hertz Vehicle Financing III LLC 2022-3A A 3.37% due 3/25/2025(1)		960,000		935,604
Hyundai Auto Lease Securitization Trust 2022-B A3 3.35% due 6/16/2025(1)		1,200,000		1,175,962
Hyundai Auto Receivables Trust 2022-A A3 2.22% due 10/15/2026		1,430,000		1,365,831
Jamestown CLO XI Ltd. 2018-11A A2 5.711% (LIBOR 3 Month + 1.70%)     due 7/14/2031(1)(2)(3)		1,200,000		1,152,360

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

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

December 31, 2022	Principal Amount		Value
Asset–Backed Securities (continued)
Master Credit Card Trust 2021-1A A 0.53% due 11/21/2025(1)	$	1,380,000	$	1,296,427
Neuberger Berman Loan Advisers CLO 26 Ltd. 2017-26A BR 5.594% (LIBOR 3 Month + 1.40%)     due 10/18/2030(1)(2)(3)		1,000,000		969,045
Octagon Investment Partners 36 Ltd. 2018-1A B 5.469% (LIBOR 3 Month + 1.39%)     due 4/15/2031(1)(2)(3)		1,209,375		1,148,906
OHA Credit Partners XIV Ltd. 2017-14A B 5.778% (LIBOR 3 Month + 1.50%)     due 1/21/2030(1)(2)(3)		1,000,000		957,600
Santander Drive Auto Receivables Trust 2022-3 A3 3.40% due 12/15/2026		1,200,000		1,177,282
Synchrony Card Funding LLC 2022-A1 A 3.37% due 4/15/2028		1,300,000		1,252,201
Toyota Auto Loan Extended Note Trust 2021-1A A 1.07% due 2/27/2034(1)		975,000		863,641
Toyota Auto Receivables Owner Trust 2021-A A4 0.39% due 6/15/2026		1,440,000		1,331,255
Verizon Owner Trust 2020-C A 0.41% due 4/21/2025		896,322		879,909
Volkswagen Auto Lease Trust 2020-A A4 0.45% due 7/21/2025		1,500,000		1,474,361
Voya CLO Ltd. 2015-3A A3R 5.943% (LIBOR 3 Month + 1.70%)     due 10/20/2031(1)(2)(3)		1,000,000		960,224
World Omni Auto Receivables Trust 2021-B A4 0.69% due 6/15/2027		1,200,000		1,095,992
World Omni Automobile Lease Securitization Trust 2021-A A4 0.50% due 11/16/2026		1,000,000		952,852
Total Asset–Backed Securities (Cost $43,226,331)				41,841,404

December 31, 2022	Principal Amount		Value
Corporate Bonds & Notes – 6.0%
Aerospace & Defense – 0.5%
Boeing Co. 1.433% due 2/4/2024	$	500,000	$	478,415
Northrop Grumman Corp. 2.93% due 1/15/2025		500,000		480,225
				958,640
Commercial Banks – 0.8%
Bank of America Corp. 3.864% (3.864% fixed rate until 7/23/2023; LIBOR 3 Month + 0.94% thereafter)     due 7/23/2024(2)(3)		500,000		495,635
JPMorgan Chase & Co. 0.697% (0.697% fixed rate until 3/16/2023; SOFR + 0.58% thereafter)     due 3/16/2024(2)		500,000		494,900
Mitsubishi UFJ Financial Group, Inc. 0.962% (0.962% fixed rate until 10/11/2024; H15T1Y + 0.45% thereafter)     due 10/11/2025(2)		500,000		459,915
				1,450,450
Diversified Financial Services – 0.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.875% due 1/16/2024		950,000		940,937
American Express Co. 3.375% due 5/3/2024		500,000		490,305
				1,431,242
Electric – 0.2%
Public Service Enterprise Group, Inc. 2.875% due 6/15/2024		500,000		483,795
				483,795
Electronics – 0.2%
Honeywell International, Inc. 2.30% due 8/15/2024		500,000		480,555
				480,555
Entertainment – 0.2%
Warnermedia Holdings, Inc. 3.428% due 3/15/2024(1)		500,000		485,420
				485,420
Healthcare – Services – 0.2%
UnitedHealth Group, Inc. 0.55% due 5/15/2024		500,000		471,865
				471,865
Lodging – 0.3%
Marriott International, Inc. 3.60% due 4/15/2024		500,000		489,645
				489,645

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

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

December 31, 2022	Principal Amount		Value
Media – 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.50% due 2/1/2024	$	500,000	$	493,955
				493,955
Oil & Gas – 0.3%
Canadian Natural Resources Ltd. 3.90% due 2/1/2025		500,000		486,600
				486,600
Pipelines – 0.3%
Energy Transfer LP 5.875% due 1/15/2024		500,000		501,375
				501,375
Real Estate Investment Trusts (REITs) – 0.8%
Boston Properties LP 3.20% due 1/15/2025		500,000		479,505
Essex Portfolio LP 3.50% due 4/1/2025		500,000		482,705
Simon Property Group LP 3.375% due 10/1/2024		500,000		485,860
				1,448,070
Retail – 0.3%
Target Corp. 3.50% due 7/1/2024		500,000		490,490
				490,490
Semiconductors – 0.3%
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.625% due 1/15/2024		500,000		491,680
				491,680
Telecommunications – 0.5%
Verizon Communications, Inc. 3.376% due 2/15/2025		500,000		484,965
Vodafone Group PLC 3.75% due 1/16/2024		500,000		493,880
				978,845
Total Corporate Bonds & Notes (Cost $11,377,729)				11,142,627
Non–Agency Mortgage–Backed Securities – 6.1%
Benchmark Mortgage Trust 2018-B3 AS 4.195% due 4/10/2051(2)(4)		1,150,000		1,055,920
Commercial Mortgage Trust 2017-COR2 A3 3.51% due 9/10/2050		1,200,000		1,101,672
2019-GC44 AM 3.263% due 8/15/2057		1,085,000		904,858
DBGS Mortgage Trust 2018-C1 AM 4.611% due 10/15/2051(2)(4)		1,100,000		1,031,407
DBUBS Mortgage Trust 2017-BRBK A 3.452% due 10/10/2034(1)		793,000		746,502

December 31, 2022	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
Freddie Mac STACR REMIC Trust 2021-DNA7 M2 5.728% due 11/25/2041(1)(2)(4)	$	900,000	$	845,318
2021-HQA4 M1 4.878% due 12/25/2041(1)(2)(4)		613,243		581,831
2022-DNA1 M1A 4.928% due 1/25/2042(1)(2)(4)		532,112		518,297
2022-HQA3 M1A 6.228% due 8/25/2042(1)(2)(4)		1,101,051		1,096,533
Hilton USA Trust 2016-HHV A 3.719% due 11/5/2038(1)		845,000		765,379
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 AS 3.456% due 5/15/2046		970,000		957,706
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A4 3.718% due 12/15/2048		1,380,000		1,310,937
WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		440,000		426,594
Total Non–Agency Mortgage–Backed Securities (Cost $11,840,117)				11,342,954
U.S. Government Agencies – 2.0%
Federal Farm Credit Banks Funding Corp. 2.64% due 4/8/2026		4,000,000		3,789,520
Total U.S. Government Agencies (Cost $3,953,169)				3,789,520
U.S. Government Securities – 44.3%
U.S. Treasury Note 0.125% due 2/15/2024		79,980,000		75,984,124
2.50% due 4/30/2024		1,000,000		971,563
2.625% due 7/31/2029		1,700,000		1,569,312
3.00% due 7/31/2024		4,200,000		4,096,641
Total U.S. Government Securities (Cost $84,593,881)				82,621,640
	Shares		Value
Exchange–Traded Funds – 4.7%
Vanguard Short-Term Inflation-Protected Securities ETF		186,300		8,702,073
Total Exchange–Traded Funds (Cost $9,417,344)				8,702,073

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

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

	Principal Amount		Value
Short–Term Investments – 2.8%
U.S. Treasury Bills – 1.4%
U.S. Treasury Bill 3.566% due 2/2/2023(5)	$	1,700,000	$	1,694,624
3.718% due 2/9/2023(5)		1,000,000		996,007
Total U.S. Treasury Bills (Cost $2,689,918)				2,690,631
Repurchase Agreements – 1.4%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $2,584,985, due 1/3/2023(6)		2,584,617		2,584,617
Total Repurchase Agreements (Cost $2,584,617)				2,584,617
Total Investments – 98.6% (Cost $190,175,922)				184,040,057
Assets in excess of other liabilities – 1.4%				2,557,624
Total Net Assets – 100.0%			$	186,597,681

⁽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, 2022, the aggregate market value of these securities amounted to $26,449,289, representing 14.2% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾  Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

⁽³⁾  The London Interbank Offered Rate (“LIBOR”) is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund’s investments.

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

⁽⁵⁾  Interest rate shown reflects the discount rate at time of purchase.

⁽⁶⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	3,609,400	$	2,636,354

Open futures contracts at December 31, 2022:

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. 2-Year Treasury Note		March 2023		334		Long	$	68,439,260	$	68,496,094	$	56,834
U.S. 5-Year Treasury Note		March 2023		150		Long		16,220,522		16,189,453		(31,069	)
Total							$	84,659,782	$	84,685,547	$	25,765

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation/ (Depreciation)
U.S. 10-Year Treasury Note		March 2023		216		Short	$	(24,321,270	)	$	(24,256,125	)	$	65,145
U.S. Ultra Bond		March 2023		12		Short		(1,608,330	)		(1,611,750	)		(3,420	)
Total							$	(25,929,600	)	$	(25,867,875	)	$	61,725

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

SCHEDULE OF INVESTMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

Centrally cleared credit default swap agreements — buy protection⁽⁷⁾:

Reference Entity	Implied Credit Spread at 12/31/22(8)		Notional Amount(9)		Maturity		(Pay)/Receive Fixed Rate		Periodic Payment Frequency		Upfront Payments		Value			Unrealized Depreciation
CDX.NA.HY.S39		4.84%		USD    25,500,000		12/20/2027		(5.00)%		Quarterly	$	1,136,923	$	(148,513	)	$	(1,285,436	)

⁽⁷⁾  When a credit event occurs as defined under the terms of the swap agreement, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

⁽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 buyer of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

Legend:

CLO — Collateralized Loan Obligation

H15T1Y — 1-year Constant Maturity Treasury Rate

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

The following is a summary of the inputs used as of December 31, 2022 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
Agency Mortgage-Backed Securities	$	—		$	19,324,591		$	—	$	19,324,591
Asset-Backed Securities		—			41,841,404			—		41,841,404
Corporate Bonds & Notes		—			11,142,627			—		11,142,627
Non-Agency Mortgage-Backed Securities		—			11,342,954			—		11,342,954
U.S. Government Agencies		—			3,789,520			—		3,789,520
U.S. Government Securities		—			82,621,640			—		82,621,640
Exchange-Traded Funds		8,702,073			—			—		8,702,073
U.S. Treasury Bills		—			2,690,631			—		2,690,631
Repurchase Agreements		—			2,584,617			—		2,584,617
Total	$	8,702,073		$	175,337,984		$	—	$	184,040,057
Other Financial Instruments
Futures Contracts
Assets	$	121,979		$	—		$	—	$	121,979
Liabilities		(34,489	)		—			—		(34,489	)
Swap Contracts
Liabilities		—			(1,285,436	)		—		(1,285,436	)
Total	$	87,490		$	(1,285,436	)	$	—	$	(1,197,946	)

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

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND

Statement of Assets and Liabilities As of December 31, 2022
Assets
Investments, at value	$	184,040,057
Receivable for variation margin on swap contracts		3,053,858
Interest receivable		563,790
Cash deposits with brokers for futures contracts		417,800
Receivable for variation margin on futures contracts		168,760
Reimbursement receivable from adviser		17,158
Receivable for fund shares subscribed		1,353
Prepaid expenses		6,765
Total Assets		188,269,541
Liabilities
Cash due to broker for swap contracts		1,518,130
Investment advisory fees payable		71,649
Accrued audit fees		25,183
Payable for fund shares redeemed		21,165
Accrued administrative fees		12,697
Accrued custodian and accounting fees		8,869
Accrued legal fees		8,030
Accrued trustees’ and officers’ fees		611
Accrued expenses and other liabilities		5,526
Total Liabilities		1,671,860
Total Net Assets	$	186,597,681
Net Assets Consist of:
Paid-in capital	$	191,602,629
Distributable loss		(5,004,948	)
Total Net Assets	$	186,597,681
Investments, at Cost	$	190,175,922
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		19,096,814
Net Asset Value Per Share		$9.77

Statement of Operations For the Period Ended December 31, 20221
Investment Income
Dividends	$	532,314
Interest		4,248,149
Total Investment Income		4,780,463
Expenses
Investment advisory fees		615,888
Professional fees		57,081
Custodian and accounting fees		40,481
Trustees’ and officers’ fees		32,493
Administrative fees		27,295
Transfer agent fees		12,099
Shareholder reports		10,413
Other expenses		7,909
Total Expenses		803,659
Less: Fees waived		(119,339	)
Total Expenses, Net		684,320
Net Investment Income/(Loss)		4,096,143
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		(1,173,256	)
Net realized gain/(loss) from futures contracts		(587,044	)
Net realized gain/(loss) from swap contracts		(6,980	)
Net change in unrealized appreciation/(depreciation) on investments		(6,135,865	)
Net change in unrealized appreciation/(depreciation) on futures contracts		87,490
Net change in unrealized appreciation/(depreciation) on swap contracts		(1,285,436	)
Net Loss on Investments and Derivative Contracts		(9,101,091	)
Net Decrease in Net Assets Resulting From Operations	$	(5,004,948	)

¹  Commenced operations on May 2, 2022.

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

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND

Statement of Changes in Net Assets
	For the Period Ended 12/31/221
Operations
Net investment income/(loss)	$	4,096,143
Net realized gain/(loss) from investments and derivative contracts		(1,767,280	)
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(7,333,811	)
Net Decrease in Net Assets Resulting from Operations		(5,004,948	)
Capital Share Transactions
Proceeds from sales of shares		234,189,617
Cost of shares redeemed		(42,586,988	)
Net Increase in Net Assets Resulting from Capital Share Transactions		191,602,629
Net Increase in Net Assets		186,597,681
Net Assets
Beginning of period		—
End of period	$	186,597,681
Other Information:
Shares
Sold		23,424,754
Redeemed		(4,327,940	)
Net Increase		19,096,814

¹  Commenced operations on May 2, 2022.

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

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND 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 Loss		Total Operations		Net Asset Value, End of Period		Total Return(2),(3)
Period Ended 12/31/22(5)	$	10.00	$	0.20	$	(0.43)	$	(0.23)	$	9.77		(2.30)%

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

FINANCIAL INFORMATION — GUARDIAN SHORT DURATION BOND VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3),(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)
$	186,598		0.49%		0.58%		3.00%		2.91%		61%

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

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

⁽³⁾  Ratios for periods less than one year have been annualized, except for total return and portfolio turnover rate. Certain non-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 May 2, 2022.

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

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

December 31, 2022

1. Organization

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

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

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

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

Exchange-traded financial futures and swap contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. 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.

16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

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

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

• Level 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 period ended December 31, 2022, 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, 2022 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 obligationsFund Code Not Found most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

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

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

17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

c. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

d. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve positioning, (iii) manage risk, (iv) enhance potential returns, or (v) as substitutes for permitted Fund investments. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may 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. During the period ended December 31, 2022, the Fund entered into credit default swaps for risk exposure management and to enhance potential return.

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, 2022.

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

g. Allocation of Income and Expenses Many of the expenses of the Trust can be directly attributed to a

18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.45% of the first $300 million, and 0.40% in excess of $300 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Fund has no sub-adviser.

Park Avenue has contractually agreed through April 30, 2023 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 0.50% 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, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $119,339.

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

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity

(“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments and U.S. government agency obligations purchased and the proceeds from U.S. government agency obligations and other investments sold (excluding short-term investments and to be announced (TBA) securities) for the period ended December 31, 2022, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	117,966,338	$	182,196,556
Sales		43,509,809		72,505,123

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

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

19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

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, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

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

g. Mortgage- and Asset-Backed Securities The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing 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. Loan Risk Investments in loans are particularly subject to, among other risks, credit risk, interest rate risk, and counterparty risk. The Fund’s investments in loans can be difficult to value accurately and may be more susceptible to liquidity risk than fixed income (or debt) investments of similar credit quality and/or maturity. Investments or transactions in loans are often subject to long settlement periods (potentially longer than seven days), which could limit the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. As a result, the Fund may be forced to sell other, more desirable, liquid investments, sell illiquid investments at a loss or take other measures to raise cash. Loans often are rated below investment-grade and may be unrated and

20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

subject the Fund to the risk that the value of the collateral for the loan may be insufficient to cover the borrower’s obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants (if any) more difficult for the Fund as legal action may have to go through the issuer of the participations. Investments in loans that lack or possess fewer or contingent contractual restrictive covenants are particularly susceptible to the risks associated with these investments. In addition, loans and other similar investments may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

j. Disclosures About Derivative Instruments and Hedging Activities The Fund entered into U.S. Treasury futures contracts for the period ended December 31, 2022 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, 2022, 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	$	121,979		$	—
Liability Derivatives
Futures Contracts1	$	(34,489	)	$	—
Swap Contracts2		—			(1,285,436	)

¹  Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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 Statement of Assets and Liabilities.

21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SHORT DURATION BOND VIP FUND

Transactions in derivative investments for the period ended December 31, 2022 were as follows:

	Interest Rate Contracts			Credit Default Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	(587,044	)	$	—
Swap Contracts2		—			(6,980	)
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts3	$	87,490		$	—
Swap Contracts4		—			(1,285,436	)
Average Number of Notional Amounts
Futures Contracts5		660			—
Swap Contracts — Buy/Sell Protection	$	—		$	22,217,500

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

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

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

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

⁵  Amount represents number of contracts.

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the

current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the period ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

22

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Guardian Short Duration 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 Short Duration Bond VIP Fund (one of the funds constituting Guardian Variable Products Trust, referred to hereafter as the “Fund”) as of December 31, 2022, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period May 2, 2022 (commencement of operations) through December 31, 2022 (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, 2022, and the results of its operations, changes in its net assets and the financial highlights for the period May 2, 2022 (commencement of operations) through December 31, 2022 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, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

25

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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)

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

27

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

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

PUB11741

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Small Cap Core VIP Fund

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
Statements of Changes in Net Assets	10
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	20
Supplemental Information
Trustees and Officers Information Table	21
Portfolio Holdings and Proxy Voting Procedures	24

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of the Fund’s sub-adviser 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. 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 SMALL CAP CORE VIP FUND

FUND COMMENTARY OF

CLEARBRIDGE INVESTMENTS LLC, SUB-ADVISER

(UNAUDITED)

Highlights

• Guardian Small Cap Core VIP Fund (the “Fund”) returned -20.86%, slightly underperforming its benchmark, the Russell 2000^® Index¹ (the “Index”), for the 12 months ended December 31, 2022. The Fund’s slight underperformance relative to the Index was primarily due to stock selection in the communication services and information technology sectors.

• The Index delivered a -20.44% return for the same period. Energy was the highest-performing and only positive sector within the Index, returning 53.49% for the period and significantly outpacing all other sectors. The utilities and consumer staples sectors within the Index returned -1.35% and -9.59%, respectively, as investors sought refuge in the most defensive sectors but still struggled to hold up against a broader market retreat.

Market Overview

U.S. small cap stocks generated negative returns for the one-year period ended December 31, 2022, unable to escape the broader macro headwinds stemming from inflation, rising interest rates, geopolitical tensions and supply chain disruptions. The Index declined -20.44%. The Russell 2000^® Value Index² (the “Value Index”) declined -14.48% in 2022, which outperformed the -26.36% decline by the Russell 2000^® Growth Index³ (the “Growth Index”).

Higher-growth companies sold off in early 2022 as rising inflation and a resilient labor market furthered the prospect of higher and more frequent interest rate hikes and growing fears of a recession. Companies also faced increased supply chain disruptions and a further reduction in already-tight commodity inventories resulting from Russia’s invasion of Ukraine in February 2022, with oil prices spiking and leading to strong outperformance in the energy sector.

Such conditions remained in the second quarter of 2022, with persistent inflation prompting central banks to take more hawkish stances. Defensive sectors led the market, along with the energy sector, while growth stocks sold off, leading to concerns over companies’ abilities to maintain current margins and the probability of a “hard landing” for the economy.

Despite an early rally in the third quarter in 2022 for growth stocks in the hope that a policy-engineered recession would spur a reversal in the U.S. Federal Reserve’s (the “Fed”) policy, investors were disappointed by the Fed’s intent to continue raising rates to combat persistent inflationary pressures. Markets continued their retreat, despite better-than-expected corporate earnings providing a boost late in the quarter, as the Fed signaled a higher-for-longer future for interest rates and a recession became the base case for 2023.

However, equity markets generated positive returns in the fourth quarter of 2022 as signs of peaking inflation and evidence of an economic slowdown boosted investor optimism of a Fed policy pivot. However, while the Fed voted to end its streak of 75 basis point interest rate hikes in favor of a 50 basis point hike, Fed Chair Powell reiterated that the central bank still had more work to do in its fight against inflation. These dashed hopes were replaced with concerns over corporate earnings and a growing possibility of a recession in 2023.

Portfolio Review

We invest based on our assessment of long-term cash flows from a business, as compared to the market’s implied estimate of those cash flows. Sometimes our assessment results in a growth tilt for the Fund and at other times it leans towards value stocks. In recent years, the Fund’s strategy was tilted toward growth stocks, but this position became increasingly untenable amid the rally in growth stocks during 2020. Our emphasis on companies with current cash flows and attractive asset valuations proved to be a tailwind as the Fund benefited from its investments in value stocks in 2022.

The Fund’s underperformance for the period was mainly driven by stock-specific factors such as our stock selection in the communication services and information technology sectors. Conversely, stock selection in the real estate, consumer discretionary and industrials sectors, were positive contributors to performance.

1

GUARDIAN SMALL CAP CORE VIP FUND

Outlook

We anticipate continued uncertainty about the global economic outlook in light of higher interest rates and current geopolitical conflicts. However, regardless of the uncertainty we face entering 2023, we are confident in our ability to adapt to new market conditions and

capitalize on emerging opportunities. We will continue to adhere to our philosophy of seeking high-quality companies with strong balance sheets and long-term earnings growth drivers, which is the cornerstone of our portfolio management process.

¹ The Index measures the performance of the small-cap segment of the US equity universe. It is a subset of the Russell 3000 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.

² The Value Index measures the performance of the large cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). 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.

³ The Growth Index measures the performance of the large cap growth segment of the US equity universe. It includes those Russell 2000 companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). 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.

2

GUARDIAN SMALL CAP CORE VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $246,525,418

Sector Allocation¹

As of December 31, 2022

Top Ten Holdings2 As of December 31, 2022
Holding	% of Total Net Assets
Murphy USA, Inc.		1.98%
Textainer Group Holdings Ltd.		1.93%
Century Communities, Inc.		1.90%
CommVault Systems, Inc.		1.85%
Kite Realty Group Trust REIT		1.76%
Bank OZK		1.69%
Magnolia Oil & Gas Corp., Class A		1.65%
Group 1 Automotive, Inc.		1.55%
Corporate Office Properties Trust REIT		1.55%
Black Hills Corp.		1.54%
Total		17.40%

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, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Small Cap Core VIP Fund		10/21/2019		-20.86%		—		—		1.90%
Russell 2000® Index				-20.44%		—		—		5.42%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Small Cap Core VIP Fund and the Russell 2000^® 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	997.20	$	5.24		1.04%
Based on Hypothetical Return (5% Return Before Expenses)	$1,000.00	$	1,019.96	$	5.30		1.04%

* 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 the one-half year period).

5

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND

December 31, 2022	Shares		Value
Common Stocks – 98.6%
Auto Components – 0.9%
Visteon Corp.(1)		17,240	$	2,255,509
				2,255,509
Banks – 9.7%
Bank OZK		103,993		4,165,960
Cadence Bank		144,769		3,570,004
National Bank Holdings Corp., Class A		64,800		2,726,136
Veritex Holdings, Inc.		94,525		2,654,262
Washington Federal, Inc.		109,105		3,660,473
WesBanco, Inc.		90,826		3,358,745
Wintrust Financial Corp.		43,806		3,702,483
				23,838,063
Biotechnology – 0.6%
Ultragenyx Pharmaceutical, Inc.(1)		32,822		1,520,643
				1,520,643
Chemicals – 2.2%
Avient Corp.		56,828		1,918,513
Olin Corp.		67,923		3,595,844
				5,514,357
Communications Equipment – 0.9%
Extreme Networks, Inc.(1)		122,200		2,237,482
				2,237,482
Construction & Engineering – 1.4%
Primoris Services Corp.		157,472		3,454,936
				3,454,936
Construction Materials – 1.2%
Eagle Materials, Inc.		21,900		2,909,415
				2,909,415
Consumer Finance – 3.4%
Encore Capital Group, Inc.(1)		49,466		2,371,400
OneMain Holdings, Inc.		75,300		2,508,243
Oportun Financial Corp.(1)		176,597		973,050
PROG Holdings, Inc.(1)		155,051		2,618,811
				8,471,504
Diversified Consumer Services – 0.6%
Stride, Inc.(1)		49,776		1,556,993
				1,556,993
Diversified Telecommunication Services – 0.7%
Anterix, Inc.(1)		56,939		1,831,728
				1,831,728
Electric Utilities – 1.3%
Portland General Electric Co.		63,104		3,092,096
				3,092,096
Electrical Equipment – 1.1%
EnerSys		37,835		2,793,736
				2,793,736
Electronic Equipment, Instruments & Components – 2.9%
Advanced Energy Industries, Inc.		29,292		2,512,668
Itron, Inc.(1)		58,942		2,985,412

December 31, 2022	Shares		Value
Electronic Equipment, Instruments & Components (continued)
nLight, Inc.(1)		154,122	$	1,562,797
				7,060,877
Energy Equipment & Services – 1.5%
Helmerich & Payne, Inc.		73,494		3,643,098
				3,643,098
Entertainment – 0.5%
PLAYSTUDIOS, Inc.(1)(2)		325,000		1,261,000
PLAYSTUDIOS, Inc.(1)		10,681		41,442
				1,302,442
Equity Real Estate Investment Trusts (REITs) – 6.4%
Corporate Office Properties Trust		147,034		3,814,062
Kite Realty Group Trust		206,448		4,345,730
LXP Industrial Trust		238,378		2,388,548
PotlatchDeltic Corp.		63,900		2,810,961
RLJ Lodging Trust		233,183		2,469,408
				15,828,709
Food Products – 1.9%
Sovos Brands, Inc.(1)		143,793		2,066,305
Utz Brands, Inc.		159,304		2,526,562
				4,592,867
Health Care Equipment & Supplies – 2.2%
Lantheus Holdings, Inc.(1)		52,244		2,662,354
Novocure Ltd.(1)		15,767		1,156,510
Omnicell, Inc.(1)		30,359		1,530,701
				5,349,565
Health Care Providers & Services – 4.0%
Acadia Healthcare Co., Inc.(1)		29,605		2,437,084
CareMax, Inc.(1)(2)		213,620		779,713
CareMax, Inc.(1)		81,958		299,147
HealthEquity, Inc.(1)		59,882		3,691,126
R1 RCM, Inc.(1)		238,447		2,610,995
				9,818,065
Hotels, Restaurants & Leisure – 2.5%
Bloomin’ Brands, Inc.		173,000		3,480,760
Everi Holdings, Inc.(1)		177,555		2,547,914
				6,028,674
Household Durables – 1.9%
Century Communities, Inc.		93,738		4,687,837
				4,687,837
Independent Power and Renewable Electricity Producers – 1.0%
Sunnova Energy International, Inc.(1)		132,809		2,391,890
				2,391,890
Insurance – 2.2%
Assured Guaranty Ltd.		47,505		2,957,661
BRP Group, Inc., Class A(1)		98,585		2,478,427
				5,436,088
IT Services – 2.4%
Euronet Worldwide, Inc.(1)		39,000		3,680,820
Thoughtworks Holding, Inc.(1)		207,721		2,116,677
				5,797,497

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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND

December 31, 2022	Shares		Value
Leisure Products – 1.1%
Vista Outdoor, Inc.(1)		114,483	$	2,789,951
				2,789,951
Life Sciences Tools & Services – 1.5%
Maravai LifeSciences Holdings, Inc., Class A(1)		93,900		1,343,709
Syneos Health, Inc.(1)		61,522		2,256,627
				3,600,336
Machinery – 3.6%
Crane Holdings Co.		23,900		2,400,755
Hillman Solutions Corp.(1)		440,275		3,174,383
Terex Corp.		76,100		3,250,992
				8,826,130
Media – 2.2%
Gray Television, Inc.		234,416		2,623,115
Integral Ad Science Holding Corp.(1)		328,757		2,889,774
				5,512,889
Metals & Mining – 2.5%
Commercial Metals Co.		50,266		2,427,848
Constellium SE(1)		154,344		1,825,890
MP Materials Corp.(1)		77,676		1,885,973
				6,139,711
Mortgage Real Estate Investment Trusts (REITs) – 0.9%
Redwood Trust, Inc.		324,958		2,196,716
				2,196,716
Multi-Utilities – 1.5%
Black Hills Corp.		53,959		3,795,476
				3,795,476
Oil, Gas & Consumable Fuels – 5.1%
CNX Resources Corp.(1)		165,814		2,792,308
HF Sinclair Corp.		44,948		2,332,352
Magnolia Oil & Gas Corp., Class A		173,345		4,064,940
Matador Resources Co.		57,700		3,302,748
				12,492,348
Pharmaceuticals – 1.2%
Cara Therapeutics, Inc.(1)		75,200		807,648
Intra-Cellular Therapies, Inc.(1)		41,871		2,215,813
				3,023,461
Professional Services – 3.1%
ICF International, Inc.		28,194		2,792,615
Korn Ferry		48,561		2,458,158
Sterling Check Corp.(1)		149,723		2,316,215
				7,566,988
Road & Rail – 1.2%
Marten Transport Ltd.		150,289		2,972,716
				2,972,716
Semiconductors & Semiconductor Equipment – 2.9%
Photronics, Inc.(1)		154,000		2,591,820
Semtech Corp.(1)		43,177		1,238,748
SMART Global Holdings, Inc.(1)		229,375		3,413,100
				7,243,668

December 31, 2022	Shares		Value
Software – 5.0%
CommVault Systems, Inc.(1)		72,325	$	4,544,903
NCR Corp.(1)		149,882		3,508,738
Rapid7, Inc.(1)		64,434		2,189,467
WalkMe Ltd.(1)		187,790		2,099,492
				12,342,600
Specialty Retail – 5.2%
Group 1 Automotive, Inc.		21,229		3,829,075
Murphy USA, Inc.		17,479		4,886,079
Petco Health & Wellness Co., Inc.(1)		171,356		1,624,455
Urban Outfitters, Inc.(1)		108,282		2,582,526
				12,922,135
Thrifts & Mortgage Finance – 2.7%
NMI Holdings, Inc., Class A(1)		162,694		3,400,305
WSFS Financial Corp.		70,086		3,177,699
				6,578,004
Trading Companies & Distributors – 5.5%
Custom Truck One Source, Inc.(1)(2)		342,859		2,166,869
Custom Truck One Source, Inc.(1)		103,158		651,959
GATX Corp.		26,901		2,860,652
Rush Enterprises, Inc., Class A		60,160		3,145,165
Textainer Group Holdings Ltd.		153,340		4,755,073
				13,579,718
Total Common Stocks (Cost $246,652,313)				242,996,918
Warrants – 0.0%
Conx Corp., Class A(1)		42,107		6,316
East Resources Acquisition Co.(1)		76,065		13,311
Total Warrants (Cost $24,831)				19,627
	Principal Amount		Value
Short–Term Investments – 1.4%
Repurchase Agreements – 1.4%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $3,554,550, due 1/3/2023(3)	$	3,554,044		3,554,044
Total Repurchase Agreements (Cost $3,554,044)				3,554,044
Total Investments – 100.0% (Cost $250,231,188)				246,570,589
Liabilities in excess of other assets – (0.0)%				(45,171	)
Total Net Assets – 100.0%			$	246,525,418

⁽¹⁾  Non–income–producing security.

⁽²⁾  Security is restricted. Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. At December 31, 2022, the aggregate market value of these securities amounted to $4,207,582, representing 1.7% of net assets.

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

SCHEDULE OF INVESTMENTS — GUARDIAN SMALL CAP CORE VIP FUND

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

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	4,963,200	$	3,625,188

The following is a summary of the inputs used as of December 31, 2022 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	$	242,996,918	$	—	$	—	$	242,996,918
Warrants		—		19,627		—		19,627
Repurchase Agreements		—		3,554,044		—		3,554,044
Total	$	242,996,918	$	3,573,671	$	—	$	246,570,589

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, 2022
Assets
Investments, at value	$	246,570,589
Dividends/interest receivable		243,781
Receivable for fund shares subscribed		10,609
Prepaid expenses		8,863
Total Assets		246,833,842
Liabilities
Investment advisory fees payable		148,122
Distribution fees payable		53,667
Payable for fund shares redeemed		51,766
Accrued audit fees		20,475
Accrued custodian and accounting fees		7,680
Accrued trustees’ and officers’ fees		715
Accrued expenses and other liabilities		25,999
Total Liabilities		308,424
Total Net Assets	$	246,525,418
Net Assets Consist of:
Paid-in capital	$	203,757,564
Distributable earnings		42,767,854
Total Net Assets	$	246,525,418
Investments, at Cost	$	250,231,188
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		23,203,568
Net Asset Value Per Share		$10.62

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	3,435,604
Interest		13,419
Total Investment Income		3,449,023
Expenses
Investment advisory fees		1,871,161
Distribution fees		677,957
Professional fees		78,253
Trustees’ and officers’ fees		63,656
Custodian and accounting fees		42,734
Administrative fees		40,687
Transfer agent fees		14,815
Shareholder reports		8,213
Other expenses		14,661
Total Expenses		2,812,137
Net Investment Income/(Loss)		636,886
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments
Net realized gain/(loss) from investments		(1,545,322	)
Net change in unrealized appreciation/(depreciation) on investments		(62,682,085	)
Net Loss on Investments		(64,227,407	)
Net Decrease in Net Assets Resulting From Operations	$	(63,590,521	)

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

FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	636,886		$	30,592
Net realized gain/(loss) from investments		(1,545,322	)		48,230,900
Net change in unrealized appreciation/(depreciation) on investments		(62,682,085	)		6,302,779
Net Increase/(Decrease) in Net Assets Resulting from Operations		(63,590,521	)		54,564,271
Capital Share Transactions
Proceeds from sales of shares		69,252,183			12,210,610
Cost of shares redeemed		(43,280,112	)		(120,157,999	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		25,972,071			(107,947,389	)
Net Decrease in Net Assets		(37,618,450	)		(53,383,118	)
Net Assets
Beginning of year		284,143,868			337,526,986
End of year	$	246,525,418		$	284,143,868
Other Information:
Shares
Sold		5,747,650			929,071
Redeemed		(3,722,078	)		(9,352,087	)
Net Increase/(Decrease)		2,025,572			(8,423,016	)

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

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11

FINANCIAL INFORMATION — GUARDIAN SMALL CAP CORE 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 12/31/22	$	13.42	$	0.03		$	(2.83)	$	(2.80)	$	10.62		(20.86)%
Year Ended 12/31/21		11.40		0.00	(4)		2.02		2.02		13.42		17.72%
Year Ended 12/31/20		11.13		0.05			0.22		0.27		11.40		2.43%
Period Ended 12/31/19(5)		10.00		0.01			1.12		1.13		11.13		11.30%	(6)

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)			Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets(3)			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	246,525		1.04%			1.04%			0.23%			0.23%			48%
	284,144		1.04%			1.04%			0.01%			0.01%			45%
	337,527		1.05%			1.05%			0.53%			0.53%			69%
	310,451		1.01%	(6)		1.09%	(6)		0.57%	(6)		0.49%	(6)		98%	(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 and expense limitations.

⁽⁴⁾  Rounds to $0.00 per share.

⁽⁵⁾  Commenced operations on October 21, 2019.

⁽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, 2019, certain non-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 SMALL CAP CORE VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Small Cap Core VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The 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 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.

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. In addition, the values of the Fund’s investments in foreign securities are generally determined by a pricing service using pricing models designed to estimate likely changes in the values of those securities. Certain foreign equity instruments are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

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 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, price below current market value, 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, 2022, 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, 2022 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, private investment in public equity, most government agency securities, investment-grade corporate bonds, certain mortgage products, state, municipal and provincial obligations, and certain foreign equity securities, including securities whose prices may have been affected by events occurring after the close of trading on their principal exchange or market and, as a result, whose values are determined by a pricing service as described above, or securities whose values are otherwise determined using fair valuation methods approved by the Fund’s Board of Trustees.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

Derivatives Exchange-traded derivatives, such as futures contracts, exchange-traded option contracts and certain swaps, are typically classified within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Certain non-exchange-traded derivatives, such as generic forwards, certain swaps and options, have inputs which can generally be corroborated by market data and are therefore classified within Level 2. During the year ended December 31, 2022, the Fund did not hold any derivatives.

b. Securities Transactions Securities transactions are accounted for on the date securities are purchased or

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

sold (trade date). Realized gains or losses on securities transactions are determined on the basis of specific identification.

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

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

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

e. Investment Income Dividend income net of foreign taxes withheld, if any, is generally recorded on the

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

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.69% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

Park Avenue has contractually agreed through April 30, 2023 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 year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

Park Avenue has entered into a Sub-Advisory Agreement with ClearBridge Investments LLC (“ClearBridge”). ClearBridge is responsible for providing day-to-day investment advisory services to the Fund, subject to the supervision of Park Avenue and the

16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

oversight of the Board of Trustees. Sub-advisory fees are paid by Park Avenue and do not represent a separate or additional expense to the Fund.

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, 2022, the Fund paid distribution fees in the amount of $677,957 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments purchased and the proceeds from investments sold (excluding short-term investments) amounted to $153,194,292 and $128,293,941, respectively, for the year ended December 31, 2022. During the year ended December 31, 2022, there were no purchases or sales of U.S. government securities.

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

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

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

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

17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

Investments. As of December 31, 2022, the Fund held three restricted securities, and did not hold any illiquid securities.

f. Private Investment in Public Equity A Fund may invest in securities that are purchased in private investment in public equity (“PIPE”) transactions. PIPEs are an accredited investor’s purchase of stock in a public company at a discount to the current market value per share for the purpose of raising capital and may also issue warrants enabling a Fund to purchase additional shares at a price equal to or at a premium to current market prices. Securities acquired by a Fund in such transactions are subject to resale restrictions under securities laws. Because the shares issued in a PIPE transaction are “restricted securities” under the federal securities laws, a Fund cannot freely trade the securities until the issuer files a registration statement to provide for the public resale of the shares, which typically occurs after the completion of the PIPE transaction and the public registration process with the SEC is completed, a period which can last many months. While issuers in PIPE transactions typically agree that they will register the securities for resale by a Fund after the transaction closes (thereby removing resale restrictions), there is no guarantee that the securities will in fact be registered, or that the registration will be maintained. In addition, a PIPE issuer may require a Fund to agree to other resale restrictions as a condition to the sale of such securities. Thus, a Fund’s ability to resell securities acquired in PIPE transactions may be limited, and even though a public market may exist for such securities, the securities held by a Fund may be deemed illiquid.

g. Special Purpose Acquisition Companies A Fund may invest in stock, warrants, rights and other securities of special purpose acquisition companies (“SPACs”) or similar special purpose entities in a private placement transaction or as part of a public offering. A SPAC, sometimes referred to as “blank check company,” is a private or publicly traded company that raises investment capital for the purpose of acquiring or merging with an existing company. The shares of a SPAC are typically issued in “units” that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares of common stock. At a specified time, the rights and warrants may be separated from the common stock at the election of the holder, after which time each security typically is freely tradeable. Private companies can combine with a SPAC to go public by taking the SPAC’s place on an exchange as an alternative to making an initial public offering. Additionally, a Fund may purchase units or shares of SPACs that have completed

an IPO on a secondary market, during a SPAC’s IPO or through a PIPE offering. PIPE transactions involve the purchase of securities typically at a discount to the market price of the company’s common stock and may be subject to transfer restrictions, which typically would make them less liquid than equity issued through a public offering. Investments in SPACs also have risks peculiar to the SPAC structure and investment process. Until an acquisition or merger is completed, a SPAC generally invests its assets, less a portion retained to cover expenses, in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. To the extent a SPAC is invested in cash or similar securities, this may impact a Fund’s ability to meet its investment objective. SPAC shareholders may not approve any proposed acquisition or merger, or an acquisition or merger, once effected, may prove unsuccessful. If an acquisition or merger is not completed within a pre-established period (typically, two years), the remainder of funds invested in the SPAC are returned to its shareholders. While a SPAC investor may receive both stock in the SPAC, as well as warrants or other rights at no marginal cost, those warrants or other rights may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price. A Fund may also be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC. Moreover, interests in SPACs may be illiquid and/or be subject to restrictions on resale, which may remain for an extended time, and may only be traded in the over-the-counter market.

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank

18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN SMALL CAP CORE VIP FUND

Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

19

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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 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, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

20

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019).

21

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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

22

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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)

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

24

This Page Intentionally Left Blank

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.

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

PUB10526

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian Total Return Bond VIP Fund

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	5
Understanding Your Fund’s Expenses	6
Financial Information
Schedule of Investments	7
Statement of Assets and Liabilities	13
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	25
Supplemental Information
Trustees and Officers Information Table	26
Portfolio Holdings and Proxy Voting Procedures	29

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of Park Avenue Institutional Advisers LLC as of the date of this report and are subject to change without notice. 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 TOTAL RETURN BOND VIP FUND

FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, MANAGER

(UNAUDITED)

Highlights

• Guardian Total Return Bond VIP Fund (the “Fund”) returned -15.36%, underperforming its benchmark, the Bloomberg US Aggregate Bond Index¹ (the “Index”), for the 12 months ended December 31, 2022.

• The Index returned -13.01% for the same period.

• The Fund’s underperformance relative to the Index was primarily due to its allocation to high yield bonds. Overweight allocations to AAA-rated corporate bonds with maturities of 3 to 10 years and BBB-rated corporate bonds with maturities of 3 to 10 years also detracted from the Fund’s relative performance. An underweight allocation to agency residential mortgage-backed securities contributed to the Fund’s relative performance.

Market Overview

Throughout 2022, the U.S. Federal Reserve (the “Fed”) significantly increased interest rates in response to a rapidly increasing inflation market environment. The Standard & Poor’s 500^® Index² (the “S&P 500 Index”) returned -18.11% for the year. Nearly every segment of the fixed income market experienced declines. The Bloomberg US Corporate High Yield Bond Index³ (the “High Yield Index”) returned -11.19% for the year. Leveraged loans generally outperformed most major fixed income indexes but were still negative, returning -0.60%. The 10-year Treasury returned -16.5% for the year.

With inflation above 7% all year, the Fed’s main goal was to decrease inflation while not sparking a recession. The Fed increased the federal funds rate seven times in 2022, from 0.25-0.50% in March to 4.25-4.50% in December, the most rapid pace of interest rate hikes in recent history.

Portfolio Review

The Fund’s allocation to high yield bonds primarily contributed to its underperformance relative to the Index. Overweight allocations to AAA-rated corporate bonds with maturities of 3 to 10 years and BBB-rated corporate bonds with maturities of 3 to 10 years also detracted from the Fund’s relative performance. An underweight allocation to agency residential

mortgage-backed securities also contributed to the Fund’s relative performance.

With respect to the Fund’s investment grade allocation, 2022 began with a cautious view on spreads given the expectation for the Fed to begin to withdraw accommodation and tighten financial conditions. As spreads widened through the year to more historically attractive levels, and in anticipation of some moderation to inflation, we moderately increased the Fund’s risk exposure within the investment grade allocation to take advantage of expected tightening of spreads. The overweight to the banking sector relative to the Index contributed to the Fund’s relative performance.

U.S. high yield and leveraged loans experienced similar market volatility that other fixed income asset classes did during 2022, but their higher yield and much shorter duration helped mitigate some of this volatility. Over 2022, credit ratings started to drift lower after the 18-month upswing post-COVID-19, and default rates started to go up but continue to remain below their long-term averages. We believe that volatility will continue to impact investment grade fixed income investments in 2023, but we also believe that there may be specific securities and times throughout the year that they may present total return opportunities based on their current yields, as well as total return potential given their trading prices and short duration.⁴

Also, given uncertainty about rising interest rates, the potential for rate volatility and the fact that the Fed is no longer reinvesting mortgage-backed securities proceeds, we found mortgage-backed securities less appealing.

We began de-risking the Fund’s portfolio in May and June, buying credit default index swaps and selling high yield fixed income investments. In the second half of the year, we also utilized yield curve flatteners to take advantage of differences in yield spread between the 2-year and 10-year Treasuries. In addition, to help manage inflation risk, we made an allocation to Treasury Inflation-Protected Securities (“TIPS”) in the beginning of the year and maintained that allocation throughout the year.

Outlook

As we enter 2023, we remain in a relatively high inflation, low growth environment. Although we have a more

1

GUARDIAN TOTAL RETURN BOND VIP FUND

optimistic outlook on the market than the Fed, we also believe that an economic recession in 2023 is likely. Historically, spreads widen into a recession, therefore we are proceeding with caution in anticipation of heightened credit risk in 2023. However, we believe

ample cash is waiting to be deployed, which can mitigate spread widening. Finally, we believe the yield curve may get flatter before it steepens positively. Overall, we continue to remain defensive in our investment approach.

¹ 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 Bond Index and, unlike the Fund, the Bond Index does not incur fees or expenses.

² The S&P 500 Index is an unmanaged market-capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.

³ The High Yield Index is generally considered to be representative of the investable universe of the U.S. dollar–denominated high-yield debt market. You may not invest in the High Yield Index and, unlike the Fund, the High Yield Index does not incur fees or expenses.

⁴ Duration is a measure of a bond price’s sensitivity to changes in interest rates.

2

GUARDIAN TOTAL RETURN BOND VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $266,369,575

Bond Sector Allocation¹

As of December 31, 2022

Bond Quality Allocation²

As of December 31, 2022

3

GUARDIAN TOTAL RETURN BOND VIP FUND

Top Ten Holdings1 As of December 31, 2022
Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Note		2.500%		4/30/2024		8.10%
U.S. Treasury Note		1.875%		2/15/2032		6.25%
Vanguard Short-Term Inflation-Protected Securities ETF		—		—		4.59%
U.S. Treasury Bill		3.566%		2/2/2023		4.23%
U.S. Treasury Note		1.250%		5/31/2028		1.63%
Federal National Mortgage Association		3.000%		5/1/2052		1.60%
U.S. Treasury Bond		2.250%		8/15/2049		1.57%
U.S. Treasury Note		1.625%		8/15/2029		1.57%
Federal National Mortgage Association		3.500%		6/1/2052		1.52%
U.S. Treasury Note		0.250%		10/31/2025		1.51%
Total						32.57%

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 Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies’ independent ratings of individual securities are aggregated by Bloomberg, 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.

4

GUARDIAN TOTAL RETURN BOND VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian Total Return Bond VIP Fund		10/21/2019		-15.36%		—		—		-3.31%
Bloomberg US Aggregate Bond Index				-13.01%		—		—		-2.39%

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian Total Return Bond VIP Fund and the Bloomberg US Aggregate Bond 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-GUARDIAN (1-888-482-7342) and is periodically updated on our website: http://guardianlife.com.

5

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, 2022 to December 31, 2022. 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 7/1/22		Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$	1,000.00	$	955.30	$	3.89		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 the one-half year period).

6

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

December 31, 2022	Principal Amount		Value
Agency Mortgage–Backed Securities – 11.8%
Federal Home Loan Mortgage Corp. 3.00% due 3/1/2052	$	2,181,805	$	1,917,710
3.50% due 6/1/2052		3,861,151		3,508,828
4.00% due 10/1/2037		474,657		462,752
4.00% due 6/1/2052		722,993		678,232
4.50% due 9/1/2052		490,629		472,756
5.00% due 12/1/2052		1,294,073		1,276,121
Federal National Mortgage Association 2.50% due 1/1/2052		3,947,888		3,346,442
2.50% due 5/1/2052		2,728,951		2,314,003
3.00% due 3/1/2052		3,493,930		3,071,739
3.00% due 5/1/2052		4,843,293		4,256,080
3.50% due 6/1/2052		4,460,072		4,053,076
3.50% due 11/1/2052		2,295,108		2,086,034
4.00% due 6/1/2052		13,749		12,897
4.00% due 12/1/2052		1,296,150		1,215,882
Freddie Mac Multifamily Structured Pass-Through Certificates K073 A2 3.35% due 1/25/2028		1,325,000		1,262,179
K103 A2 2.651% due 11/25/2029		1,573,000		1,402,735
Total Agency Mortgage–Backed Securities (Cost $32,092,804)				31,337,466
Asset–Backed Securities – 15.6%
American Tower Trust I 13 2A 3.07% due 3/15/2048(1)		1,500,000		1,492,421
AmeriCredit Automobile Receivables Trust 2019-3 B 2.13% due 7/18/2025		145,959		145,804
Ares XXXIIR CLO Ltd. 2014-32RA B 6.406% (LIBOR 3 Month + 1.80%)     due 5/15/2030(1)(2)(3)		1,200,000		1,100,640
Ares XXXIV CLO Ltd. 2015-2A BR2 5.679% (LIBOR 3 Month + 1.60%)     due 4/17/2033(1)(2)(3)		450,000		426,690
Battalion CLO XX Ltd. 2021-20A D 7.179% (LIBOR 3 Month + 3.10%)     due 7/15/2034(1)(2)(3)		2,000,000		1,749,522
BlueMountain CLO Ltd. 2014-2A BR2 5.993% (LIBOR 3 Month + 1.75%)     due 10/20/2030(1)(2)(3)		800,000		767,200
Capital One Prime Auto Receivables Trust 2022-2 A2A 3.74% due 9/15/2025		1,500,000		1,484,573
Carlyle U.S. CLO Ltd. 2017-3A BR 6.243% (LIBOR 3 Month + 2.00%)     due 7/20/2029(1)(2)(3)		3,000,000		2,775,000

December 31, 2022	Principal Amount		Value
Asset–Backed Securities (continued)
CarMax Auto Owner Trust 2020-4 B 0.85% due 6/15/2026	$	1,400,000	$	1,290,234
CIFC Funding Ltd. 2013-4A BRR 5.958% (LIBOR 3 Month + 1.60%)     due 4/27/2031(1)(2)(3)		800,000		766,160
DB Master Finance LLC 2021-1A A2II 2.493% due 11/20/2051(1)		1,039,500		847,708
Dell Equipment Finance Trust 2020-2 A3 0.57% due 10/23/2023(1)		663,535		657,189
Elmwood CLO IX Ltd. 2021-2A C 6.143% (LIBOR 3 Month + 1.90%)     due 7/20/2034(1)(2)(3)		3,000,000		2,722,200
Ford Credit Auto Owner Trust 2020-1 A 2.04% due 8/15/2031(1)		1,100,000		1,026,786
Ford Credit Floorplan Master Owner Trust 2020-2 A 1.06% due 9/15/2027		1,500,000		1,347,029
GM Financial Consumer Automobile Receivables Trust 2020-A A3 0.38% due 8/18/2025		961,694		935,576
Golden Credit Card Trust 2018-4A A 3.44% due 8/15/2025(1)		1,590,000		1,572,966
ICG U.S. CLO Ltd. 2018-2A B 6.075% (LIBOR 3 Month + 1.75%)     due 7/22/2031(1)(2)(3)		1,300,000		1,240,980
Master Credit Card Trust 2021-1A A 0.53% due 11/21/2025(1)		1,590,000		1,493,709
Neuberger Berman CLO XVI-S Ltd. 2017-16SA BR 5.479% (LIBOR 3 Month + 1.40%)     due 4/15/2034(1)(2)(3)		1,000,000		933,600
Neuberger Berman CLO XVII Ltd. 2014-17A BR2 5.825% (LIBOR 3 Month + 1.50%)     due 4/22/2029(1)(2)(3)		1,100,000		1,054,460
Octagon Investment Partners 50 Ltd. 2020-4A DR 7.229% (LIBOR 3 Month + 3.15%)     due 1/15/2035(1)(2)(3)		1,100,000		941,160
Octagon Loan Funding Ltd. 2014-1A CRR 6.874% (LIBOR 3 Month + 2.20%)     due 11/18/2031(1)(2)(3)		3,200,000		2,952,000
OHA Credit Funding 3 Ltd. 2019-3A CR 6.193% (LIBOR 3 Month + 1.95%)     due 7/2/2035(1)(2)(3)		3,000,000		2,724,900

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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

December 31, 2022	Principal Amount		Value
Asset–Backed Securities (continued)
Oscar U.S. Funding XIV LLC 2022-1A A2 1.60% due 3/10/2025(1)	$	956,192	$	937,350
Riserva CLO Ltd. 2016-3A CRR 5.994% (LIBOR 3 Month + 1.80%)     due 1/18/2034(1)(2)(3)		3,000,000		2,736,300
Synchrony Card Funding LLC 2022-A1 A 3.37% due 4/15/2028		1,190,000		1,146,246
Toyota Auto Receivables Owner Trust 2019-C A4 1.88% due 11/15/2024		559,988		555,361
Verizon Master Trust 2022-5 A1A 3.72% due 7/20/2027(2)		1,350,000		1,326,539
Voya CLO Ltd. 2016-3A A3R 5.944% (LIBOR 3 Month + 1.75%)     due 10/18/2031(1)(2)(3)		955,000		911,738
World Omni Auto Receivables Trust 2022-C A2 3.73% due 3/16/2026		1,600,000		1,578,162
Total Asset–Backed Securities (Cost $44,296,261)				41,640,203
Corporate Bonds & Notes – 21.8%
Aerospace & Defense – 0.4%
Boeing Co. 5.15% due 5/1/2030		750,000		733,620
Northrop Grumman Corp. 5.25% due 5/1/2050		350,000		347,529
				1,081,149
Agriculture – 0.2%
Philip Morris International, Inc. 5.75% due 11/17/2032		500,000		512,995
				512,995
Beverages – 0.2%
Anheuser-Busch InBev Worldwide, Inc. 4.50% due 6/1/2050		700,000		617,764
				617,764
Building Materials – 0.4%
Cornerstone Building Brands, Inc. 6.125% due 1/15/2029(1)		1,500,000		1,057,290
				1,057,290
Commercial Banks – 3.5%
Bank of America Corp. 4.271% (4.271% fixed rate until 7/23/2028; LIBOR 3 Month + 1.31% thereafter)     due 7/23/2029(2)(3)		2,100,000		1,965,978
Barclays PLC 7.385% (7.385% fixed rate until 11/2/2027; H15T1Y + 3.30% thereafter)     due 11/2/2028(2)		1,200,000		1,250,412

December 31, 2022	Principal Amount		Value
Commercial Banks (continued)
Goldman Sachs Group, Inc. 4.223% (4.223% fixed rate until 5/1/2028; LIBOR 3 Month + 1.30% thereafter)     due 5/1/2029(2)(3)	$	1,200,000	$	1,119,996
JPMorgan Chase & Co. 4.203% (4.203% fixed rate until 7/23/2028; LIBOR 3 Month + 1.26% thereafter)     due 7/23/2029(2)(3)		3,100,000		2,894,098
Mitsubishi UFJ Financial Group, Inc. 5.354% (5.354% fixed rate until 9/13/2027; H15T1Y + 1.90% thereafter)     due 9/13/2028(2)		300,000		297,543
Morgan Stanley 3.772% (3.772% fixed rate until 1/24/2028; LIBOR 3 Month + 1.14% thereafter)     due 1/24/2029(2)(3)		1,400,000		1,284,178
6.342% (6.342% fixed rate until 10/18/2032; SOFR + 2.56% thereafter)     due 10/18/2033(2)		500,000		524,730
				9,336,935
Computers – 0.1%
Apple, Inc. 2.65% due 2/8/2051		400,000		267,948
				267,948
Cosmetics & Personal Care – 0.7%
Estee Lauder Cos., Inc. 2.60% due 4/15/2030		535,000		461,534
GSK Consumer Healthcare Capital U.S. LLC 3.625% due 3/24/2032		1,600,000		1,410,624
				1,872,158
Diversified Financial Services – 0.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.45% due 10/29/2026		1,100,000		961,917
3.00% due 10/29/2028		400,000		336,220
Capital One Financial Corp. 4.927% (4.927% fixed rate until 5/10/2027; SOFR + 2.06% thereafter)     due 5/10/2028(2)		1,100,000		1,065,779
				2,363,916
Electric – 1.4%
Alabama Power Co. 3.94% due 9/1/2032		550,000		506,242
Consumers Energy Co. 3.60% due 8/15/2032		1,000,000		912,640
4.20% due 9/1/2052		200,000		172,028
Duke Energy Corp. 3.50% due 6/15/2051		450,000		317,052
NextEra Energy Capital Holdings, Inc. 5.00% due 7/15/2032		500,000		493,940

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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

December 31, 2022	Principal Amount		Value
Electric (continued)
Pacific Gas and Electric Co. 3.50% due 8/1/2050	$	500,000	$	316,090
3.75% due 7/1/2028		600,000		534,750
PacifiCorp 5.35% due 12/1/2053		400,000		401,560
				3,654,302
Electronics – 0.5%
Honeywell International, Inc. 1.75% due 9/1/2031		1,400,000		1,112,160
5.00% due 2/15/2033		100,000		102,140
				1,214,300
Entertainment – 0.2%
Warnermedia Holdings, Inc. 4.279% due 3/15/2032(1)		750,000		620,543
				620,543
Environmental Control – 0.5%
Waste Management, Inc. 1.50% due 3/15/2031		1,730,000		1,355,144
				1,355,144
Food – 0.5%
Kraft Heinz Foods Co. 3.75% due 4/1/2030		900,000		822,141
Kroger Co. 1.70% due 1/15/2031		650,000		503,119
				1,325,260
Healthcare – Products – 0.5%
Abbott Laboratories 4.75% due 11/30/2036		1,400,000		1,391,278
				1,391,278
Healthcare – Services – 0.2%
UnitedHealth Group, Inc. 4.20% due 5/15/2032		600,000		572,136
				572,136
Insurance – 0.7%
Athene Holding Ltd. 3.50% due 1/15/2031		450,000		372,307
Hartford Financial Services Group, Inc. 2.80% due 8/19/2029		1,010,000		865,570
MetLife, Inc. 4.55% due 3/23/2030		500,000		493,505
				1,731,382
Machinery – Diversified – 0.8%
John Deere Capital Corp. 4.35% due 9/15/2032		2,300,000		2,244,570
				2,244,570
Media – 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital 2.25% due 1/15/2029		300,000		241,278
3.90% due 6/1/2052		20,000		12,601

December 31, 2022	Principal Amount		Value
Media (continued)
Comcast Corp. 1.95% due 1/15/2031	$	670,000	$	542,285
2.887% due 11/1/2051		200,000		129,474
				925,638
Miscellaneous Manufacturing – 0.9%
Parker-Hannifin Corp. 4.25% due 9/15/2027		1,800,000		1,751,778
4.50% due 9/15/2029		600,000		577,848
				2,329,626
Oil & Gas – 1.5%
BP Capital Markets America, Inc. 3.06% due 6/17/2041		450,000		335,799
3.633% due 4/6/2030		700,000		643,083
Cenovus Energy, Inc. 2.65% due 1/15/2032		400,000		319,976
3.75% due 2/15/2052		400,000		283,136
CITGO Petroleum Corp. 7.00% due 6/15/2025(1)		250,000		244,853
Marathon Oil Corp. 4.40% due 7/15/2027		1,250,000		1,195,737
PBF Holding Co. LLC / PBF Finance Corp. 6.00% due 2/15/2028		250,000		222,210
Valero Energy Corp. 2.80% due 12/1/2031		800,000		655,144
				3,899,938
Oil & Gas Services – 0.1%
TechnipFMC PLC 6.50% due 2/1/2026(1)		300,000		293,121
				293,121
Pharmaceuticals – 1.3%
AbbVie, Inc. 3.20% due 11/21/2029		300,000		271,278
4.25% due 11/21/2049		400,000		338,036
Bristol Myers Squibb Co. 2.95% due 3/15/2032		1,800,000		1,574,694
CVS Health Corp. 2.125% due 9/15/2031		1,500,000		1,192,665
				3,376,673
Pipelines – 0.7%
Energy Transfer LP 3.75% due 5/15/2030		500,000		441,525
ONEOK, Inc. 6.10% due 11/15/2032		1,300,000		1,307,839
				1,749,364
Real Estate Investment Trusts (REITs) – 1.2%
AvalonBay Communities, Inc. 5.00% due 2/15/2033		800,000		792,296
Essex Portfolio LP 1.70% due 3/1/2028		900,000		752,166
Prologis LP 2.25% due 4/15/2030		1,300,000		1,089,608
Simon Property Group LP 2.20% due 2/1/2031		700,000		553,952
				3,188,022

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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

December 31, 2022	Principal Amount		Value
Retail – 0.9%
AutoZone, Inc. 3.75% due 6/1/2027	$	700,000	$	668,416
Home Depot, Inc. 3.25% due 4/15/2032		1,000,000		892,330
O’Reilly Automotive, Inc. 4.70% due 6/15/2032		900,000		875,043
				2,435,789
Semiconductors – 0.4%
Broadcom, Inc. 4.15% due 4/15/2032(1)		1,100,000		969,397
NXP BV / NXP Funding LLC / NXP USA, Inc. 2.65% due 2/15/2032		250,000		196,540
				1,165,937
Software – 1.8%
Microsoft Corp. 2.921% due 3/17/2052		600,000		427,560
3.30% due 2/6/2027		3,100,000		2,989,578
3.50% due 2/12/2035		700,000		636,951
Oracle Corp. 6.25% due 11/9/2032		500,000		526,845
6.90% due 11/9/2052		200,000		216,870
				4,797,804
Telecommunications – 1.0%
AT&T, Inc. 2.55% due 12/1/2033		800,000		617,944
T-Mobile USA, Inc. 2.70% due 3/15/2032		750,000		609,150
3.40% due 10/15/2052		400,000		272,796
Verizon Communications, Inc. 2.355% due 3/15/2032		1,050,000		836,178
Vodafone Group PLC 4.375% due 5/30/2028		300,000		294,629
				2,630,697
Total Corporate Bonds & Notes (Cost $62,251,666)				58,011,679
Non–Agency Mortgage–Backed Securities – 10.2%
BANK 2019-BN24 AS 3.283% due 11/15/2062(2)(4)		1,413,000		1,186,822
2022-BNK43 AS 4.83% due 8/15/2055(2)(4)		1,100,000		1,018,648
2022-BNK43 B 5.153% due 8/15/2055(2)(4)		500,000		434,580
BB-UBS Trust 2012-SHOW A 3.43% due 11/5/2036(1)		2,500,000		2,331,039
Bear Stearns Asset-Backed Securities Trust 2005-SD1 1M4 6.414% due 8/25/2043(2)(4)		464,154		477,552
Citigroup Commercial Mortgage Trust 2014-GC21 A5 3.855% due 5/10/2047		1,330,000		1,291,715

December 31, 2022	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
2016-C3 AS 3.366% due 11/15/2049(2)(4)	$	1,125,000	$	990,675
Commercial Mortgage Trust 2014-CR18 AM 4.103% due 7/15/2047		1,550,000		1,489,017
Freddie Mac STACR REMIC Trust 2021-DNA7 M2 5.728% due 11/25/2041(1)(2)(4)		1,300,000		1,221,015
2021-HQA4 M1 4.878% due 12/25/2041(1)(2)(4)		855,688		811,858
2022-DNA1 M1A 4.928% due 1/25/2042(1)(2)(4)		780,431		760,169
2022-HQA3 M1A 6.228% due 8/25/2042(1)(2)(4)		1,531,897		1,525,611
Grace Trust 2020-GRCE C 2.68% due 12/10/2040(1)(2)(4)		1,100,000		812,227
GS Mortgage Securities Corp. II 2005-ROCK A 5.366% due 5/3/2032(1)		1,800,000		1,751,777
GS Mortgage Securities Trust 2013-GC16 A4 4.271% due 11/10/2046		750,000		740,806
Jackson Park Trust 2019-LIC B 2.914% due 10/14/2039(1)		680,000		540,107
Life Mortgage Trust 2021-BMR C 5.418% due 3/15/2038(1)(2)(4)		1,474,455		1,401,417
Morgan Stanley Capital I Trust 2020-L4 AS 2.88% due 2/15/2053		750,000		609,769
NYC Commercial Mortgage Trust 2021-909 C 3.206% due 4/10/2043(1)(2)(4)		580,000		426,671
ONE Park Mortgage Trust 2021-PARK B 5.401% due 3/15/2036(1)(2)(4)		500,000		469,700
SLG Office Trust 2021-OVA A 2.585% due 7/15/2041(1)		1,800,000		1,436,423
Stack Infrastructure Issuer LLC 2021-1A A2 1.877% due 3/26/2046(1)		1,250,000		1,071,935
Wells Fargo Commercial Mortgage Trust 2018-AUS A 4.058% due 8/17/2036(1)(2)(4)		2,000,000		1,782,466
2021-SAVE A 5.468% due 2/15/2040(1)(2)(4)		1,181,728		1,104,101
WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		1,500,000		1,454,298
Total Non–Agency Mortgage–Backed Securities (Cost $30,339,498)				27,140,398

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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

December 31, 2022	Principal Amount		Value
U.S. Government Securities – 29.0%
U.S. Treasury Bond 2.25% due 8/15/2049	$	5,900,000	$	4,182,547
U.S. Treasury Note 0.25% due 10/31/2025		4,500,000		4,027,500
0.625% due 5/15/2030		700,000		555,406
0.875% due 11/15/2030		2,200,000		1,763,781
1.25% due 5/31/2028		5,000,000		4,335,938
1.50% due 9/30/2024		4,150,000		3,941,527
1.50% due 2/15/2030		4,700,000		4,014,094
1.625% due 8/15/2029		4,800,000		4,172,250
1.625% due 5/15/2031		3,580,000		3,022,863
1.875% due 2/15/2032		19,570,000		16,662,020
2.25% due 3/31/2024		2,200,000		2,134,344
2.50% due 4/30/2024		22,200,000		21,568,687
2.75% due 4/30/2027		3,300,000		3,130,875
2.75% due 7/31/2027		650,000		615,824
3.00% due 6/30/2024		3,300,000		3,220,852
Total U.S. Government Securities (Cost $83,653,970)				77,348,508
	Shares		Value
Exchange–Traded Funds – 4.6%
Vanguard Short-Term Inflation-Protected Securities ETF		261,700		12,224,007
Total Exchange–Traded Funds (Cost $13,298,679)				12,224,007
	Principal Amount		Value
Short–Term Investments – 4.9%
U.S. Treasury Bills – 4.2%
U.S. Treasury Bill 3.566% due 2/2/2023(5)	$	11,300,000		11,264,264
Total U.S. Treasury Bills (Cost $11,262,148)				11,264,264

December 31, 2022	Principal Amount		Value
Repurchase Agreements – 0.7%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,925,293, due 1/3/2023(6)	$	1,925,019	$	1,925,019
Total Repurchase Agreements (Cost $1,925,019)				1,925,019
Total Investments – 97.9% (Cost $279,120,045)				260,891,544
Assets in excess of other liabilities – 2.1%				5,478,031
Total Net Assets – 100.0%			$	266,369,575

⁽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, 2022, the aggregate market value of these securities amounted to $52,462,399, representing 19.7% of net assets. These securities have been deemed liquid by the investment adviser pursuant to the Fund’s liquidity procedures approved by the Board of Trustees.

⁽²⁾  Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

⁽³⁾  The London Interbank Offered Rate (“LIBOR”) is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund’s investments.

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

⁽⁵⁾  Interest rate shown reflects the discount rate at time of purchase.

⁽⁶⁾  The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	2,688,300	$	1,963,570

Open futures contracts at December 31, 2022:

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation/ (Depreciation)
U.S. 2-Year Treasury Note		March 2023		117		Long	$	23,978,448	$	23,994,141	$	15,693
U.S. 5-Year Treasury Note		March 2023		28		Long		3,023,128		3,022,031		(1,097	)
U.S. 10-Year Treasury Note		March 2023		176		Long		20,023,106		19,764,250		(258,856	)
U.S. Long Bond		March 2023		230		Long		28,831,963		28,829,063		(2,900	)
U.S. Ultra Bond		March 2023		131		Long		17,576,175		17,594,938		18,763
Total							$	93,432,820	$	93,204,423	$	(228,397	)

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Appreciation
U.S. Ultra 10-Year Treasury Note		March 2023		308		Short	$	(36,481,874	)	$	(36,430,625	)	$	51,249

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

SCHEDULE OF INVESTMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

Centrally cleared credit default swap agreements — buy protection⁽⁷⁾:

Reference Entity	Implied Credit Spread at 12/31/22(8)		Notional Amount(9)			Maturity		(Pay)/Receive Fixed Rate			Periodic Payment Frequency		Upfront Payments		Value			Unrealized Depreciation
CDX.NA.HY.S39		4.84%		USD	40,100,000		12/20/2027		(5.00	)%		Quarterly	$	1,803,316		$    (233,544	)		$    (2,036,860	)

⁽⁷⁾  When a credit event occurs as defined under the terms of the swap agreement, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

⁽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 buyer of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

Legend:

CLO — Collateralized Loan Obligation

H15T1Y — 1-year Constant Maturity Treasury Rate

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

The following is a summary of the inputs used as of December 31, 2022 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
Agency Mortgage–Backed Securities	$	—		$	31,337,466		$	—	$	31,337,466
Asset–Backed Securities		—			41,640,203			—		41,640,203
Corporate Bonds & Notes		—			58,011,679			—		58,011,679
Non–Agency Mortgage–Backed Securities		—			27,140,398			—		27,140,398
U.S. Government Securities		—			77,348,508			—		77,348,508
Exchange–Traded Funds		12,224,007			—			—		12,224,007
U.S. Treasury Bills		—			11,264,264			—		11,264,264
Repurchase Agreements		—			1,925,019			—		1,925,019
Total	$	12,224,007		$	248,667,537		$	—	$	260,891,544
Other Financial Instruments
Futures Contracts
Assets	$	85,705		$	—		$	—	$	85,705
Liabilities		(262,853)			—			—		(262,853	)
Swap Contracts
Liabilities		—			(2,036,860	)		—		(2,036,860	)
Total	$	(177,148	)	$	(2,036,860	)	$	—	$	(2,214,008	)

12 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, 2022
Assets
Investments, at value	$	260,891,544
Receivable for variation margin on swap contracts		4,802,341
Receivable for investments sold		3,227,574
Cash deposits with brokers for futures contracts		1,955,498
Interest receivable		1,673,124
Reimbursement receivable from adviser		3,894
Prepaid expenses		9,013
Total Assets		272,562,988
Liabilities
Payable for investments purchased		3,380,034
Cash due to broker for swap contracts		2,387,333
Payable for variation margin on futures contracts		173,047
Investment advisory fees payable		103,545
Distribution fees payable		57,525
Accrued audit fees		27,449
Payable for fund shares redeemed		23,902
Accrued custodian and accounting fees		9,496
Accrued trustees’ and officers’ fees		808
Accrued expenses and other liabilities		30,274
Total Liabilities		6,193,413
Total Net Assets	$	266,369,575
Net Assets Consist of:
Paid-in capital	$	299,325,262
Distributable loss		(32,955,687	)
Total Net Assets	$	266,369,575
Investments, at Cost	$	279,120,045
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		29,653,804
Net Asset Value Per Share		$8.98

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	1,044,446
Interest		8,872,865
Total Investment Income		9,917,311
Expenses
Investment advisory fees		1,334,240
Distribution fees		743,840
Professional fees		97,695
Trustees’ and officers’ fees		70,213
Custodian and accounting fees		60,431
Administrative fees		44,535
Transfer agent fees		14,098
Shareholder reports		10,407
Other expenses		15,605
Total Expenses		2,391,064
Less: Fees waived		(40,529	)
Total Expenses, Net		2,350,535
Net Investment Income/(Loss)		7,566,776
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		(33,521,111	)
Net realized gain/(loss) from futures contracts		(8,218,080	)
Net realized gain/(loss) from swap contracts		1,588,819
Net change in unrealized appreciation/(depreciation) on investments		(17,645,230	)
Net change in unrealized appreciation/(depreciation) on futures contracts		461,460
Net change in unrealized appreciation/(depreciation) on swap contracts		(1,783,755	)
Net Loss on Investments and Derivative Contracts		(59,117,897	)
Net Decrease in Net Assets Resulting From Operations	$	(51,551,121	)

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

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	7,566,776		$	6,005,523
Net realized gain/(loss) from investments and derivative contracts		(40,150,372	)		5,129,719
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(18,967,525	)		(13,755,506	)
Net Decrease in Net Assets Resulting from Operations		(51,551,121	)		(2,620,264	)
Capital Share Transactions
Proceeds from sales of shares		6,810,826			71,424,099
Cost of shares redeemed		(44,092,704	)		(46,992,461	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(37,281,878	)		24,431,638
Net Increase/(Decrease) in Net Assets		(88,832,999	)		21,811,374
Net Assets
Beginning of year		355,202,574			333,391,200
End of year	$	266,369,575		$	355,202,574
Other Information:
Shares
Sold		737,252			6,759,525
Redeemed		(4,569,733	)		(4,443,226	)
Net Increase/(Decrease)		(3,832,481	)		2,316,299

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

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15

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND 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 12/31/22	$	10.61	$	0.24	$	(1.87)	$	(1.63)	$	8.98		(15.36)%
Year Ended 12/31/21		10.70		0.18		(0.27)		(0.09)		10.61		(0.84)%
Year Ended 12/31/20		10.03		0.14		0.53		0.67		10.70		6.68%
Period Ended 12/31/19(4)		10.00		0.03		0.00(5)		0.03		10.03		0.30%	(6)

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

FINANCIAL INFORMATION — GUARDIAN TOTAL RETURN BOND VIP FUND

Ratios/Supplemental Data
Net Assets, End of Period (000s)		Net Ratio of Expenses to Average Net Assets(3)		Gross Ratio of Expenses to Average Net Assets			Net Ratio of Net Investment Income to Average Net Assets(3)			Gross Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	266,370		0.79%		0.80%			2.54%			2.53%			154%
	355,203		0.79%		0.79%			1.68%			1.68%			155%
	333,391		0.79%		0.81%			1.40%			1.38%			112%
	337,312		0.75%(6)		0.85%	(6)		1.56%	(6)		1.46%	(6)		18%	(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 and expense limitations.

⁽⁴⁾  Commenced operations on October 21, 2019.

⁽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, 2019, certain non-recurring fees (i.e., audit fees) are not annualized.

The accompanying notes are an integral part of these financial statements. 17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian Total Return Bond VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The 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 total return with an emphasis on current income as well as 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.

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

security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

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

Exchange-traded financial futures and swap contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. 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.

18

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 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

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

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

19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

c. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

d. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments (i) as alternatives to direct long or short investment in a particular security or securities, (ii) to adjust the Fund’s asset allocation or risk exposure, (iii) to

enhance potential return, or (iv) for hedging purposes. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

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

For swaps entered with an individual counterparty, the Fund bears the risk of loss of the uncollateralized amount expected to be received under a credit default swap agreement in the event of the default or bankruptcy of the counterparty. Credit default swap agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. 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. During the year ended December 31, 2022, the Fund entered into credit default swaps for risk exposure management and to enhance potential return.

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, 2022.

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

20

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

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

3. Transactions with Affiliates

a. Investment Advisory Fee and Expense Limitation Under the terms of the advisory agreement, which, after its two year initial term, is reviewed and approved annually by the Board of Trustees, the Fund pays an investment advisory fee to Park Avenue. Park Avenue is a wholly-owned subsidiary of Guardian Life and receives an investment advisory fee at an annual rate of 0.45% of the first $300 million, and 0.40% in excess of $300 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Fund has no sub-adviser.

Park Avenue has contractually agreed through April 30, 2023 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 year ended December 31, 2022, Park Avenue did not waive any fees or pay any Fund expenses.

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

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, 2022, the Fund paid distribution fees in the amount of $743,840 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments 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, 2022, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	280,429,717	$	158,409,161
Sales		401,843,222		75,794,973

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.

21

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

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

d. Securities Purchased on a When-Issued or Delayed-Delivery Basis The Fund may purchase securities on a when-issued or delayed-delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than at the trade date purchase price. Although the Fund will generally enter into these transactions with the intention of taking delivery of the securities, it may sell the securities before the settlement date. Assets will be segregated when a fund agrees to purchase on a when-issued or delayed-delivery basis. These transactions may create investment leverage.

e. 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, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

f. Below Investment Grade Securities The Fund may invest in below investment grade securities (i.e. lower-quality, “junk” debt), which are subject to various risks. Lower-quality debt is considered to be speculative

because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

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

22

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

i. Disclosures About Derivative Instruments and Hedging Activities The Fund entered into U.S. Treasury futures contracts for the year ended December 31, 2022 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, 2022, 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	$	85,705		$	—
Liability Derivatives
Futures Contracts1	$	(262,853	)	$	—
Swap Contracts2		—			(2,036,860	)

¹  Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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 Statement of Assets and Liabilities.

Transactions in derivative investments for the year ended December 31, 2022 were as follows:

	Interest Rate Contracts			Credit Default Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	(8,218,080	)	$	—
Swap Contracts2		—			1,588,819
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts3	$	461,460		$	—
Swap Contracts4		—			(1,783,755	)
Average Number of Notional Amounts
Futures Contracts5		1,020			—
Swap Contracts — Buy/Sell Protection	$	—		$	35,398,615

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

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

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

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

⁵  Amount represents number of contracts.

6. Temporary Borrowings

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million

23

NOTES TO FINANCIAL STATEMENTS — GUARDIAN TOTAL RETURN BOND VIP FUND

committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

7. Indemnifications

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

indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

24

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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 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, 2022 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.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

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

25

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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (registered investment company offering 47 individual funds) (since 2019).

26

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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³ Member of the Audit Committee of the Board.

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

27

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019–2022); Vice President and Associate General Counsel, MetLife, Inc. (2010–2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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)

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

29

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

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

PUB10524

Guardian Variable

Products Trust

2022

Annual Report

All Data as of December 31, 2022

Guardian U.S. Government Securities VIP Fund

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	2
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	21
Supplemental Information
Trustees and Officers Information Table	22
Portfolio Holdings and Proxy Voting Procedures	25

Except as otherwise specifically stated, all information, including portfolio security positions, is as of December 31, 2022. The views expressed in the Fund Commentary are those of Park Avenue Institutional Advisers LLC as of the date of this report and are subject to change without notice. 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 U.S. GOVERNMENT SECURITIES VIP FUND

FUND COMMENTARY OF PARK AVENUE INSTITUTIONAL ADVISERS LLC, MANAGER (UNAUDITED)

Highlights

• Guardian U.S. Government Securities VIP Fund (the “Fund”) returned -8.28% for the 12 months ended December 31, 2022, outperforming its benchmark, the Bloomberg US Intermediate Government/Mortgage Total Return Index¹ (the “Index”), which returned -9.61% for the same period.

• The Index replaced the Bloomberg Intermediate US Government Bond Index² (the “Government Index”) as the Fund’s primary benchmark as of October 1, 2022. The Index was selected to align more closely with the Fund’s investment strategy and portfolio holdings. The Government Index returned -7.73% for the 12 months ended December 31, 2022.

• The Fund’s overweight allocation to agency commercial mortgage-backed securities, its underweight to agency residential mortgage-backed securities, and the average duration of its portfolio detracted from performance relative to the Index.³ The largest positive contributors to performance relative to the Index were yield curve positioning⁴ and its allocation to Treasury Inflation-Protected Securities (“TIPs”).

Market Overview

Throughout 2022 the U.S. Federal Reserve (the “Fed”) significantly increased interest rates in response to a rapidly increasing inflation market environment.

The Standard & Poor’s 500^® Index⁵ (the “S&P 500 Index”) returned -18.11% for the year. Nearly every segment of the fixed income market experienced declines. The Bloomberg US Corporate High Yield Bond Index⁶ (the “High Yield Index”) returned -11.19% for the year. Leveraged loans generally outperformed most major fixed income indexes but were still negative, returning -0.60%. The 10-year Treasury returned -16.5% for the year.

With inflation above 7% all year, the Fed’s main goal was to decrease inflation while not sparking a recession. The Fed increased the federal funds rate seven times in 2022, from 0.25-0.50% in March to 4.25-4.50% in December, the most rapid pace of interest rate hikes in recent history.

Portfolio Review

The Fund’s overweight allocation to agency commercial mortgage-backed securities, its underweight to agency residential mortgage-backed securities, and the average duration of its portfolio detracted from performance relative to the Index. The largest positive contributors to performance relative to the Index were yield curve positioning and its allocation to TIPS.

We began de-risking the portfolio in May and June. In the second half of the year, we also utilized yield curve flatteners to take advantage of differences in yield spread between the 2-year and 10-year Treasuries. In addition, to help manage inflation risk, we made an allocation to TIPS at the beginning of the year and maintained that allocation throughout the year.

Outlook

As we enter 2023, we remain in a relatively high inflation, low growth environment. Although we have a more optimistic outlook on the market than the Fed, we also believe that an economic recession in 2023 is likely. Historically, spreads widen into a recession, therefore we are proceeding with caution in anticipation of heightened credit risk in 2023. However, we believe ample cash is waiting to be deployed, which can mitigate spread widening. Finally, we believe the yield curve may get flatter before it steepens positively. Overall, we continue to remain defensive in our investment approach.

¹ The Index is an index consisting of securities issued by the U.S. Government (Public obligations of the U.S. Treasury or publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government) in the intermediate maturity range and mortgage-backed pass-through securities of GNMA, FNMA and FHLMC. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.

² The Government 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 Government Index and, unlike the Fund, the Government Index does not incur fees or expenses.

³ Duration is a measure of a bond price’s sensitivity to changes in interest rates.

⁴ Yield curve positioning represents the relationship between the interest rates of bonds having the same credit quality but different maturity dates.

⁵ The S&P 500 Index is an unmanaged market-capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. You may not invest in the Index and, unlike the Fund, the Index does not incur fees or expenses.

⁶ The High Yield Index is generally considered to be representative of the investable universe of the U.S. dollar–denominated high-yield debt market. You may not invest in the High Yield Index and, unlike the Fund, the High Yield Index does not incur fees or expenses.

1

GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

Fund Characteristics (unaudited)

Total Net Assets: $201,322,717

Bond Sector Allocation¹

As of December 31, 2022

Bond Quality Allocation²

As of December 31, 2022

2

GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

Top Ten Holdings1 As of December 31, 2022
Holding	Coupon Rate		Maturity Date		% of Total Net Assets
U.S. Treasury Note		1.625%		11/30/2026		11.47%
U.S. Treasury Note		2.750%		7/31/2027		10.59%
U.S. Treasury Note		1.375%		11/15/2031		6.21%
U.S. Treasury Note		1.500%		9/30/2024		5.47%
Vanguard Short-Term Inflation-Protected Securities ETF		—		—		4.65%
U.S. Treasury Note		0.125%		2/15/2024		3.71%
Fannie Mae ACES		3.610%		2/25/2031		3.62%
Federal National Mortgage Association		2.500%		7/1/2052		3.30%
iShares MBS ETF		—		—		2.49%
Vanguard Mortgage-Backed Securities ETF		—		—		2.49%
Total						54.00%

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 Bond Quality Allocation chart displays the percentage of fund assets allocated to each rating. Rating agencies’ independent ratings of individual securities are aggregated by Bloomberg, 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.

3

GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

Fund Performance (unaudited)

Average Annual Total Returns As of December 31, 2022
	Inception Date		1 Year		5 Year		10 Year		Since Inception
Guardian U.S. Government Securities VIP Fund		10/21/2019		-8.28%		—		—		-1.85%
Bloomberg US Intermediate Government/Mortgage Total Return Index				-9.61%		—		—		-1.96%
Bloomberg Intermediate US Government Bond Index*				-7.73%		—		—		-1.27%

* The Bloomberg US Intermediate Government/Mortgage Total Return Index (the “Total Return Index”) replaced the Bloomberg Intermediate US Government Bond Index as the Fund’s primary benchmark as of October 1, 2022. The Total Return Index was selected to align more closely with the Fund’s investment strategy and portfolio holdings.

Results of a Hypothetical $10,000 Investment

As of December 31, 2022

The chart above shows the performance of a hypothetical $10,000 investment made on inception date in Guardian U.S. Government Securities VIP Fund and the Bloomberg US Intermediate Government/Mortgage Total Return 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 and month-end performance information, which may be lower or higher than that cited, is available by calling 1-888-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, 2022 to December 31, 2022. 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22-12/31/22		Expense Ratio During Period 7/1/22-12/31/22
Based on Actual Return	$1,000.00	$	978.20	$	3.74		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 184/365 (to reflect the one-half year period).

5

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

December 31, 2022	Principal Amount		Value
Agency Mortgage–Backed Securities–32.2%
Fannie Mae ACES 2019-M4 A2 3.61% due 2/25/2031	$	7,764,000	$	7,289,246
2021-M4 A2 1.465% due 2/25/2031(1)(2)		1,000,000		793,013
Federal Home Loan Mortgage Corp. 2.50% due 9/1/2037		1,889,520		1,733,936
3.00% due 4/1/2052		2,987,876		2,626,210
3.50% due 11/1/2052		3,281,099		2,982,730
4.00% due 10/1/2052		2,873,932		2,696,005
5.00% due 12/1/2052		3,981,762		3,926,527
Federal National Mortgage Association 2.00% due 6/1/2037		2,086,599		1,860,020
2.00% due 9/1/2037		1,979,263		1,764,340
2.50% due 10/1/2037		24,712		22,677
2.50% due 11/1/2037		1,008,918		925,860
2.50% due 1/1/2052		2,092,952		1,774,099
2.50% due 3/1/2052		1,996,064		1,693,175
2.50% due 4/1/2052		1,994,302		1,691,271
2.50% due 5/1/2052		1,996,339		1,694,239
2.50% due 7/1/2052		7,844,845		6,650,787
3.00% due 11/1/2037		1,186,129		1,111,523
3.00% due 3/1/2052		798,689		702,009
3.00% due 4/1/2052		998,309		877,272
3.00% due 11/1/2052		4,480,576		3,933,512
3.50% due 11/1/2052		3,492,556		3,174,399
4.50% due 9/1/2052		1,127,914		1,086,816
Freddie Mac Multifamily Structured Pass-Through Certificates
K048 A2 3.284% due 6/25/2025(1)(2)		2,045,000		1,977,726
K058 A2 2.653% due 8/25/2026		1,500,000		1,406,124
K082 A2 3.92% due 9/25/2028(1)(2)		3,385,000		3,291,374
K124 A2 1.658% due 12/25/2030		4,200,000		3,399,209
K730 A2 3.59% due 1/25/2025(1)(2)		3,740,899		3,644,751
Total Agency Mortgage–Backed Securities (Cost $67,703,338)				64,728,850
Asset–Backed Securities – 6.2%
AmeriCredit Automobile Receivables Trust 2019-2 C 2.74% due 4/18/2025		1,261,586		1,247,617
BlueMountain CLO Ltd. 2014-2A BR2 5.993% (LIBOR 3 Month + 1.75%)     due 10/20/2030(2)(3)(4)		600,000		575,400
Enterprise Fleet Financing LLC 2020-1 A2 1.78% due 12/22/2025(3)		225,009		223,801
Ford Credit Auto Lease Trust 2021-B A3 0.37% due 10/15/2024		1,600,000		1,561,667

December 31, 2022	Principal Amount		Value
Asset–Backed Securities (continued)
Honda Auto Receivables Owner Trust 2021-2 A3 0.33% due 8/15/2025	$	962,801	$	928,887
Hyundai Auto Lease Securitization Trust 2021-A B 0.61% due 10/15/2025(3)		2,000,000		1,946,745
NextGear Floorplan Master Owner Trust 2022-1A A2 2.80% due 3/15/2027(3)		1,750,000		1,650,838
Nissan Auto Receivables Owner Trust 2019-C A4 1.95% due 5/15/2026		1,600,000		1,564,349
Toyota Lease Owner Trust 2021-A A4 0.50% due 8/20/2025(3)		1,000,000		967,313
Verizon Owner Trust 2020-A B 1.98% due 7/22/2024		1,000,000		989,130
Voya CLO Ltd. 2016-3A A3R 5.944% (LIBOR 3 Month + 1.75%)     due 10/18/2031(2)(3)(4)		925,000		883,098
Total Asset–Backed Securities (Cost $12,821,502)				12,538,845
Non–Agency Mortgage–Backed Securities – 7.8%
BAMLL Commercial Mortgage Securities Trust 2015-200P A 3.218% due 4/14/2033(3)		1,450,000		1,344,111
BB-UBS Trust 2012-SHOW A 3.43% due 11/5/2036(3)		1,000,000		932,415
Citigroup Commercial Mortgage Trust 2014-GC21 A5 3.855% due 5/10/2047		1,700,000		1,651,064
2019-PRM B 3.644% due 5/10/2036(3)		1,309,824		1,279,704
CityLine Commercial Mortgage Trust 2016-CLNE C 2.778% due 11/10/2031(1)(2)(3)		1,000,000		948,629
Commercial Mortgage Trust 2014-UBS3 A4 3.819% due 6/10/2047		1,550,000		1,506,843
2015-CR23 A4 3.497% due 5/10/2048		2,500,000		2,387,959
GS Mortgage Securities Corp. II 2005-ROCK A 5.366% due 5/3/2032(3)		1,700,000		1,654,456
GS Mortgage Securities Trust 2013-GC16 A4 4.271% due 11/10/2046		1,410,000		1,392,715

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

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

December 31, 2022	Principal Amount		Value
Non–Agency Mortgage–Backed Securities (continued)
Hudson Yards Mortgage Trust 2016-10HY A 2.835% due 8/10/2038(3)	$	600,000	$	533,348
ONE Park Mortgage Trust 2021-PARK A 5.151% due 3/15/2036(1)(2)(3)		500,000		477,304
Wells Fargo Commercial Mortgage Trust 2021-SAVE A 5.468% due 2/15/2040(1)(2)(3)		636,315		594,516
WFRBS Commercial Mortgage Trust 2014-C19 AS 4.271% due 3/15/2047		1,000,000		969,532
Total Non–Agency Mortgage–Backed Securities (Cost $17,034,114)				15,672,596
U.S. Government Securities – 41.6%
U.S. Treasury Inflation-Indexed Note 0.125% due 4/15/2027		538,229		502,344
U.S. Treasury Note 0.125% due 2/15/2024		7,850,000		7,457,807
0.375% due 1/31/2026		3,000,000		2,671,406
0.875% due 11/15/2030		500,000		400,860
1.375% due 11/15/2031		15,300,000		12,500,578
1.50% due 9/30/2024		11,600,000		11,017,281
1.625% due 11/30/2026		25,300,000		23,096,133
2.00% due 4/30/2024		2,400,000		2,315,719
2.00% due 8/15/2025		2,650,000		2,503,836
2.75% due 7/31/2027		22,500,000		21,316,992
Total U.S. Government Securities (Cost $91,222,097)				83,782,956
	Shares		Value
Exchange–Traded Funds – 9.6%
iShares MBS ETF		54,000		5,008,500
Vanguard Mortgage-Backed Securities ETF		110,000		5,007,200
Vanguard Short-Term Inflation-Protected Securities ETF		200,600		9,370,026
Total Exchange–Traded Funds (Cost $20,161,986)				19,385,726
	Principal Amount		Value
Short–Term Investments – 1.8%
U.S. Treasury Bills – 1.0%
U.S. Treasury Bill 3.566% due 2/2/2023(5)	$	2,000,000		1,993,675
Total U.S. Treasury Bills (Cost $1,993,300)				1,993,675

December 31, 2022	Principal Amount		Value
Repurchase Agreements – 0.8%
Fixed Income Clearing Corp., 1.28%, dated 12/30/2022, proceeds at maturity value of $1,539,630, due 1/3/2022(6)	$	1,539,412	$	1,539,412
Total Repurchase Agreements (Cost $1,539,412)				1,539,412
Total Investments – 99.2% (Cost $212,475,749)				199,642,060
Assets in excess of other liabilities – 0.8%				1,680,657
Total Net Assets – 100.0%			$	201,322,717

⁽¹⁾ Variable coupon rate based on weighted average interest rate of underlying mortgages.

⁽²⁾ Variable rate securities, which may include step-up bonds or adjustable rate mortgages. The rate shown is the rate in effect at December 31, 2022.

⁽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, 2022, the aggregate market value of these securities amounted to $14,011,678, representing 7.0% 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 London Interbank Offered Rate (“LIBOR”) is being phased out completely by June 30, 2023. There remains uncertainty regarding the nature of any replacement rate and the impact of a transition away from LIBOR on the Fund’s investments.

⁽⁵⁾ Interest rate shown reflects the discount rate at time of purchase.

⁽⁶⁾ The table below presents collateral for repurchase agreements.

Security	Coupon		Maturity Date		Principal Amount		Value
U.S. Treasury Bond		2.375%		5/15/2051	$	2,149,800	$	1,570,243

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

SCHEDULE OF INVESTMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

Open futures contracts at December 31, 2022:

Type	Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Appreciation
U.S. 5-Year Treasury Note		March 2023		79		Long	$	8,526,125	$	8,526,445	$	320
U.S. Long Bond		March 2023		68		Long		8,523,099		8,523,375		276
U.S. Ultra Bond		March 2023		1		Long		134,043		134,312		269
Total							$	17,183,267	$	17,184,132	$	865

Type	Expiration		Contracts		Position		Notional Amount			Notional Value			Unrealized Depreciation
U.S. 2-Year Treasury Note		March 2023		26		Short	$	(5,197,225	)	$	(5,332,031	)	$	(134,806	)

Legend:

CLO — Collateralized Loan Obligation

LIBOR — London Interbank Offered Rate

The following is a summary of the inputs used as of December 31, 2022 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
Agency Mortgage–Backed Securities	$	—		$	64,728,850	$	—	$	64,728,850
Asset–Backed Securities		—			12,538,845		—		12,538,845
Non–Agency Mortgage–Backed Securities		—			15,672,596		—		15,672,596
U.S. Government Securities		—			83,782,956		—		83,782,956
Exchange–Traded Funds		19,385,726			—		—		19,385,726
U.S. Treasury Bills		—			1,993,675		—		1,993,675
Repurchase Agreements		—			1,539,412		—		1,539,412
Total	$	19,385,726		$	180,256,334	$	—	$	199,642,060
Other Financial Instruments
Futures Contracts
Assets	$	865		$	—	$	—	$	865
Liabilities		(134,806	)		—		—		(134,806	)
Total	$	(133,941	)	$	—	$	—	$	(133,941	)

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, 2022
Assets
Investments, at value	$	199,642,060
Receivable for variation margin on futures contracts		735,794
Interest receivable		671,215
Cash deposits with brokers for futures contracts		454,395
Reimbursement receivable from adviser		11,828
Receivable for fund shares subscribed		1,827
Prepaid expenses		7,075
Total Assets		201,524,194
Liabilities
Investment advisory fees payable		81,433
Distribution fees payable		43,316
Accrued audit fees		25,096
Payable for fund shares redeemed		20,809
Accrued administrative fees		13,080
Accrued custodian and accounting fees		4,091
Accrued trustees’ and officers’ fees		632
Accrued expenses and other liabilities		13,020
Total Liabilities		201,477
Total Net Assets	$	201,322,717
Net Assets Consist of:
Paid-in capital	$	215,715,107
Distributable loss		(14,392,390	)
Total Net Assets	$	201,322,717
Investments, at Cost	$	212,475,749
Pricing of Shares
Shares of Beneficial Interest Outstanding with No Par Value		21,368,044
Net Asset Value Per Share		$9.42

Statement of Operations For the Year Ended December 31, 2022
Investment Income
Dividends	$	745,410
Interest		3,699,951
Total Investment Income		4,445,361
Expenses
Investment advisory fees		1,082,810
Distribution fees		575,963
Professional fees		78,757
Trustees’ and officers’ fees		54,333
Administrative fees		39,059
Custodian and accounting fees		37,100
Transfer agent fees		15,486
Shareholder reports		8,780
Other expenses		12,076
Total Expenses		1,904,364
Less: Fees waived		(176,475	)
Total Expenses, Net		1,727,889
Net Investment Income/(Loss)		2,717,472
Realized Gain/(Loss) and Change in Unrealized Appreciation/(Depreciation) on Investments and Derivative Contracts
Net realized gain/(loss) from investments		(9,138,161	)
Net realized gain/(loss) from futures contracts		(3,543,374	)
Net change in unrealized appreciation/(depreciation) on investments		(11,689,695	)
Net change in unrealized appreciation/(depreciation) on futures contracts		146,941
Net Loss on Investments and Derivative Contracts		(24,224,289	)
Net Decrease in Net Assets Resulting From Operations	$	(21,506,817	)

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

FINANCIAL INFORMATION — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

Statements of Changes in Net Assets
	For the Year Ended 12/31/22			For the Year Ended 12/31/21
Operations
Net investment income/(loss)	$	2,717,472		$	1,687,222
Net realized gain/(loss) from investments and derivative contracts		(12,681,535	)		(1,392,950	)
Net change in unrealized appreciation/(depreciation) on investments and derivative contracts		(11,542,754	)		(7,119,698	)
Net Decrease in Net Assets Resulting from Operations		(21,506,817	)		(6,825,426	)
Capital Share Transactions
Proceeds from sales of shares		2,100,820			61,933,777
Cost of shares redeemed		(53,178,924	)		(44,390,560	)
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions		(51,078,104	)		17,543,217
Net Increase/(Decrease) in Net Assets		(72,584,921	)		10,717,791
Net Assets
Beginning of year		273,907,638			263,189,847
End of year	$	201,322,717		$	273,907,638
Other Information:
Shares
Sold		218,217			5,929,472
Redeemed		(5,509,979	)		(4,268,018	)
Net Increase/(Decrease)		(5,291,762	)		1,661,454

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

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 12/31/22	$	10.27	$	0.11	$	(0.96)	$	(0.85)	$	9.42		(8.28)%
Year Ended 12/31/21		10.53		0.06		(0.32)		(0.26)		10.27		(2.47)%
Year Ended 12/31/20		10.00		0.09		0.44		0.53		10.53		5.30%
Period Ended 12/31/19(4)		10.00		0.02		(0.02)		0.00		10.00		0.00%	(5)

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)		Gross Ratio of Expenses to Average Net Assets		Net Ratio of Net Investment Income to Average Net Assets(3)		Gross Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	201,323		0.75%		0.83%		1.18%		1.10%		52%
	273,908		0.75%		0.82%		0.61%		0.54%		64%
	263,190		0.75%		0.84%		0.84%		0.75%		76%
	270,003		0.70%(5)		0.89%(5)		1.29%(5)		1.10%(5)		31%	(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 October 21, 2019.

⁽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, 2019, certain non-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 U.S. GOVERNMENT SECURITIES VIP FUND

December 31, 2022

1. Organization

Guardian Variable Products Trust (the “Trust”), a Delaware statutory trust organized on January 12, 2016, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust currently has twenty-four series. Guardian U.S. Government Securities VIP Fund (the “Fund”) is a series of the Trust. The Fund is a diversified fund and commenced operations on October 21, 2019. The financial statements for other series of the Trust are presented in separate reports.

The 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 total return with an emphasis on current income as well as 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.

a. Investment Valuations The Board of Trustees has designated Park Avenue Institutional Advisers LLC (“Park Avenue”) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. Park Avenue has established a Fair Valuation Committee and has adopted fair valuation procedures that provide methodologies for fair valuing securities. These procedures include monitoring the appropriateness of fair values based on results of ongoing valuation

oversight, including but not limited to consideration of security specific events, market events, and pricing vendor and broker-dealer 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 reports to the Board of Trustees on at least a quarterly basis.

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

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

Exchange-traded financial futures contracts are valued at the last settlement price on the market where they are primarily traded.

Securities for which market quotations are not readily available or securities whose values have been materially affected by events occurring before the Fund’s valuation time but after the close of the securities’ principal exchange or market are valued at their fair values as determined in good faith by Park Avenue, as the Board of Trustee’s valuation designee (as defined in Rule 2a-5 under the 1940 Act), in accordance with Park Avenue’s procedures and under the general oversight of the Board of Trustees. 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.

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 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, 2022, 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, 2022 is included in the Schedule of Investments.

Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing

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

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 investments include, among others, private placement securities. When observable prices are not available for these securities, the Trust uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the Trust in estimating the value of Level 3 investments include, for example, the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Trust in the absence of market information. Assumptions used by the Trust due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As of December 31, 2022, the Fund had no securities classified as Level 3.

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

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

c. Futures Contracts The Fund may enter into financial futures contracts. In entering into such contracts, the

15

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

Fund is required to deposit with the counterparty, either in cash or securities, an amount equal to a certain percentage of the face value of the contract. Subsequent payments are received or made by the Fund each day, depending on the daily fluctuations in the values of the contracts, and are recorded for financial statement purposes as variation margin received or paid by the Fund. Daily changes in variation margin are recognized as unrealized gains or losses by the Fund. The Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

d. Credit Derivatives The Fund may enter into credit derivatives, including credit default swaps on individual obligations or credit indices. The Fund may use these investments to seek to (i) hedge various investments, (ii) manage or adjust duration and yield curve positioning, (iii) manage risk, (iv) enhance potential returns, or (v) as substitutes for permitted Fund investments. The use by the Fund of credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities, as described in the Statement of Additional Information.

The Fund may 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. There were no credit default swaps held as of December 31, 2022.

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, 2022.

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

g. Allocation of Income and Expenses Many of the expenses of the Trust can be directly attributed to a specific series of the Trust. Expenses that cannot be directly attributed to a specific series of the Trust are generally apportioned among all the series in the Trust, based on relative net assets. In calculating net asset

16

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES 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 0.47% of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Fund has no sub-adviser.

Park Avenue has contractually agreed through April 30, 2023 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 year ended December 31, 2022, Park Avenue waived fees and/or paid Fund expenses in the amount of $176,475.

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, 2022, the Fund paid distribution fees in the amount of $575,963 to PAS.

PAS has directed that certain payments under the 12b-1 plan be used to compensate GIAC for shareholder services provided to contract owners.

4. Federal Income Taxes

a. Distributions to Shareholders For federal income tax purposes, the Fund is treated as a disregarded entity (“DRE”). As a DRE, the Fund is not subject to an entity-level income tax; and any income, gains, losses, deductions, taxes, and credits of the Fund would instead be “passed through” directly to the separate accounts of GIAC that invest in the Fund and retain the same character for U.S. federal income tax purposes. In addition, the Fund is not required to distribute taxable income and capital gains for U.S. federal income tax purposes. Therefore, no dividends and capital gains distributions were paid by the Fund.

5. Investments

a. Investment Purchases and Sales The cost of investments 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, 2022, were as follows:

	Other Investments		U.S. Government and Agency Obligations
Purchases	$	29,215,427	$	86,349,290
Sales		24,468,531		141,986,802

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

17

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

companies in the industry, group of industries, sector, or sectors may decline in value due to developments adversely affecting the industry, group of industries, sector, or sectors.

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

e. 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, 2022, the Fund did not hold any restricted, other than 144A restricted securities, or illiquid securities.

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. Disclosures About Derivative Instruments and Hedging Activities The Fund entered into futures contracts for the year ended December 31, 2022 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

18

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

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, 2022, 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	$	865
Liability Derivatives
Futures Contracts1	$	(134,806	)

¹  Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative investments for the year ended December 31, 2022 were as follows:

	Interest Rate Contracts
Net Realized Gain/(Loss)
Futures Contracts1	$	(3,543,374	)
Net Change in Unrealized Appreciation/(Depreciation)
Futures Contracts2	$	146,941
Average Number of Notional Amounts
Futures Contracts3		585

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

The Fund, with other funds managed by Park Avenue, is party to a credit agreement with respect to a $10 million committed revolving credit facility from State Street Bank and Trust Company (the “Credit Agreement”) for temporary borrowing purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest is based on a daily fluctuating rate per annum equal to the Applicable Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) that is subject to change from time to time as and when the Applicable Rate changes. Under the current Credit Agreement, the Applicable Rate for any day is defined as the rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day and (ii) the Overnight Bank Funding Rate for such day; the Applicable Margin is 1.25%. In addition to the interest charged on any borrowings by the Fund, each fund pays a commitment fee of 0.30% per annum on its share of the unused portion of the credit facility. The agreement is in place until January 5, 2024. The Fund did not utilize the credit facility during the year ended December 31, 2022.

19

NOTES TO FINANCIAL STATEMENTS — GUARDIAN U.S. GOVERNMENT SECURITIES VIP FUND

7. Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, officers and Trustees of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide 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. Additional Information

The outbreak of COVID-19 has adversely impacted both local and global economies, including those in which the Fund may invest. These impacts include materially reduced consumer demand and economic output, disrupted supply chains, market closures, travel restrictions and quarantines, and strained healthcare systems. The Fund’s operations may be interrupted as a result, which may have a negative impact on the Fund’s investment performance.

20

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, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for the period October 21, 2019 (commencement of operations) through December 31, 2022 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, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 22, 2023

We have served as the auditor of one or more investment companies in Guardian Variable Products Trust since 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).	24	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).	24	None.
Marshall Lux3 (born 1960)	Trustee	Senior Advisor, The Boston Consulting Group (since 2014); Board Member, New York Community Bancorp, Inc. and New York Community Bank (banking) (since 2022); Board Member, DHB Capital (special purpose acquisition company) (since 2021); Board Member, Mphasis (public global IT company) (since 2018); Board Member, Kapitus (financing) (since 2018); Senior Partner and Managing Director, The Boston Consulting Group (2009–2014).	24	None.
John Walters3 (born 1962)	Lead Independent Trustee	Board Member, Amerilife Holdings LLC (insurance distribution) (2015–2020); Member, Board of Governors, University of North Carolina, Chapel Hill (2013–2019); Board Member, Stadion Money Management LLC (investment adviser) (2011–2019); President and Chief Operating Officer, Hartford Life Insurance Company (2000–2010).	24	Trustee, USAA Mutual Funds Trust, (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
Michael Ferik4 (born 1972)	Chairman and Trustee (Since December 2019)	Head of 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 prior thereto.	24	None.
Richard T. Potter4 (born 1954)	Trustee (Since July 2021)	Retired (since July 2021); Vice President and Equity Counsel, The Guardian Life Insurance Company of America prior thereto.	24	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 24 separate Funds.

³  Member of the Audit Committee of the Board.

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

23

SUPPLEMENTAL INFORMATION (UNAUDITED)

Name and Year of Birth	Position(s) Held and Length of Service5	Principal Occupation(s) During Past Five Years
Officers
Dominique Baede (born 1970)	President and Principal Executive Officer (Since January 2020)	Head of Life and Annuity Products, 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	Head of Asset Management Accounting and Mutual Fund Treasurer, The Guardian Life Insurance Company of America.
Harris Oliner (born 1971)	Senior Vice President and Secretary	Associate General Counsel, Corporate Secretary, The Guardian Life Insurance Company of America.
Tyla Reynolds (born 1967)	Assistant Secretary (Since December 2022)	Assistant General Counsel, Office of the Corporate Secretary, The Guardian Life Insurance Company of America (since 2022); Vice President and Director, The Bank of New York Mellon (2019-2022); Vice President and Associate General Counsel, MetLife, Inc. (2010-2018).
Philip Stack (born 1964)	Chief Compliance Officer (Since September 2017)	Associate Compliance Lead, Mutual Funds, The Guardian Life Insurance Company of America (since 2017); Executive Director, Chief Compliance Officer, Morgan Stanley prior thereto.
Brian Hagan (born 1984)	Anti-Money Laundering Officer (Since March 2019)	Compliance Lead, Anti-Financial Crimes (since 2019), Anti-Money Laundering Compliance, The Guardian Life Insurance Company of America; Vice President, Head of Financial Intelligence Unit, Brown Brothers Harriman & Co. (2014–2019); Assistant Vice President, AML Compliance Manager, JPMorgan Chase & Co. prior thereto.
Kathleen M. Moynihan (born 1966)	Senior Counsel	Assistant General Counsel, Investment Management, The Guardian Life Insurance Company of America.
Maria Nydia Morrison (born 1958)	Assistant Treasurer and Fund Controller (since December 2021)	Head of Mutual Fund Accounting and Fund Controller, The Guardian Life Insurance Company of America.
Keith Ngo (born 1971)	Assistant Treasurer (since December 2021)	Senior Lead Accountant and Associate Mutual Fund Controller, 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.

24

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-free 1-888-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 Form N-PORT. The Fund’s Form N-PORT reports are available on the Securities and Exchange Commission’s website at https://www.sec.gov. The Fund’s Form N-PORT information is also available, without charge, upon request, by calling toll-free 1-888-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 recent 12-month period ended June 30 may be obtained (i) without charge, upon request, by calling toll-free 1-888-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.

25

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.

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

PUB10527

Item 1. (continued)

(b) Not applicable.

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, 2022.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has three audit committee financial experts serving on its Audit Committee. The audit committee financial experts are Marshall Lux (Chair of the Audit Committee), Bruce Ferris and John Walters. Each of these individuals is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)-(d)

Shown below are the aggregate fees billed for services rendered by PricewaterhouseCoopers LLC (“PwC”) to the registrant for the audit of the registrant’s annual financial statements or services that are normally provided by PwC in connection with statutory and regulatory filings or engagements for the last two fiscal years.

Fiscal Year Ended	Audit Fees*		Audit- Related Fees		Tax Fees		All Other Fees
December 31, 2022	$	730,992	$	—	$	—	$	—
December 31, 2021	$	576,000	$	—	$	—	$	—

* Fees are exclusive of out-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 be pre-approved under paragraph (c)(7) of Rule 2-01 of Regulation S-X. In addition, pursuant to the registrant’s Audit Committee Pre-Approval Procedures, the Chair of the Audit Committee, or one or more designated members of the Audit Committee, is authorized to pre-approve a proposed non-audit service, or a proposed material change in the nature or cost of any previously approved non-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, no amount was approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) There were no non-audit fees billed by PwC for services rendered to the registrant, its investment adviser, or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6. Investments.

(a) The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) None.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-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 implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-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 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms, 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 CFR 240.13a-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 Activities for 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 the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Written solicitation to purchase securities under Rule 23c-1 -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 6, 2023

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 6, 2023
By (Signature and Title)*	/s/ John H Walter
	John H Walter, Treasurer
	(Principal Financial and Accounting Officer)
Date: March 6, 2023